# EDGAR Filing Document

**Accession Number:** 0000778207
**File Stem:** 0001193125-26-090894
**Filing Date:** 2026-3
**Character Count:** 4760421
**Document Hash:** ac9fe2e13016f77124e52c39aacffc57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-090894.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-090894

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 238

**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:** 26720269

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 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) ![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica 60/40 Allocation VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica 60/40 Allocation VP (the "Portfolio") seeks long-term 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**.

## 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 | $48 | 0.45%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 14.90%. For the same period, the Portfolio's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%. The performance benchmark, the Transamerica 60/40 Allocation VP Blended Benchmark, returned 15.57% over the same period.

* Markets continued to advance during the fiscal year ended December 31, 2025, with U.S. equities, non-U.S. equities and U.S. fixed income all producing positive returns. International developed and emerging markets led global equities, and large cap U.S. stocks outperformed small cap stocks. Small and midcap stocks achieved double digit percentage gains in the fiscal year; however, mega cap technology stocks and most things related to AI continued to lead gains in the U.S. during the period. 

* The Portfolio's best-performing holding during the fiscal year, with a 15% target weight, was Transamerica MSCI EAFE Index VP, which returned 31.30%, fueled by a rebound in Japanese equities and a weakening U.S. dollar. The Portfolio's top performing fixed income fund, with a target weight of 20% and a 6.96% return, was Transamerica Aegon Core Bond VP. It benefitted from spread tightening and the income generated by its underlying holdings in the fiscal year.

* Transamerica S&P 500 Index VP, which carried a target weight of 45%, was the weakest performing equity fund in the fiscal year. Even so, equity markets were quite strong in 2025, and Transamerica S&P 500 Index VP's 17.64% return was well above the historical average calendar year return. The weakest fixed income fund in the period, Transamerica Short-Term Bond, also produced returns that were above the historical average for the asset class. In the fiscal year, it returned 5.73% and carried a target weight of 20% in the Portfolio. 

* The views expressed reflect the opinions of Transamerica Asset 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 60/40 Allocation VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g06q92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **S&P 500<sup>®</sup> Index** | **Transamerica 60/40 Allocation VP Blended Benchmark** |
| **1/12/2018** | $10000 | $10000 | $10000 |
| **1/31/2018** | $10050 | $10207 | $10095 |
| **2/28/2018** | $9760 | $9831 | $9820 |
| **3/31/2018** | $9660 | $9581 | $9707 |
| **4/30/2018** | $9670 | $9618 | $9728 |
| **5/31/2018** | $9750 | $9849 | $9828 |
| **6/30/2018** | $9760 | $9910 | $9833 |
| **7/31/2018** | $9950 | $10279 | $10035 |
| **8/31/2018** | $10080 | $10614 | $10179 |
| **9/30/2018** | $10080 | $10674 | $10192 |
| **10/31/2018** | $9620 | $9944 | $9724 |
| **11/30/2018** | $9730 | $10147 | $9835 |
| **12/31/2018** | $9330 | $9231 | $9436 |
| **1/31/2019** | $9800 | $9971 | $9909 |
| **2/28/2019** | $9980 | $10291 | $10088 |
| **3/31/2019** | $10150 | $10491 | $10263 |
| **4/30/2019** | $10380 | $10916 | $10495 |
| **5/31/2019** | $10080 | $10222 | $10193 |
| **6/30/2019** | $10520 | $10942 | $10659 |
| **7/31/2019** | $10570 | $11100 | $10717 |
| **8/31/2019** | $10567 | $10924 | $10710 |
| **9/30/2019** | $10667 | $11128 | $10823 |
| **10/31/2019** | $10847 | $11369 | $11000 |
| **11/30/2019** | $11028 | $11782 | $11196 |
| **12/31/2019** | $11208 | $12137 | $11399 |
| **1/31/2020** | $11258 | $12133 | $11449 |
| **2/29/2020** | $10777 | $11134 | $10953 |
| **3/31/2020** | $9855 | $9759 | $10099 |
| **4/30/2020** | $10577 | $11010 | $10851 |
| **5/31/2020** | $10897 | $11534 | $11175 |
| **6/30/2020** | $11118 | $11764 | $11360 |
| **7/31/2020** | $11489 | $12427 | $11756 |
| **8/31/2020** | $11917 | $13320 | $12189 |
| **9/30/2020** | $11665 | $12814 | $11930 |
| **10/31/2020** | $11432 | $12473 | $11695 |
| **11/30/2020** | $12292 | $13839 | $12588 |
| **12/31/2020** | $12605 | $14371 | $12901 |
| **1/31/2021** | $12494 | $14226 | $12785 |
| **2/28/2021** | $12656 | $14618 | $12913 |
| **3/31/2021** | $12919 | $15258 | $13147 |
| **4/30/2021** | $13314 | $16072 | $13564 |
| **5/31/2021** | $13445 | $16185 | $13690 |
| **6/30/2021** | $13566 | $16562 | $13850 |
| **7/31/2021** | $13759 | $16956 | $14075 |
| **8/31/2021** | $13966 | $17471 | $14294 |
| **9/30/2021** | $13579 | $16659 | $13883 |
| **10/31/2021** | $14040 | $17826 | $14371 |
| **11/30/2021** | $13903 | $17702 | $14243 |
| **12/31/2021** | $14281 | $18496 | $14625 |
| **1/31/2022** | $13788 | $17539 | $14052 |
| **2/28/2022** | $13484 | $17013 | $13763 |
| **3/31/2022** | $13610 | $17645 | $13853 |
| **4/30/2022** | $12835 | $16107 | $12965 |
| **5/31/2022** | $12866 | $16136 | $13023 |
| **6/30/2022** | $12154 | $14804 | $12277 |
| **7/31/2022** | $12814 | $16169 | $12998 |
| **8/31/2022** | $12388 | $15510 | $12520 |
| **9/30/2022** | $11556 | $14081 | $11609 |
| **10/31/2022** | $12033 | $15221 | $12065 |
| **11/30/2022** | $12676 | $16072 | $12750 |
| **12/31/2022** | $12310 | $15146 | $12398 |
| **1/31/2023** | $12909 | $16098 | $13052 |
| **2/28/2023** | $12632 | $15705 | $12733 |
| **3/31/2023** | $12976 | $16282 | $13120 |
| **4/30/2023** | $13142 | $16536 | $13299 |
| **5/31/2023** | $13053 | $16608 | $13183 |
| **6/30/2023** | $13508 | $17705 | $13646 |
| **7/31/2023** | $13774 | $18274 | $13906 |
| **8/31/2023** | $13588 | $17983 | $13691 |
| **9/30/2023** | $13150 | $17125 | $13188 |
| **10/31/2023** | $12915 | $16765 | $12899 |
| **11/30/2023** | $13746 | $18296 | $13843 |
| **12/31/2023** | $14273 | $19128 | $14448 |
| **1/31/2024** | $14386 | $19449 | $14554 |
| **2/29/2024** | $14734 | $20487 | $14861 |
| **3/31/2024** | $15060 | $21147 | $15205 |
| **4/30/2024** | $14622 | $20283 | $14713 |
| **5/31/2024** | $15127 | $21289 | $15227 |
| **6/30/2024** | $15374 | $22052 | $15493 |
| **7/31/2024** | $15599 | $22321 | $15791 |
| **8/31/2024** | $15930 | $22862 | $16131 |
| **9/30/2024** | $16160 | $23351 | $16395 |
| **10/31/2024** | $15861 | $23139 | $16032 |
| **11/30/2024** | $16322 | $24497 | $16510 |
| **12/31/2024** | $16034 | $23913 | $16168 |
| **1/31/2025** | $16368 | $24579 | $16532 |
| **2/28/2025** | $16437 | $24258 | $16629 |
| **3/31/2025** | $16022 | $22892 | $16200 |
| **4/30/2025** | $16114 | $22736 | $16287 |
| **5/31/2025** | $16679 | $24167 | $16814 |
| **6/30/2025** | $17198 | $25396 | $17357 |
| **7/31/2025** | $17313 | $25966 | $17478 |
| **8/31/2025** | $17638 | $26493 | $17833 |
| **9/30/2025** | $18024 | $27460 | $18254 |
| **10/31/2025** | $18273 | $28103 | $18525 |
| **11/30/2025** | $18348 | $28172 | $18608 |
| **12/31/2025** | $18423 | $28189 | $18686 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I6DE2 | **1 Year** | **5 Years** | **Since Inception 1/12/18** |
| Service Class | 14.90% | 7.88% | 7.97% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.88% | 14.42% | 13.89% |
| Transamerica 60/40 Allocation VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 15.57% | 7.69% | 8.16% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica 60/40 Allocation VP Blended Benchmark consists of 45% S&P 500<sup>®</sup> Index, 15% MSCI EAFE Index and 40% Bloomberg US Aggregate Bond 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 | $83787221 |
| Number of Portfolio Holdings | 4 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $96894 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 44.9% |
| U.S. Fixed Income Funds | 40.2 |
| International Equity Funds | 15.0 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.1) |

---

---

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

---

Transamerica 60/40 Allocation VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica S&P 500 Index VP, Initial Class | 44.9% |
| Transamerica Short-Term Bond, Class I2 | 20.1 |
| Transamerica Core Bond, Class I2 | 20.1 |
| Transamerica MSCI EAFE Index VP, Initial Class | 15.0 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica 60/40 Allocation VP

Service Class

![Image](g768862g58d90.jpg)

Annual Shareholder Report

# Transamerica Aegon Bond VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Aegon Bond VP (the "Portfolio") seeks to provide high total return through a combination of current income and capital appreciation. This 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 | $55 | 0.53%<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 7.13%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%.

* The Portfolio maintained an overweight allocation to credit relative to the Bloomberg US Aggregate Bond Index (the "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 Benchmark.

* Overall duration positioning was generally managed in line with the Benchmark, however, an overweight allocation to the 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, an off-index allocation to high yield corporate credit, an underweight allocation to government securities and security selection within investment grade corporate credit were the largest contributors to relative returns.

* Positioning in agency residential mortgage-backed securities was the most significant detractor from relative returns, followed by an overweight allocation to asset-backed securities.

* Within corporate credit, security selection in consumer non-cyclicals, technology and banking contributed the most to relative returns, while security selection in basic industry and allocations to technology and communications 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, and allocations to the sector were modestly increased during the fiscal year. Notable sub-sector changes included increased allocations to real estate investment trusts ("REITs") and banking, while allocations to technology and energy were reduced.

* The Portfolio's sub-adviser also increased allocations to commercial mortgage-backed securities later in the fiscal year, reflecting stabilization in underlying property markets, improved underwriting standards and increased refinancing activity in a more attractive rate environment.

* The views expressed reflect the opinions of Aegon USA Investment 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 Aegon Bond VP

# Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g74k57.jpg)

---

| | | |
|:---|:---|:---|
| | **Initial Class** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $10081 | $10138 |
| **2/29/2016** | $10045 | $10210 |
| **3/31/2016** | $10171 | $10303 |
| **4/30/2016** | $10243 | $10343 |
| **5/31/2016** | $10252 | $10345 |
| **6/30/2016** | $10387 | $10531 |
| **7/31/2016** | $10513 | $10598 |
| **8/31/2016** | $10502 | $10586 |
| **9/30/2016** | $10520 | $10580 |
| **10/31/2016** | $10465 | $10499 |
| **11/30/2016** | $10225 | $10250 |
| **12/31/2016** | $10271 | $10265 |
| **1/31/2017** | $10345 | $10285 |
| **2/28/2017** | $10419 | $10354 |
| **3/31/2017** | $10410 | $10349 |
| **4/30/2017** | $10493 | $10428 |
| **5/31/2017** | $10594 | $10509 |
| **6/30/2017** | $10603 | $10498 |
| **7/31/2017** | $10668 | $10543 |
| **8/31/2017** | $10801 | $10638 |
| **9/30/2017** | $10754 | $10593 |
| **10/31/2017** | $10726 | $10580 |
| **12/31/2017** | $10773 | $10628 |
| **1/31/2018** | $10670 | $10506 |
| **2/28/2018** | $10587 | $10406 |
| **3/31/2018** | $10633 | $10473 |
| **4/30/2018** | $10540 | $10395 |
| **5/31/2018** | $10587 | $10469 |
| **6/30/2018** | $10577 | $10456 |
| **7/31/2018** | $10614 | $10459 |
| **8/31/2018** | $10664 | $10526 |
| **9/30/2018** | $10606 | $10458 |
| **10/31/2018** | $10558 | $10376 |
| **11/30/2018** | $10577 | $10438 |
| **12/31/2018** | $10702 | $10629 |
| **1/31/2019** | $10847 | $10742 |
| **2/28/2019** | $10866 | $10736 |
| **3/31/2019** | $11010 | $10942 |
| **4/30/2019** | $11039 | $10945 |
| **5/31/2019** | $11232 | $11139 |
| **6/30/2019** | $11366 | $11279 |
| **7/31/2019** | $11357 | $11304 |
| **8/31/2019** | $11672 | $11597 |
| **9/30/2019** | $11613 | $11535 |
| **10/31/2019** | $11662 | $11570 |
| **11/30/2019** | $11632 | $11564 |
| **12/31/2019** | $11603 | $11556 |
| **1/31/2020** | $11859 | $11778 |
| **2/29/2020** | $12007 | $11990 |
| **3/31/2020** | $11682 | $11920 |
| **4/30/2020** | $11958 | $12132 |
| **5/31/2020** | $12057 | $12188 |
| **6/30/2020** | $12205 | $12265 |
| **7/31/2020** | $12372 | $12448 |
| **8/31/2020** | $12381 | $12348 |
| **9/30/2020** | $12370 | $12341 |
| **10/31/2020** | $12329 | $12286 |
| **11/30/2020** | $12463 | $12406 |
| **12/31/2020** | $12494 | $12423 |
| **1/31/2021** | $12432 | $12334 |
| **2/28/2021** | $12215 | $12156 |
| **3/31/2021** | $12101 | $12005 |
| **4/30/2021** | $12226 | $12099 |
| **5/31/2021** | $12267 | $12139 |
| **6/30/2021** | $12370 | $12224 |
| **7/31/2021** | $12484 | $12361 |
| **8/31/2021** | $12475 | $12337 |
| **9/30/2021** | $12385 | $12230 |
| **10/31/2021** | $12363 | $12227 |
| **11/30/2021** | $12385 | $12263 |
| **12/31/2021** | $12385 | $12232 |
| **1/31/2022** | $12151 | $11968 |
| **2/28/2022** | $12016 | $11835 |
| **3/31/2022** | $11636 | $11506 |
| **4/30/2022** | $11178 | $11069 |
| **5/31/2022** | $11223 | $11141 |
| **6/30/2022** | $10988 | $10966 |
| **7/31/2022** | $11245 | $11234 |
| **8/31/2022** | $10961 | $10917 |
| **9/30/2022** | $10456 | $10445 |
| **10/31/2022** | $10283 | $10310 |
| **11/30/2022** | $10570 | $10689 |
| **12/31/2022** | $10547 | $10641 |
| **1/31/2023** | $10892 | $10968 |
| **2/28/2023** | $10651 | $10684 |
| **3/31/2023** | $10881 | $10956 |
| **4/30/2023** | $10950 | $11022 |
| **5/31/2023** | $10835 | $10902 |
| **6/30/2023** | $10823 | $10863 |
| **7/31/2023** | $10835 | $10856 |
| **8/31/2023** | $10775 | $10786 |
| **9/30/2023** | $10508 | $10512 |
| **10/31/2023** | $10346 | $10346 |
| **11/30/2023** | $10798 | $10815 |
| **12/31/2023** | $11228 | $11229 |
| **1/31/2024** | $11204 | $11198 |
| **2/29/2024** | $11077 | $11040 |
| **3/31/2024** | $11193 | $11142 |
| **4/30/2024** | $10926 | $10860 |
| **5/31/2024** | $11100 | $11044 |
| **6/30/2024** | $11228 | $11149 |
| **7/31/2024** | $11436 | $11409 |
| **8/31/2024** | $11625 | $11573 |
| **9/30/2024** | $11770 | $11728 |
| **10/31/2024** | $11516 | $11437 |
| **11/30/2024** | $11637 | $11558 |
| **12/31/2024** | $11468 | $11369 |
| **1/31/2025** | $11528 | $11430 |
| **2/28/2025** | $11758 | $11681 |
| **3/31/2025** | $11734 | $11685 |
| **4/30/2025** | $11746 | $11731 |
| **5/31/2025** | $11710 | $11647 |
| **6/30/2025** | $11915 | $11826 |
| **7/31/2025** | $11903 | $11795 |
| **8/31/2025** | $12039 | $11936 |
| **9/30/2025** | $12181 | $12067 |
| **10/31/2025** | $12246 | $12142 |
| **11/30/2025** | $12311 | $12217 |
| **12/31/2025** | $12285 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPX1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 7.13% | (0.34)% | 2.08% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</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 | $1953785232 |
| Number of Portfolio Holdings | 542 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8863760 |
| Average Maturity<sup>Footnote Reference§</sup> | 7.84 years |
| Duration<sup>Footnote Reference†</sup> | 5.68 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 Aegon Bond 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 | 30.2% |
| AAA | 16.8 |
| AA | 2.6 |
| A | 12.4 |
| BBB | 24.4 |
| BB | 8.8 |
| B | 1.9 |
| CCC | 0.4 |
| Below CCC | 0.0<sup>Footnote Reference\*</sup> |
| NR (Not Rated) | 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;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)

---

| | |
|:---|:---|
| Corporate Debt Securities | 43.8% |
| U.S. Government Obligations | 21.6 |
| Asset-Backed Securities | 11.8 |
| Mortgage-Backed Securities | 11.1 |
| U.S. Government Agency Obligations | 8.6 |
| Commercial Paper | 4.6 |
| Repurchase Agreements | 1.3 |
| Foreign Government Obligations | 0.9 |
| Other Investment Company | 0.4 |
| Short-Term U.S. Government Obligations | 0.3 |
| Loan Assignments | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.4) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.00%, 01/01/2055 | 2.1% |
| U.S. Treasury Bonds, 2.38%, 02/15/2042 | 1.7 |
| U.S. Treasury Bonds, 3.88%, 05/15/2043 | 1.3 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 01/01/2055 | 1.2 |
| U.S. Treasury Bonds, 4.63%, 11/15/2055 | 1.2 |
| U.S. Treasury Notes, 3.50%, 11/30/2030 | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 01/01/2055 | 1.1 |
| MUFG Securities Canada Ltd, 4.31%, 01/22/2026 | 1 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 0.9 |
| U.S. Treasury Notes, 2.75%, 08/15/2032 | 0.9 |

---

# Transamerica Aegon Bond 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](g768862g42r27.jpg)

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

# Transamerica Aegon Bond VP

# Initial Class
![Image](g768862g58d90.jpg)

Annual Shareholder Report

# Transamerica Aegon Bond VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Aegon Bond VP (the "Portfolio") seeks to provide high total return through a combination of current income and capital appreciation. This 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 | $81 | 0.78%<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 6.78%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%.

* The Portfolio maintained an overweight allocation to credit relative to the Bloomberg US Aggregate Bond Index (the "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 Benchmark.

* Overall duration positioning was generally managed in line with the Benchmark, however, an overweight allocation to the 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, an off-index allocation to high yield corporate credit, an underweight allocation to government securities and security selection within investment grade corporate credit were the largest contributors to relative returns.

* Positioning in agency residential mortgage-backed securities was the most significant detractor from relative returns, followed by an overweight allocation to asset-backed securities.

* Within corporate credit, security selection in consumer non-cyclicals, technology and banking contributed the most to relative returns, while security selection in basic industry and allocations to technology and communications 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, and allocations to the sector were modestly increased during the fiscal year. Notable sub-sector changes included increased allocations to real estate investment trusts ("REITs") and banking, while allocations to technology and energy were reduced.

* The Portfolio's sub-adviser also increased allocations to commercial mortgage-backed securities later in the fiscal year, reflecting stabilization in underlying property markets, improved underwriting standards and increased refinancing activity in a more attractive rate environment.

* The views expressed reflect the opinions of Aegon USA Investment 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 Aegon Bond VP

# Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g37n37.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Class** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $10072 | $10138 |
| **2/29/2016** | $10036 | $10210 |
| **3/31/2016** | $10163 | $10303 |
| **4/30/2016** | $10226 | $10343 |
| **5/31/2016** | $10245 | $10345 |
| **6/30/2016** | $10371 | $10531 |
| **7/31/2016** | $10489 | $10598 |
| **8/31/2016** | $10488 | $10586 |
| **9/30/2016** | $10498 | $10580 |
| **10/31/2016** | $10442 | $10499 |
| **11/30/2016** | $10201 | $10250 |
| **12/31/2016** | $10247 | $10265 |
| **1/31/2017** | $10312 | $10285 |
| **2/28/2017** | $10386 | $10354 |
| **3/31/2017** | $10377 | $10349 |
| **4/30/2017** | $10461 | $10428 |
| **5/31/2017** | $10553 | $10509 |
| **6/30/2017** | $10562 | $10498 |
| **7/31/2017** | $10618 | $10543 |
| **8/31/2017** | $10761 | $10638 |
| **9/30/2017** | $10705 | $10593 |
| **10/31/2017** | $10667 | $10580 |
| **12/31/2017** | $10723 | $10628 |
| **1/31/2018** | $10620 | $10506 |
| **2/28/2018** | $10527 | $10406 |
| **3/31/2018** | $10564 | $10473 |
| **4/30/2018** | $10480 | $10395 |
| **5/31/2018** | $10517 | $10469 |
| **6/30/2018** | $10508 | $10456 |
| **7/31/2018** | $10546 | $10459 |
| **8/31/2018** | $10585 | $10526 |
| **9/30/2018** | $10527 | $10458 |
| **10/31/2018** | $10479 | $10376 |
| **11/30/2018** | $10498 | $10438 |
| **12/31/2018** | $10614 | $10629 |
| **1/31/2019** | $10759 | $10742 |
| **2/28/2019** | $10778 | $10736 |
| **3/31/2019** | $10923 | $10942 |
| **4/30/2019** | $10951 | $10945 |
| **5/31/2019** | $11135 | $11139 |
| **6/30/2019** | $11260 | $11279 |
| **7/31/2019** | $11250 | $11304 |
| **8/31/2019** | $11555 | $11597 |
| **9/30/2019** | $11506 | $11535 |
| **10/31/2019** | $11555 | $11570 |
| **11/30/2019** | $11516 | $11564 |
| **12/31/2019** | $11486 | $11556 |
| **1/31/2020** | $11733 | $11778 |
| **2/29/2020** | $11881 | $11990 |
| **3/31/2020** | $11555 | $11920 |
| **4/30/2020** | $11831 | $12132 |
| **5/31/2020** | $11920 | $12188 |
| **6/30/2020** | $12068 | $12265 |
| **7/31/2020** | $12226 | $12448 |
| **8/31/2020** | $12234 | $12348 |
| **9/30/2020** | $12223 | $12341 |
| **10/31/2020** | $12172 | $12286 |
| **11/30/2020** | $12306 | $12406 |
| **12/31/2020** | $12337 | $12423 |
| **1/31/2021** | $12265 | $12334 |
| **2/28/2021** | $12058 | $12156 |
| **3/31/2021** | $11945 | $12005 |
| **4/30/2021** | $12058 | $12099 |
| **5/31/2021** | $12100 | $12139 |
| **6/30/2021** | $12203 | $12224 |
| **7/31/2021** | $12306 | $12361 |
| **8/31/2021** | $12294 | $12337 |
| **9/30/2021** | $12205 | $12230 |
| **10/31/2021** | $12183 | $12227 |
| **11/30/2021** | $12205 | $12263 |
| **12/31/2021** | $12205 | $12232 |
| **1/31/2022** | $11971 | $11968 |
| **2/28/2022** | $11838 | $11835 |
| **3/31/2022** | $11449 | $11506 |
| **4/30/2022** | $11003 | $11069 |
| **5/31/2022** | $11037 | $11141 |
| **6/30/2022** | $10814 | $10966 |
| **7/31/2022** | $11059 | $11234 |
| **8/31/2022** | $10775 | $10917 |
| **9/30/2022** | $10273 | $10445 |
| **10/31/2022** | $10102 | $10310 |
| **11/30/2022** | $10387 | $10689 |
| **12/31/2022** | $10364 | $10641 |
| **1/31/2023** | $10695 | $10968 |
| **2/28/2023** | $10467 | $10684 |
| **3/31/2023** | $10683 | $10956 |
| **4/30/2023** | $10752 | $11022 |
| **5/31/2023** | $10626 | $10902 |
| **6/30/2023** | $10615 | $10863 |
| **7/31/2023** | $10626 | $10856 |
| **8/31/2023** | $10569 | $10786 |
| **9/30/2023** | $10294 | $10512 |
| **10/31/2023** | $10144 | $10346 |
| **11/30/2023** | $10592 | $10815 |
| **12/31/2023** | $11005 | $11229 |
| **1/31/2024** | $10982 | $11198 |
| **2/29/2024** | $10844 | $11040 |
| **3/31/2024** | $10959 | $11142 |
| **4/30/2024** | $10707 | $10860 |
| **5/31/2024** | $10867 | $11044 |
| **6/30/2024** | $10994 | $11149 |
| **7/31/2024** | $11189 | $11409 |
| **8/31/2024** | $11379 | $11573 |
| **9/30/2024** | $11522 | $11728 |
| **10/31/2024** | $11271 | $11437 |
| **11/30/2024** | $11379 | $11558 |
| **12/31/2024** | $11212 | $11369 |
| **1/31/2025** | $11259 | $11430 |
| **2/28/2025** | $11486 | $11681 |
| **3/31/2025** | $11462 | $11685 |
| **4/30/2025** | $11474 | $11731 |
| **5/31/2025** | $11427 | $11647 |
| **6/30/2025** | $11629 | $11826 |
| **7/31/2025** | $11618 | $11795 |
| **8/31/2025** | $11743 | $11936 |
| **9/30/2025** | $11883 | $12067 |
| **10/31/2025** | $11946 | $12142 |
| **11/30/2025** | $12010 | $12217 |
| **12/31/2025** | $11972 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPX2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 6.78% | (0.60)% | 1.82% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</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 | $1953785232 |
| Number of Portfolio Holdings | 542 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $8863760 |
| Average Maturity<sup>Footnote Reference§</sup> | 7.84 years |
| Duration<sup>Footnote Reference†</sup> | 5.68 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 Aegon Bond 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 | 30.2% |
| AAA | 16.8 |
| AA | 2.6 |
| A | 12.4 |
| BBB | 24.4 |
| BB | 8.8 |
| B | 1.9 |
| CCC | 0.4 |
| Below CCC | 0.0<sup>Footnote Reference\*</sup> |
| NR (Not Rated) | 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;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)

---

| | |
|:---|:---|
| Corporate Debt Securities | 43.8% |
| U.S. Government Obligations | 21.6 |
| Asset-Backed Securities | 11.8 |
| Mortgage-Backed Securities | 11.1 |
| U.S. Government Agency Obligations | 8.6 |
| Commercial Paper | 4.6 |
| Repurchase Agreements | 1.3 |
| Foreign Government Obligations | 0.9 |
| Other Investment Company | 0.4 |
| Short-Term U.S. Government Obligations | 0.3 |
| Loan Assignments | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.4) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.00%, 01/01/2055 | 2.1% |
| U.S. Treasury Bonds, 2.38%, 02/15/2042 | 1.7 |
| U.S. Treasury Bonds, 3.88%, 05/15/2043 | 1.3 |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 01/01/2055 | 1.2 |
| U.S. Treasury Bonds, 4.63%, 11/15/2055 | 1.2 |
| U.S. Treasury Notes, 3.50%, 11/30/2030 | 1.1 |
| Uniform Mortgage-Backed Security, TBA, 2.50%, 01/01/2055 | 1.1 |
| MUFG Securities Canada Ltd, 4.31%, 01/22/2026 | 1 |
| U.S. Treasury Bonds, 1.25%, 05/15/2050 | 0.9 |
| U.S. Treasury Notes, 2.75%, 08/15/2032 | 0.9 |

---

# Transamerica Aegon Bond 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](g768862g42r27.jpg)

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

# Transamerica Aegon Bond VP

# Service Class
![Image](g768862g58d90.jpg)

Annual Shareholder Report

# Transamerica Aegon Core Bond VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Aegon Core Bond VP (the "Portfolio") seeks to achieve maximum 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 | $50 | 0.48%<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 6.99%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%.

* The Portfolio maintained an overweight allocation to credit relative to the Bloomberg US Aggregate Bond Index (the "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 Benchmark.

* Overall duration positioning was generally managed in line with the 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.

* While still at relatively low levels, the Portfolio's sub-adviser incrementally added exposure to certain high yield corporate credits that it viewed favorably from a risk-reward perspective during the fiscal year.

* The views expressed reflect the opinions of Aegon USA Investment 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 Aegon Core Bond VP

# Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g20u61.jpg)

---

| | | |
|:---|:---|:---|
| | **Initial Class** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $10132 | $10138 |
| **2/29/2016** | $10203 | $10210 |
| **3/31/2016** | $10281 | $10303 |
| **4/30/2016** | $10320 | $10343 |
| **5/31/2016** | $10327 | $10345 |
| **6/30/2016** | $10507 | $10531 |
| **7/31/2016** | $10569 | $10598 |
| **8/31/2016** | $10550 | $10586 |
| **9/30/2016** | $10550 | $10580 |
| **10/31/2016** | $10470 | $10499 |
| **11/30/2016** | $10239 | $10250 |
| **12/31/2016** | $10239 | $10265 |
| **1/31/2017** | $10263 | $10285 |
| **2/28/2017** | $10327 | $10354 |
| **3/31/2017** | $10327 | $10349 |
| **4/30/2017** | $10406 | $10428 |
| **5/31/2017** | $10486 | $10509 |
| **6/30/2017** | $10478 | $10498 |
| **7/31/2017** | $10518 | $10543 |
| **8/31/2017** | $10614 | $10638 |
| **9/30/2017** | $10573 | $10593 |
| **10/31/2017** | $10565 | $10580 |
| **12/31/2017** | $10614 | $10628 |
| **1/31/2018** | $10499 | $10506 |
| **2/28/2018** | $10409 | $10406 |
| **3/31/2018** | $10475 | $10473 |
| **4/30/2018** | $10393 | $10395 |
| **5/31/2018** | $10458 | $10469 |
| **6/30/2018** | $10442 | $10456 |
| **7/31/2018** | $10434 | $10459 |
| **8/31/2018** | $10512 | $10526 |
| **9/30/2018** | $10445 | $10458 |
| **10/31/2018** | $10377 | $10376 |
| **11/30/2018** | $10445 | $10438 |
| **12/31/2018** | $10623 | $10629 |
| **1/31/2019** | $10716 | $10742 |
| **2/28/2019** | $10716 | $10736 |
| **3/31/2019** | $10928 | $10942 |
| **4/30/2019** | $10928 | $10945 |
| **5/31/2019** | $11140 | $11139 |
| **6/30/2019** | $11268 | $11279 |
| **7/31/2019** | $11293 | $11304 |
| **8/31/2019** | $11616 | $11597 |
| **9/30/2019** | $11546 | $11535 |
| **10/31/2019** | $11572 | $11570 |
| **11/30/2019** | $11563 | $11564 |
| **12/31/2019** | $11528 | $11556 |
| **1/31/2020** | $11781 | $11778 |
| **2/29/2020** | $11982 | $11990 |
| **3/31/2020** | $11659 | $11920 |
| **4/30/2020** | $11842 | $12132 |
| **5/31/2020** | $11929 | $12188 |
| **6/30/2020** | $12112 | $12265 |
| **7/31/2020** | $12313 | $12448 |
| **8/31/2020** | $12244 | $12348 |
| **9/30/2020** | $12262 | $12341 |
| **10/31/2020** | $12208 | $12286 |
| **11/30/2020** | $12353 | $12406 |
| **12/31/2020** | $12389 | $12423 |
| **1/31/2021** | $12307 | $12334 |
| **2/28/2021** | $12126 | $12156 |
| **3/31/2021** | $12026 | $12005 |
| **4/30/2021** | $12126 | $12099 |
| **5/31/2021** | $12171 | $12139 |
| **6/30/2021** | $12271 | $12224 |
| **7/31/2021** | $12389 | $12361 |
| **8/31/2021** | $12368 | $12337 |
| **9/30/2021** | $12261 | $12230 |
| **10/31/2021** | $12271 | $12227 |
| **11/30/2021** | $12300 | $12263 |
| **12/31/2021** | $12261 | $12232 |
| **1/31/2022** | $12038 | $11968 |
| **2/28/2022** | $11902 | $11835 |
| **3/31/2022** | $11592 | $11506 |
| **4/30/2022** | $11213 | $11069 |
| **5/31/2022** | $11242 | $11141 |
| **6/30/2022** | $11096 | $10966 |
| **7/31/2022** | $11310 | $11234 |
| **8/31/2022** | $11048 | $10917 |
| **9/30/2022** | $10606 | $10445 |
| **10/31/2022** | $10435 | $10310 |
| **11/30/2022** | $10716 | $10689 |
| **12/31/2022** | $10696 | $10641 |
| **1/31/2023** | $11028 | $10968 |
| **2/28/2023** | $10766 | $10684 |
| **3/31/2023** | $11018 | $10956 |
| **4/30/2023** | $11068 | $11022 |
| **5/31/2023** | $10968 | $10902 |
| **6/30/2023** | $10947 | $10863 |
| **7/31/2023** | $10957 | $10856 |
| **8/31/2023** | $10897 | $10786 |
| **9/30/2023** | $10618 | $10512 |
| **10/31/2023** | $10453 | $10346 |
| **11/30/2023** | $10918 | $10815 |
| **12/31/2023** | $11342 | $11229 |
| **1/31/2024** | $11321 | $11198 |
| **2/29/2024** | $11166 | $11040 |
| **3/31/2024** | $11269 | $11142 |
| **4/30/2024** | $11001 | $10860 |
| **5/31/2024** | $11166 | $11044 |
| **6/30/2024** | $11300 | $11149 |
| **7/31/2024** | $11507 | $11409 |
| **8/31/2024** | $11706 | $11573 |
| **9/30/2024** | $11848 | $11728 |
| **10/31/2024** | $11564 | $11437 |
| **11/30/2024** | $11695 | $11558 |
| **12/31/2024** | $11499 | $11369 |
| **1/31/2025** | $11553 | $11430 |
| **2/28/2025** | $11794 | $11681 |
| **3/31/2025** | $11783 | $11685 |
| **4/30/2025** | $11816 | $11731 |
| **5/31/2025** | $11739 | $11647 |
| **6/30/2025** | $11936 | $11826 |
| **7/31/2025** | $11914 | $11795 |
| **8/31/2025** | $12055 | $11936 |
| **9/30/2025** | $12190 | $12067 |
| **10/31/2025** | $12257 | $12142 |
| **11/30/2025** | $12336 | $12217 |
| **12/31/2025** | $12302 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPB1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 6.99% | (0.14)% | 2.09% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</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 | $1321692243 |
| Number of Portfolio Holdings | 736 |
| Portfolio Turnover Rate | 113% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2303674 |
| Average Maturity<sup>Footnote Reference§</sup> | 7.80 years |
| Duration<sup>Footnote Reference†</sup> | 5.66 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 Aegon Core Bond 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 | 48.1% |
| AAA | 11.3 |
| AA | 1 |
| A | 9.6 |
| BBB | 23.1 |
| BB | 3.6 |
| B | 0.0<sup>Footnote Reference\*</sup> |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.0<sup>Footnote Reference\*</sup> |
| NR (Not Rated) | 0.1 |

---

---

| | |
|:---|:---|
| 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;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)

---

| | |
|:---|:---|
| Corporate Debt Securities | 35.8% |
| U.S. Government Agency Obligations | 24.6 |
| U.S. Government Obligations | 23.5 |
| Commercial Paper | 21.1 |
| Mortgage-Backed Securities | 7.1 |
| Asset-Backed Securities | 5.1 |
| Repurchase Agreements | 3.3 |
| Short-Term U.S. Government Obligations | 2.9 |
| Foreign Government Obligations | 0.7 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (24.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 01/01/2055 | 4.0% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 01/01/2055 | 3.3 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 01/01/2056 | 3.1 |
| U.S. Treasury Notes, 3.75%, 12/31/2030 | 2.8 |
| Uniform Mortgage-Backed Security, TBA, 5.00%, 01/01/2055 | 2.2 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 01/01/2055 | 2.0 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 01/01/2056 | 2.0 |
| Uniform Mortgage-Backed Security, TBA, 6.00%, 01/01/2055 | 1.9 |
| U.S. Treasury Bonds, 4.63%, 11/15/2055 | 1.4 |
| U.S. Treasury Notes, 0.63%, 08/15/2030 | 1.3 |

---

# Transamerica Aegon Core Bond 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](g768862g42r27.jpg)

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

# Transamerica Aegon Core Bond VP

# Initial Class
![Image](g768862g58d90.jpg)

Annual Shareholder Report

# Transamerica Aegon Core Bond VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Aegon Core Bond VP (the "Portfolio") seeks to achieve maximum 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 | $76 | 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 Service Class shares at NAV returned 6.73%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%.

* The Portfolio maintained an overweight allocation to credit relative to the Bloomberg US Aggregate Bond Index (the "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 Benchmark.

* Overall duration positioning was generally managed in line with the 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.

* While still at relatively low levels, the Portfolio's sub-adviser incrementally added exposure to certain high yield corporate credits that it viewed favorably from a risk-reward perspective during the fiscal year.

* The views expressed reflect the opinions of Aegon USA Investment 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 Aegon Core Bond VP

# Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g57i22.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Class** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $10132 | $10138 |
| **2/29/2016** | $10198 | $10210 |
| **3/31/2016** | $10278 | $10303 |
| **4/30/2016** | $10315 | $10343 |
| **5/31/2016** | $10315 | $10345 |
| **6/30/2016** | $10490 | $10531 |
| **7/31/2016** | $10549 | $10598 |
| **8/31/2016** | $10534 | $10586 |
| **9/30/2016** | $10534 | $10580 |
| **10/31/2016** | $10445 | $10499 |
| **11/30/2016** | $10213 | $10250 |
| **12/31/2016** | $10206 | $10265 |
| **1/31/2017** | $10228 | $10285 |
| **2/28/2017** | $10295 | $10354 |
| **3/31/2017** | $10288 | $10349 |
| **4/30/2017** | $10370 | $10428 |
| **5/31/2017** | $10452 | $10509 |
| **6/30/2017** | $10437 | $10498 |
| **7/31/2017** | $10474 | $10543 |
| **8/31/2017** | $10570 | $10638 |
| **9/30/2017** | $10524 | $10593 |
| **10/31/2017** | $10509 | $10580 |
| **12/31/2017** | $10555 | $10628 |
| **1/31/2018** | $10448 | $10506 |
| **2/28/2018** | $10356 | $10406 |
| **3/31/2018** | $10410 | $10473 |
| **4/30/2018** | $10333 | $10395 |
| **5/31/2018** | $10394 | $10469 |
| **6/30/2018** | $10379 | $10456 |
| **7/31/2018** | $10364 | $10459 |
| **8/31/2018** | $10443 | $10526 |
| **9/30/2018** | $10364 | $10458 |
| **10/31/2018** | $10301 | $10376 |
| **11/30/2018** | $10364 | $10438 |
| **12/31/2018** | $10545 | $10629 |
| **1/31/2019** | $10632 | $10742 |
| **2/28/2019** | $10632 | $10736 |
| **3/31/2019** | $10837 | $10942 |
| **4/30/2019** | $10837 | $10945 |
| **5/31/2019** | $11042 | $11139 |
| **6/30/2019** | $11168 | $11279 |
| **7/31/2019** | $11191 | $11304 |
| **8/31/2019** | $11512 | $11597 |
| **9/30/2019** | $11440 | $11535 |
| **10/31/2019** | $11456 | $11570 |
| **11/30/2019** | $11448 | $11564 |
| **12/31/2019** | $11416 | $11556 |
| **1/31/2020** | $11657 | $11778 |
| **2/29/2020** | $11859 | $11990 |
| **3/31/2020** | $11537 | $11920 |
| **4/30/2020** | $11722 | $12132 |
| **5/31/2020** | $11794 | $12188 |
| **6/30/2020** | $11980 | $12265 |
| **7/31/2020** | $12173 | $12448 |
| **8/31/2020** | $12100 | $12348 |
| **9/30/2020** | $12117 | $12341 |
| **10/31/2020** | $12058 | $12286 |
| **11/30/2020** | $12200 | $12406 |
| **12/31/2020** | $12234 | $12423 |
| **1/31/2021** | $12150 | $12334 |
| **2/28/2021** | $11975 | $12156 |
| **3/31/2021** | $11875 | $12005 |
| **4/30/2021** | $11966 | $12099 |
| **5/31/2021** | $12008 | $12139 |
| **6/30/2021** | $12108 | $12224 |
| **7/31/2021** | $12217 | $12361 |
| **8/31/2021** | $12194 | $12337 |
| **9/30/2021** | $12088 | $12230 |
| **10/31/2021** | $12088 | $12227 |
| **11/30/2021** | $12114 | $12263 |
| **12/31/2021** | $12079 | $12232 |
| **1/31/2022** | $11857 | $11968 |
| **2/28/2022** | $11724 | $11835 |
| **3/31/2022** | $11414 | $11506 |
| **4/30/2022** | $11041 | $11069 |
| **5/31/2022** | $11059 | $11141 |
| **6/30/2022** | $10917 | $10966 |
| **7/31/2022** | $11130 | $11234 |
| **8/31/2022** | $10866 | $10917 |
| **9/30/2022** | $10427 | $10445 |
| **10/31/2022** | $10263 | $10310 |
| **11/30/2022** | $10528 | $10689 |
| **12/31/2022** | $10509 | $10641 |
| **1/31/2023** | $10838 | $10968 |
| **2/28/2023** | $10573 | $10684 |
| **3/31/2023** | $10820 | $10956 |
| **4/30/2023** | $10875 | $11022 |
| **5/31/2023** | $10765 | $10902 |
| **6/30/2023** | $10747 | $10863 |
| **7/31/2023** | $10747 | $10856 |
| **8/31/2023** | $10688 | $10786 |
| **9/30/2023** | $10417 | $10512 |
| **10/31/2023** | $10258 | $10346 |
| **11/30/2023** | $10706 | $10815 |
| **12/31/2023** | $11117 | $11229 |
| **1/31/2024** | $11099 | $11198 |
| **2/29/2024** | $10940 | $11040 |
| **3/31/2024** | $11052 | $11142 |
| **4/30/2024** | $10772 | $10860 |
| **5/31/2024** | $10940 | $11044 |
| **6/30/2024** | $11071 | $11149 |
| **7/31/2024** | $11276 | $11409 |
| **8/31/2024** | $11454 | $11573 |
| **9/30/2024** | $11601 | $11728 |
| **10/31/2024** | $11326 | $11437 |
| **11/30/2024** | $11444 | $11558 |
| **12/31/2024** | $11248 | $11369 |
| **1/31/2025** | $11307 | $11430 |
| **2/28/2025** | $11532 | $11681 |
| **3/31/2025** | $11513 | $11685 |
| **4/30/2025** | $11542 | $11731 |
| **5/31/2025** | $11474 | $11647 |
| **6/30/2025** | $11670 | $11826 |
| **7/31/2025** | $11640 | $11795 |
| **8/31/2025** | $11774 | $11936 |
| **9/30/2025** | $11905 | $12067 |
| **10/31/2025** | $11965 | $12142 |
| **11/30/2025** | $12035 | $12217 |
| **12/31/2025** | $12005 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPB2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 6.73% | (0.38)% | 1.84% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</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 | $1321692243 |
| Number of Portfolio Holdings | 736 |
| Portfolio Turnover Rate | 113% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2303674 |
| Average Maturity<sup>Footnote Reference§</sup> | 7.80 years |
| Duration<sup>Footnote Reference†</sup> | 5.66 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 Aegon Core Bond 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 | 48.1% |
| AAA | 11.3 |
| AA | 1 |
| A | 9.6 |
| BBB | 23.1 |
| BB | 3.6 |
| B | 0.0<sup>Footnote Reference\*</sup> |
| CCC | 0.0<sup>Footnote Reference\*</sup> |
| Below CCC | 0.0<sup>Footnote Reference\*</sup> |
| NR (Not Rated) | 0.1 |

---

---

| | |
|:---|:---|
| 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;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)

---

| | |
|:---|:---|
| Corporate Debt Securities | 35.8% |
| U.S. Government Agency Obligations | 24.6 |
| U.S. Government Obligations | 23.5 |
| Commercial Paper | 21.1 |
| Mortgage-Backed Securities | 7.1 |
| Asset-Backed Securities | 5.1 |
| Repurchase Agreements | 3.3 |
| Short-Term U.S. Government Obligations | 2.9 |
| Foreign Government Obligations | 0.7 |
| Other Investment Company | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (24.1) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 2.50%, 01/01/2055 | 4.0% |
| Uniform Mortgage-Backed Security, TBA, 5.50%, 01/01/2055 | 3.3 |
| Uniform Mortgage-Backed Security, TBA, 3.00%, 01/01/2056 | 3.1 |
| U.S. Treasury Notes, 3.75%, 12/31/2030 | 2.8 |
| Uniform Mortgage-Backed Security, TBA, 5.00%, 01/01/2055 | 2.2 |
| Uniform Mortgage-Backed Security, TBA, 4.50%, 01/01/2055 | 2.0 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 01/01/2056 | 2.0 |
| Uniform Mortgage-Backed Security, TBA, 6.00%, 01/01/2055 | 1.9 |
| U.S. Treasury Bonds, 4.63%, 11/15/2055 | 1.4 |
| U.S. Treasury Notes, 0.63%, 08/15/2030 | 1.3 |

---

# Transamerica Aegon Core Bond 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](g768862g42r27.jpg)

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

# Transamerica Aegon Core Bond VP

# Service Class
![Image](g768862g58d90.jpg)

Annual Shareholder Report

# Transamerica Aegon High Yield Bond VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Aegon High Yield Bond VP (the "Portfolio") seeks a high level of current income by investing in high-yield debt securities. This 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 | $67 | 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 8.46%. 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 Corporate High Yield 2% Issuer Capped Index, returned 8.62% over the same period.

* During the fiscal year ended December 31, 2025, the U.S. high yield market delivered a strong total return. Despite macro uncertainty and tariff-related headwinds, the high yield market remained firm and benefited from supportive market technicals. Although there were pockets of volatility and the U.S. high yield market was not immune to weakness, demand persisted and spreads in the U.S. high yield market continued to tighten during the year. 

* Security selection was the primary driver of relative performance during the fiscal year. By ratings, selection within lower-quality bonds contributed significantly. Throughout the period, the Portfolio maintained a modestly defensive position, with an underweight to CCC and below-rated bonds. Despite the lower exposure, the CCC and below-rated bonds held in the Portfolio performed well and outpaced the index. Security selection in BB-rated bonds and the allocation to B-rated bonds also added value. Conversely, the selection in B-rated bonds detracted from the Portfolio's performance; however, this was more than offset by positive contributions in other categories. 

* From a sector perspective, the largest positive contributors to the Portfolio's performance included consumer cyclicals, energy, and consumer non-cyclicals, primarily due to strong selection. The largest sub-sector detractors included communications, electric utilities, and basic industry.

* During the fiscal year, the Portfolio's positioning was modestly cautious given ongoing macro uncertainty and tight valuations. The Portfolio favored higher-quality bonds and was more cautious on lower-quality issuers that could be prone to downside risk. That said, the Portfolio held exposure to select CCC-rated bonds and below that the sub-adviser believed offered higher yield potential, many of which contributed positively to the Portfolio's performance during the fiscal year. 

* Sector positioning was largely driven by bottom-up company analysis. Overweights included a number of sub-sectors within capital goods and basic industry, as well as certain consumer and financial sub-sectors. Underweights included communications and technology sectors, and certain consumer cyclicals such as retailers. These underweights were largely due to relatively unattractive valuations or company-specific concerns. 

* The views expressed reflect the opinions of Aegon USA Investment 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 Aegon High Yield Bond VP

# Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g04c65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Bloomberg US Universal Bond Index** | **Bloomberg US Corporate High Yield 2% Issuer Capped Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9861 | $10110 | $9839 |
| **2/29/2016** | $9861 | $10182 | $9896 |
| **3/31/2016** | $10277 | $10307 | $10335 |
| **4/30/2016** | $10582 | $10377 | $10740 |
| **5/31/2016** | $10637 | $10385 | $10806 |
| **6/30/2016** | $10706 | $10568 | $10906 |
| **7/31/2016** | $10997 | $10655 | $11201 |
| **8/31/2016** | $11255 | $10667 | $11435 |
| **9/30/2016** | $11328 | $10669 | $11511 |
| **10/31/2016** | $11343 | $10598 | $11556 |
| **11/30/2016** | $11299 | $10360 | $11501 |
| **12/31/2016** | $11534 | $10391 | $11713 |
| **1/31/2017** | $11710 | $10428 | $11883 |
| **2/28/2017** | $11901 | $10508 | $12056 |
| **3/31/2017** | $11857 | $10505 | $12029 |
| **4/30/2017** | $12004 | $10592 | $12168 |
| **5/31/2017** | $12136 | $10674 | $12273 |
| **6/30/2017** | $12166 | $10664 | $12290 |
| **7/31/2017** | $12298 | $10718 | $12426 |
| **8/31/2017** | $12283 | $10810 | $12421 |
| **9/30/2017** | $12424 | $10785 | $12586 |
| **10/31/2017** | $12361 | $10769 | $12554 |
| **12/31/2017** | $12392 | $10816 | $12592 |
| **1/31/2018** | $12486 | $10712 | $12667 |
| **2/28/2018** | $12392 | $10610 | $12560 |
| **3/31/2018** | $12314 | $10664 | $12484 |
| **4/30/2018** | $12377 | $10593 | $12565 |
| **5/31/2018** | $12377 | $10651 | $12562 |
| **6/30/2018** | $12408 | $10635 | $12612 |
| **7/31/2018** | $12549 | $10657 | $12750 |
| **8/31/2018** | $12617 | $10710 | $12844 |
| **9/30/2018** | $12667 | $10664 | $12915 |
| **10/31/2018** | $12451 | $10575 | $12709 |
| **11/30/2018** | $12351 | $10622 | $12599 |
| **12/31/2018** | $12101 | $10789 | $12329 |
| **1/31/2019** | $12667 | $10937 | $12887 |
| **2/28/2019** | $12834 | $10949 | $13101 |
| **3/31/2019** | $12950 | $11147 | $13224 |
| **4/30/2019** | $13100 | $11163 | $13412 |
| **5/31/2019** | $12917 | $11334 | $13253 |
| **6/30/2019** | $13233 | $11494 | $13555 |
| **7/31/2019** | $13316 | $11528 | $13631 |
| **8/31/2019** | $13377 | $11789 | $13686 |
| **9/30/2019** | $13430 | $11738 | $13736 |
| **10/31/2019** | $13483 | $11776 | $13773 |
| **11/30/2019** | $13572 | $11773 | $13818 |
| **12/31/2019** | $13821 | $11791 | $14095 |
| **1/31/2020** | $13821 | $12003 | $14098 |
| **2/29/2020** | $13537 | $12182 | $13900 |
| **3/31/2020** | $11671 | $11944 | $12307 |
| **4/30/2020** | $12098 | $12184 | $12864 |
| **5/31/2020** | $12684 | $12297 | $13426 |
| **6/30/2020** | $12844 | $12400 | $13554 |
| **7/31/2020** | $13448 | $12618 | $14185 |
| **8/31/2020** | $13646 | $12545 | $14322 |
| **9/30/2020** | $13532 | $12522 | $14175 |
| **10/31/2020** | $13608 | $12478 | $14245 |
| **11/30/2020** | $14215 | $12640 | $14809 |
| **12/31/2020** | $14518 | $12684 | $15088 |
| **1/31/2021** | $14594 | $12604 | $15138 |
| **2/28/2021** | $14669 | $12442 | $15194 |
| **3/31/2021** | $14745 | $12297 | $15217 |
| **4/30/2021** | $14916 | $12400 | $15382 |
| **5/31/2021** | $14992 | $12448 | $15427 |
| **6/30/2021** | $15181 | $12538 | $15633 |
| **7/31/2021** | $15219 | $12664 | $15692 |
| **8/31/2021** | $15299 | $12656 | $15774 |
| **9/30/2021** | $15319 | $12548 | $15773 |
| **10/31/2021** | $15299 | $12538 | $15744 |
| **11/30/2021** | $15179 | $12553 | $15589 |
| **12/31/2021** | $15439 | $12544 | $15882 |
| **1/31/2022** | $15059 | $12269 | $15449 |
| **2/28/2022** | $14919 | $12102 | $15290 |
| **3/31/2022** | $14779 | $11777 | $15116 |
| **4/30/2022** | $14239 | $11338 | $14579 |
| **5/31/2022** | $14259 | $11400 | $14613 |
| **6/30/2022** | $13299 | $11173 | $13629 |
| **7/31/2022** | $14099 | $11453 | $14433 |
| **8/31/2022** | $13765 | $11156 | $14101 |
| **9/30/2022** | $13190 | $10675 | $13542 |
| **10/31/2022** | $13573 | $10558 | $13893 |
| **11/30/2022** | $13828 | $10952 | $14193 |
| **12/31/2022** | $13722 | $10914 | $14106 |
| **1/31/2023** | $14254 | $11253 | $14643 |
| **2/28/2023** | $14020 | $10976 | $14456 |
| **3/31/2023** | $14084 | $11234 | $14609 |
| **4/30/2023** | $14211 | $11303 | $14756 |
| **5/31/2023** | $14084 | $11185 | $14620 |
| **6/30/2023** | $14297 | $11168 | $14865 |
| **7/31/2023** | $14509 | $11179 | $15071 |
| **8/31/2023** | $14488 | $11112 | $15114 |
| **9/30/2023** | $14310 | $10847 | $14934 |
| **10/31/2023** | $14132 | $10684 | $14758 |
| **11/30/2023** | $14711 | $11165 | $15427 |
| **12/31/2023** | $15246 | $11588 | $16002 |
| **1/31/2024** | $15246 | $11560 | $16002 |
| **2/29/2024** | $15268 | $11422 | $16048 |
| **3/31/2024** | $15402 | $11534 | $16238 |
| **4/30/2024** | $15224 | $11264 | $16086 |
| **5/31/2024** | $15380 | $11451 | $16262 |
| **6/30/2024** | $15536 | $11556 | $16416 |
| **7/31/2024** | $15848 | $11818 | $16735 |
| **8/31/2024** | $16098 | $11992 | $17008 |
| **9/30/2024** | $16356 | $12157 | $17283 |
| **10/31/2024** | $16262 | $11881 | $17190 |
| **11/30/2024** | $16450 | $12006 | $17387 |
| **12/31/2024** | $16379 | $11824 | $17313 |
| **1/31/2025** | $16590 | $11896 | $17550 |
| **2/28/2025** | $16684 | $12142 | $17668 |
| **3/31/2025** | $16473 | $12139 | $17487 |
| **4/30/2025** | $16497 | $12182 | $17484 |
| **5/31/2025** | $16778 | $12120 | $17777 |
| **6/30/2025** | $17083 | $12309 | $18104 |
| **7/31/2025** | $17177 | $12291 | $18186 |
| **8/31/2025** | $17362 | $12439 | $18413 |
| **9/30/2025** | $17463 | $12571 | $18563 |
| **10/31/2025** | $17513 | $12654 | $18592 |
| **11/30/2025** | $17614 | $12730 | $18700 |
| **12/31/2025** | $17765 | $12721 | $18806 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFX1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 8.46% | 4.12% | 5.91% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 7.58% | 0.06% | 2.44% |
| Bloomberg US Corporate High Yield 2% Issuer Capped Index<sup>Footnote Reference(b)</sup> | 8.62% | 4.50% | 6.52% |

---

---

| | |
|:---|:---|
| 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 Corporate High Yield 2% Issuer Capped Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index. 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 | $244371359 |
| Number of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 38% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1367686 |
| Average Maturity<sup>Footnote Reference§</sup> | 4.24 years |
| Duration<sup>Footnote Reference†</sup> | 2.71 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 Aegon High Yield Bond VP

# Initial Class

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| BBB | 7.4% |
| BB | 47.5 |
| B | 34.4 |
| CCC | 6.5 |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.1 |

---

---

| | |
|:---|:---|
| 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)

---

| | |
|:---|:---|
| Corporate Debt Securities | 93.2% |
| Other Investment Company | 6.1 |
| Loan Assignments | 2.8 |
| Repurchase Agreements | 2.2 |
| Common Stocks | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.5) |

---

---

| | |
|:---|:---|
| 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)

---

| | |
|:---|:---|
| Constellation Insurance, Inc., 6.80%, 01/24/2030 | 0.8% |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.63%, 12/15/2030 | 0.8 |
| VZ Secured Financing BV, 5.00%, 01/15/2032 | 0.8 |
| ILFC E-Capital Trust I, 3-Month Term SOFR, 6.35%, 12/21/2065 | 0.8 |
| Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2030 | 0.7 |
| Alpha Generation LLC, 6.25%, 01/15/2034 | 0.7 |
| SPX FLOW, Inc., 8.75%, 04/01/2030 | 0.7 |
| Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/2028 | 0.7 |
| Olympus Water U.S. Holding Corp., 7.25%, 02/15/2033 | 0.6 |
| HUB International Ltd., 7.25%, 06/15/2030 | 0.6 |

---

# Transamerica Aegon High Yield Bond 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](g768862g42r27.jpg)

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

# Transamerica Aegon High Yield Bond VP

# Initial Class
![Image](g768862g58d90.jpg)

Annual Shareholder Report

# Transamerica Aegon High Yield Bond VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Aegon High Yield Bond VP (the "Portfolio") seeks a high level of current income by investing in high-yield debt securities. This 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 | 0.89%<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 8.27%. 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 Corporate High Yield 2% Issuer Capped Index, returned 8.62% over the same period.

* During the fiscal year ended December 31, 2025, the U.S. high yield market delivered a strong total return. Despite macro uncertainty and tariff-related headwinds, the high yield market remained firm and benefited from supportive market technicals. Although there were pockets of volatility and the U.S. high yield market was not immune to weakness, demand persisted and spreads in the U.S. high yield market continued to tighten during the year. 

* Security selection was the primary driver of relative performance during the fiscal year. By ratings, selection within lower-quality bonds contributed significantly. Throughout the period, the Portfolio maintained a modestly defensive position, with an underweight to CCC and below-rated bonds. Despite the lower exposure, the CCC and below-rated bonds held in the Portfolio performed well and outpaced the index. Security selection in BB-rated bonds and the allocation to B-rated bonds also added value. Conversely, the selection in B-rated bonds detracted from the Portfolio's performance; however, this was more than offset by positive contributions in other categories. 

* From a sector perspective, the largest positive contributors to the Portfolio's performance included consumer cyclicals, energy, and consumer non-cyclicals, primarily due to strong selection. The largest sub-sector detractors included communications, electric utilities, and basic industry.

* During the fiscal year, the Portfolio's positioning was modestly cautious given ongoing macro uncertainty and tight valuations. The Portfolio favored higher-quality bonds and was more cautious on lower-quality issuers that could be prone to downside risk. That said, the Portfolio held exposure to select CCC-rated bonds and below that the sub-adviser believed offered higher yield potential, many of which contributed positively to the Portfolio's performance during the fiscal year. 

* Sector positioning was largely driven by bottom-up company analysis. Overweights included a number of sub-sectors within capital goods and basic industry, as well as certain consumer and financial sub-sectors. Underweights included communications and technology sectors, and certain consumer cyclicals such as retailers. These underweights were largely due to relatively unattractive valuations or company-specific concerns. 

* The views expressed reflect the opinions of Aegon USA Investment 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 Aegon High Yield Bond VP

# Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g62g18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Bloomberg US Universal Bond Index** | **Bloomberg US Corporate High Yield 2% Issuer Capped Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9850 | $10110 | $9839 |
| **2/29/2016** | $9850 | $10182 | $9896 |
| **3/31/2016** | $10260 | $10307 | $10335 |
| **4/30/2016** | $10560 | $10377 | $10740 |
| **5/31/2016** | $10615 | $10385 | $10806 |
| **6/30/2016** | $10683 | $10568 | $10906 |
| **7/31/2016** | $10970 | $10655 | $11201 |
| **8/31/2016** | $11226 | $10667 | $11435 |
| **9/30/2016** | $11298 | $10669 | $11511 |
| **10/31/2016** | $11312 | $10598 | $11556 |
| **11/30/2016** | $11254 | $10360 | $11501 |
| **12/31/2016** | $11500 | $10391 | $11713 |
| **1/31/2017** | $11659 | $10428 | $11883 |
| **2/28/2017** | $11861 | $10508 | $12056 |
| **3/31/2017** | $11818 | $10505 | $12029 |
| **4/30/2017** | $11948 | $10592 | $12168 |
| **5/31/2017** | $12078 | $10674 | $12273 |
| **6/30/2017** | $12107 | $10664 | $12290 |
| **7/31/2017** | $12237 | $10718 | $12426 |
| **8/31/2017** | $12222 | $10810 | $12421 |
| **9/30/2017** | $12345 | $10785 | $12586 |
| **10/31/2017** | $12299 | $10769 | $12554 |
| **12/31/2017** | $12329 | $10816 | $12592 |
| **1/31/2018** | $12406 | $10712 | $12667 |
| **2/28/2018** | $12314 | $10610 | $12560 |
| **3/31/2018** | $12238 | $10664 | $12484 |
| **4/30/2018** | $12299 | $10593 | $12565 |
| **5/31/2018** | $12299 | $10651 | $12562 |
| **6/30/2018** | $12329 | $10635 | $12612 |
| **7/31/2018** | $12452 | $10657 | $12750 |
| **8/31/2018** | $12516 | $10710 | $12844 |
| **9/30/2018** | $12564 | $10664 | $12915 |
| **10/31/2018** | $12353 | $10575 | $12709 |
| **11/30/2018** | $12256 | $10622 | $12599 |
| **12/31/2018** | $11995 | $10789 | $12329 |
| **1/31/2019** | $12548 | $10937 | $12887 |
| **2/28/2019** | $12727 | $10949 | $13101 |
| **3/31/2019** | $12841 | $11147 | $13224 |
| **4/30/2019** | $12971 | $11163 | $13412 |
| **5/31/2019** | $12808 | $11334 | $13253 |
| **6/30/2019** | $13117 | $11494 | $13555 |
| **7/31/2019** | $13182 | $11528 | $13631 |
| **8/31/2019** | $13239 | $11789 | $13686 |
| **9/30/2019** | $13291 | $11738 | $13736 |
| **10/31/2019** | $13343 | $11776 | $13773 |
| **11/30/2019** | $13430 | $11773 | $13818 |
| **12/31/2019** | $13672 | $11791 | $14095 |
| **1/31/2020** | $13672 | $12003 | $14098 |
| **2/29/2020** | $13395 | $12182 | $13900 |
| **3/31/2020** | $11528 | $11944 | $12307 |
| **4/30/2020** | $11960 | $12184 | $12864 |
| **5/31/2020** | $12531 | $12297 | $13426 |
| **6/30/2020** | $12686 | $12400 | $13554 |
| **7/31/2020** | $13291 | $12618 | $14185 |
| **8/31/2020** | $13484 | $12545 | $14322 |
| **9/30/2020** | $13374 | $12522 | $14175 |
| **10/31/2020** | $13429 | $12478 | $14245 |
| **11/30/2020** | $14017 | $12640 | $14809 |
| **12/31/2020** | $14311 | $12684 | $15088 |
| **1/31/2021** | $14385 | $12604 | $15138 |
| **2/28/2021** | $14476 | $12442 | $15194 |
| **3/31/2021** | $14532 | $12297 | $15217 |
| **4/30/2021** | $14715 | $12400 | $15382 |
| **5/31/2021** | $14770 | $12448 | $15427 |
| **6/30/2021** | $14954 | $12538 | $15633 |
| **7/31/2021** | $14991 | $12664 | $15692 |
| **8/31/2021** | $15070 | $12656 | $15774 |
| **9/30/2021** | $15090 | $12548 | $15773 |
| **10/31/2021** | $15070 | $12538 | $15744 |
| **11/30/2021** | $14955 | $12553 | $15589 |
| **12/31/2021** | $15206 | $12544 | $15882 |
| **1/31/2022** | $14819 | $12269 | $15449 |
| **2/28/2022** | $14665 | $12102 | $15290 |
| **3/31/2022** | $14529 | $11777 | $15116 |
| **4/30/2022** | $13989 | $11338 | $14579 |
| **5/31/2022** | $14027 | $11400 | $14613 |
| **6/30/2022** | $13080 | $11173 | $13629 |
| **7/31/2022** | $13873 | $11453 | $14433 |
| **8/31/2022** | $13525 | $11156 | $14101 |
| **9/30/2022** | $12952 | $10675 | $13542 |
| **10/31/2022** | $13341 | $10558 | $13893 |
| **11/30/2022** | $13587 | $10952 | $14193 |
| **12/31/2022** | $13464 | $10914 | $14106 |
| **1/31/2023** | $13976 | $11253 | $14643 |
| **2/28/2023** | $13750 | $10976 | $14456 |
| **3/31/2023** | $13812 | $11234 | $14609 |
| **4/30/2023** | $13955 | $11303 | $14756 |
| **5/31/2023** | $13812 | $11185 | $14620 |
| **6/30/2023** | $14016 | $11168 | $14865 |
| **7/31/2023** | $14221 | $11179 | $15071 |
| **8/31/2023** | $14201 | $11112 | $15114 |
| **9/30/2023** | $14031 | $10847 | $14934 |
| **10/31/2023** | $13838 | $10684 | $14758 |
| **11/30/2023** | $14415 | $11165 | $15427 |
| **12/31/2023** | $14927 | $11588 | $16002 |
| **1/31/2024** | $14927 | $11560 | $16002 |
| **2/29/2024** | $14927 | $11422 | $16048 |
| **3/31/2024** | $15077 | $11534 | $16238 |
| **4/30/2024** | $14885 | $11264 | $16086 |
| **5/31/2024** | $15056 | $11451 | $16262 |
| **6/30/2024** | $15184 | $11556 | $16416 |
| **7/31/2024** | $15483 | $11818 | $16735 |
| **8/31/2024** | $15725 | $11992 | $17008 |
| **9/30/2024** | $15994 | $12157 | $17283 |
| **10/31/2024** | $15882 | $11881 | $17190 |
| **11/30/2024** | $16084 | $12006 | $17387 |
| **12/31/2024** | $15994 | $11824 | $17313 |
| **1/31/2025** | $16196 | $11896 | $17550 |
| **2/28/2025** | $16285 | $12142 | $17668 |
| **3/31/2025** | $16084 | $12139 | $17487 |
| **4/30/2025** | $16084 | $12182 | $17484 |
| **5/31/2025** | $16375 | $12120 | $17777 |
| **6/30/2025** | $16666 | $12309 | $18104 |
| **7/31/2025** | $16756 | $12291 | $18186 |
| **8/31/2025** | $16933 | $12439 | $18413 |
| **9/30/2025** | $17029 | $12571 | $18563 |
| **10/31/2025** | $17053 | $12654 | $18592 |
| **11/30/2025** | $17172 | $12730 | $18700 |
| **12/31/2025** | $17316 | $12721 | $18806 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFX2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 8.27% | 3.89% | 5.64% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 7.58% | 0.06% | 2.44% |
| Bloomberg US Corporate High Yield 2% Issuer Capped Index<sup>Footnote Reference(b)</sup> | 8.62% | 4.50% | 6.52% |

---

---

| | |
|:---|:---|
| 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 Corporate High Yield 2% Issuer Capped Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index. 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 | $244371359 |
| Number of Portfolio Holdings | 389 |
| Portfolio Turnover Rate | 38% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1367686 |
| Average Maturity<sup>Footnote Reference§</sup> | 4.24 years |
| Duration<sup>Footnote Reference†</sup> | 2.71 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 Aegon High Yield Bond VP

# Service Class

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| BBB | 7.4% |
| BB | 47.5 |
| B | 34.4 |
| CCC | 6.5 |
| Below CCC | 0.1 |
| NR (Not Rated) | 0.1 |

---

---

| | |
|:---|:---|
| 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)

---

| | |
|:---|:---|
| Corporate Debt Securities | 93.2% |
| Other Investment Company | 6.1 |
| Loan Assignments | 2.8 |
| Repurchase Agreements | 2.2 |
| Common Stocks | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (4.5) |

---

---

| | |
|:---|:---|
| 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)

---

| | |
|:---|:---|
| Constellation Insurance, Inc., 6.80%, 01/24/2030 | 0.8% |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.63%, 12/15/2030 | 0.8 |
| VZ Secured Financing BV, 5.00%, 01/15/2032 | 0.8 |
| ILFC E-Capital Trust I, 3-Month Term SOFR, 6.35%, 12/21/2065 | 0.8 |
| Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2030 | 0.7 |
| Alpha Generation LLC, 6.25%, 01/15/2034 | 0.7 |
| SPX FLOW, Inc., 8.75%, 04/01/2030 | 0.7 |
| Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/2028 | 0.7 |
| Olympus Water U.S. Holding Corp., 7.25%, 02/15/2033 | 0.6 |
| HUB International Ltd., 7.25%, 06/15/2030 | 0.6 |

---

# Transamerica Aegon High Yield Bond 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](g768862g42r27.jpg)

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

# Transamerica Aegon High Yield Bond VP

# Service Class
![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica Aegon Sustainable Equity Income VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Aegon Sustainable Equity Income VP (the "Portfolio") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This 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 | $76 | 0.72%<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 11.26%. 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> Value Index, returned 15.91% over the same period.

* The Portfolio underperformed the Russell 1000<sup>®</sup> Value Index, a benchmark of the Portfolio, during the fiscal year ended December 31, 2025. 

* Sector allocation added value, but this was more than offset by weak stock selection. 

* The Portfolio's underweight allocations to the energy and consumer discretionary sectors added value, as did the overweight to technology, which benefited from significant investor enthusiasm for artificial intelligence ('AI').

* Stock selection in the industrials and consumer sectors was a primary detractor from relative performance and accounted for the bulk of the overall negative selection effect. 

* Consumer staples holdings Colgate Palmolive and Kimberly Clark were two of the main individual detractors from relative performance, as both struggled with a difficult industry backdrop in relation to volumes and pricing. 

* A tough consumer environment also weighed on Home Depot, which cited consumer uncertainty, a weak housing market and a lack of storm related activity as reasons for cutting full-year guidance. 

* Alphabet, the parent company of Google, was added to the Russell 1000<sup>®</sup> Value Index during the period and subsequently outperformed the market. The stock was added to the Portfolio in the third quarter of 2025, after some of the gains had already occurred, which contributed to relative underperformance. 

* While AI positively influenced many companies, the effect was not universal. ADP, for example, experienced a decline in sentiment despite continued robust results, amid concerns that AI could replicate some aspects of its services. 

* There were also a number of positive performers during the fiscal year. Stock selection in the technology, health care and financials sectors added value.

* Within technology, a number of the Portfolio's AI-related holdings experienced a surge in demand. Examples include Broadcom, Taiwan Semiconductor Manufacturing Company ('TSMC'), and KLA Corporation.

* Health care holdings also added value, primarily driven by Gilead Sciences, which reported a series of positive earnings releases. 

* The Portfolio's holdings in Morgan Stanley and Citizens Financial benefited from the elevated interest rate environment. Morgan Stanley's performance was also boosted by a rebound in investment banking activity. 

* During the fiscal year, the Portfolio's sub-adviser generally maintained sector weights relatively close to the Russell 1000<sup>®</sup> Value Index as a means of managing risk. All trading reflected a balance between conviction in a stock's fundamental thesis, its contribution to portfolio risk and its contribution to portfolio yield. 

* The views expressed reflect the opinions of Aegon Asset Management UK plc 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 Aegon Sustainable Equity Income VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g87d48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9552 | $9436 | $9483 |
| **2/29/2016** | $9527 | $9433 | $9481 |
| **3/31/2016** | $10095 | $10097 | $10164 |
| **4/30/2016** | $10354 | $10159 | $10377 |
| **5/31/2016** | $10404 | $10341 | $10539 |
| **6/30/2016** | $10478 | $10362 | $10630 |
| **7/31/2016** | $10797 | $10774 | $10938 |
| **8/31/2016** | $10886 | $10801 | $11023 |
| **9/30/2016** | $10713 | $10818 | $11000 |
| **10/31/2016** | $10585 | $10584 | $10829 |
| **11/30/2016** | $11242 | $11058 | $11448 |
| **12/31/2016** | $11491 | $11274 | $11734 |
| **1/31/2017** | $11593 | $11486 | $11818 |
| **2/28/2017** | $12107 | $11913 | $12242 |
| **3/31/2017** | $12021 | $11921 | $12118 |
| **4/30/2017** | $12026 | $12047 | $12095 |
| **5/31/2017** | $12122 | $12171 | $12083 |
| **6/30/2017** | $12362 | $12280 | $12281 |
| **7/31/2017** | $12362 | $12512 | $12444 |
| **8/31/2017** | $12289 | $12536 | $12299 |
| **9/30/2017** | $12779 | $13122 | $12755 |
| **10/31/2017** | $13103 | $13521 | $13146 |
| **12/31/2017** | $13379 | $13656 | $13337 |
| **1/31/2018** | $13864 | $14375 | $13853 |
| **2/28/2018** | $13150 | $13846 | $13192 |
| **3/31/2018** | $12946 | $13568 | $12960 |
| **4/30/2018** | $13066 | $13619 | $13002 |
| **5/31/2018** | $12972 | $14004 | $13080 |
| **6/30/2018** | $13009 | $14095 | $13112 |
| **7/31/2018** | $13551 | $14563 | $13631 |
| **8/31/2018** | $13652 | $15074 | $13832 |
| **9/30/2018** | $13604 | $15099 | $13860 |
| **10/31/2018** | $12837 | $13988 | $13142 |
| **11/30/2018** | $13135 | $14268 | $13534 |
| **12/31/2018** | $11840 | $12940 | $12235 |
| **1/31/2019** | $12821 | $14051 | $13187 |
| **2/28/2019** | $13172 | $14545 | $13608 |
| **3/31/2019** | $13210 | $14757 | $13695 |
| **4/30/2019** | $13471 | $15346 | $14181 |
| **5/31/2019** | $12522 | $14353 | $13269 |
| **6/30/2019** | $13439 | $15361 | $14221 |
| **7/31/2019** | $13620 | $15590 | $14339 |
| **8/31/2019** | $13371 | $15272 | $13918 |
| **9/30/2019** | $13846 | $15540 | $14414 |
| **10/31/2019** | $14047 | $15874 | $14616 |
| **11/30/2019** | $14398 | $16478 | $15068 |
| **12/31/2019** | $14671 | $16954 | $15482 |
| **1/31/2020** | $14125 | $16935 | $15149 |
| **2/29/2020** | $12747 | $15549 | $13682 |
| **3/31/2020** | $10316 | $13410 | $11344 |
| **4/30/2020** | $11180 | $15187 | $12619 |
| **5/31/2020** | $11629 | $15999 | $13051 |
| **6/30/2020** | $11525 | $16364 | $12965 |
| **7/31/2020** | $11850 | $17294 | $13477 |
| **8/31/2020** | $12133 | $18546 | $14035 |
| **9/30/2020** | $11778 | $17871 | $13690 |
| **10/31/2020** | $11654 | $17485 | $13510 |
| **11/30/2020** | $13345 | $19613 | $15327 |
| **12/31/2020** | $13593 | $20495 | $15915 |
| **1/31/2021** | $13585 | $20404 | $15769 |
| **2/28/2021** | $13801 | $21042 | $16722 |
| **3/31/2021** | $14705 | $21796 | $17706 |
| **4/30/2021** | $15083 | $22919 | $18414 |
| **5/31/2021** | $15570 | $23024 | $18844 |
| **6/30/2021** | $15531 | $23592 | $18628 |
| **7/31/2021** | $15879 | $23991 | $18777 |
| **8/31/2021** | $16427 | $24675 | $19150 |
| **9/30/2021** | $15529 | $23568 | $18483 |
| **10/31/2021** | $16467 | $25161 | $19422 |
| **11/30/2021** | $15860 | $24778 | $18737 |
| **12/31/2021** | $16640 | $25754 | $19919 |
| **1/31/2022** | $15860 | $24239 | $19455 |
| **2/28/2022** | $15387 | $23628 | $19229 |
| **3/31/2022** | $15860 | $24395 | $19772 |
| **4/30/2022** | $14875 | $22206 | $18657 |
| **5/31/2022** | $14985 | $22176 | $19020 |
| **6/30/2022** | $13818 | $20321 | $17358 |
| **7/31/2022** | $14536 | $22227 | $18509 |
| **8/31/2022** | $14044 | $21397 | $17957 |
| **9/30/2022** | $12814 | $19413 | $16383 |
| **10/31/2022** | $14086 | $21005 | $18063 |
| **11/30/2022** | $15258 | $22102 | $19191 |
| **12/31/2022** | $14705 | $20808 | $18418 |
| **1/31/2023** | $15316 | $22241 | $19372 |
| **2/28/2023** | $14940 | $21721 | $18689 |
| **3/31/2023** | $14663 | $22302 | $18603 |
| **4/30/2023** | $14588 | $22539 | $18883 |
| **5/31/2023** | $14044 | $22627 | $18155 |
| **6/30/2023** | $14915 | $24172 | $19361 |
| **7/31/2023** | $15174 | $25039 | $20042 |
| **8/31/2023** | $14790 | $24555 | $19501 |
| **9/30/2023** | $14105 | $23386 | $18748 |
| **10/31/2023** | $13874 | $22766 | $18087 |
| **11/30/2023** | $14799 | $24888 | $19451 |
| **12/31/2023** | $15629 | $26209 | $20529 |
| **1/31/2024** | $15851 | $26499 | $20550 |
| **2/29/2024** | $16468 | $27933 | $21308 |
| **3/31/2024** | $17178 | $28835 | $22373 |
| **4/30/2024** | $16468 | $27566 | $21418 |
| **5/31/2024** | $16921 | $28868 | $22097 |
| **6/30/2024** | $16981 | $29762 | $21889 |
| **7/31/2024** | $17734 | $30315 | $23008 |
| **8/31/2024** | $18257 | $30975 | $23625 |
| **9/30/2024** | $18598 | $31616 | $23953 |
| **10/31/2024** | $18353 | $31384 | $23689 |
| **11/30/2024** | $19445 | $33471 | $25202 |
| **12/31/2024** | $18275 | $32448 | $23478 |
| **1/31/2025** | $18904 | $33473 | $24565 |
| **2/28/2025** | $19113 | $32831 | $24665 |
| **3/31/2025** | $18406 | $30916 | $23980 |
| **4/30/2025** | $18030 | $30709 | $23249 |
| **5/31/2025** | $18860 | $32655 | $24065 |
| **6/30/2025** | $19402 | $34314 | $24888 |
| **7/31/2025** | $19288 | $35070 | $25031 |
| **8/31/2025** | $19731 | $35881 | $25829 |
| **9/30/2025** | $20018 | $37120 | $26215 |
| **10/31/2025** | $19866 | $37915 | $26330 |
| **11/30/2025** | $20386 | $38019 | $27030 |
| **12/31/2025** | $20332 | $38012 | $27213 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPG1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 11.26% | 8.39% | 7.35% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 15.91% | 11.33% | 10.53% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected 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 | $475086962 |
| Number of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3171032 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.4% |
| Information Technology | 18.4 |
| Industrials | 16.9 |
| Health Care | 14.3 |
| Materials | 6.5 |
| Communication Services | 5.0 |
| Consumer Staples | 4.8 |
| Real Estate | 3.9 |
| Consumer Discretionary | 3.7 |
| Energy | 1.3 |
| Utilities | 1.2 |
| Repurchase Agreements | 0.5 |
| 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 Aegon Sustainable Equity Income VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cisco Systems, Inc. | 4.5% |
| Alphabet, Inc., Class A | 3.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.8 |
| Morgan Stanley | 3.7 |
| Bank of America Corp. | 3.6 |
| Gilead Sciences, Inc. | 3.6 |
| CME Group, Inc. | 3.3 |
| MetLife, Inc. | 3.1 |
| Microsoft Corp. | 3.0 |
| Steel Dynamics, Inc. | 2.8 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica Aegon Sustainable Equity Income VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica Aegon Sustainable Equity Income VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Aegon Sustainable Equity Income VP (the "Portfolio") seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation. This 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 | $102 | 0.97%<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 10.99%. 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> Value Index, returned 15.91% over the same period.

* The Portfolio underperformed the Russell 1000<sup>®</sup> Value Index, a benchmark of the Portfolio, during the fiscal year ended December 31, 2025. 

* Sector allocation added value, but this was more than offset by weak stock selection. 

* The Portfolio's underweight allocations to the energy and consumer discretionary sectors added value, as did the overweight to technology, which benefited from significant investor enthusiasm for artificial intelligence ('AI').

* Stock selection in the industrials and consumer sectors was a primary detractor from relative performance and accounted for the bulk of the overall negative selection effect. 

* Consumer staples holdings Colgate Palmolive and Kimberly Clark were two of the main individual detractors from relative performance, as both struggled with a difficult industry backdrop in relation to volumes and pricing. 

* A tough consumer environment also weighed on Home Depot, which cited consumer uncertainty, a weak housing market and a lack of storm related activity as reasons for cutting full-year guidance. 

* Alphabet, the parent company of Google, was added to the Russell 1000<sup>®</sup> Value Index during the period and subsequently outperformed the market. The stock was added to the Portfolio in the third quarter of 2025, after some of the gains had already occurred, which contributed to relative underperformance. 

* While AI positively influenced many companies, the effect was not universal. ADP, for example, experienced a decline in sentiment despite continued robust results, amid concerns that AI could replicate some aspects of its services. 

* There were also a number of positive performers during the fiscal year. Stock selection in the technology, health care and financials sectors added value.

* Within technology, a number of the Portfolio's AI-related holdings experienced a surge in demand. Examples include Broadcom, Taiwan Semiconductor Manufacturing Company ('TSMC'), and KLA Corporation.

* Health care holdings also added value, primarily driven by Gilead Sciences, which reported a series of positive earnings releases. 

* The Portfolio's holdings in Morgan Stanley and Citizens Financial benefited from the elevated interest rate environment. Morgan Stanley's performance was also boosted by a rebound in investment banking activity. 

* During the fiscal year, the Portfolio's sub-adviser generally maintained sector weights relatively close to the Russell 1000<sup>®</sup> Value Index as a means of managing risk. All trading reflected a balance between conviction in a stock's fundamental thesis, its contribution to portfolio risk and its contribution to portfolio yield. 

* The views expressed reflect the opinions of Aegon Asset Management UK plc 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 Aegon Sustainable Equity Income VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g88b84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9547 | $9436 | $9483 |
| **2/29/2016** | $9517 | $9433 | $9481 |
| **3/31/2016** | $10085 | $10097 | $10164 |
| **4/30/2016** | $10343 | $10159 | $10377 |
| **5/31/2016** | $10388 | $10341 | $10539 |
| **6/30/2016** | $10463 | $10362 | $10630 |
| **7/31/2016** | $10781 | $10774 | $10938 |
| **8/31/2016** | $10865 | $10801 | $11023 |
| **9/30/2016** | $10693 | $10818 | $11000 |
| **10/31/2016** | $10566 | $10584 | $10829 |
| **11/30/2016** | $11215 | $11058 | $11448 |
| **12/31/2016** | $11459 | $11274 | $11734 |
| **1/31/2017** | $11560 | $11486 | $11818 |
| **2/28/2017** | $12073 | $11913 | $12242 |
| **3/31/2017** | $11981 | $11921 | $12118 |
| **4/30/2017** | $11987 | $12047 | $12095 |
| **5/31/2017** | $12073 | $12171 | $12083 |
| **6/30/2017** | $12311 | $12280 | $12281 |
| **7/31/2017** | $12311 | $12512 | $12444 |
| **8/31/2017** | $12238 | $12536 | $12299 |
| **9/30/2017** | $12716 | $13122 | $12755 |
| **10/31/2017** | $13037 | $13521 | $13146 |
| **12/31/2017** | $13307 | $13656 | $13337 |
| **1/31/2018** | $13790 | $14375 | $13853 |
| **2/28/2018** | $13079 | $13846 | $13192 |
| **3/31/2018** | $12871 | $13568 | $12960 |
| **4/30/2018** | $12985 | $13619 | $13002 |
| **5/31/2018** | $12892 | $14004 | $13080 |
| **6/30/2018** | $12928 | $14095 | $13112 |
| **7/31/2018** | $13463 | $14563 | $13631 |
| **8/31/2018** | $13560 | $15074 | $13832 |
| **9/30/2018** | $13507 | $15099 | $13860 |
| **10/31/2018** | $12746 | $13988 | $13142 |
| **11/30/2018** | $13037 | $14268 | $13534 |
| **12/31/2018** | $11752 | $12940 | $12235 |
| **1/31/2019** | $12719 | $14051 | $13187 |
| **2/28/2019** | $13063 | $14545 | $13608 |
| **3/31/2019** | $13100 | $14757 | $13695 |
| **4/30/2019** | $13359 | $15346 | $14181 |
| **5/31/2019** | $12413 | $14353 | $13269 |
| **6/30/2019** | $13317 | $15361 | $14221 |
| **7/31/2019** | $13497 | $15590 | $14339 |
| **8/31/2019** | $13250 | $15272 | $13918 |
| **9/30/2019** | $13719 | $15540 | $14414 |
| **10/31/2019** | $13912 | $15874 | $14616 |
| **11/30/2019** | $14259 | $16478 | $15068 |
| **12/31/2019** | $14522 | $16954 | $15482 |
| **1/31/2020** | $13982 | $16935 | $15149 |
| **2/29/2020** | $12613 | $15549 | $13682 |
| **3/31/2020** | $10202 | $13410 | $11344 |
| **4/30/2020** | $11057 | $15187 | $12619 |
| **5/31/2020** | $11494 | $15999 | $13051 |
| **6/30/2020** | $11392 | $16364 | $12965 |
| **7/31/2020** | $11713 | $17294 | $13477 |
| **8/31/2020** | $11989 | $18546 | $14035 |
| **9/30/2020** | $11632 | $17871 | $13690 |
| **10/31/2020** | $11510 | $17485 | $13510 |
| **11/30/2020** | $13185 | $19613 | $15327 |
| **12/31/2020** | $13421 | $20495 | $15915 |
| **1/31/2021** | $13413 | $20404 | $15769 |
| **2/28/2021** | $13626 | $21042 | $16722 |
| **3/31/2021** | $14509 | $21796 | $17706 |
| **4/30/2021** | $14882 | $22919 | $18414 |
| **5/31/2021** | $15362 | $23024 | $18844 |
| **6/30/2021** | $15316 | $23592 | $18628 |
| **7/31/2021** | $15651 | $23991 | $18777 |
| **8/31/2021** | $16188 | $24675 | $19150 |
| **9/30/2021** | $15304 | $23568 | $18483 |
| **10/31/2021** | $16219 | $25161 | $19422 |
| **11/30/2021** | $15629 | $24778 | $18737 |
| **12/31/2021** | $16389 | $25754 | $19919 |
| **1/31/2022** | $15614 | $24239 | $19455 |
| **2/28/2022** | $15149 | $23628 | $19229 |
| **3/31/2022** | $15606 | $24395 | $19772 |
| **4/30/2022** | $14637 | $22206 | $18657 |
| **5/31/2022** | $14746 | $22176 | $19020 |
| **6/30/2022** | $13590 | $20321 | $17358 |
| **7/31/2022** | $14296 | $22227 | $18509 |
| **8/31/2022** | $13808 | $21397 | $17957 |
| **9/30/2022** | $12594 | $19413 | $16383 |
| **10/31/2022** | $13849 | $21005 | $18063 |
| **11/30/2022** | $14990 | $22102 | $19191 |
| **12/31/2022** | $14448 | $20808 | $18418 |
| **1/31/2023** | $15047 | $22241 | $19372 |
| **2/28/2023** | $14678 | $21721 | $18689 |
| **3/31/2023** | $14399 | $22302 | $18603 |
| **4/30/2023** | $14317 | $22539 | $18883 |
| **5/31/2023** | $13784 | $22627 | $18155 |
| **6/30/2023** | $14637 | $24172 | $19361 |
| **7/31/2023** | $14883 | $25039 | $20042 |
| **8/31/2023** | $14504 | $24555 | $19501 |
| **9/30/2023** | $13835 | $23386 | $18748 |
| **10/31/2023** | $13601 | $22766 | $18087 |
| **11/30/2023** | $14504 | $24888 | $19451 |
| **12/31/2023** | $15316 | $26209 | $20529 |
| **1/31/2024** | $15533 | $26499 | $20550 |
| **2/29/2024** | $16135 | $27933 | $21308 |
| **3/31/2024** | $16821 | $28835 | $22373 |
| **4/30/2024** | $16119 | $27566 | $21418 |
| **5/31/2024** | $16562 | $28868 | $22097 |
| **6/30/2024** | $16621 | $29762 | $21889 |
| **7/31/2024** | $17348 | $30315 | $23008 |
| **8/31/2024** | $17858 | $30975 | $23625 |
| **9/30/2024** | $18190 | $31616 | $23953 |
| **10/31/2024** | $17952 | $31384 | $23689 |
| **11/30/2024** | $19016 | $33471 | $25202 |
| **12/31/2024** | $17858 | $32448 | $23478 |
| **1/31/2025** | $18471 | $33473 | $24565 |
| **2/28/2025** | $18676 | $32831 | $24665 |
| **3/31/2025** | $17986 | $30916 | $23980 |
| **4/30/2025** | $17611 | $30709 | $23249 |
| **5/31/2025** | $18412 | $32655 | $24065 |
| **6/30/2025** | $18940 | $34314 | $24888 |
| **7/31/2025** | $18829 | $35070 | $25031 |
| **8/31/2025** | $19254 | $35881 | $25829 |
| **9/30/2025** | $19533 | $37120 | $26215 |
| **10/31/2025** | $19376 | $37915 | $26330 |
| **11/30/2025** | $19882 | $38019 | $27030 |
| **12/31/2025** | $19821 | $38012 | $27213 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPG2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 10.99% | 8.11% | 7.08% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 15.91% | 11.33% | 10.53% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected 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 | $475086962 |
| Number of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3171032 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 23.4% |
| Information Technology | 18.4 |
| Industrials | 16.9 |
| Health Care | 14.3 |
| Materials | 6.5 |
| Communication Services | 5.0 |
| Consumer Staples | 4.8 |
| Real Estate | 3.9 |
| Consumer Discretionary | 3.7 |
| Energy | 1.3 |
| Utilities | 1.2 |
| Repurchase Agreements | 0.5 |
| 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 Aegon Sustainable Equity Income VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Cisco Systems, Inc. | 4.5% |
| Alphabet, Inc., Class A | 3.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.8 |
| Morgan Stanley | 3.7 |
| Bank of America Corp. | 3.6 |
| Gilead Sciences, Inc. | 3.6 |
| CME Group, Inc. | 3.3 |
| MetLife, Inc. | 3.1 |
| Microsoft Corp. | 3.0 |
| Steel Dynamics, Inc. | 2.8 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica Aegon Sustainable Equity Income VP

Service Class

![Image](g768862g58d90.jpg)

Annual Shareholder Report

# Transamerica Aegon U.S. Government Securities VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Aegon U.S. Government Securities VP (the "Portfolio") seeks to provide as high a level of total return as is consistent with prudent investment strategies. This 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 | $58 | 0.56%<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 5.85%. 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 Government Index, returned 6.31% over the same period.

* The largest contributor to benchmark relative performance during the fiscal year ended December 31, 2025 was positioning within U.S. Treasuries, including the allocation to interest rate futures. 

* At the sector level, the largest detractor from performance during the fiscal year was the Portfolio's overweight allocation to agency residential mortgage-backed securities ("agency RMBS") against the Portfolio's benchmark, which consists entirely of U.S. Treasury securities. 

* At the sector level, the Portfolio's overweight allocation to investment grade corporate credit, particularly in industrials and financials, contributed to benchmark relative performance during the fiscal year, while the overweight allocation to asset-backed securities ("ABS") and commercial mortgage-backed securities ("CMBS") detracted from relative performance. The additional yield and credit spread impacts over the period also contributed to performance during the period. 

* During the fiscal year, the sub-adviser adjusted Portfolio allocations and weights in response to developments in the economic environment and evolving views on relative value across sectors. The sub-adviser increased allocations to investment grade corporate credit in consumer cyclicals, technology and basic industry when relative value appeared attractive. Within securitized issues, the sub-adviser reduced exposure to CMBS while adding exposure to agency RMBS and ABS.

* The views expressed reflect the opinions of Aegon USA Investment 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 Aegon U.S. Government Securities VP

# Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g00a75.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Bloomberg US Universal Bond Index** | **Bloomberg US Government Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $10160 | $10110 | $10208 |
| **2/29/2016** | $10228 | $10182 | $10295 |
| **3/31/2016** | $10262 | $10307 | $10312 |
| **4/30/2016** | $10253 | $10377 | $10302 |
| **5/31/2016** | $10253 | $10385 | $10302 |
| **6/30/2016** | $10439 | $10568 | $10522 |
| **7/31/2016** | $10481 | $10655 | $10564 |
| **8/31/2016** | $10438 | $10667 | $10508 |
| **9/30/2016** | $10412 | $10669 | $10496 |
| **10/31/2016** | $10302 | $10598 | $10385 |
| **11/30/2016** | $10039 | $10360 | $10116 |
| **12/31/2016** | $10030 | $10391 | $10105 |
| **1/31/2017** | $10055 | $10428 | $10128 |
| **2/28/2017** | $10106 | $10508 | $10177 |
| **3/31/2017** | $10098 | $10505 | $10174 |
| **4/30/2017** | $10166 | $10592 | $10243 |
| **5/31/2017** | $10242 | $10674 | $10309 |
| **6/30/2017** | $10234 | $10664 | $10293 |
| **7/31/2017** | $10251 | $10718 | $10310 |
| **8/31/2017** | $10354 | $10810 | $10420 |
| **9/30/2017** | $10277 | $10785 | $10321 |
| **10/31/2017** | $10268 | $10769 | $10306 |
| **12/31/2017** | $10296 | $10816 | $10337 |
| **1/31/2018** | $10172 | $10712 | $10200 |
| **2/28/2018** | $10095 | $10610 | $10125 |
| **3/31/2018** | $10162 | $10664 | $10218 |
| **4/30/2018** | $10086 | $10593 | $10137 |
| **5/31/2018** | $10172 | $10651 | $10226 |
| **6/30/2018** | $10162 | $10635 | $10228 |
| **7/31/2018** | $10124 | $10657 | $10187 |
| **8/31/2018** | $10195 | $10710 | $10264 |
| **9/30/2018** | $10106 | $10664 | $10170 |
| **10/31/2018** | $10046 | $10575 | $10123 |
| **11/30/2018** | $10125 | $10622 | $10211 |
| **12/31/2018** | $10323 | $10789 | $10429 |
| **1/31/2019** | $10372 | $10937 | $10477 |
| **2/28/2019** | $10353 | $10949 | $10450 |
| **3/31/2019** | $10550 | $11147 | $10648 |
| **4/30/2019** | $10521 | $11163 | $10619 |
| **5/31/2019** | $10748 | $11334 | $10866 |
| **6/30/2019** | $10847 | $11494 | $10966 |
| **7/31/2019** | $10837 | $11528 | $10953 |
| **8/31/2019** | $11186 | $11789 | $11322 |
| **9/30/2019** | $11105 | $11738 | $11227 |
| **10/31/2019** | $11105 | $11776 | $11235 |
| **11/30/2019** | $11075 | $11773 | $11202 |
| **12/31/2019** | $11004 | $11791 | $11141 |
| **1/31/2020** | $11276 | $12003 | $11410 |
| **2/29/2020** | $11528 | $12182 | $11709 |
| **3/31/2020** | $11720 | $11944 | $12041 |
| **4/30/2020** | $11841 | $12184 | $12117 |
| **5/31/2020** | $11821 | $12297 | $12088 |
| **6/30/2020** | $11891 | $12400 | $12100 |
| **7/31/2020** | $12022 | $12618 | $12235 |
| **8/31/2020** | $11951 | $12545 | $12104 |
| **9/30/2020** | $11961 | $12522 | $12122 |
| **10/31/2020** | $11869 | $12478 | $12011 |
| **11/30/2020** | $11951 | $12640 | $12052 |
| **12/31/2020** | $11992 | $12684 | $12026 |
| **1/31/2021** | $11910 | $12604 | $11915 |
| **2/28/2021** | $11664 | $12442 | $11704 |
| **3/31/2021** | $11551 | $12297 | $11527 |
| **4/30/2021** | $11653 | $12400 | $11612 |
| **5/31/2021** | $11674 | $12448 | $11652 |
| **6/30/2021** | $11736 | $12538 | $11724 |
| **7/31/2021** | $11848 | $12664 | $11881 |
| **8/31/2021** | $11829 | $12656 | $11860 |
| **9/30/2021** | $11717 | $12548 | $11734 |
| **10/31/2021** | $11705 | $12538 | $11725 |
| **11/30/2021** | $11762 | $12553 | $11812 |
| **12/31/2021** | $11705 | $12544 | $11752 |
| **1/31/2022** | $11480 | $12269 | $11532 |
| **2/28/2022** | $11356 | $12102 | $11456 |
| **3/31/2022** | $11040 | $11777 | $11102 |
| **4/30/2022** | $10702 | $11338 | $10763 |
| **5/31/2022** | $10702 | $11400 | $10784 |
| **6/30/2022** | $10600 | $11173 | $10690 |
| **7/31/2022** | $10769 | $11453 | $10859 |
| **8/31/2022** | $10500 | $11156 | $10592 |
| **9/30/2022** | $10112 | $10675 | $10230 |
| **10/31/2022** | $9953 | $10558 | $10090 |
| **11/30/2022** | $10203 | $10952 | $10357 |
| **12/31/2022** | $10181 | $10914 | $10304 |
| **1/31/2023** | $10420 | $11253 | $10560 |
| **2/28/2023** | $10192 | $10976 | $10315 |
| **3/31/2023** | $10454 | $11234 | $10611 |
| **4/30/2023** | $10511 | $11303 | $10668 |
| **5/31/2023** | $10397 | $11185 | $10546 |
| **6/30/2023** | $10329 | $11168 | $10468 |
| **7/31/2023** | $10283 | $11179 | $10432 |
| **8/31/2023** | $10239 | $11112 | $10380 |
| **9/30/2023** | $10019 | $10847 | $10155 |
| **10/31/2023** | $9914 | $10684 | $10035 |
| **11/30/2023** | $10228 | $11165 | $10380 |
| **12/31/2023** | $10588 | $11588 | $10725 |
| **1/31/2024** | $10564 | $11560 | $10696 |
| **2/29/2024** | $10425 | $11422 | $10558 |
| **3/31/2024** | $10495 | $11534 | $10625 |
| **4/30/2024** | $10251 | $11264 | $10381 |
| **5/31/2024** | $10390 | $11451 | $10531 |
| **6/30/2024** | $10518 | $11556 | $10637 |
| **7/31/2024** | $10692 | $11818 | $10868 |
| **8/31/2024** | $10851 | $11992 | $11006 |
| **9/30/2024** | $10972 | $12157 | $11138 |
| **10/31/2024** | $10707 | $11881 | $10875 |
| **11/30/2024** | $10791 | $12006 | $10959 |
| **12/31/2024** | $10622 | $11824 | $10792 |
| **1/31/2025** | $10659 | $11896 | $10848 |
| **2/28/2025** | $10887 | $12142 | $11081 |
| **3/31/2025** | $10899 | $12139 | $11106 |
| **4/30/2025** | $10960 | $12182 | $11177 |
| **5/31/2025** | $10839 | $12120 | $11063 |
| **6/30/2025** | $10984 | $12309 | $11201 |
| **7/31/2025** | $10948 | $12291 | $11157 |
| **8/31/2025** | $11068 | $12439 | $11275 |
| **9/30/2025** | $11169 | $12571 | $11370 |
| **10/31/2025** | $11231 | $12654 | $11440 |
| **11/30/2025** | $11294 | $12730 | $11511 |
| **12/31/2025** | $11244 | $12721 | $11473 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDH1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 5.85% | (1.28)% | 1.18% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 7.58% | 0.06% | 2.44% |
| Bloomberg US Government Index<sup>Footnote Reference(b)</sup> | 6.31% | (0.94)% | 1.38% |

---

---

| | |
|:---|:---|
| 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 Government Index is comprised of U.S. Treasuries and U.S. agency debentures. 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 | $183065084 |
| Number of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1024226 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.28 years |
| Duration<sup>Footnote Reference†</sup> | 5.44 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 Aegon U.S. Government Securities 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 | 89.9% |
| AAA | 1.2 |
| AA | 0.3 |
| A | 2.5 |
| BBB | 1.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard & 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 | 49.4% |
| U.S. Government Agency Obligations | 40.5 |
| Repurchase Agreements | 10.5 |
| Other Investment Company | 7.9 |
| Corporate Debt Securities | 4.3 |
| Asset-Backed Securities | 1.2 |
| Mortgage-Backed Securities | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (13.8) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Federal Farm Credit Banks Funding Corp., 2.04%, 09/24/2029 | 5.2% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 01/01/2040 | 4.0 |
| Federal National Mortgage Association, 0.88%, 08/05/2030 | 4.0 |
| Tennessee Valley Authority, 5.25%, 02/01/2055 | 3.2 |
| Tennessee Valley Authority, 4.88%, 01/15/2048 | 3.2 |
| Federal Home Loan Banks, 4.75%, 12/10/2032 | 2.9 |
| Federal Farm Credit Banks Funding Corp., 4.25%, 02/24/2028 | 2.8 |
| Tennessee Valley Authority, 4.38%, 08/01/2034 | 2.8 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 01/01/2040 | 2.7 |
| Resolution Funding Corp., Principal Only STRIPS, 04/15/2030 | 2.3 |

---

# Transamerica Aegon U.S. Government Securities 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](g768862g42r27.jpg)

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

# Transamerica Aegon U.S. Government Securities VP

# Initial Class
![Image](g768862g58d90.jpg)

Annual Shareholder Report

# Transamerica Aegon U.S. Government Securities VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Aegon U.S. Government Securities VP (the "Portfolio") seeks to provide as high a level of total return as is consistent with prudent investment strategies. This 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 | $83 | 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 Service 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 Government Index, returned 6.31% over the same period.

* The largest contributor to benchmark relative performance during the fiscal year ended December 31, 2025 was positioning within U.S. Treasuries, including the allocation to interest rate futures. 

* At the sector level, the largest detractor from performance during the fiscal year was the Portfolio's overweight allocation to agency residential mortgage-backed securities ("agency RMBS") against the Portfolio's benchmark, which consists entirely of U.S. Treasury securities. 

* At the sector level, the Portfolio's overweight allocation to investment grade corporate credit, particularly in industrials and financials, contributed to benchmark relative performance during the fiscal year, while the overweight allocation to asset-backed securities ("ABS") and commercial mortgage-backed securities ("CMBS") detracted from relative performance. The additional yield and credit spread impacts over the period also contributed to performance during the period. 

* During the fiscal year, the sub-adviser adjusted Portfolio allocations and weights in response to developments in the economic environment and evolving views on relative value across sectors. The sub-adviser increased allocations to investment grade corporate credit in consumer cyclicals, technology and basic industry when relative value appeared attractive. Within securitized issues, the sub-adviser reduced exposure to CMBS while adding exposure to agency RMBS and ABS.

* The views expressed reflect the opinions of Aegon USA Investment 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 Aegon U.S. Government Securities VP

# Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g82i03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Bloomberg US Universal Bond Index** | **Bloomberg US Government Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $10165 | $10110 | $10208 |
| **2/29/2016** | $10222 | $10182 | $10295 |
| **3/31/2016** | $10255 | $10307 | $10312 |
| **4/30/2016** | $10239 | $10377 | $10302 |
| **5/31/2016** | $10239 | $10385 | $10302 |
| **6/30/2016** | $10428 | $10568 | $10522 |
| **7/31/2016** | $10470 | $10655 | $10564 |
| **8/31/2016** | $10420 | $10667 | $10508 |
| **9/30/2016** | $10395 | $10669 | $10496 |
| **10/31/2016** | $10279 | $10598 | $10385 |
| **11/30/2016** | $10022 | $10360 | $10116 |
| **12/31/2016** | $10014 | $10391 | $10105 |
| **1/31/2017** | $10031 | $10428 | $10128 |
| **2/28/2017** | $10080 | $10508 | $10177 |
| **3/31/2017** | $10080 | $10505 | $10174 |
| **4/30/2017** | $10146 | $10592 | $10243 |
| **5/31/2017** | $10213 | $10674 | $10309 |
| **6/30/2017** | $10196 | $10664 | $10293 |
| **7/31/2017** | $10221 | $10718 | $10310 |
| **8/31/2017** | $10324 | $10810 | $10420 |
| **9/30/2017** | $10241 | $10785 | $10321 |
| **10/31/2017** | $10223 | $10769 | $10306 |
| **12/31/2017** | $10250 | $10816 | $10337 |
| **1/31/2018** | $10130 | $10712 | $10200 |
| **2/28/2018** | $10047 | $10610 | $10125 |
| **3/31/2018** | $10121 | $10664 | $10218 |
| **4/30/2018** | $10037 | $10593 | $10137 |
| **5/31/2018** | $10121 | $10651 | $10226 |
| **6/30/2018** | $10111 | $10635 | $10228 |
| **7/31/2018** | $10065 | $10657 | $10187 |
| **8/31/2018** | $10138 | $10710 | $10264 |
| **9/30/2018** | $10052 | $10664 | $10170 |
| **10/31/2018** | $9986 | $10575 | $10123 |
| **11/30/2018** | $10062 | $10622 | $10211 |
| **12/31/2018** | $10252 | $10789 | $10429 |
| **1/31/2019** | $10309 | $10937 | $10477 |
| **2/28/2019** | $10280 | $10949 | $10450 |
| **3/31/2019** | $10470 | $11147 | $10648 |
| **4/30/2019** | $10442 | $11163 | $10619 |
| **5/31/2019** | $10670 | $11334 | $10866 |
| **6/30/2019** | $10755 | $11494 | $10966 |
| **7/31/2019** | $10755 | $11528 | $10953 |
| **8/31/2019** | $11096 | $11789 | $11322 |
| **9/30/2019** | $11009 | $11738 | $11227 |
| **10/31/2019** | $10999 | $11776 | $11235 |
| **11/30/2019** | $10970 | $11773 | $11202 |
| **12/31/2019** | $10903 | $11791 | $11141 |
| **1/31/2020** | $11173 | $12003 | $11410 |
| **2/29/2020** | $11415 | $12182 | $11709 |
| **3/31/2020** | $11608 | $11944 | $12041 |
| **4/30/2020** | $11724 | $12184 | $12117 |
| **5/31/2020** | $11705 | $12297 | $12088 |
| **6/30/2020** | $11772 | $12400 | $12100 |
| **7/31/2020** | $11898 | $12618 | $12235 |
| **8/31/2020** | $11827 | $12545 | $12104 |
| **9/30/2020** | $11827 | $12522 | $12122 |
| **10/31/2020** | $11739 | $12478 | $12011 |
| **11/30/2020** | $11818 | $12640 | $12052 |
| **12/31/2020** | $11847 | $12684 | $12026 |
| **1/31/2021** | $11768 | $12604 | $11915 |
| **2/28/2021** | $11523 | $12442 | $11704 |
| **3/31/2021** | $11415 | $12297 | $11527 |
| **4/30/2021** | $11503 | $12400 | $11612 |
| **5/31/2021** | $11533 | $12448 | $11652 |
| **6/30/2021** | $11582 | $12538 | $11724 |
| **7/31/2021** | $11690 | $12664 | $11881 |
| **8/31/2021** | $11675 | $12656 | $11860 |
| **9/30/2021** | $11558 | $12548 | $11734 |
| **10/31/2021** | $11536 | $12538 | $11725 |
| **11/30/2021** | $11600 | $12553 | $11812 |
| **12/31/2021** | $11547 | $12544 | $11752 |
| **1/31/2022** | $11322 | $12269 | $11532 |
| **2/28/2022** | $11193 | $12102 | $11456 |
| **3/31/2022** | $10872 | $11777 | $11102 |
| **4/30/2022** | $10540 | $11338 | $10763 |
| **5/31/2022** | $10540 | $11400 | $10784 |
| **6/30/2022** | $10433 | $11173 | $10690 |
| **7/31/2022** | $10604 | $11453 | $10859 |
| **8/31/2022** | $10336 | $11156 | $10592 |
| **9/30/2022** | $9958 | $10675 | $10230 |
| **10/31/2022** | $9796 | $10558 | $10090 |
| **11/30/2022** | $10044 | $10952 | $10357 |
| **12/31/2022** | $10012 | $10914 | $10304 |
| **1/31/2023** | $10238 | $11253 | $10560 |
| **2/28/2023** | $10022 | $10976 | $10315 |
| **3/31/2023** | $10282 | $11234 | $10611 |
| **4/30/2023** | $10325 | $11303 | $10668 |
| **5/31/2023** | $10217 | $11185 | $10546 |
| **6/30/2023** | $10152 | $11168 | $10468 |
| **7/31/2023** | $10109 | $11179 | $10432 |
| **8/31/2023** | $10052 | $11112 | $10380 |
| **9/30/2023** | $9833 | $10847 | $10155 |
| **10/31/2023** | $9723 | $10684 | $10035 |
| **11/30/2023** | $10041 | $11165 | $10380 |
| **12/31/2023** | $10381 | $11588 | $10725 |
| **1/31/2024** | $10359 | $11560 | $10696 |
| **2/29/2024** | $10216 | $11422 | $10558 |
| **3/31/2024** | $10293 | $11534 | $10625 |
| **4/30/2024** | $10052 | $11264 | $10381 |
| **5/31/2024** | $10183 | $11451 | $10531 |
| **6/30/2024** | $10304 | $11556 | $10637 |
| **7/31/2024** | $10468 | $11818 | $10868 |
| **8/31/2024** | $10635 | $11992 | $11006 |
| **9/30/2024** | $10737 | $12157 | $11138 |
| **10/31/2024** | $10488 | $11881 | $10875 |
| **11/30/2024** | $10567 | $12006 | $10959 |
| **12/31/2024** | $10397 | $11824 | $10792 |
| **1/31/2025** | $10431 | $11896 | $10848 |
| **2/28/2025** | $10646 | $12142 | $11081 |
| **3/31/2025** | $10658 | $12139 | $11106 |
| **4/30/2025** | $10714 | $12182 | $11177 |
| **5/31/2025** | $10601 | $12120 | $11063 |
| **6/30/2025** | $10737 | $12309 | $11201 |
| **7/31/2025** | $10703 | $12291 | $11157 |
| **8/31/2025** | $10824 | $12439 | $11275 |
| **9/30/2025** | $10906 | $12571 | $11370 |
| **10/31/2025** | $10964 | $12654 | $11440 |
| **11/30/2025** | $11023 | $12730 | $11511 |
| **12/31/2025** | $10976 | $12721 | $11473 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDH2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 5.56% | (1.52)% | 0.94% |
| Bloomberg US Universal Bond Index<sup>Footnote Reference(a)</sup> | 7.58% | 0.06% | 2.44% |
| Bloomberg US Government Index<sup>Footnote Reference(b)</sup> | 6.31% | (0.94)% | 1.38% |

---

---

| | |
|:---|:---|
| 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 Government Index is comprised of U.S. Treasuries and U.S. agency debentures. 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 | $183065084 |
| Number of Portfolio Holdings | 115 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1024226 |
| Average Maturity<sup>Footnote Reference§</sup> | 8.28 years |
| Duration<sup>Footnote Reference†</sup> | 5.44 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 Aegon U.S. Government Securities 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 | 89.9% |
| AAA | 1.2 |
| AA | 0.3 |
| A | 2.5 |
| BBB | 1.5 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>‡</sup> | &nbsp;&nbsp;Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard & 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 | 49.4% |
| U.S. Government Agency Obligations | 40.5 |
| Repurchase Agreements | 10.5 |
| Other Investment Company | 7.9 |
| Corporate Debt Securities | 4.3 |
| Asset-Backed Securities | 1.2 |
| Mortgage-Backed Securities | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (13.8) |

---

---

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

---

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Federal Farm Credit Banks Funding Corp., 2.04%, 09/24/2029 | 5.2% |
| Uniform Mortgage-Backed Security, TBA, 3.50%, 01/01/2040 | 4.0 |
| Federal National Mortgage Association, 0.88%, 08/05/2030 | 4.0 |
| Tennessee Valley Authority, 5.25%, 02/01/2055 | 3.2 |
| Tennessee Valley Authority, 4.88%, 01/15/2048 | 3.2 |
| Federal Home Loan Banks, 4.75%, 12/10/2032 | 2.9 |
| Federal Farm Credit Banks Funding Corp., 4.25%, 02/24/2028 | 2.8 |
| Tennessee Valley Authority, 4.38%, 08/01/2034 | 2.8 |
| Uniform Mortgage-Backed Security, TBA, 4.00%, 01/01/2040 | 2.7 |
| Resolution Funding Corp., Principal Only STRIPS, 04/15/2030 | 2.3 |

---

# Transamerica Aegon U.S. Government Securities 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](g768862g42r27.jpg)

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

# Transamerica Aegon U.S. Government Securities VP

# Service Class
![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica American Funds Managed Risk VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica American Funds Managed Risk VP (the "Portfolio") seeks to provide total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection. This 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 | $86 | 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 11.48%. For the same period, the Portfolio's broad-based benchmark, the S&P 500<sup>®</sup> Index, returned 17.88%. The performance benchmark, the Transamerica American Funds Managed Risk VP Blended Benchmark, returned 13.70% 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% of its net assets in the American Funds Insurance Series Asset Allocation Fund<sup>SM</sup> (the "Underlying Fund"), which targets a 60/40 split between equities and bonds, with a primary focus on U.S. assets. 

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

* 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 the second quarter. 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 American Funds Managed Risk VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g13l47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **S&P 500<sup>®</sup> Index** | **Transamerica American Funds Managed Risk VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9751 | $9504 | $9757 |
| **2/29/2016** | $9740 | $9491 | $9777 |
| **3/31/2016** | $10042 | $10135 | $10211 |
| **4/30/2016** | $10104 | $10174 | $10250 |
| **5/31/2016** | $10208 | $10357 | $10362 |
| **6/30/2016** | $10260 | $10384 | $10452 |
| **7/31/2016** | $10447 | $10766 | $10710 |
| **8/31/2016** | $10453 | $10782 | $10714 |
| **9/30/2016** | $10484 | $10784 | $10713 |
| **10/31/2016** | $10380 | $10587 | $10563 |
| **11/30/2016** | $10557 | $10979 | $10698 |
| **12/31/2016** | $10641 | $11196 | $10831 |
| **1/31/2017** | $10840 | $11408 | $10962 |
| **2/28/2017** | $11101 | $11861 | $11253 |
| **3/31/2017** | $11174 | $11875 | $11258 |
| **4/30/2017** | $11268 | $11997 | $11363 |
| **5/31/2017** | $11394 | $12166 | $11494 |
| **6/30/2017** | $11425 | $12242 | $11532 |
| **7/31/2017** | $11665 | $12494 | $11694 |
| **8/31/2017** | $11745 | $12532 | $11757 |
| **9/30/2017** | $12050 | $13089 | $12050 |
| **10/31/2017** | $12092 | $13490 | $12265 |
| **12/31/2017** | $12197 | $13640 | $12370 |
| **1/31/2018** | $12608 | $14421 | $12738 |
| **2/28/2018** | $12155 | $13890 | $12408 |
| **3/31/2018** | $11955 | $13537 | $12250 |
| **4/30/2018** | $11955 | $13589 | $12242 |
| **5/31/2018** | $12081 | $13916 | $12454 |
| **6/30/2018** | $12113 | $14002 | $12494 |
| **7/31/2018** | $12376 | $14523 | $12774 |
| **8/31/2018** | $12441 | $14996 | $13056 |
| **9/30/2018** | $12452 | $15081 | $13067 |
| **10/31/2018** | $11838 | $14050 | $12490 |
| **11/30/2018** | $11936 | $14337 | $12673 |
| **12/31/2018** | $11487 | $13042 | $12079 |
| **1/31/2019** | $11904 | $14087 | $12711 |
| **2/28/2019** | $12167 | $14540 | $12953 |
| **3/31/2019** | $12331 | $14822 | $13204 |
| **4/30/2019** | $12605 | $15422 | $13526 |
| **5/31/2019** | $12112 | $14442 | $13106 |
| **6/30/2019** | $12583 | $15460 | $13726 |
| **7/31/2019** | $12704 | $15682 | $13857 |
| **8/31/2019** | $12669 | $15434 | $13869 |
| **9/30/2019** | $12749 | $15723 | $13995 |
| **10/31/2019** | $12964 | $16063 | $14194 |
| **11/30/2019** | $13237 | $16646 | $14500 |
| **12/31/2019** | $13533 | $17149 | $14758 |
| **1/31/2020** | $13498 | $17142 | $14869 |
| **2/29/2020** | $12930 | $15731 | $14241 |
| **3/31/2020** | $12146 | $13788 | $13152 |
| **4/30/2020** | $12578 | $15555 | $14257 |
| **5/31/2020** | $12817 | $16296 | $14691 |
| **6/30/2020** | $12839 | $16620 | $14904 |
| **7/31/2020** | $13089 | $17558 | $15497 |
| **8/31/2020** | $13378 | $18820 | $16115 |
| **9/30/2020** | $13141 | $18105 | $15744 |
| **10/31/2020** | $12904 | $17623 | $15465 |
| **11/30/2020** | $13663 | $19552 | $16541 |
| **12/31/2020** | $14113 | $20304 | $16932 |
| **1/31/2021** | $13995 | $20099 | $16781 |
| **2/28/2021** | $14267 | $20653 | $16962 |
| **3/31/2021** | $14576 | $21558 | $17323 |
| **4/30/2021** | $15062 | $22708 | $17932 |
| **5/31/2021** | $15252 | $22867 | $18031 |
| **6/30/2021** | $15335 | $23401 | $18334 |
| **7/31/2021** | $15430 | $23956 | $18677 |
| **8/31/2021** | $15672 | $24685 | $19004 |
| **9/30/2021** | $15122 | $23537 | $18408 |
| **10/31/2021** | $15744 | $25186 | $19179 |
| **11/30/2021** | $15445 | $25011 | $19122 |
| **12/31/2021** | $15959 | $26132 | $19617 |
| **1/31/2022** | $15253 | $24780 | $18839 |
| **2/28/2022** | $15086 | $24038 | $18416 |
| **3/31/2022** | $15014 | $24931 | $18622 |
| **4/30/2022** | $14404 | $22757 | $17365 |
| **5/31/2022** | $14547 | $22798 | $17429 |
| **6/30/2022** | $13949 | $20916 | $16456 |
| **7/31/2022** | $14188 | $22845 | $17528 |
| **8/31/2022** | $13953 | $21913 | $16901 |
| **9/30/2022** | $13391 | $19895 | $15675 |
| **10/31/2022** | $13806 | $21506 | $16355 |
| **11/30/2022** | $14343 | $22708 | $17144 |
| **12/31/2022** | $14136 | $21399 | $16520 |
| **1/31/2023** | $14527 | $22744 | $17346 |
| **2/28/2023** | $14112 | $22189 | $16913 |
| **3/31/2023** | $14197 | $23004 | $17457 |
| **4/30/2023** | $14380 | $23363 | $17663 |
| **5/31/2023** | $14258 | $23464 | $17632 |
| **6/30/2023** | $14783 | $25015 | $18306 |
| **7/31/2023** | $15039 | $25818 | $18654 |
| **8/31/2023** | $14864 | $25407 | $18428 |
| **9/30/2023** | $14356 | $24196 | $17714 |
| **10/31/2023** | $14080 | $23687 | $17378 |
| **11/30/2023** | $14878 | $25850 | $18645 |
| **12/31/2023** | $15604 | $27025 | $19439 |
| **1/31/2024** | $15735 | $27479 | $19614 |
| **2/29/2024** | $16185 | $28946 | $20131 |
| **3/31/2024** | $16649 | $29878 | $20594 |
| **4/30/2024** | $16069 | $28657 | $19882 |
| **5/31/2024** | $16548 | $30078 | $20608 |
| **6/30/2024** | $16969 | $31157 | $21130 |
| **7/31/2024** | $17273 | $31537 | $21481 |
| **8/31/2024** | $17442 | $32302 | $21917 |
| **9/30/2024** | $17666 | $32992 | $22316 |
| **10/31/2024** | $17606 | $32692 | $21973 |
| **11/30/2024** | $18130 | $34611 | $22840 |
| **12/31/2024** | $17846 | $33786 | $22363 |
| **1/31/2025** | $18295 | $34727 | $22785 |
| **2/28/2025** | $18235 | $34274 | $22807 |
| **3/31/2025** | $17681 | $32343 | $22039 |
| **4/30/2025** | $17412 | $32124 | $21984 |
| **5/31/2025** | $17921 | $34146 | $22751 |
| **6/30/2025** | $18654 | $35882 | $23586 |
| **7/31/2025** | $18729 | $36687 | $23878 |
| **8/31/2025** | $19008 | $37431 | $24283 |
| **9/30/2025** | $19508 | $38797 | $24921 |
| **10/31/2025** | $19572 | $39706 | $25333 |
| **11/30/2025** | $19798 | $39803 | $25433 |
| **12/31/2025** | $19895 | $39827 | $25428 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I4C42 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 11.48% | 7.11% | 7.12% |
| S&P 500<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.88% | 14.42% | 14.82% |
| Transamerica American Funds Managed Risk VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 13.70% | 8.47% | 9.78% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica American Funds Managed Risk VP Blended Benchmark consists of 60% S&P 500<sup>®</sup> Index, and 40% Bloomberg US Aggregate Bond Index. 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 | $806840210 |
| Number of Portfolio Holdings | 2 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $4407343 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Investment Companies | 96.9% |
| Repurchase Agreements | 1.8 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 1.3 |

---

---

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

---

Transamerica American Funds Managed Risk VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| American Funds Insurance Series - Asset Allocation Fund | 96.9% |

---

## 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](g768862g42r27.jpg)

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

Transamerica American Funds Managed Risk VP

Service Class

![Image](g768862g00m57.jpg)

Annual Shareholder Report

# Transamerica BlackRock Government Money Market VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock Government Money Market VP (the "Portfolio") seeks as high a level of current income as is consistent with preservation of capital and liquidity. This 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 | $30 | 0.29%<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. |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $675186776 |
| Number of Portfolio Holdings | 146 |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1719935 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.31 years |
| Duration<sup>Footnote Reference†</sup> | 0.11 years |

---

---

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

---

# Transamerica BlackRock Government Money Market VP

# Initial Class

## What did the Portfolio invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.11%, 02/12/2026 | 2.4% |
| U.S. Treasury Floating Rate Notes, 3.70%, 01/31/2027 | 2.3 |
| U.S. Treasury Bills, 3.75%, 06/04/2026 | 2.1 |
| U.S. Treasury Floating Rate Notes, 3.81%, 10/31/2026 | 1.9 |
| U.S. Treasury Bills, 3.76%, 04/30/2026 | 1.9 |
| U.S. Treasury Bills, 3.85%, 09/03/2026 | 1.9 |
| U.S. Treasury Floating Rate Notes, 3.79%, 10/31/2027 | 1.8 |
| U.S. Treasury Bills, 3.60%, 06/25/2026 | 1.7 |
| U.S. Treasury Floating Rate Notes, 3.75%, 04/30/2026 | 1.6 |
| U.S. Treasury Bills, 3.89%, 02/03/2026 | 1.6 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 37.0% |
| Short-Term U.S. Government Obligations | 35.1 |
| U.S. Government Obligations | 11.4 |
| Short-Term U.S. Government Agency Obligations | 8.8 |
| U.S. Government Agency Obligations | 7.8 |
| 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. |

---

## 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](g768862g42r27.jpg)

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

# Transamerica BlackRock Government Money Market VP

# Initial Class
![Image](g768862g00m57.jpg)

Annual Shareholder Report

# Transamerica BlackRock Government Money Market VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock Government Money Market VP (the "Portfolio") seeks as high a level of current income as is consistent with preservation of capital and liquidity. This 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 | $55 | 0.54%<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. |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $675186776 |
| Number of Portfolio Holdings | 146 |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1719935 |
| Average Maturity<sup>Footnote Reference§</sup> | 0.31 years |
| Duration<sup>Footnote Reference†</sup> | 0.11 years |

---

---

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

---

# Transamerica BlackRock Government Money Market VP

# Service Class

## What did the Portfolio invest in?

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.11%, 02/12/2026 | 2.4% |
| U.S. Treasury Floating Rate Notes, 3.70%, 01/31/2027 | 2.3 |
| U.S. Treasury Bills, 3.75%, 06/04/2026 | 2.1 |
| U.S. Treasury Floating Rate Notes, 3.81%, 10/31/2026 | 1.9 |
| U.S. Treasury Bills, 3.76%, 04/30/2026 | 1.9 |
| U.S. Treasury Bills, 3.85%, 09/03/2026 | 1.9 |
| U.S. Treasury Floating Rate Notes, 3.79%, 10/31/2027 | 1.8 |
| U.S. Treasury Bills, 3.60%, 06/25/2026 | 1.7 |
| U.S. Treasury Floating Rate Notes, 3.75%, 04/30/2026 | 1.6 |
| U.S. Treasury Bills, 3.89%, 02/03/2026 | 1.6 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Repurchase Agreements | 37.0% |
| Short-Term U.S. Government Obligations | 35.1 |
| U.S. Government Obligations | 11.4 |
| Short-Term U.S. Government Agency Obligations | 8.8 |
| U.S. Government Agency Obligations | 7.8 |
| 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. |

---

## 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](g768862g42r27.jpg)

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

# Transamerica BlackRock Government Money Market VP

# Service Class
![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Active Asset Allocation - Conservative VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Active 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**.

## 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 | $53 | 0.51%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 9.02%. 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.

* Active asset allocation and volatility control strategies both detracted from performance during the fiscal year ended December 31, 2025, with the majority of the underperformance driven by allocations away from riskier asset classes, including equities, in an effort to attempt to reduce volatility within the Portfolio in accordance with the sub-adviser's volatility control framework, during the March – June 2025 period. Equity markets rebounded rapidly following the tariff-related volatility in early April 2025. 

* The Portfolio continued to allocate away from riskier asset classes for most of the second quarter given the sub-adviser's view that trade-related volatility would continue; however, this positioning detracted from performance as a result of the sharp rebound in equities, which continued through most of the summer. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the fiscal year, also contributed to performance. An underweight to U.S. equities detracted from performance. The sub-adviser viewed pricing in U.S. equities to be stretched after the three-year rally, and preferred to hold equity exposure in other markets where a positive growth impulse and supportive fiscal policies were not yet fully priced. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results. 

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Active Asset Allocation - Conservative VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g89h93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Bloomberg US Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9921 | $10138 | $9436 |
| **2/29/2016** | $9971 | $10210 | $9433 |
| **3/31/2016** | $10187 | $10303 | $10097 |
| **4/30/2016** | $10216 | $10343 | $10159 |
| **5/31/2016** | $10236 | $10345 | $10341 |
| **6/30/2016** | $10334 | $10531 | $10362 |
| **7/31/2016** | $10491 | $10598 | $10774 |
| **8/31/2016** | $10467 | $10586 | $10801 |
| **9/30/2016** | $10477 | $10580 | $10818 |
| **10/31/2016** | $10307 | $10499 | $10584 |
| **11/30/2016** | $10208 | $10250 | $11058 |
| **12/31/2016** | $10287 | $10265 | $11274 |
| **1/31/2017** | $10417 | $10285 | $11486 |
| **2/28/2017** | $10606 | $10354 | $11913 |
| **3/31/2017** | $10646 | $10349 | $11921 |
| **4/30/2017** | $10756 | $10428 | $12047 |
| **5/31/2017** | $10886 | $10509 | $12171 |
| **6/30/2017** | $10915 | $10498 | $12280 |
| **7/31/2017** | $11055 | $10543 | $12512 |
| **8/31/2017** | $11117 | $10638 | $12536 |
| **9/30/2017** | $11188 | $10587 | $12842 |
| **10/31/2017** | $11300 | $10593 | $13122 |
| **11/30/2017** | $11422 | $10580 | $13521 |
| **12/31/2017** | $11513 | $10628 | $13656 |
| **1/31/2018** | $11737 | $10506 | $14375 |
| **2/28/2018** | $11401 | $10406 | $13846 |
| **3/31/2018** | $11371 | $10473 | $13568 |
| **4/30/2018** | $11300 | $10395 | $13619 |
| **5/31/2018** | $11381 | $10469 | $14004 |
| **6/30/2018** | $11351 | $10456 | $14095 |
| **7/31/2018** | $11473 | $10459 | $14563 |
| **8/31/2018** | $11597 | $10526 | $15074 |
| **9/30/2018** | $11586 | $10458 | $15099 |
| **10/31/2018** | $11182 | $10376 | $13988 |
| **11/30/2018** | $11276 | $10438 | $14268 |
| **12/31/2018** | $11213 | $10629 | $12940 |
| **1/31/2019** | $11493 | $10742 | $14051 |
| **2/28/2019** | $11576 | $10736 | $14545 |
| **3/31/2019** | $11752 | $10942 | $14757 |
| **4/30/2019** | $11877 | $10945 | $15346 |
| **5/31/2019** | $11732 | $11139 | $14353 |
| **6/30/2019** | $12022 | $11279 | $15361 |
| **7/31/2019** | $12053 | $11304 | $15590 |
| **8/31/2019** | $12086 | $11597 | $15272 |
| **9/30/2019** | $12075 | $11535 | $15540 |
| **10/31/2019** | $12166 | $11570 | $15874 |
| **11/30/2019** | $12327 | $11564 | $16478 |
| **12/31/2019** | $12499 | $11556 | $16954 |
| **1/31/2020** | $12580 | $11778 | $16935 |
| **2/29/2020** | $12212 | $11990 | $15549 |
| **3/31/2020** | $11558 | $11920 | $13410 |
| **4/30/2020** | $12052 | $12132 | $15187 |
| **5/31/2020** | $12247 | $12188 | $15999 |
| **6/30/2020** | $12396 | $12265 | $16364 |
| **7/31/2020** | $12694 | $12448 | $17294 |
| **8/31/2020** | $12921 | $12348 | $18546 |
| **9/30/2020** | $12754 | $12341 | $17871 |
| **10/31/2020** | $12599 | $12286 | $17485 |
| **11/30/2020** | $13123 | $12406 | $19613 |
| **12/31/2020** | $13373 | $12423 | $20495 |
| **1/31/2021** | $13302 | $12334 | $20404 |
| **2/28/2021** | $13290 | $12156 | $21042 |
| **3/31/2021** | $13290 | $12005 | $21796 |
| **4/30/2021** | $13600 | $12099 | $22919 |
| **5/31/2021** | $13671 | $12139 | $23024 |
| **6/30/2021** | $13838 | $12224 | $23592 |
| **7/31/2021** | $13993 | $12361 | $23991 |
| **8/31/2021** | $14148 | $12337 | $24675 |
| **9/30/2021** | $13768 | $12230 | $23568 |
| **10/31/2021** | $14099 | $12227 | $25161 |
| **11/30/2021** | $13964 | $12263 | $24778 |
| **12/31/2021** | $14173 | $12232 | $25754 |
| **1/31/2022** | $13694 | $11968 | $24239 |
| **2/28/2022** | $13474 | $11835 | $23628 |
| **3/31/2022** | $13253 | $11506 | $24395 |
| **4/30/2022** | $12616 | $11069 | $22206 |
| **5/31/2022** | $12677 | $11141 | $22176 |
| **6/30/2022** | $12235 | $10966 | $20321 |
| **7/31/2022** | $12616 | $11234 | $22227 |
| **8/31/2022** | $12254 | $10917 | $21397 |
| **9/30/2022** | $11705 | $10445 | $19413 |
| **10/31/2022** | $11792 | $10310 | $21005 |
| **11/30/2022** | $12240 | $10689 | $22102 |
| **12/31/2022** | $12038 | $10641 | $20808 |
| **1/31/2023** | $12486 | $10968 | $22241 |
| **2/28/2023** | $12182 | $10684 | $21721 |
| **3/31/2023** | $12529 | $10956 | $22302 |
| **4/30/2023** | $12645 | $11022 | $22539 |
| **5/31/2023** | $12500 | $10902 | $22627 |
| **6/30/2023** | $12760 | $10863 | $24172 |
| **7/31/2023** | $12905 | $10856 | $25039 |
| **8/31/2023** | $12722 | $10786 | $24555 |
| **9/30/2023** | $12310 | $10512 | $23386 |
| **10/31/2023** | $12060 | $10346 | $22766 |
| **11/30/2023** | $12737 | $10815 | $24888 |
| **12/31/2023** | $13266 | $11229 | $26209 |
| **1/31/2024** | $13266 | $11198 | $26499 |
| **2/29/2024** | $13384 | $11040 | $27933 |
| **3/31/2024** | $13634 | $11142 | $28835 |
| **4/30/2024** | $13207 | $10860 | $27566 |
| **5/31/2024** | $13605 | $11044 | $28868 |
| **6/30/2024** | $13752 | $11149 | $29762 |
| **7/31/2024** | $14075 | $11409 | $30315 |
| **8/31/2024** | $14307 | $11573 | $30975 |
| **9/30/2024** | $14503 | $11728 | $31616 |
| **10/31/2024** | $14156 | $11437 | $31384 |
| **11/30/2024** | $14473 | $11558 | $33471 |
| **12/31/2024** | $14156 | $11369 | $32448 |
| **1/31/2025** | $14367 | $11430 | $33473 |
| **2/28/2025** | $14518 | $11681 | $32831 |
| **3/31/2025** | $14307 | $11685 | $30916 |
| **4/30/2025** | $14111 | $11731 | $30709 |
| **5/31/2025** | $14262 | $11647 | $32655 |
| **6/30/2025** | $14594 | $11826 | $34314 |
| **7/31/2025** | $14609 | $11795 | $35070 |
| **8/31/2025** | $14905 | $11936 | $35881 |
| **9/30/2025** | $15169 | $12067 | $37120 |
| **10/31/2025** | $15340 | $12142 | $37915 |
| **11/30/2025** | $15402 | $12217 | $38019 |
| **12/31/2025** | $15433 | $12199 | $38012 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CB1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 9.02% | 2.91% | 4.43% |
| 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 | $188932894 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 91% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $871364 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 57.6% |
| U.S. Equity Funds | 24.0 |
| International Equity Funds | 14.3 |
| Repurchase Agreements | 4.2 |
| 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 BlackRock iShares Active Asset Allocation - Conservative VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 33.1% |
| iShares Core S&P 500 ETF | 19.9 |
| iShares 0-1 Year Treasury Bond ETF | 11.4 |
| iShares MSCI EAFE ETF | 10.1 |
| iShares 7-10 Year Treasury Bond ETF | 6.2 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.7 |
| iShares Russell 2000 ETF | 4.1 |
| iShares MSCI Japan ETF | 2.9 |
| iShares U.S. Treasury Bond ETF | 2.2 |
| iShares Core MSCI EAFE ETF | 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Active Asset Allocation - Conservative VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Active Asset Allocation - Conservative VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Active 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**.

## 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 | $79 | 0.76%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 8.65%. 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.

* Active asset allocation and volatility control strategies both detracted from performance during the fiscal year ended December 31, 2025, with the majority of the underperformance driven by allocations away from riskier asset classes, including equities, in an effort to attempt to reduce volatility within the Portfolio in accordance with the sub-adviser's volatility control framework, during the March – June 2025 period. Equity markets rebounded rapidly following the tariff-related volatility in early April 2025. 

* The Portfolio continued to allocate away from riskier asset classes for most of the second quarter given the sub-adviser's view that trade-related volatility would continue; however, this positioning detracted from performance as a result of the sharp rebound in equities, which continued through most of the summer. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the fiscal year, also contributed to performance. An underweight to U.S. equities detracted from performance. The sub-adviser viewed pricing in U.S. equities to be stretched after the three-year rally, and preferred to hold equity exposure in other markets where a positive growth impulse and supportive fiscal policies were not yet fully priced. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results. 

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Active Asset Allocation - Conservative VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g75s30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Bloomberg US Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9921 | $10138 | $9436 |
| **2/29/2016** | $9970 | $10210 | $9433 |
| **3/31/2016** | $10188 | $10303 | $10097 |
| **4/30/2016** | $10208 | $10343 | $10159 |
| **5/31/2016** | $10228 | $10345 | $10341 |
| **6/30/2016** | $10326 | $10531 | $10362 |
| **7/31/2016** | $10485 | $10598 | $10774 |
| **8/31/2016** | $10455 | $10586 | $10801 |
| **9/30/2016** | $10465 | $10580 | $10818 |
| **10/31/2016** | $10295 | $10499 | $10584 |
| **11/30/2016** | $10185 | $10250 | $11058 |
| **12/31/2016** | $10265 | $10265 | $11274 |
| **1/31/2017** | $10385 | $10285 | $11486 |
| **2/28/2017** | $10575 | $10354 | $11913 |
| **3/31/2017** | $10615 | $10349 | $11921 |
| **4/30/2017** | $10725 | $10428 | $12047 |
| **5/31/2017** | $10856 | $10509 | $12171 |
| **6/30/2017** | $10886 | $10498 | $12280 |
| **7/31/2017** | $11016 | $10543 | $12512 |
| **8/31/2017** | $11078 | $10638 | $12536 |
| **9/30/2017** | $11139 | $10587 | $12842 |
| **10/31/2017** | $11251 | $10593 | $13122 |
| **11/30/2017** | $11374 | $10580 | $13521 |
| **12/31/2017** | $11465 | $10628 | $13656 |
| **1/31/2018** | $11679 | $10506 | $14375 |
| **2/28/2018** | $11343 | $10406 | $13846 |
| **3/31/2018** | $11313 | $10473 | $13568 |
| **4/30/2018** | $11241 | $10395 | $13619 |
| **5/31/2018** | $11313 | $10469 | $14004 |
| **6/30/2018** | $11292 | $10456 | $14095 |
| **7/31/2018** | $11404 | $10459 | $14563 |
| **8/31/2018** | $11528 | $10526 | $15074 |
| **9/30/2018** | $11507 | $10458 | $15099 |
| **10/31/2018** | $11113 | $10376 | $13988 |
| **11/30/2018** | $11207 | $10438 | $14268 |
| **12/31/2018** | $11134 | $10629 | $12940 |
| **1/31/2019** | $11414 | $10742 | $14051 |
| **2/28/2019** | $11486 | $10736 | $14545 |
| **3/31/2019** | $11662 | $10942 | $14757 |
| **4/30/2019** | $11776 | $10945 | $15346 |
| **5/31/2019** | $11642 | $11139 | $14353 |
| **6/30/2019** | $11921 | $11279 | $15361 |
| **7/31/2019** | $11952 | $11304 | $15590 |
| **8/31/2019** | $11973 | $11597 | $15272 |
| **9/30/2019** | $11973 | $11535 | $15540 |
| **10/31/2019** | $12053 | $11570 | $15874 |
| **11/30/2019** | $12202 | $11564 | $16478 |
| **12/31/2019** | $12385 | $11556 | $16954 |
| **1/31/2020** | $12454 | $11778 | $16935 |
| **2/29/2020** | $12087 | $11990 | $15549 |
| **3/31/2020** | $11446 | $11920 | $13410 |
| **4/30/2020** | $11927 | $12132 | $15187 |
| **5/31/2020** | $12122 | $12188 | $15999 |
| **6/30/2020** | $12259 | $12265 | $16364 |
| **7/31/2020** | $12545 | $12448 | $17294 |
| **8/31/2020** | $12771 | $12348 | $18546 |
| **9/30/2020** | $12605 | $12341 | $17871 |
| **10/31/2020** | $12463 | $12286 | $17485 |
| **11/30/2020** | $12960 | $12406 | $19613 |
| **12/31/2020** | $13209 | $12423 | $20495 |
| **1/31/2021** | $13138 | $12334 | $20404 |
| **2/28/2021** | $13126 | $12156 | $21042 |
| **3/31/2021** | $13126 | $12005 | $21796 |
| **4/30/2021** | $13434 | $12099 | $22919 |
| **5/31/2021** | $13493 | $12139 | $23024 |
| **6/30/2021** | $13659 | $12224 | $23592 |
| **7/31/2021** | $13813 | $12361 | $23991 |
| **8/31/2021** | $13955 | $12337 | $24675 |
| **9/30/2021** | $13578 | $12230 | $23568 |
| **10/31/2021** | $13907 | $12227 | $25161 |
| **11/30/2021** | $13761 | $12263 | $24778 |
| **12/31/2021** | $13967 | $12232 | $25754 |
| **1/31/2022** | $13493 | $11968 | $24239 |
| **2/28/2022** | $13274 | $11835 | $23628 |
| **3/31/2022** | $13055 | $11506 | $24395 |
| **4/30/2022** | $12422 | $11069 | $22206 |
| **5/31/2022** | $12483 | $11141 | $22176 |
| **6/30/2022** | $12045 | $10966 | $20321 |
| **7/31/2022** | $12410 | $11234 | $22227 |
| **8/31/2022** | $12047 | $10917 | $21397 |
| **9/30/2022** | $11503 | $10445 | $19413 |
| **10/31/2022** | $11603 | $10310 | $21005 |
| **11/30/2022** | $12032 | $10689 | $22102 |
| **12/31/2022** | $11832 | $10641 | $20808 |
| **1/31/2023** | $12276 | $10968 | $22241 |
| **2/28/2023** | $11975 | $10684 | $21721 |
| **3/31/2023** | $12304 | $10956 | $22302 |
| **4/30/2023** | $12419 | $11022 | $22539 |
| **5/31/2023** | $12276 | $10902 | $22627 |
| **6/30/2023** | $12519 | $10863 | $24172 |
| **7/31/2023** | $12676 | $10856 | $25039 |
| **8/31/2023** | $12488 | $10786 | $24555 |
| **9/30/2023** | $12081 | $10512 | $23386 |
| **10/31/2023** | $11834 | $10346 | $22766 |
| **11/30/2023** | $12488 | $10815 | $24888 |
| **12/31/2023** | $13010 | $11229 | $26209 |
| **1/31/2024** | $13010 | $11198 | $26499 |
| **2/29/2024** | $13127 | $11040 | $27933 |
| **3/31/2024** | $13373 | $11142 | $28835 |
| **4/30/2024** | $12952 | $10860 | $27566 |
| **5/31/2024** | $13330 | $11044 | $28868 |
| **6/30/2024** | $13475 | $11149 | $29762 |
| **7/31/2024** | $13780 | $11409 | $30315 |
| **8/31/2024** | $14001 | $11573 | $30975 |
| **9/30/2024** | $14194 | $11728 | $31616 |
| **10/31/2024** | $13852 | $11437 | $31384 |
| **11/30/2024** | $14164 | $11558 | $33471 |
| **12/31/2024** | $13852 | $11369 | $32448 |
| **1/31/2025** | $14045 | $11430 | $33473 |
| **2/28/2025** | $14194 | $11681 | $32831 |
| **3/31/2025** | $13986 | $11685 | $30916 |
| **4/30/2025** | $13793 | $11731 | $30709 |
| **5/31/2025** | $13941 | $11647 | $32655 |
| **6/30/2025** | $14253 | $11826 | $34314 |
| **7/31/2025** | $14268 | $11795 | $35070 |
| **8/31/2025** | $14563 | $11936 | $35881 |
| **9/30/2025** | $14807 | $12067 | $37120 |
| **10/31/2025** | $14975 | $12142 | $37915 |
| **11/30/2025** | $15036 | $12217 | $38019 |
| **12/31/2025** | $15051 | $12199 | $38012 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CB2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 8.65% | 2.65% | 4.17% |
| 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 | $188932894 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 91% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $871364 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 57.6% |
| U.S. Equity Funds | 24.0 |
| International Equity Funds | 14.3 |
| Repurchase Agreements | 4.2 |
| 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 BlackRock iShares Active Asset Allocation - Conservative VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 33.1% |
| iShares Core S&P 500 ETF | 19.9 |
| iShares 0-1 Year Treasury Bond ETF | 11.4 |
| iShares MSCI EAFE ETF | 10.1 |
| iShares 7-10 Year Treasury Bond ETF | 6.2 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.7 |
| iShares Russell 2000 ETF | 4.1 |
| iShares MSCI Japan ETF | 2.9 |
| iShares U.S. Treasury Bond ETF | 2.2 |
| iShares Core MSCI EAFE ETF | 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Active Asset Allocation - Conservative VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP (the "Portfolio") seeks capital appreciation with current income as a secondary objective. This 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 | $53 | 0.50%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 10.87%. 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.

* Active asset allocation and volatility control strategies both detracted from performance during the fiscal year ended December 31, 2025, with the majority of the underperformance driven by allocations away from riskier asset classes, including equities, in an effort to attempt to reduce volatility within the Portfolio in accordance with the sub-adviser's volatility control framework, during the March – June 2025 period. Equity markets rebounded rapidly following the tariff-related volatility in early April 2025. 

* The Portfolio continued to allocate away from riskier asset classes for most of the second quarter given the sub-adviser's view that trade-related volatility would continue; however, this positioning detracted from performance as a result of the sharp rebound in equities, which continued through most of the summer. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the fiscal year, also contributed to performance. An underweight to U.S. equities detracted from performance. The sub-adviser viewed pricing in U.S. equities to be stretched after the three-year rally, and preferred to hold equity exposure in other markets where a positive growth impulse and supportive fiscal policies were not yet fully priced. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Active Asset Allocation - Moderate Growth VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g88v11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9823 | $9436 | $10138 |
| **2/29/2016** | $9823 | $9433 | $10210 |
| **3/31/2016** | $10088 | $10097 | $10303 |
| **4/30/2016** | $10108 | $10159 | $10343 |
| **5/31/2016** | $10118 | $10341 | $10345 |
| **6/30/2016** | $10118 | $10362 | $10531 |
| **7/31/2016** | $10305 | $10774 | $10598 |
| **8/31/2016** | $10292 | $10801 | $10586 |
| **9/30/2016** | $10282 | $10818 | $10580 |
| **10/31/2016** | $10112 | $10584 | $10499 |
| **11/30/2016** | $10122 | $11058 | $10250 |
| **12/31/2016** | $10232 | $11274 | $10265 |
| **1/31/2017** | $10431 | $11486 | $10285 |
| **2/28/2017** | $10730 | $11913 | $10354 |
| **3/31/2017** | $10820 | $11921 | $10349 |
| **4/30/2017** | $10959 | $12047 | $10428 |
| **5/31/2017** | $11139 | $12171 | $10509 |
| **6/30/2017** | $11208 | $12280 | $10498 |
| **7/31/2017** | $11447 | $12512 | $10543 |
| **8/31/2017** | $11485 | $12536 | $10638 |
| **9/30/2017** | $11697 | $12842 | $10587 |
| **10/31/2017** | $11920 | $13122 | $10593 |
| **11/30/2017** | $12183 | $13521 | $10580 |
| **12/31/2017** | $12335 | $13656 | $10628 |
| **1/31/2018** | $12942 | $14375 | $10506 |
| **2/28/2018** | $12335 | $13846 | $10406 |
| **3/31/2018** | $12173 | $13568 | $10473 |
| **4/30/2018** | $12112 | $13619 | $10395 |
| **5/31/2018** | $12193 | $14004 | $10469 |
| **6/30/2018** | $12122 | $14095 | $10456 |
| **7/31/2018** | $12355 | $14563 | $10459 |
| **8/31/2018** | $12509 | $15074 | $10526 |
| **9/30/2018** | $12509 | $15099 | $10458 |
| **10/31/2018** | $11779 | $13988 | $10376 |
| **11/30/2018** | $11872 | $14268 | $10438 |
| **12/31/2018** | $11635 | $12940 | $10629 |
| **1/31/2019** | $11995 | $14051 | $10742 |
| **2/28/2019** | $12108 | $14545 | $10736 |
| **3/31/2019** | $12211 | $14757 | $10942 |
| **4/30/2019** | $12417 | $15346 | $10945 |
| **5/31/2019** | $12088 | $14353 | $11139 |
| **6/30/2019** | $12406 | $15361 | $11279 |
| **7/31/2019** | $12427 | $15590 | $11304 |
| **8/31/2019** | $12321 | $15272 | $11597 |
| **9/30/2019** | $12366 | $15540 | $11535 |
| **10/31/2019** | $12478 | $15874 | $11570 |
| **11/30/2019** | $12692 | $16478 | $11564 |
| **12/31/2019** | $12984 | $16954 | $11556 |
| **1/31/2020** | $12883 | $16935 | $11778 |
| **2/29/2020** | $12028 | $15549 | $11990 |
| **3/31/2020** | $10959 | $13410 | $11920 |
| **4/30/2020** | $11465 | $15187 | $12132 |
| **5/31/2020** | $11679 | $15999 | $12188 |
| **6/30/2020** | $11814 | $16364 | $12265 |
| **7/31/2020** | $12118 | $17294 | $12448 |
| **8/31/2020** | $12298 | $18546 | $12348 |
| **9/30/2020** | $12180 | $17871 | $12341 |
| **10/31/2020** | $12028 | $17485 | $12286 |
| **11/30/2020** | $12533 | $19613 | $12406 |
| **12/31/2020** | $12744 | $20495 | $12423 |
| **1/31/2021** | $12626 | $20404 | $12334 |
| **2/28/2021** | $12603 | $21042 | $12156 |
| **3/31/2021** | $12591 | $21796 | $12005 |
| **4/30/2021** | $12931 | $22919 | $12099 |
| **5/31/2021** | $13014 | $23024 | $12139 |
| **6/30/2021** | $13201 | $23592 | $12224 |
| **7/31/2021** | $13307 | $23991 | $12361 |
| **8/31/2021** | $13578 | $24675 | $12337 |
| **9/30/2021** | $13058 | $23568 | $12230 |
| **10/31/2021** | $13590 | $25161 | $12227 |
| **11/30/2021** | $13342 | $24778 | $12263 |
| **12/31/2021** | $13755 | $25754 | $12232 |
| **1/31/2022** | $13140 | $24239 | $11968 |
| **2/28/2022** | $12833 | $23628 | $11835 |
| **3/31/2022** | $12951 | $24395 | $11506 |
| **4/30/2022** | $12017 | $22206 | $11069 |
| **5/31/2022** | $12064 | $22176 | $11141 |
| **6/30/2022** | $11248 | $20321 | $10966 |
| **7/31/2022** | $11839 | $22227 | $11234 |
| **8/31/2022** | $11397 | $21397 | $10917 |
| **9/30/2022** | $10678 | $19413 | $10445 |
| **10/31/2022** | $11094 | $21005 | $10310 |
| **11/30/2022** | $11636 | $22102 | $10689 |
| **12/31/2022** | $11258 | $20808 | $10641 |
| **1/31/2023** | $11964 | $22241 | $10968 |
| **2/28/2023** | $11649 | $21721 | $10684 |
| **3/31/2023** | $11951 | $22302 | $10956 |
| **4/30/2023** | $12115 | $22539 | $11022 |
| **5/31/2023** | $11989 | $22627 | $10902 |
| **6/30/2023** | $12506 | $24172 | $10863 |
| **7/31/2023** | $12821 | $25039 | $10856 |
| **8/31/2023** | $12547 | $24555 | $10786 |
| **9/30/2023** | $12048 | $23386 | $10512 |
| **10/31/2023** | $11740 | $22766 | $10346 |
| **11/30/2023** | $12650 | $24888 | $10815 |
| **12/31/2023** | $13278 | $26209 | $11229 |
| **1/31/2024** | $13316 | $26499 | $11198 |
| **2/29/2024** | $13726 | $27933 | $11040 |
| **3/31/2024** | $14111 | $28835 | $11142 |
| **4/30/2024** | $13598 | $27566 | $10860 |
| **5/31/2024** | $14162 | $28868 | $11044 |
| **6/30/2024** | $14354 | $29762 | $11149 |
| **7/31/2024** | $14688 | $30315 | $11409 |
| **8/31/2024** | $14976 | $30975 | $11573 |
| **9/30/2024** | $15198 | $31616 | $11728 |
| **10/31/2024** | $14846 | $31384 | $11437 |
| **11/30/2024** | $15394 | $33471 | $11558 |
| **12/31/2024** | $14976 | $32448 | $11369 |
| **1/31/2025** | $15341 | $33473 | $11430 |
| **2/28/2025** | $15341 | $32831 | $11681 |
| **3/31/2025** | $14885 | $30916 | $11685 |
| **4/30/2025** | $14402 | $30709 | $11731 |
| **5/31/2025** | $14820 | $32655 | $11647 |
| **6/30/2025** | $15315 | $34314 | $11826 |
| **7/31/2025** | $15394 | $35070 | $11795 |
| **8/31/2025** | $15819 | $35881 | $11936 |
| **9/30/2025** | $16205 | $37120 | $12067 |
| **10/31/2025** | $16471 | $37915 | $12142 |
| **11/30/2025** | $16525 | $38019 | $12217 |
| **12/31/2025** | $16605 | $38012 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CD1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 10.87% | 5.44% | 5.20% |
| 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 | $325097094 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 143% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1482270 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 49.4% |
| International Equity Funds | 23.9 |
| U.S. Fixed Income Funds | 20.4 |
| Repurchase Agreements | 6.0 |
| Other Investment Company | 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 BlackRock iShares Active Asset Allocation - Moderate Growth VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 42.3% |
| iShares MSCI EAFE ETF | 15.2 |
| iShares 0-1 Year Treasury Bond ETF | 13.7 |
| iShares Russell 2000 ETF | 7.1 |
| iShares Core MSCI EAFE ETF | 5.0 |
| iShares MSCI Japan ETF | 3.7 |
| iShares 7-10 Year Treasury Bond ETF | 2.6 |
| iShares Core U.S. Aggregate Bond ETF | 2.3 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 1.8 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP (the "Portfolio") seeks capital appreciation with current income as a secondary objective. This 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 | $79 | 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 Service Class shares at NAV returned 10.64%. 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.

* Active asset allocation and volatility control strategies both detracted from performance during the fiscal year ended December 31, 2025, with the majority of the underperformance driven by allocations away from riskier asset classes, including equities, in an effort to attempt to reduce volatility within the Portfolio in accordance with the sub-adviser's volatility control framework, during the March – June 2025 period. Equity markets rebounded rapidly following the tariff-related volatility in early April 2025. 

* The Portfolio continued to allocate away from riskier asset classes for most of the second quarter given the sub-adviser's view that trade-related volatility would continue; however, this positioning detracted from performance as a result of the sharp rebound in equities, which continued through most of the summer. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the fiscal year, also contributed to performance. An underweight to U.S. equities detracted from performance. The sub-adviser viewed pricing in U.S. equities to be stretched after the three-year rally, and preferred to hold equity exposure in other markets where a positive growth impulse and supportive fiscal policies were not yet fully priced. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Active Asset Allocation - Moderate Growth VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g19w10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9812 | $9436 | $10138 |
| **2/29/2016** | $9812 | $9433 | $10210 |
| **3/31/2016** | $10069 | $10097 | $10303 |
| **4/30/2016** | $10089 | $10159 | $10343 |
| **5/31/2016** | $10099 | $10341 | $10345 |
| **6/30/2016** | $10089 | $10362 | $10531 |
| **7/31/2016** | $10277 | $10774 | $10598 |
| **8/31/2016** | $10267 | $10801 | $10586 |
| **9/30/2016** | $10257 | $10818 | $10580 |
| **10/31/2016** | $10087 | $10584 | $10499 |
| **11/30/2016** | $10097 | $11058 | $10250 |
| **12/31/2016** | $10197 | $11274 | $10265 |
| **1/31/2017** | $10397 | $11486 | $10285 |
| **2/28/2017** | $10687 | $11913 | $10354 |
| **3/31/2017** | $10777 | $11921 | $10349 |
| **4/30/2017** | $10907 | $12047 | $10428 |
| **5/31/2017** | $11087 | $12171 | $10509 |
| **6/30/2017** | $11157 | $12280 | $10498 |
| **7/31/2017** | $11387 | $12512 | $10543 |
| **8/31/2017** | $11425 | $12536 | $10638 |
| **9/30/2017** | $11638 | $12842 | $10587 |
| **10/31/2017** | $11861 | $13122 | $10593 |
| **11/30/2017** | $12115 | $13521 | $10580 |
| **12/31/2017** | $12267 | $13656 | $10628 |
| **1/31/2018** | $12865 | $14375 | $10506 |
| **2/28/2018** | $12257 | $13846 | $10406 |
| **3/31/2018** | $12095 | $13568 | $10473 |
| **4/30/2018** | $12034 | $13619 | $10395 |
| **5/31/2018** | $12105 | $14004 | $10469 |
| **6/30/2018** | $12044 | $14095 | $10456 |
| **7/31/2018** | $12267 | $14563 | $10459 |
| **8/31/2018** | $12420 | $15074 | $10526 |
| **9/30/2018** | $12410 | $15099 | $10458 |
| **10/31/2018** | $11681 | $13988 | $10376 |
| **11/30/2018** | $11773 | $14268 | $10438 |
| **12/31/2018** | $11537 | $12940 | $10629 |
| **1/31/2019** | $11886 | $14051 | $10742 |
| **2/28/2019** | $11999 | $14545 | $10736 |
| **3/31/2019** | $12102 | $14757 | $10942 |
| **4/30/2019** | $12307 | $15346 | $10945 |
| **5/31/2019** | $11979 | $14353 | $11139 |
| **6/30/2019** | $12287 | $15361 | $11279 |
| **7/31/2019** | $12307 | $15590 | $11304 |
| **8/31/2019** | $12207 | $15272 | $11597 |
| **9/30/2019** | $12241 | $15540 | $11535 |
| **10/31/2019** | $12353 | $15874 | $11570 |
| **11/30/2019** | $12555 | $16478 | $11564 |
| **12/31/2019** | $12847 | $16954 | $11556 |
| **1/31/2020** | $12746 | $16935 | $11778 |
| **2/29/2020** | $11893 | $15549 | $11990 |
| **3/31/2020** | $10839 | $13410 | $11920 |
| **4/30/2020** | $11332 | $15187 | $12132 |
| **5/31/2020** | $11545 | $15999 | $12188 |
| **6/30/2020** | $11680 | $16364 | $12265 |
| **7/31/2020** | $11972 | $17294 | $12448 |
| **8/31/2020** | $12148 | $18546 | $12348 |
| **9/30/2020** | $12032 | $17871 | $12341 |
| **10/31/2020** | $11868 | $17485 | $12286 |
| **11/30/2020** | $12370 | $19613 | $12406 |
| **12/31/2020** | $12580 | $20495 | $12423 |
| **1/31/2021** | $12463 | $20404 | $12334 |
| **2/28/2021** | $12428 | $21042 | $12156 |
| **3/31/2021** | $12417 | $21796 | $12005 |
| **4/30/2021** | $12755 | $22919 | $12099 |
| **5/31/2021** | $12837 | $23024 | $12139 |
| **6/30/2021** | $13012 | $23592 | $12224 |
| **7/31/2021** | $13105 | $23991 | $12361 |
| **8/31/2021** | $13375 | $24675 | $12337 |
| **9/30/2021** | $12858 | $23568 | $12230 |
| **10/31/2021** | $13375 | $25161 | $12227 |
| **11/30/2021** | $13128 | $24778 | $12263 |
| **12/31/2021** | $13539 | $25754 | $12232 |
| **1/31/2022** | $12929 | $24239 | $11968 |
| **2/28/2022** | $12624 | $23628 | $11835 |
| **3/31/2022** | $12741 | $24395 | $11506 |
| **4/30/2022** | $11826 | $22206 | $11069 |
| **5/31/2022** | $11861 | $22176 | $11141 |
| **6/30/2022** | $11063 | $20321 | $10966 |
| **7/31/2022** | $11638 | $22227 | $11234 |
| **8/31/2022** | $11197 | $21397 | $10917 |
| **9/30/2022** | $10498 | $19413 | $10445 |
| **10/31/2022** | $10897 | $21005 | $10310 |
| **11/30/2022** | $11421 | $22102 | $10689 |
| **12/31/2022** | $11060 | $20808 | $10641 |
| **1/31/2023** | $11745 | $22241 | $10968 |
| **2/28/2023** | $11434 | $21721 | $10684 |
| **3/31/2023** | $11733 | $22302 | $10956 |
| **4/30/2023** | $11882 | $22539 | $11022 |
| **5/31/2023** | $11758 | $22627 | $10902 |
| **6/30/2023** | $12269 | $24172 | $10863 |
| **7/31/2023** | $12568 | $25039 | $10856 |
| **8/31/2023** | $12300 | $24555 | $10786 |
| **9/30/2023** | $11807 | $23386 | $10512 |
| **10/31/2023** | $11504 | $22766 | $10346 |
| **11/30/2023** | $12389 | $24888 | $10815 |
| **12/31/2023** | $13008 | $26209 | $11229 |
| **1/31/2024** | $13046 | $26499 | $11198 |
| **2/29/2024** | $13438 | $27933 | $11040 |
| **3/31/2024** | $13817 | $28835 | $11142 |
| **4/30/2024** | $13299 | $27566 | $10860 |
| **5/31/2024** | $13855 | $28868 | $11044 |
| **6/30/2024** | $14045 | $29762 | $11149 |
| **7/31/2024** | $14361 | $30315 | $11409 |
| **8/31/2024** | $14649 | $30975 | $11573 |
| **9/30/2024** | $14867 | $31616 | $11728 |
| **10/31/2024** | $14520 | $31384 | $11437 |
| **11/30/2024** | $15034 | $33471 | $11558 |
| **12/31/2024** | $14636 | $32448 | $11369 |
| **1/31/2025** | $14982 | $33473 | $11430 |
| **2/28/2025** | $14982 | $32831 | $11681 |
| **3/31/2025** | $14533 | $30916 | $11685 |
| **4/30/2025** | $14058 | $30709 | $11731 |
| **5/31/2025** | $14456 | $32655 | $11647 |
| **6/30/2025** | $14944 | $34314 | $11826 |
| **7/31/2025** | $15021 | $35070 | $11795 |
| **8/31/2025** | $15422 | $35881 | $11936 |
| **9/30/2025** | $15801 | $37120 | $12067 |
| **10/31/2025** | $16062 | $37915 | $12142 |
| **11/30/2025** | $16101 | $38019 | $12217 |
| **12/31/2025** | $16193 | $38012 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CD2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 10.64% | 5.18% | 4.94% |
| 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 | $325097094 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 143% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1482270 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 49.4% |
| International Equity Funds | 23.9 |
| U.S. Fixed Income Funds | 20.4 |
| Repurchase Agreements | 6.0 |
| Other Investment Company | 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 BlackRock iShares Active Asset Allocation - Moderate Growth VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 42.3% |
| iShares MSCI EAFE ETF | 15.2 |
| iShares 0-1 Year Treasury Bond ETF | 13.7 |
| iShares Russell 2000 ETF | 7.1 |
| iShares Core MSCI EAFE ETF | 5.0 |
| iShares MSCI Japan ETF | 3.7 |
| iShares 7-10 Year Treasury Bond ETF | 2.6 |
| iShares Core U.S. Aggregate Bond ETF | 2.3 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 1.8 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Active Asset Allocation - Moderate VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Active 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**.

## 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 | $50 | 0.48%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 9.70%. 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.

* Active asset allocation and volatility control strategies both detracted from performance during the fiscal year ended December 31, 2025, with the majority of the underperformance driven by allocations away from riskier asset classes, including equities, in an effort to attempt to reduce volatility within the Portfolio in accordance with the sub-adviser's volatility control framework, during the March – June 2025 period. Equity markets rebounded rapidly following the tariff-related volatility in early April 2025. 

* The Portfolio continued to allocate away from riskier asset classes for most of the second quarter given the sub-adviser's view that trade-related volatility would continue; however, this positioning detracted from performance as a result of the sharp rebound in equities, which continued through most of the summer. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the fiscal year, also contributed to performance. An underweight to U.S. equities detracted from performance. The sub-adviser viewed pricing in U.S. equities to be stretched after the three-year rally, and preferred to hold equity exposure in other markets where a positive growth impulse and supportive fiscal policies were not yet fully priced. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results. 

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Active Asset Allocation - Moderate VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g00s71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9878 | $9436 | $10138 |
| **2/29/2016** | $9906 | $9433 | $10210 |
| **3/31/2016** | $10151 | $10097 | $10303 |
| **4/30/2016** | $10179 | $10159 | $10343 |
| **5/31/2016** | $10188 | $10341 | $10345 |
| **6/30/2016** | $10235 | $10362 | $10531 |
| **7/31/2016** | $10405 | $10774 | $10598 |
| **8/31/2016** | $10386 | $10801 | $10586 |
| **9/30/2016** | $10386 | $10818 | $10580 |
| **10/31/2016** | $10214 | $10584 | $10499 |
| **11/30/2016** | $10157 | $11058 | $10250 |
| **12/31/2016** | $10243 | $11274 | $10265 |
| **1/31/2017** | $10396 | $11486 | $10285 |
| **2/28/2017** | $10635 | $11913 | $10354 |
| **3/31/2017** | $10702 | $11921 | $10349 |
| **4/30/2017** | $10816 | $12047 | $10428 |
| **5/31/2017** | $10979 | $12171 | $10509 |
| **6/30/2017** | $11027 | $12280 | $10498 |
| **7/31/2017** | $11208 | $12512 | $10543 |
| **8/31/2017** | $11259 | $12536 | $10638 |
| **9/30/2017** | $11385 | $12842 | $10587 |
| **10/31/2017** | $11551 | $13122 | $10593 |
| **11/30/2017** | $11735 | $13521 | $10580 |
| **12/31/2017** | $11852 | $13656 | $10628 |
| **1/31/2018** | $12241 | $14375 | $10506 |
| **2/28/2018** | $11804 | $13846 | $10406 |
| **3/31/2018** | $11716 | $13568 | $10473 |
| **4/30/2018** | $11648 | $13619 | $10395 |
| **5/31/2018** | $11726 | $14004 | $10469 |
| **6/30/2018** | $11687 | $14095 | $10456 |
| **7/31/2018** | $11852 | $14563 | $10459 |
| **8/31/2018** | $11984 | $15074 | $10526 |
| **9/30/2018** | $11975 | $15099 | $10458 |
| **10/31/2018** | $11440 | $13988 | $10376 |
| **11/30/2018** | $11529 | $14268 | $10438 |
| **12/31/2018** | $11381 | $12940 | $10629 |
| **1/31/2019** | $11707 | $14051 | $10742 |
| **2/28/2019** | $11806 | $14545 | $10736 |
| **3/31/2019** | $11945 | $14757 | $10942 |
| **4/30/2019** | $12113 | $15346 | $10945 |
| **5/31/2019** | $11895 | $14353 | $11139 |
| **6/30/2019** | $12202 | $15361 | $11279 |
| **7/31/2019** | $12222 | $15590 | $11304 |
| **8/31/2019** | $12182 | $15272 | $11597 |
| **9/30/2019** | $12193 | $15540 | $11535 |
| **10/31/2019** | $12302 | $15874 | $11570 |
| **11/30/2019** | $12465 | $16478 | $11564 |
| **12/31/2019** | $12682 | $16954 | $11556 |
| **1/31/2020** | $12682 | $16935 | $11778 |
| **2/29/2020** | $12106 | $15549 | $11990 |
| **3/31/2020** | $11258 | $13410 | $11920 |
| **4/30/2020** | $11769 | $15187 | $12132 |
| **5/31/2020** | $11976 | $15999 | $12188 |
| **6/30/2020** | $12117 | $16364 | $12265 |
| **7/31/2020** | $12421 | $17294 | $12448 |
| **8/31/2020** | $12617 | $18546 | $12348 |
| **9/30/2020** | $12470 | $17871 | $12341 |
| **10/31/2020** | $12311 | $17485 | $12286 |
| **11/30/2020** | $12843 | $19613 | $12406 |
| **12/31/2020** | $13137 | $20495 | $12423 |
| **1/31/2021** | $13069 | $20404 | $12334 |
| **2/28/2021** | $13092 | $21042 | $12156 |
| **3/31/2021** | $13137 | $21796 | $12005 |
| **4/30/2021** | $13533 | $22919 | $12099 |
| **5/31/2021** | $13624 | $23024 | $12139 |
| **6/30/2021** | $13805 | $23592 | $12224 |
| **7/31/2021** | $13929 | $23991 | $12361 |
| **8/31/2021** | $14154 | $24675 | $12337 |
| **9/30/2021** | $13696 | $23568 | $12230 |
| **10/31/2021** | $14131 | $25161 | $12227 |
| **11/30/2021** | $13948 | $24778 | $12263 |
| **12/31/2021** | $14257 | $25754 | $12232 |
| **1/31/2022** | $13708 | $24239 | $11968 |
| **2/28/2022** | $13433 | $23628 | $11835 |
| **3/31/2022** | $13376 | $24395 | $11506 |
| **4/30/2022** | $12564 | $22206 | $11069 |
| **5/31/2022** | $12621 | $22176 | $11141 |
| **6/30/2022** | $12003 | $20321 | $10966 |
| **7/31/2022** | $12472 | $22227 | $11234 |
| **8/31/2022** | $12052 | $21397 | $10917 |
| **9/30/2022** | $11440 | $19413 | $10445 |
| **10/31/2022** | $11653 | $21005 | $10310 |
| **11/30/2022** | $12106 | $22102 | $10689 |
| **12/31/2022** | $11853 | $20808 | $10641 |
| **1/31/2023** | $12439 | $22241 | $10968 |
| **2/28/2023** | $12092 | $21721 | $10684 |
| **3/31/2023** | $12425 | $22302 | $10956 |
| **4/30/2023** | $12559 | $22539 | $11022 |
| **5/31/2023** | $12425 | $22627 | $10902 |
| **6/30/2023** | $12798 | $24172 | $10863 |
| **7/31/2023** | $13025 | $25039 | $10856 |
| **8/31/2023** | $12794 | $24555 | $10786 |
| **9/30/2023** | $12334 | $23386 | $10512 |
| **10/31/2023** | $12049 | $22766 | $10346 |
| **11/30/2023** | $12862 | $24888 | $10815 |
| **12/31/2023** | $13459 | $26209 | $11229 |
| **1/31/2024** | $13486 | $26499 | $11198 |
| **2/29/2024** | $13730 | $27933 | $11040 |
| **3/31/2024** | $14041 | $28835 | $11142 |
| **4/30/2024** | $13567 | $27566 | $10860 |
| **5/31/2024** | $14055 | $28868 | $11044 |
| **6/30/2024** | $14218 | $29762 | $11149 |
| **7/31/2024** | $14543 | $30315 | $11409 |
| **8/31/2024** | $14813 | $30975 | $11573 |
| **9/30/2024** | $15034 | $31616 | $11728 |
| **10/31/2024** | $14660 | $31384 | $11437 |
| **11/30/2024** | $15089 | $33471 | $11558 |
| **12/31/2024** | $14730 | $32448 | $11369 |
| **1/31/2025** | $15006 | $33473 | $11430 |
| **2/28/2025** | $15103 | $32831 | $11681 |
| **3/31/2025** | $14771 | $30916 | $11685 |
| **4/30/2025** | $14453 | $30709 | $11731 |
| **5/31/2025** | $14716 | $32655 | $11647 |
| **6/30/2025** | $15117 | $34314 | $11826 |
| **7/31/2025** | $15158 | $35070 | $11795 |
| **8/31/2025** | $15506 | $35881 | $11936 |
| **9/30/2025** | $15832 | $37120 | $12067 |
| **10/31/2025** | $16045 | $37915 | $12142 |
| **11/30/2025** | $16101 | $38019 | $12217 |
| **12/31/2025** | $16158 | $38012 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CE1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 9.70% | 4.23% | 4.92% |
| 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 | $820236882 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 118% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3769857 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 41.2% |
| U.S. Equity Funds | 34.8 |
| International Equity Funds | 19.1 |
| Repurchase Agreements | 5.4 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

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

---

Transamerica BlackRock iShares Active Asset Allocation - Moderate VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 29.7% |
| iShares Core U.S. Aggregate Bond ETF | 21.4 |
| iShares MSCI EAFE ETF | 14.3 |
| iShares 0-1 Year Treasury Bond ETF | 14.0 |
| iShares Russell 2000 ETF | 5.1 |
| iShares MSCI Japan ETF | 3.7 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3.3 |
| iShares 7-10 Year Treasury Bond ETF | 2.5 |
| iShares Core MSCI EAFE ETF | 1.1 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Active Asset Allocation - Moderate VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Active Asset Allocation - Moderate VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Active 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**.

## 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 | $76 | 0.73%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 9.50%. 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.

* Active asset allocation and volatility control strategies both detracted from performance during the fiscal year ended December 31, 2025, with the majority of the underperformance driven by allocations away from riskier asset classes, including equities, in an effort to attempt to reduce volatility within the Portfolio in accordance with the sub-adviser's volatility control framework, during the March – June 2025 period. Equity markets rebounded rapidly following the tariff-related volatility in early April 2025. 

* The Portfolio continued to allocate away from riskier asset classes for most of the second quarter given the sub-adviser's view that trade-related volatility would continue; however, this positioning detracted from performance as a result of the sharp rebound in equities, which continued through most of the summer. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the fiscal year, also contributed to performance. An underweight to U.S. equities detracted from performance. The sub-adviser viewed pricing in U.S. equities to be stretched after the three-year rally, and preferred to hold equity exposure in other markets where a positive growth impulse and supportive fiscal policies were not yet fully priced. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results. 

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Active Asset Allocation - Moderate VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g80r71.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9877 | $9436 | $10138 |
| **2/29/2016** | $9905 | $9433 | $10210 |
| **3/31/2016** | $10142 | $10097 | $10303 |
| **4/30/2016** | $10171 | $10159 | $10343 |
| **5/31/2016** | $10180 | $10341 | $10345 |
| **6/30/2016** | $10218 | $10362 | $10531 |
| **7/31/2016** | $10389 | $10774 | $10598 |
| **8/31/2016** | $10362 | $10801 | $10586 |
| **9/30/2016** | $10362 | $10818 | $10580 |
| **10/31/2016** | $10199 | $10584 | $10499 |
| **11/30/2016** | $10132 | $11058 | $10250 |
| **12/31/2016** | $10218 | $11274 | $10265 |
| **1/31/2017** | $10372 | $11486 | $10285 |
| **2/28/2017** | $10603 | $11913 | $10354 |
| **3/31/2017** | $10670 | $11921 | $10349 |
| **4/30/2017** | $10785 | $12047 | $10428 |
| **5/31/2017** | $10939 | $12171 | $10509 |
| **6/30/2017** | $10987 | $12280 | $10498 |
| **7/31/2017** | $11160 | $12512 | $10543 |
| **8/31/2017** | $11211 | $12536 | $10638 |
| **9/30/2017** | $11338 | $12842 | $10587 |
| **10/31/2017** | $11504 | $13122 | $10593 |
| **11/30/2017** | $11679 | $13521 | $10580 |
| **12/31/2017** | $11796 | $13656 | $10628 |
| **1/31/2018** | $12177 | $14375 | $10506 |
| **2/28/2018** | $11738 | $13846 | $10406 |
| **3/31/2018** | $11650 | $13568 | $10473 |
| **4/30/2018** | $11582 | $13619 | $10395 |
| **5/31/2018** | $11650 | $14004 | $10469 |
| **6/30/2018** | $11611 | $14095 | $10456 |
| **7/31/2018** | $11777 | $14563 | $10459 |
| **8/31/2018** | $11909 | $15074 | $10526 |
| **9/30/2018** | $11889 | $15099 | $10458 |
| **10/31/2018** | $11354 | $13988 | $10376 |
| **11/30/2018** | $11453 | $14268 | $10438 |
| **12/31/2018** | $11305 | $12940 | $10629 |
| **1/31/2019** | $11612 | $14051 | $10742 |
| **2/28/2019** | $11711 | $14545 | $10736 |
| **3/31/2019** | $11850 | $14757 | $10942 |
| **4/30/2019** | $12008 | $15346 | $10945 |
| **5/31/2019** | $11800 | $14353 | $11139 |
| **6/30/2019** | $12097 | $15361 | $11279 |
| **7/31/2019** | $12107 | $15590 | $11304 |
| **8/31/2019** | $12074 | $15272 | $11597 |
| **9/30/2019** | $12085 | $15540 | $11535 |
| **10/31/2019** | $12183 | $15874 | $11570 |
| **11/30/2019** | $12335 | $16478 | $11564 |
| **12/31/2019** | $12563 | $16954 | $11556 |
| **1/31/2020** | $12552 | $16935 | $11778 |
| **2/29/2020** | $11987 | $15549 | $11990 |
| **3/31/2020** | $11140 | $13410 | $11920 |
| **4/30/2020** | $11640 | $15187 | $12132 |
| **5/31/2020** | $11846 | $15999 | $12188 |
| **6/30/2020** | $11987 | $16364 | $12265 |
| **7/31/2020** | $12281 | $17294 | $12448 |
| **8/31/2020** | $12463 | $18546 | $12348 |
| **9/30/2020** | $12328 | $17871 | $12341 |
| **10/31/2020** | $12159 | $17485 | $12286 |
| **11/30/2020** | $12689 | $19613 | $12406 |
| **12/31/2020** | $12971 | $20495 | $12423 |
| **1/31/2021** | $12903 | $20404 | $12334 |
| **2/28/2021** | $12926 | $21042 | $12156 |
| **3/31/2021** | $12971 | $21796 | $12005 |
| **4/30/2021** | $13354 | $22919 | $12099 |
| **5/31/2021** | $13445 | $23024 | $12139 |
| **6/30/2021** | $13625 | $23592 | $12224 |
| **7/31/2021** | $13738 | $23991 | $12361 |
| **8/31/2021** | $13949 | $24675 | $12337 |
| **9/30/2021** | $13505 | $23568 | $12230 |
| **10/31/2021** | $13926 | $25161 | $12227 |
| **11/30/2021** | $13744 | $24778 | $12263 |
| **12/31/2021** | $14051 | $25754 | $12232 |
| **1/31/2022** | $13505 | $24239 | $11968 |
| **2/28/2022** | $13232 | $23628 | $11835 |
| **3/31/2022** | $13164 | $24395 | $11506 |
| **4/30/2022** | $12367 | $22206 | $11069 |
| **5/31/2022** | $12424 | $22176 | $11141 |
| **6/30/2022** | $11799 | $20321 | $10966 |
| **7/31/2022** | $12265 | $22227 | $11234 |
| **8/31/2022** | $11855 | $21397 | $10917 |
| **9/30/2022** | $11247 | $19413 | $10445 |
| **10/31/2022** | $11458 | $21005 | $10310 |
| **11/30/2022** | $11894 | $22102 | $10689 |
| **12/31/2022** | $11643 | $20808 | $10641 |
| **1/31/2023** | $12225 | $22241 | $10968 |
| **2/28/2023** | $11881 | $21721 | $10684 |
| **3/31/2023** | $12198 | $22302 | $10956 |
| **4/30/2023** | $12331 | $22539 | $11022 |
| **5/31/2023** | $12198 | $22627 | $10902 |
| **6/30/2023** | $12555 | $24172 | $10863 |
| **7/31/2023** | $12780 | $25039 | $10856 |
| **8/31/2023** | $12542 | $24555 | $10786 |
| **9/30/2023** | $12100 | $23386 | $10512 |
| **10/31/2023** | $11818 | $22766 | $10346 |
| **11/30/2023** | $12609 | $24888 | $10815 |
| **12/31/2023** | $13200 | $26209 | $11229 |
| **1/31/2024** | $13213 | $26499 | $11198 |
| **2/29/2024** | $13454 | $27933 | $11040 |
| **3/31/2024** | $13763 | $28835 | $11142 |
| **4/30/2024** | $13294 | $27566 | $10860 |
| **5/31/2024** | $13763 | $28868 | $11044 |
| **6/30/2024** | $13924 | $29762 | $11149 |
| **7/31/2024** | $14246 | $30315 | $11409 |
| **8/31/2024** | $14491 | $30975 | $11573 |
| **9/30/2024** | $14696 | $31616 | $11728 |
| **10/31/2024** | $14341 | $31384 | $11437 |
| **11/30/2024** | $14751 | $33471 | $11558 |
| **12/31/2024** | $14395 | $32448 | $11369 |
| **1/31/2025** | $14669 | $33473 | $11430 |
| **2/28/2025** | $14764 | $32831 | $11681 |
| **3/31/2025** | $14436 | $30916 | $11685 |
| **4/30/2025** | $14122 | $30709 | $11731 |
| **5/31/2025** | $14368 | $32655 | $11647 |
| **6/30/2025** | $14764 | $34314 | $11826 |
| **7/31/2025** | $14805 | $35070 | $11795 |
| **8/31/2025** | $15148 | $35881 | $11936 |
| **9/30/2025** | $15455 | $37120 | $12067 |
| **10/31/2025** | $15665 | $37915 | $12142 |
| **11/30/2025** | $15707 | $38019 | $12217 |
| **12/31/2025** | $15762 | $38012 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CE2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 9.50% | 3.98% | 4.66% |
| 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 | $820236882 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 118% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $3769857 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 41.2% |
| U.S. Equity Funds | 34.8 |
| International Equity Funds | 19.1 |
| Repurchase Agreements | 5.4 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.5) |

---

---

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

---

Transamerica BlackRock iShares Active Asset Allocation - Moderate VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 29.7% |
| iShares Core U.S. Aggregate Bond ETF | 21.4 |
| iShares MSCI EAFE ETF | 14.3 |
| iShares 0-1 Year Treasury Bond ETF | 14.0 |
| iShares Russell 2000 ETF | 5.1 |
| iShares MSCI Japan ETF | 3.7 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3.3 |
| iShares 7-10 Year Treasury Bond ETF | 2.5 |
| iShares Core MSCI EAFE ETF | 1.1 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Active Asset Allocation - Moderate VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Dynamic Allocation - Balanced VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Dynamic Allocation - Balanced VP (the "Portfolio") seeks capital appreciation and 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<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 | $77 | 0.74%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 9.42%. 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 Aggregate Bond Index, returned 7.30% over the same period.

* Active asset allocation and volatility control strategies both detracted from performance during the fiscal year ended December 31, 2025, with the majority of the underperformance driven by allocations away from riskier asset classes, including equities, in an effort to attempt to reduce volatility within the Portfolio in accordance with the sub-adviser's volatility control framework, during the March – June 2025 period. Equity markets rebounded rapidly following the tariff-related volatility in early April 2025. 

* The Portfolio continued to allocate away from riskier asset classes for most of the second quarter given the sub-adviser's view that trade-related volatility would continue; however, this positioning detracted from performance as a result of the sharp rebound in equities, which continued through most of the summer. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An underweight to U.S. equities detracted from performance. The sub-adviser viewed pricing in U.S. equities to be stretched after the three-year rally, and preferred to hold equity exposure in other markets where a positive growth impulse and supportive fiscal policies were not yet fully priced. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results. 

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Dynamic Allocation - Balanced VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g68u85.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9897 | $9504 | $10138 |
| **2/29/2016** | $9931 | $9491 | $10210 |
| **3/31/2016** | $10009 | $10135 | $10303 |
| **4/30/2016** | $10017 | $10174 | $10343 |
| **5/31/2016** | $10026 | $10357 | $10345 |
| **6/30/2016** | $10137 | $10384 | $10531 |
| **7/31/2016** | $10241 | $10766 | $10598 |
| **8/31/2016** | $10208 | $10782 | $10586 |
| **9/30/2016** | $10164 | $10784 | $10580 |
| **10/31/2016** | $10022 | $10587 | $10499 |
| **11/30/2016** | $9880 | $10979 | $10250 |
| **12/31/2016** | $9933 | $11196 | $10265 |
| **1/31/2017** | $10004 | $11408 | $10285 |
| **2/28/2017** | $10199 | $11861 | $10354 |
| **3/31/2017** | $10199 | $11875 | $10349 |
| **4/30/2017** | $10288 | $11997 | $10428 |
| **5/31/2017** | $10394 | $12166 | $10509 |
| **6/30/2017** | $10430 | $12242 | $10498 |
| **7/31/2017** | $10518 | $12494 | $10543 |
| **8/31/2017** | $10596 | $12532 | $10638 |
| **9/30/2017** | $10650 | $12790 | $10587 |
| **10/31/2017** | $10748 | $13089 | $10593 |
| **11/30/2017** | $10883 | $13490 | $10580 |
| **12/31/2017** | $10973 | $13640 | $10628 |
| **1/31/2018** | $11161 | $14421 | $10506 |
| **2/28/2018** | $10874 | $13890 | $10406 |
| **3/31/2018** | $10838 | $13537 | $10473 |
| **4/30/2018** | $10775 | $13589 | $10395 |
| **5/31/2018** | $10928 | $13916 | $10469 |
| **6/30/2018** | $10937 | $14002 | $10456 |
| **7/31/2018** | $11071 | $14523 | $10459 |
| **8/31/2018** | $11246 | $14996 | $10526 |
| **9/30/2018** | $11200 | $15081 | $10458 |
| **10/31/2018** | $10755 | $14050 | $10376 |
| **11/30/2018** | $10882 | $14337 | $10438 |
| **12/31/2018** | $10609 | $13042 | $10629 |
| **1/31/2019** | $10973 | $14087 | $10742 |
| **2/28/2019** | $11091 | $14540 | $10736 |
| **3/31/2019** | $11310 | $14822 | $10942 |
| **4/30/2019** | $11464 | $15422 | $10945 |
| **5/31/2019** | $11291 | $14442 | $11139 |
| **6/30/2019** | $11683 | $15460 | $11279 |
| **7/31/2019** | $11737 | $15682 | $11304 |
| **8/31/2019** | $11896 | $15434 | $11597 |
| **9/30/2019** | $11924 | $15723 | $11535 |
| **10/31/2019** | $12028 | $16063 | $11570 |
| **11/30/2019** | $12199 | $16646 | $11564 |
| **12/31/2019** | $12313 | $17149 | $11556 |
| **1/31/2020** | $12465 | $17142 | $11778 |
| **2/29/2020** | $12237 | $15731 | $11990 |
| **3/31/2020** | $11393 | $13788 | $11920 |
| **4/30/2020** | $11507 | $15555 | $12132 |
| **5/31/2020** | $11545 | $16296 | $12188 |
| **6/30/2020** | $11592 | $16620 | $12265 |
| **7/31/2020** | $11772 | $17558 | $12448 |
| **8/31/2020** | $11942 | $18820 | $12348 |
| **9/30/2020** | $11727 | $18105 | $12341 |
| **10/31/2020** | $11571 | $17623 | $12286 |
| **11/30/2020** | $12021 | $19552 | $12406 |
| **12/31/2020** | $12245 | $20304 | $12423 |
| **1/31/2021** | $12128 | $20099 | $12334 |
| **2/28/2021** | $12138 | $20653 | $12156 |
| **3/31/2021** | $12216 | $21558 | $12005 |
| **4/30/2021** | $12568 | $22708 | $12099 |
| **5/31/2021** | $12607 | $22867 | $12139 |
| **6/30/2021** | $12812 | $23401 | $12224 |
| **7/31/2021** | $13027 | $23956 | $12361 |
| **8/31/2021** | $13173 | $24685 | $12337 |
| **9/30/2021** | $12794 | $23537 | $12230 |
| **10/31/2021** | $13195 | $25186 | $12227 |
| **11/30/2021** | $13108 | $25011 | $12263 |
| **12/31/2021** | $13368 | $26132 | $12232 |
| **1/31/2022** | $12913 | $24780 | $11968 |
| **2/28/2022** | $12653 | $24038 | $11835 |
| **3/31/2022** | $12621 | $24931 | $11506 |
| **4/30/2022** | $11895 | $22757 | $11069 |
| **5/31/2022** | $11949 | $22798 | $11141 |
| **6/30/2022** | $11396 | $20916 | $10966 |
| **7/31/2022** | $11830 | $22845 | $11234 |
| **8/31/2022** | $11422 | $21913 | $10917 |
| **9/30/2022** | $10852 | $19895 | $10445 |
| **10/31/2022** | $11030 | $21506 | $10310 |
| **11/30/2022** | $11458 | $22708 | $10689 |
| **12/31/2022** | $11244 | $21399 | $10641 |
| **1/31/2023** | $11743 | $22744 | $10968 |
| **2/28/2023** | $11422 | $22189 | $10684 |
| **3/31/2023** | $11790 | $23004 | $10956 |
| **4/30/2023** | $11933 | $23363 | $11022 |
| **5/31/2023** | $11802 | $23464 | $10902 |
| **6/30/2023** | $12111 | $25015 | $10863 |
| **7/31/2023** | $12265 | $25818 | $10856 |
| **8/31/2023** | $12089 | $25407 | $10786 |
| **9/30/2023** | $11668 | $24196 | $10512 |
| **10/31/2023** | $11427 | $23687 | $10346 |
| **11/30/2023** | $12174 | $25850 | $10815 |
| **12/31/2023** | $12667 | $27025 | $11229 |
| **1/31/2024** | $12728 | $27479 | $11198 |
| **2/29/2024** | $12908 | $28946 | $11040 |
| **3/31/2024** | $13173 | $29878 | $11142 |
| **4/30/2024** | $12764 | $28657 | $10860 |
| **5/31/2024** | $13185 | $30078 | $11044 |
| **6/30/2024** | $13366 | $31157 | $11149 |
| **7/31/2024** | $13607 | $31537 | $11409 |
| **8/31/2024** | $13862 | $32302 | $11573 |
| **9/30/2024** | $14071 | $32992 | $11728 |
| **10/31/2024** | $13727 | $32692 | $11437 |
| **11/30/2024** | $14059 | $34611 | $11558 |
| **12/31/2024** | $13776 | $33786 | $11369 |
| **1/31/2025** | $14034 | $34727 | $11430 |
| **2/28/2025** | $14157 | $34274 | $11681 |
| **3/31/2025** | $13887 | $32343 | $11685 |
| **4/30/2025** | $13604 | $32124 | $11731 |
| **5/31/2025** | $13837 | $34146 | $11647 |
| **6/30/2025** | $14206 | $35882 | $11826 |
| **7/31/2025** | $14243 | $36687 | $11795 |
| **8/31/2025** | $14508 | $37431 | $11936 |
| **9/30/2025** | $14785 | $38797 | $12067 |
| **10/31/2025** | $14974 | $39706 | $12142 |
| **11/30/2025** | $15036 | $39803 | $12217 |
| **12/31/2025** | $15074 | $39827 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3CK2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 9.42% | 4.24% | 4.19% |
| 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 | $615503995 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 102% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2853388 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 49.0% |
| U.S. Equity Funds | 33.2 |
| International Equity Funds | 17.3 |
| Repurchase Agreements | 0.6 |
| Other Investment Company | 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 BlackRock iShares Dynamic Allocation - Balanced VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 33.2% |
| iShares 0-1 Year Treasury Bond ETF | 17.1 |
| iShares Core U.S. Aggregate Bond ETF | 16.3 |
| iShares MSCI EAFE ETF | 14.4 |
| iShares 7-10 Year Treasury Bond ETF | 13.1 |
| iShares MSCI Japan ETF | 2.9 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 2.5 |
| iShares Core MSCI EAFE ETF | 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)%. |

---

## 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Dynamic Allocation - Balanced VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Dynamic Allocation - Moderate Growth VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Dynamic Allocation - Moderate Growth VP (the "Portfolio") seeks capital appreciation and 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<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 | $79 | 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 Service Class shares at NAV returned 10.35%. 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 Aggregate Bond Index, returned 7.30% over the same period.

* Active asset allocation and volatility control strategies both detracted from performance during the fiscal year ended December 31, 2025, with the majority of the underperformance driven by allocations away from riskier asset classes, including equities, in an effort to attempt to reduce volatility within the Portfolio in accordance with the sub-adviser's volatility control framework, during the March – June 2025 period. Equity markets rebounded rapidly following the tariff-related volatility in early April 2025. 

* The Portfolio continued to allocate away from riskier asset classes for most of the second quarter given the sub-adviser's view that trade-related volatility would continue; however, this positioning detracted from performance as a result of the sharp rebound in equities, which continued through most of the summer. 

* Within the asset allocation strategy, equity relative value positioning detracted from performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An underweight to U.S. equities detracted from performance. The sub-adviser viewed pricing in U.S. equities to be stretched after the three-year rally, and preferred to hold equity exposure in other markets where a positive growth impulse and supportive fiscal policies were not yet fully priced. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results. 

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Dynamic Allocation - Moderate Growth VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g94w10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **S&P 500<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9794 | $9504 | $10138 |
| **2/29/2016** | $9802 | $9491 | $10210 |
| **3/31/2016** | $9909 | $10135 | $10303 |
| **4/30/2016** | $9918 | $10174 | $10343 |
| **5/31/2016** | $9934 | $10357 | $10345 |
| **6/30/2016** | $9967 | $10384 | $10531 |
| **7/31/2016** | $10082 | $10766 | $10598 |
| **8/31/2016** | $10054 | $10782 | $10586 |
| **9/30/2016** | $10003 | $10784 | $10580 |
| **10/31/2016** | $9850 | $10587 | $10499 |
| **11/30/2016** | $9816 | $10979 | $10250 |
| **12/31/2016** | $9901 | $11196 | $10265 |
| **1/31/2017** | $9994 | $11408 | $10285 |
| **2/28/2017** | $10232 | $11861 | $10354 |
| **3/31/2017** | $10232 | $11875 | $10349 |
| **4/30/2017** | $10325 | $11997 | $10428 |
| **5/31/2017** | $10435 | $12166 | $10509 |
| **6/30/2017** | $10486 | $12242 | $10498 |
| **7/31/2017** | $10605 | $12494 | $10543 |
| **8/31/2017** | $10661 | $12532 | $10638 |
| **9/30/2017** | $10781 | $12790 | $10587 |
| **10/31/2017** | $10918 | $13089 | $10593 |
| **11/30/2017** | $11115 | $13490 | $10580 |
| **12/31/2017** | $11209 | $13640 | $10628 |
| **1/31/2018** | $11543 | $14421 | $10506 |
| **2/28/2018** | $11200 | $13890 | $10406 |
| **3/31/2018** | $11097 | $13537 | $10473 |
| **4/30/2018** | $11063 | $13589 | $10395 |
| **5/31/2018** | $11243 | $13916 | $10469 |
| **6/30/2018** | $11260 | $14002 | $10456 |
| **7/31/2018** | $11474 | $14523 | $10459 |
| **8/31/2018** | $11693 | $14996 | $10526 |
| **9/30/2018** | $11675 | $15081 | $10458 |
| **10/31/2018** | $11086 | $14050 | $10376 |
| **11/30/2018** | $11233 | $14337 | $10438 |
| **12/31/2018** | $10678 | $13042 | $10629 |
| **1/31/2019** | $10965 | $14087 | $10742 |
| **2/28/2019** | $11155 | $14540 | $10736 |
| **3/31/2019** | $11337 | $14822 | $10942 |
| **4/30/2019** | $11589 | $15422 | $10945 |
| **5/31/2019** | $11207 | $14442 | $11139 |
| **6/30/2019** | $11701 | $15460 | $11279 |
| **7/31/2019** | $11779 | $15682 | $11304 |
| **8/31/2019** | $11792 | $15434 | $11597 |
| **9/30/2019** | $11893 | $15723 | $11535 |
| **10/31/2019** | $12038 | $16063 | $11570 |
| **11/30/2019** | $12284 | $16646 | $11564 |
| **12/31/2019** | $12475 | $17149 | $11556 |
| **1/31/2020** | $12539 | $17142 | $11778 |
| **2/29/2020** | $12093 | $15731 | $11990 |
| **3/31/2020** | $11474 | $13788 | $11920 |
| **4/30/2020** | $11537 | $15555 | $12132 |
| **5/31/2020** | $11547 | $16296 | $12188 |
| **6/30/2020** | $11574 | $16620 | $12265 |
| **7/31/2020** | $11692 | $17558 | $12448 |
| **8/31/2020** | $11924 | $18820 | $12348 |
| **9/30/2020** | $11662 | $18105 | $12341 |
| **10/31/2020** | $11484 | $17623 | $12286 |
| **11/30/2020** | $11906 | $19552 | $12406 |
| **12/31/2020** | $12205 | $20304 | $12423 |
| **1/31/2021** | $12121 | $20099 | $12334 |
| **2/28/2021** | $12252 | $20653 | $12156 |
| **3/31/2021** | $12458 | $21558 | $12005 |
| **4/30/2021** | $12898 | $22708 | $12099 |
| **5/31/2021** | $12963 | $22867 | $12139 |
| **6/30/2021** | $13169 | $23401 | $12224 |
| **7/31/2021** | $13385 | $23956 | $12361 |
| **8/31/2021** | $13614 | $24685 | $12337 |
| **9/30/2021** | $13151 | $23537 | $12230 |
| **10/31/2021** | $13707 | $25186 | $12227 |
| **11/30/2021** | $13552 | $25011 | $12263 |
| **12/31/2021** | $13964 | $26132 | $12232 |
| **1/31/2022** | $13408 | $24780 | $11968 |
| **2/28/2022** | $13079 | $24038 | $11835 |
| **3/31/2022** | $13203 | $24931 | $11506 |
| **4/30/2022** | $12329 | $22757 | $11069 |
| **5/31/2022** | $12370 | $22798 | $11141 |
| **6/30/2022** | $11640 | $20916 | $10966 |
| **7/31/2022** | $12205 | $22845 | $11234 |
| **8/31/2022** | $11716 | $21913 | $10917 |
| **9/30/2022** | $11037 | $19895 | $10445 |
| **10/31/2022** | $11394 | $21506 | $10310 |
| **11/30/2022** | $11947 | $22708 | $10689 |
| **12/31/2022** | $11601 | $21399 | $10641 |
| **1/31/2023** | $12269 | $22744 | $10968 |
| **2/28/2023** | $11935 | $22189 | $10684 |
| **3/31/2023** | $12327 | $23004 | $10956 |
| **4/30/2023** | $12511 | $23363 | $11022 |
| **5/31/2023** | $12385 | $23464 | $10902 |
| **6/30/2023** | $12868 | $25015 | $10863 |
| **7/31/2023** | $13133 | $25818 | $10856 |
| **8/31/2023** | $12905 | $25407 | $10786 |
| **9/30/2023** | $12415 | $24196 | $10512 |
| **10/31/2023** | $12135 | $23687 | $10346 |
| **11/30/2023** | $13045 | $25850 | $10815 |
| **12/31/2023** | $13605 | $27025 | $11229 |
| **1/31/2024** | $13687 | $27479 | $11198 |
| **2/29/2024** | $14061 | $28946 | $11040 |
| **3/31/2024** | $14422 | $29878 | $11142 |
| **4/30/2024** | $13944 | $28657 | $10860 |
| **5/31/2024** | $14492 | $30078 | $11044 |
| **6/30/2024** | $14726 | $31157 | $11149 |
| **7/31/2024** | $14971 | $31537 | $11409 |
| **8/31/2024** | $15284 | $32302 | $11573 |
| **9/30/2024** | $15533 | $32992 | $11728 |
| **10/31/2024** | $15177 | $32692 | $11437 |
| **11/30/2024** | $15652 | $34611 | $11558 |
| **12/31/2024** | $15308 | $33786 | $11369 |
| **1/31/2025** | $15675 | $34727 | $11430 |
| **2/28/2025** | $15723 | $34274 | $11681 |
| **3/31/2025** | $15284 | $32343 | $11685 |
| **4/30/2025** | $14810 | $32124 | $11731 |
| **5/31/2025** | $15201 | $34146 | $11647 |
| **6/30/2025** | $15687 | $35882 | $11826 |
| **7/31/2025** | $15794 | $36687 | $11795 |
| **8/31/2025** | $16130 | $37431 | $11936 |
| **9/30/2025** | $16505 | $38797 | $12067 |
| **10/31/2025** | $16759 | $39706 | $12142 |
| **11/30/2025** | $16807 | $39803 | $12217 |
| **12/31/2025** | $16892 | $39827 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFK2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 10.35% | 6.72% | 5.38% |
| 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 | $286942768 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 129% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1328702 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 48.1% |
| U.S. Fixed Income Funds | 28.5 |
| International Equity Funds | 22.2 |
| Repurchase Agreements | 0.8 |
| Other Investment Company | 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 BlackRock iShares Dynamic Allocation - Moderate Growth VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 48.1% |
| iShares 0-1 Year Treasury Bond ETF | 16.4 |
| iShares Core MSCI EAFE ETF | 11.8 |
| iShares Core U.S. Aggregate Bond ETF | 7.6 |
| iShares MSCI EAFE ETF | 7.4 |
| iShares MSCI Japan ETF | 3.0 |
| iShares 7-10 Year Treasury Bond ETF | 3.0 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Dynamic Allocation - Moderate Growth VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Edge 100 VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Edge 100 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<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 | $61 | 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 Fund's Service Class shares at NAV returned 18.54%. For the same period, the Fund's broad-based benchmark, the MSCI World Index, returned 21.09%. The performance benchmark, the MSCI USA Index, returned 17.31% over the same period.

* The Portfolio is comprised of exchange-traded funds ("ETFs") advised by an affiliate of BlackRock Investment Management, LLC, the Portfolio's sub-adviser. 

* The equity allocation of the Portfolio is comprised entirely of "smart beta" or factor-based equity ETFs focused on rewarded risk factors in the equity asset class. These factors have shown historically to provide excess returns and/or lower risk over long investment horizons. 

* Specifically, these factors include quality, value, size (smaller companies), momentum and low volatility. The Portfolio is designed to seek exposure to all five factors in U.S. equities, while primarily targeting minimum volatility exposure in non-U.S. equities. 

* During the fiscal year ended December 31, 2025, all equity factors represented in the Portfolio posted positive returns and contributed to the Portfolio's absolute performance. The top contributors to Portfolio performance in the fiscal year included the value, EAFE minimum volatility, and momentum factor funds, all of which posted strong double digit returns during the period. 

* Size and U.S. minimum volatility factor funds posted positive returns in the fiscal year, but detracted from benchmark relative performance, as they underperformed their respective benchmarks during the period. 

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Edge 100 VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g39t01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **MSCI World Index** | **MSCI USA Index** |
| **3/21/2016** | $10000 | $10000 | $10000 |
| **3/31/2016** | $10060 | $10028 | $10061 |
| **4/30/2016** | $10090 | $10186 | $10107 |
| **5/31/2016** | $10200 | $10243 | $10285 |
| **6/30/2016** | $10340 | $10129 | $10306 |
| **7/31/2016** | $10620 | $10557 | $10694 |
| **8/31/2016** | $10540 | $10565 | $10702 |
| **9/30/2016** | $10580 | $10622 | $10709 |
| **10/31/2016** | $10310 | $10416 | $10502 |
| **11/30/2016** | $10440 | $10566 | $10873 |
| **12/31/2016** | $10590 | $10819 | $11071 |
| **1/31/2017** | $10800 | $11080 | $11297 |
| **2/28/2017** | $11200 | $11387 | $11733 |
| **3/31/2017** | $11290 | $11508 | $11744 |
| **4/30/2017** | $11430 | $11679 | $11867 |
| **5/31/2017** | $11730 | $11926 | $12020 |
| **6/30/2017** | $11770 | $11972 | $12090 |
| **7/31/2017** | $12000 | $12258 | $12331 |
| **8/31/2017** | $12074 | $12275 | $12362 |
| **9/30/2017** | $12275 | $12551 | $12610 |
| **10/31/2017** | $12577 | $12788 | $12894 |
| **11/30/2017** | $12929 | $13065 | $13277 |
| **12/31/2017** | $13050 | $13242 | $13416 |
| **1/31/2018** | $13653 | $13941 | $14182 |
| **2/28/2018** | $13221 | $13364 | $13653 |
| **3/31/2018** | $13080 | $13072 | $13314 |
| **4/30/2018** | $13070 | $13223 | $13363 |
| **5/31/2018** | $13241 | $13305 | $13680 |
| **6/30/2018** | $13201 | $13299 | $13768 |
| **7/31/2018** | $13593 | $13714 | $14257 |
| **8/31/2018** | $13939 | $13884 | $14720 |
| **9/30/2018** | $14032 | $13961 | $14781 |
| **10/31/2018** | $13085 | $12936 | $13750 |
| **11/30/2018** | $13311 | $13083 | $14008 |
| **12/31/2018** | $12355 | $12088 | $12740 |
| **1/31/2019** | $13229 | $13029 | $13782 |
| **2/28/2019** | $13600 | $13421 | $14234 |
| **3/31/2019** | $13795 | $13597 | $14491 |
| **4/30/2019** | $14114 | $14079 | $15067 |
| **5/31/2019** | $13476 | $13267 | $14105 |
| **6/30/2019** | $14309 | $14141 | $15089 |
| **7/31/2019** | $14423 | $14211 | $15317 |
| **8/31/2019** | $14261 | $13920 | $15040 |
| **9/30/2019** | $14487 | $14217 | $15301 |
| **10/31/2019** | $14713 | $14578 | $15629 |
| **11/30/2019** | $15058 | $14984 | $16206 |
| **12/31/2019** | $15391 | $15433 | $16674 |
| **1/31/2020** | $15348 | $15339 | $16700 |
| **2/29/2020** | $14121 | $14043 | $15329 |
| **3/31/2020** | $12292 | $12184 | $13377 |
| **4/30/2020** | $13476 | $13515 | $15132 |
| **5/31/2020** | $14068 | $14168 | $15909 |
| **6/30/2020** | $14229 | $14543 | $16265 |
| **7/31/2020** | $14767 | $15239 | $17224 |
| **8/31/2020** | $15495 | $16257 | $18509 |
| **9/30/2020** | $15138 | $15696 | $17812 |
| **10/31/2020** | $14748 | $15215 | $17343 |
| **11/30/2020** | $16377 | $17160 | $19340 |
| **12/31/2020** | $16912 | $17888 | $20129 |
| **1/31/2021** | $16845 | $17710 | $19937 |
| **2/28/2021** | $17158 | $18164 | $20449 |
| **3/31/2021** | $17771 | $18768 | $21211 |
| **4/30/2021** | $18418 | $19641 | $22359 |
| **5/31/2021** | $18675 | $19924 | $22457 |
| **6/30/2021** | $18876 | $20221 | $23075 |
| **7/31/2021** | $19166 | $20583 | $23614 |
| **8/31/2021** | $19591 | $21096 | $24301 |
| **9/30/2021** | $18727 | $20220 | $23146 |
| **10/31/2021** | $19648 | $21365 | $24755 |
| **11/30/2021** | $19234 | $20897 | $24495 |
| **12/31/2021** | $20017 | $21790 | $25455 |
| **1/31/2022** | $18911 | $20637 | $24007 |
| **2/28/2022** | $18462 | $20115 | $23294 |
| **3/31/2022** | $18923 | $20667 | $24104 |
| **4/30/2022** | $17575 | $18950 | $21913 |
| **5/31/2022** | $17621 | $18965 | $21854 |
| **6/30/2022** | $16366 | $17322 | $20036 |
| **7/31/2022** | $17299 | $18697 | $21898 |
| **8/31/2022** | $16645 | $17916 | $21030 |
| **9/30/2022** | $15240 | $16250 | $19072 |
| **10/31/2022** | $16475 | $17417 | $20580 |
| **11/30/2022** | $17566 | $18628 | $21687 |
| **12/31/2022** | $16863 | $17837 | $20403 |
| **1/31/2023** | $17614 | $19099 | $21739 |
| **2/28/2023** | $16996 | $18640 | $21209 |
| **3/31/2023** | $17396 | $19216 | $21953 |
| **4/30/2023** | $17650 | $19553 | $22225 |
| **5/31/2023** | $17130 | $19358 | $22358 |
| **6/30/2023** | $18026 | $20528 | $23840 |
| **7/31/2023** | $18511 | $21218 | $24654 |
| **8/31/2023** | $18187 | $20711 | $24225 |
| **9/30/2023** | $17505 | $19818 | $23082 |
| **10/31/2023** | $17114 | $19243 | $22545 |
| **11/30/2023** | $18404 | $21047 | $24656 |
| **12/31/2023** | $19304 | $22080 | $25808 |
| **1/31/2024** | $19521 | $22345 | $26203 |
| **2/29/2024** | $20362 | $23292 | $27597 |
| **3/31/2024** | $21015 | $24041 | $28465 |
| **4/30/2024** | $20101 | $23148 | $27284 |
| **5/31/2024** | $20826 | $24181 | $28575 |
| **6/30/2024** | $21131 | $24673 | $29586 |
| **7/31/2024** | $21668 | $25108 | $29950 |
| **8/31/2024** | $22377 | $25772 | $30660 |
| **9/30/2024** | $22677 | $26244 | $31310 |
| **10/31/2024** | $22272 | $25723 | $31071 |
| **11/30/2024** | $23277 | $26904 | $33003 |
| **12/31/2024** | $22197 | $26202 | $32152 |
| **1/31/2025** | $23007 | $27127 | $33123 |
| **2/28/2025** | $23217 | $26932 | $32590 |
| **3/31/2025** | $22632 | $25733 | $30671 |
| **4/30/2025** | $22782 | $25962 | $30507 |
| **5/31/2025** | $23772 | $27498 | $32463 |
| **6/30/2025** | $24538 | $28685 | $34121 |
| **7/31/2025** | $24388 | $29054 | $34894 |
| **8/31/2025** | $25086 | $29812 | $35567 |
| **9/30/2025** | $25723 | $30770 | $36861 |
| **10/31/2025** | $25818 | $31387 | $37728 |
| **11/30/2025** | $26089 | $31475 | $37727 |
| **12/31/2025** | $26312 | $31730 | $37718 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9CG2 | **1 Year** | **5 Years** | **Since Inception 3/21/16** |
| Service Class | 18.54% | 9.24% | 10.39% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 21.09% | 12.15% | 12.53% |
| MSCI USA Index<sup>Footnote Reference(b)</sup> | 17.31% | 13.38% | 14.53% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;MSCI USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of the large and mid-cap segments of the U.S. 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 | $79532057 |
| Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $177188 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 75.0% |
| International Equity Funds | 25.0 |
| Other Investment Company | 10.4 |
| Repurchase Agreements | 0.2 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (10.6) |

---

---

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

---

Transamerica BlackRock iShares Edge 100 VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares MSCI EAFE Min Vol Factor ETF | 19.5% |
| iShares MSCI USA Value Factor ETF | 16.5 |
| iShares MSCI USA Quality Factor ETF | 16.3 |
| iShares MSCI USA Min Vol Factor ETF | 16.2 |
| iShares MSCI USA Momentum Factor ETF | 16.1 |
| iShares MSCI USA Size Factor ETF | 9.9 |
| iShares MSCI Emerging Markets Min Vol Factor ETF | 5.5 |

---

## 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Edge 100 VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Edge 40 VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Edge 40 VP (the "Portfolio") seeks long-term capital appreciation and capital preservation. 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 | $33 | 0.31%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 11.64%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%. The performance benchmark, the Dow Jones Moderately Conservative Portfolio Index, returned 10.37% over the same period.

* The Portfolio is comprised of exchange-traded funds ("ETFs") advised by an affiliate of BlackRock Investment Management, LLC, the Portfolio's sub-adviser. 

* The equity allocation of the Portfolio is comprised entirely of "smart beta" or factor-based equity ETFs focused on rewarded risk factors in the equity asset class. These factors have shown historically to provide excess returns and/or lower risk over long investment horizons. 

* Specifically, these factors include quality, value, size (smaller companies), momentum and low volatility. The Portfolio is designed to seek exposure to all five factors in U.S. equities, while primarily targeting minimum volatility exposure in non-U.S. equities. 

* During the fiscal year ended December 31, 2025, all equity factors represented in the Portfolio posted positive returns and contributed to the Portfolio's absolute performance. The top contributors to Portfolio performance in the fiscal year included the value, EAFE minimum volatility, and momentum factor funds, all of which posted strong double digit returns during the period. 

* Size and U.S. minimum volatility factor funds posted positive returns in the fiscal year, but detracted from benchmark relative performance, as they underperformed their respective benchmarks during the period. 

* Both fixed income funds, one tracking the Bloomberg US Aggregate Bond Index and one tracking the ICE<sup>®</sup> BofA<sup>®</sup> US Corporate Index, had positive risk-adjusted return contributions to the Portfolio, but lagged equities in a year of high returns across equity markets.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Edge 40 VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g81p21.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Bloomberg US Aggregate Bond Index** | **Dow Jones Moderately Conservative Portfolio Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9904 | $10138 | $9834 |
| **2/29/2016** | $9862 | $10210 | $9934 |
| **3/31/2016** | $10106 | $10303 | $10316 |
| **4/30/2016** | $10149 | $10343 | $10425 |
| **5/31/2016** | $10170 | $10345 | $10415 |
| **6/30/2016** | $10223 | $10531 | $10572 |
| **7/31/2016** | $10383 | $10598 | $10787 |
| **8/31/2016** | $10363 | $10586 | $10775 |
| **9/30/2016** | $10373 | $10580 | $10817 |
| **10/31/2016** | $10255 | $10499 | $10624 |
| **11/30/2016** | $10125 | $10250 | $10519 |
| **12/31/2016** | $10222 | $10265 | $10565 |
| **1/31/2017** | $10330 | $10285 | $10710 |
| **2/28/2017** | $10460 | $10354 | $10864 |
| **3/31/2017** | $10503 | $10349 | $10893 |
| **4/30/2017** | $10611 | $10428 | $11007 |
| **5/31/2017** | $10751 | $10509 | $11130 |
| **6/30/2017** | $10740 | $10498 | $11147 |
| **7/31/2017** | $10869 | $10543 | $11309 |
| **8/31/2017** | $10933 | $10638 | $11379 |
| **9/30/2017** | $10977 | $10587 | $11418 |
| **10/31/2017** | $11054 | $10593 | $11499 |
| **11/30/2017** | $11130 | $10580 | $11631 |
| **12/31/2017** | $11218 | $10628 | $11718 |
| **1/31/2018** | $11328 | $10506 | $11938 |
| **2/28/2018** | $11076 | $10406 | $11723 |
| **3/31/2018** | $11054 | $10473 | $11729 |
| **4/30/2018** | $11043 | $10395 | $11675 |
| **5/31/2018** | $11076 | $10469 | $11731 |
| **6/30/2018** | $11054 | $10456 | $11702 |
| **7/31/2018** | $11163 | $10459 | $11800 |
| **8/31/2018** | $11213 | $10526 | $11895 |
| **9/30/2018** | $11191 | $10458 | $11839 |
| **10/31/2018** | $10844 | $10376 | $11448 |
| **11/30/2018** | $10933 | $10438 | $11551 |
| **12/31/2018** | $10754 | $10629 | $11349 |
| **1/31/2019** | $11123 | $10742 | $11801 |
| **2/28/2019** | $11247 | $10736 | $11906 |
| **3/31/2019** | $11459 | $10942 | $12051 |
| **4/30/2019** | $11560 | $10945 | $12178 |
| **5/31/2019** | $11470 | $11139 | $12011 |
| **6/30/2019** | $11840 | $11279 | $12403 |
| **7/31/2019** | $11884 | $11304 | $12433 |
| **8/31/2019** | $12031 | $11597 | $12448 |
| **9/30/2019** | $12070 | $11535 | $12502 |
| **10/31/2019** | $12163 | $11570 | $12647 |
| **11/30/2019** | $12281 | $11564 | $12767 |
| **12/31/2019** | $12400 | $11556 | $12954 |
| **1/31/2020** | $12532 | $11778 | $12976 |
| **2/29/2020** | $12242 | $11990 | $12608 |
| **3/31/2020** | $11542 | $11920 | $11661 |
| **4/30/2020** | $12136 | $12132 | $12309 |
| **5/31/2020** | $12414 | $12188 | $12584 |
| **6/30/2020** | $12546 | $12265 | $12775 |
| **7/31/2020** | $12849 | $12448 | $13187 |
| **8/31/2020** | $13052 | $12348 | $13392 |
| **9/30/2020** | $12915 | $12341 | $13243 |
| **10/31/2020** | $12725 | $12286 | $13192 |
| **11/30/2020** | $13406 | $12406 | $13940 |
| **12/31/2020** | $13597 | $12423 | $14259 |
| **1/31/2021** | $13515 | $12334 | $14204 |
| **2/28/2021** | $13488 | $12156 | $14294 |
| **3/31/2021** | $13597 | $12005 | $14308 |
| **4/30/2021** | $13855 | $12099 | $14626 |
| **5/31/2021** | $13964 | $12139 | $14737 |
| **6/30/2021** | $14101 | $12224 | $14799 |
| **7/31/2021** | $14278 | $12361 | $14904 |
| **8/31/2021** | $14396 | $12337 | $15020 |
| **9/30/2021** | $14043 | $12230 | $14699 |
| **10/31/2021** | $14325 | $12227 | $14938 |
| **11/30/2021** | $14226 | $12263 | $14753 |
| **12/31/2021** | $14424 | $12232 | $14938 |
| **1/31/2022** | $13929 | $11968 | $14469 |
| **2/28/2022** | $13689 | $11835 | $14294 |
| **3/31/2022** | $13590 | $11506 | $14147 |
| **4/30/2022** | $12869 | $11069 | $13380 |
| **5/31/2022** | $12954 | $11141 | $13424 |
| **6/30/2022** | $12445 | $10966 | $12829 |
| **7/31/2022** | $12925 | $11234 | $13327 |
| **8/31/2022** | $12491 | $10917 | $12932 |
| **9/30/2022** | $11752 | $10445 | $12123 |
| **10/31/2022** | $12039 | $10310 | $12338 |
| **11/30/2022** | $12656 | $10689 | $12979 |
| **12/31/2022** | $12370 | $10641 | $12784 |
| **1/31/2023** | $12852 | $10968 | $13368 |
| **2/28/2023** | $12460 | $10684 | $13001 |
| **3/31/2023** | $12777 | $10956 | $13281 |
| **4/30/2023** | $12897 | $11022 | $13344 |
| **5/31/2023** | $12641 | $10902 | $13150 |
| **6/30/2023** | $12897 | $10863 | $13457 |
| **7/31/2023** | $13033 | $10856 | $13675 |
| **8/31/2023** | $12896 | $10786 | $13369 |
| **9/30/2023** | $12505 | $10512 | $12960 |
| **10/31/2023** | $12270 | $10346 | $12672 |
| **11/30/2023** | $12990 | $10815 | $13447 |
| **12/31/2023** | $13539 | $11229 | $14038 |
| **1/31/2024** | $13586 | $11198 | $13958 |
| **2/29/2024** | $13696 | $11040 | $14090 |
| **3/31/2024** | $13962 | $11142 | $14338 |
| **4/30/2024** | $13508 | $10860 | $14003 |
| **5/31/2024** | $13837 | $11044 | $14264 |
| **6/30/2024** | $13993 | $11149 | $14346 |
| **7/31/2024** | $14338 | $11409 | $14635 |
| **8/31/2024** | $14660 | $11573 | $14852 |
| **9/30/2024** | $14856 | $11728 | $15082 |
| **10/31/2024** | $14529 | $11437 | $14886 |
| **11/30/2024** | $14888 | $11558 | $15203 |
| **12/31/2024** | $14447 | $11369 | $14942 |
| **1/31/2025** | $14709 | $11430 | $15180 |
| **2/28/2025** | $14954 | $11681 | $15176 |
| **3/31/2025** | $14790 | $11685 | $15011 |
| **4/30/2025** | $14856 | $11731 | $15102 |
| **5/31/2025** | $15084 | $11647 | $15437 |
| **6/30/2025** | $15411 | $11826 | $15744 |
| **7/31/2025** | $15346 | $11795 | $15850 |
| **8/31/2025** | $15639 | $11936 | $16058 |
| **9/30/2025** | $15901 | $12067 | $16271 |
| **10/31/2025** | $15989 | $12142 | $16367 |
| **11/30/2025** | $16111 | $12217 | $16415 |
| **12/31/2025** | $16129 | $12199 | $16492 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPZ1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 11.64% | 3.47% | 4.90% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |
| Dow Jones Moderately Conservative Portfolio Index<sup>Footnote Reference(b)</sup> | 10.37% | 2.95% | 5.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</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. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Dow Jones Moderately Conservative Portfolio Index is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent a moderately aggressive investor risk profile. 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 | $197749838 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $493750 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 59.6% |
| U.S. Equity Funds | 30.2 |
| International Equity Funds | 10.2 |
| Other Investment Company | 7.7 |
| Repurchase Agreements | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.8) |

---

---

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

---

Transamerica BlackRock iShares Edge 40 VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 49.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 9.7 |
| iShares MSCI EAFE Min Vol Factor ETF | 7.9 |
| iShares MSCI USA Value Factor ETF | 6.7 |
| iShares MSCI USA Quality Factor ETF | 6.7 |
| iShares MSCI USA Momentum Factor ETF | 6.4 |
| iShares MSCI USA Min Vol Factor ETF | 6.3 |
| iShares MSCI USA Size Factor ETF | 4.1 |
| iShares MSCI Emerging Markets Min Vol Factor ETF | 2.3 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Edge 40 VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Edge 40 VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Edge 40 VP (the "Portfolio") seeks long-term capital appreciation and capital preservation. 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 | $59 | 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 Service Class shares at NAV returned 11.42%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%. The performance benchmark, the Dow Jones Moderately Conservative Portfolio Index, returned 10.37% over the same period.

* The Portfolio is comprised of exchange-traded funds ("ETFs") advised by an affiliate of BlackRock Investment Management, LLC, the Portfolio's sub-adviser. 

* The equity allocation of the Portfolio is comprised entirely of "smart beta" or factor-based equity ETFs focused on rewarded risk factors in the equity asset class. These factors have shown historically to provide excess returns and/or lower risk over long investment horizons. 

* Specifically, these factors include quality, value, size (smaller companies), momentum and low volatility. The Portfolio is designed to seek exposure to all five factors in U.S. equities, while primarily targeting minimum volatility exposure in non-U.S. equities. 

* During the fiscal year ended December 31, 2025, all equity factors represented in the Portfolio posted positive returns and contributed to the Portfolio's absolute performance. The top contributors to Portfolio performance in the fiscal year included the value, EAFE minimum volatility, and momentum factor funds, all of which posted strong double digit returns during the period. 

* Size and U.S. minimum volatility factor funds posted positive returns in the fiscal year, but detracted from benchmark relative performance, as they underperformed their respective benchmarks during the period. 

* Both fixed income funds, one tracking the Bloomberg US Aggregate Bond Index and one tracking the ICE<sup>®</sup> BofA<sup>®</sup> US Corporate Index, had positive risk-adjusted return contributions to the Portfolio, but lagged equities in a year of high returns across equity markets.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Edge 40 VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g38f73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Bloomberg US Aggregate Bond Index** | **Dow Jones Moderately Conservative Portfolio Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9914 | $10138 | $9834 |
| **2/29/2016** | $9861 | $10210 | $9934 |
| **3/31/2016** | $10107 | $10303 | $10316 |
| **4/30/2016** | $10150 | $10343 | $10425 |
| **5/31/2016** | $10161 | $10345 | $10415 |
| **6/30/2016** | $10225 | $10531 | $10572 |
| **7/31/2016** | $10375 | $10598 | $10787 |
| **8/31/2016** | $10351 | $10586 | $10775 |
| **9/30/2016** | $10362 | $10580 | $10817 |
| **10/31/2016** | $10242 | $10499 | $10624 |
| **11/30/2016** | $10112 | $10250 | $10519 |
| **12/31/2016** | $10199 | $10265 | $10565 |
| **1/31/2017** | $10307 | $10285 | $10710 |
| **2/28/2017** | $10437 | $10354 | $10864 |
| **3/31/2017** | $10481 | $10349 | $10893 |
| **4/30/2017** | $10578 | $10428 | $11007 |
| **5/31/2017** | $10719 | $10509 | $11130 |
| **6/30/2017** | $10708 | $10498 | $11147 |
| **7/31/2017** | $10838 | $10543 | $11309 |
| **8/31/2017** | $10895 | $10638 | $11379 |
| **9/30/2017** | $10939 | $10587 | $11418 |
| **10/31/2017** | $11016 | $10593 | $11499 |
| **11/30/2017** | $11082 | $10580 | $11631 |
| **12/31/2017** | $11170 | $10628 | $11718 |
| **1/31/2018** | $11269 | $10506 | $11938 |
| **2/28/2018** | $11027 | $10406 | $11723 |
| **3/31/2018** | $11005 | $10473 | $11729 |
| **4/30/2018** | $10983 | $10395 | $11675 |
| **5/31/2018** | $11016 | $10469 | $11731 |
| **6/30/2018** | $10994 | $10456 | $11702 |
| **7/31/2018** | $11104 | $10459 | $11800 |
| **8/31/2018** | $11145 | $10526 | $11895 |
| **9/30/2018** | $11123 | $10458 | $11839 |
| **10/31/2018** | $10776 | $10376 | $11448 |
| **11/30/2018** | $10866 | $10438 | $11551 |
| **12/31/2018** | $10675 | $10629 | $11349 |
| **1/31/2019** | $11045 | $10742 | $11801 |
| **2/28/2019** | $11168 | $10736 | $11906 |
| **3/31/2019** | $11380 | $10942 | $12051 |
| **4/30/2019** | $11470 | $10945 | $12178 |
| **5/31/2019** | $11380 | $11139 | $12011 |
| **6/30/2019** | $11750 | $11279 | $12403 |
| **7/31/2019** | $11794 | $11304 | $12433 |
| **8/31/2019** | $11932 | $11597 | $12448 |
| **9/30/2019** | $11971 | $11535 | $12502 |
| **10/31/2019** | $12050 | $11570 | $12647 |
| **11/30/2019** | $12169 | $11564 | $12767 |
| **12/31/2019** | $12287 | $11556 | $12954 |
| **1/31/2020** | $12419 | $11778 | $12976 |
| **2/29/2020** | $12129 | $11990 | $12608 |
| **3/31/2020** | $11431 | $11920 | $11661 |
| **4/30/2020** | $12011 | $12132 | $12309 |
| **5/31/2020** | $12287 | $12188 | $12584 |
| **6/30/2020** | $12419 | $12265 | $12775 |
| **7/31/2020** | $12723 | $12448 | $13187 |
| **8/31/2020** | $12906 | $12348 | $13392 |
| **9/30/2020** | $12770 | $12341 | $13243 |
| **10/31/2020** | $12594 | $12286 | $13192 |
| **11/30/2020** | $13259 | $12406 | $13940 |
| **12/31/2020** | $13449 | $12423 | $14259 |
| **1/31/2021** | $13354 | $12334 | $14204 |
| **2/28/2021** | $13327 | $12156 | $14294 |
| **3/31/2021** | $13435 | $12005 | $14308 |
| **4/30/2021** | $13680 | $12099 | $14626 |
| **5/31/2021** | $13775 | $12139 | $14737 |
| **6/30/2021** | $13910 | $12224 | $14799 |
| **7/31/2021** | $14087 | $12361 | $14904 |
| **8/31/2021** | $14197 | $12337 | $15020 |
| **9/30/2021** | $13860 | $12230 | $14699 |
| **10/31/2021** | $14141 | $12227 | $14938 |
| **11/30/2021** | $14015 | $12263 | $14753 |
| **12/31/2021** | $14226 | $12232 | $14938 |
| **1/31/2022** | $13720 | $11968 | $14469 |
| **2/28/2022** | $13495 | $11835 | $14294 |
| **3/31/2022** | $13382 | $11506 | $14147 |
| **4/30/2022** | $12679 | $11069 | $13380 |
| **5/31/2022** | $12750 | $11141 | $13424 |
| **6/30/2022** | $12258 | $10966 | $12829 |
| **7/31/2022** | $12721 | $11234 | $13327 |
| **8/31/2022** | $12291 | $10917 | $12932 |
| **9/30/2022** | $11560 | $10445 | $12123 |
| **10/31/2022** | $11843 | $10310 | $12338 |
| **11/30/2022** | $12441 | $10689 | $12979 |
| **12/31/2022** | $12172 | $10641 | $12784 |
| **1/31/2023** | $12635 | $10968 | $13368 |
| **2/28/2023** | $12247 | $10684 | $13001 |
| **3/31/2023** | $12560 | $10956 | $13281 |
| **4/30/2023** | $12665 | $11022 | $13344 |
| **5/31/2023** | $12426 | $10902 | $13150 |
| **6/30/2023** | $12665 | $10863 | $13457 |
| **7/31/2023** | $12799 | $10856 | $13675 |
| **8/31/2023** | $12656 | $10786 | $13369 |
| **9/30/2023** | $12269 | $10512 | $12960 |
| **10/31/2023** | $12036 | $10346 | $12672 |
| **11/30/2023** | $12749 | $10815 | $13447 |
| **12/31/2023** | $13276 | $11229 | $14038 |
| **1/31/2024** | $13322 | $11198 | $13958 |
| **2/29/2024** | $13430 | $11040 | $14090 |
| **3/31/2024** | $13694 | $11142 | $14338 |
| **4/30/2024** | $13229 | $10860 | $14003 |
| **5/31/2024** | $13570 | $11044 | $14264 |
| **6/30/2024** | $13709 | $11149 | $14346 |
| **7/31/2024** | $14035 | $11409 | $14635 |
| **8/31/2024** | $14345 | $11573 | $14852 |
| **9/30/2024** | $14538 | $11728 | $15082 |
| **10/31/2024** | $14216 | $11437 | $14886 |
| **11/30/2024** | $14571 | $11558 | $15203 |
| **12/31/2024** | $14135 | $11369 | $14942 |
| **1/31/2025** | $14393 | $11430 | $15180 |
| **2/28/2025** | $14619 | $11681 | $15176 |
| **3/31/2025** | $14458 | $11685 | $15011 |
| **4/30/2025** | $14522 | $11731 | $15102 |
| **5/31/2025** | $14732 | $11647 | $15437 |
| **6/30/2025** | $15054 | $11826 | $15744 |
| **7/31/2025** | $14990 | $11795 | $15850 |
| **8/31/2025** | $15268 | $11936 | $16058 |
| **9/30/2025** | $15544 | $12067 | $16271 |
| **10/31/2025** | $15612 | $12142 | $16367 |
| **11/30/2025** | $15733 | $12217 | $16415 |
| **12/31/2025** | $15750 | $12199 | $16492 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPZ2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 11.42% | 3.21% | 4.65% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |
| Dow Jones Moderately Conservative Portfolio Index<sup>Footnote Reference(b)</sup> | 10.37% | 2.95% | 5.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</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. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Dow Jones Moderately Conservative Portfolio Index is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent a moderately aggressive investor risk profile. 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 | $197749838 |
| Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $493750 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 59.6% |
| U.S. Equity Funds | 30.2 |
| International Equity Funds | 10.2 |
| Other Investment Company | 7.7 |
| Repurchase Agreements | 0.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.8) |

---

---

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

---

Transamerica BlackRock iShares Edge 40 VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 49.9% |
| iShares Broad USD Investment Grade Corporate Bond ETF | 9.7 |
| iShares MSCI EAFE Min Vol Factor ETF | 7.9 |
| iShares MSCI USA Value Factor ETF | 6.7 |
| iShares MSCI USA Quality Factor ETF | 6.7 |
| iShares MSCI USA Momentum Factor ETF | 6.4 |
| iShares MSCI USA Min Vol Factor ETF | 6.3 |
| iShares MSCI USA Size Factor ETF | 4.1 |
| iShares MSCI Emerging Markets Min Vol Factor ETF | 2.3 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Edge 40 VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Edge 50 VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Edge 50 VP (the "Portfolio") seeks long-term capital appreciation and capital preservation. 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 | $57 | 0.54%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 12.35%. For the same period, the Portfolio's broad-based benchmark, the MSCI World Index, returned 21.09%. The performance benchmark, the Dow Jones Moderate Portfolio Index, returned 13.82% over the same period.

* The Portfolio is comprised of exchange-traded funds ("ETFs") advised by an affiliate of BlackRock Investment Management, LLC, the Portfolio's sub-adviser. 

* The equity allocation of the Portfolio is comprised entirely of "smart beta" or factor-based equity ETFs focused on rewarded risk factors in the equity asset class. These factors have shown historically to provide excess returns and/or lower risk over long investment horizons. 

* Specifically, these factors include quality, value, size (smaller companies), momentum and low volatility. The Portfolio is designed to seek exposure to all five factors in U.S. equities, while primarily targeting minimum volatility exposure in non-U.S. equities. 

* During the fiscal year ended December 31, 2025, all equity factors represented in the Portfolio posted positive returns and contributed to the Portfolio's absolute performance. The top contributors to Portfolio performance in the fiscal year included the value, EAFE minimum volatility, and momentum factor funds, all of which posted strong double digit returns during the period. 

* Size and U.S. minimum volatility factor funds posted positive returns in the fiscal year, but detracted from benchmark relative performance, as they underperformed their respective benchmarks during the period. 

* The sole fixed income fund, which tracks the Bloomberg US Aggregate Bond Index, had positive risk-adjusted return contributions to the Portfolio, but lagged equities in a year of high returns across equity markets.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Edge 50 VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g24i19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **MSCI World Index** | **Dow Jones Moderate Portfolio Index** |
| **3/21/2016** | $10000 | $10000 | $10000 |
| **3/31/2016** | $10070 | $10028 | $10058 |
| **4/30/2016** | $10090 | $10186 | $10170 |
| **5/31/2016** | $10130 | $10243 | $10188 |
| **6/30/2016** | $10300 | $10129 | $10278 |
| **7/31/2016** | $10470 | $10557 | $10586 |
| **8/31/2016** | $10410 | $10565 | $10590 |
| **9/30/2016** | $10440 | $10622 | $10641 |
| **10/31/2016** | $10260 | $10416 | $10442 |
| **11/30/2016** | $10180 | $10566 | $10483 |
| **12/31/2016** | $10270 | $10819 | $10572 |
| **1/31/2017** | $10380 | $11080 | $10779 |
| **2/28/2017** | $10600 | $11387 | $10992 |
| **3/31/2017** | $10640 | $11508 | $11042 |
| **4/30/2017** | $10750 | $11679 | $11167 |
| **5/31/2017** | $10930 | $11926 | $11299 |
| **6/30/2017** | $10940 | $11972 | $11342 |
| **7/31/2017** | $11070 | $12258 | $11545 |
| **8/31/2017** | $11156 | $12275 | $11598 |
| **9/30/2017** | $11216 | $12551 | $11714 |
| **10/31/2017** | $11357 | $12788 | $11859 |
| **11/30/2017** | $11509 | $13065 | $12052 |
| **12/31/2017** | $11589 | $13242 | $12174 |
| **1/31/2018** | $11791 | $13941 | $12549 |
| **2/28/2018** | $11529 | $13364 | $12224 |
| **3/31/2018** | $11509 | $13072 | $12176 |
| **4/30/2018** | $11448 | $13223 | $12165 |
| **5/31/2018** | $11559 | $13305 | $12262 |
| **6/30/2018** | $11549 | $13299 | $12230 |
| **7/31/2018** | $11710 | $13714 | $12406 |
| **8/31/2018** | $11888 | $13884 | $12547 |
| **9/30/2018** | $11888 | $13961 | $12502 |
| **10/31/2018** | $11449 | $12936 | $11870 |
| **11/30/2018** | $11572 | $13083 | $12019 |
| **12/31/2018** | $11285 | $12088 | $11540 |
| **1/31/2019** | $11735 | $13029 | $12211 |
| **2/28/2019** | $11888 | $13421 | $12420 |
| **3/31/2019** | $12093 | $13597 | $12554 |
| **4/30/2019** | $12216 | $14079 | $12787 |
| **5/31/2019** | $12052 | $13267 | $12381 |
| **6/30/2019** | $12481 | $14141 | $12928 |
| **7/31/2019** | $12543 | $14211 | $12975 |
| **8/31/2019** | $12641 | $13920 | $12850 |
| **9/30/2019** | $12703 | $14217 | $12984 |
| **10/31/2019** | $12806 | $14578 | $13192 |
| **11/30/2019** | $12950 | $14984 | $13404 |
| **12/31/2019** | $13095 | $15433 | $13686 |
| **1/31/2020** | $13209 | $15339 | $13626 |
| **2/29/2020** | $12785 | $14043 | $12985 |
| **3/31/2020** | $11980 | $12184 | $11626 |
| **4/30/2020** | $12651 | $13515 | $12527 |
| **5/31/2020** | $12971 | $14168 | $12930 |
| **6/30/2020** | $13095 | $14543 | $13185 |
| **7/31/2020** | $13425 | $15239 | $13691 |
| **8/31/2020** | $13707 | $16257 | $14065 |
| **9/30/2020** | $13529 | $15696 | $13825 |
| **10/31/2020** | $13309 | $15215 | $13757 |
| **11/30/2020** | $14127 | $17160 | $14882 |
| **12/31/2020** | $14368 | $17888 | $15361 |
| **1/31/2021** | $14284 | $17710 | $15329 |
| **2/28/2021** | $14295 | $18164 | $15606 |
| **3/31/2021** | $14484 | $18768 | $15749 |
| **4/30/2021** | $14798 | $19641 | $16216 |
| **5/31/2021** | $14914 | $19924 | $16371 |
| **6/30/2021** | $15050 | $20221 | $16476 |
| **7/31/2021** | $15239 | $20583 | $16560 |
| **8/31/2021** | $15395 | $21096 | $16784 |
| **9/30/2021** | $14975 | $20220 | $16340 |
| **10/31/2021** | $15341 | $21365 | $16775 |
| **11/30/2021** | $15190 | $20897 | $16454 |
| **12/31/2021** | $15481 | $21790 | $16806 |
| **1/31/2022** | $14889 | $20637 | $16157 |
| **2/28/2022** | $14631 | $20115 | $15951 |
| **3/31/2022** | $14588 | $20667 | $15949 |
| **4/30/2022** | $13793 | $18950 | $14974 |
| **5/31/2022** | $13857 | $18965 | $15015 |
| **6/30/2022** | $13266 | $17322 | $14157 |
| **7/31/2022** | $13804 | $18697 | $14853 |
| **8/31/2022** | $13328 | $17916 | $14426 |
| **9/30/2022** | $12490 | $16250 | $13381 |
| **10/31/2022** | $12903 | $17417 | $13815 |
| **11/30/2022** | $13585 | $18628 | $14623 |
| **12/31/2022** | $13238 | $17837 | $14290 |
| **1/31/2023** | $13752 | $19099 | $15069 |
| **2/28/2023** | $13328 | $18640 | $14650 |
| **3/31/2023** | $13652 | $19216 | $14922 |
| **4/30/2023** | $13786 | $19553 | $14990 |
| **5/31/2023** | $13507 | $19358 | $14756 |
| **6/30/2023** | $13831 | $20528 | $15290 |
| **7/31/2023** | $14009 | $21218 | $15655 |
| **8/31/2023** | $13847 | $20711 | $15259 |
| **9/30/2023** | $13400 | $19818 | $14751 |
| **10/31/2023** | $13137 | $19243 | $14345 |
| **11/30/2023** | $13927 | $21047 | $15344 |
| **12/31/2023** | $14534 | $22080 | $16105 |
| **1/31/2024** | $14603 | $22345 | $16008 |
| **2/29/2024** | $14809 | $23292 | $16315 |
| **3/31/2024** | $15118 | $24041 | $16708 |
| **4/30/2024** | $14592 | $23148 | $16183 |
| **5/31/2024** | $14969 | $24181 | $16579 |
| **6/30/2024** | $15141 | $24673 | $16685 |
| **7/31/2024** | $15519 | $25108 | $17119 |
| **8/31/2024** | $15880 | $25772 | $17433 |
| **9/30/2024** | $16094 | $26244 | $17793 |
| **10/31/2024** | $15738 | $25723 | $17443 |
| **11/30/2024** | $16189 | $26904 | $17984 |
| **12/31/2024** | $15667 | $26202 | $17482 |
| **1/31/2025** | $15987 | $27127 | $17881 |
| **2/28/2025** | $16225 | $26932 | $17838 |
| **3/31/2025** | $16011 | $25733 | $17506 |
| **4/30/2025** | $16094 | $25962 | $17641 |
| **5/31/2025** | $16391 | $27498 | $18207 |
| **6/30/2025** | $16771 | $28685 | $18739 |
| **7/31/2025** | $16688 | $29054 | $18893 |
| **8/31/2025** | $17024 | $29812 | $19239 |
| **9/30/2025** | $17338 | $30770 | $19597 |
| **10/31/2025** | $17413 | $31387 | $19735 |
| **11/30/2025** | $17564 | $31475 | $19793 |
| **12/31/2025** | $17602 | $31730 | $19898 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9CE2 | **1 Year** | **5 Years** | **Since Inception 3/21/16** |
| Service Class | 12.35% | 4.14% | 5.95% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 21.09% | 12.15% | 12.53% |
| Dow Jones Moderate Portfolio Index<sup>Footnote Reference(b)</sup> | 13.82% | 5.31% | 7.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Dow Jones Moderate Portfolio Index is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent a moderate investor risk profile. 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 | $405613708 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1026632 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 49.9% |
| U.S. Equity Funds | 37.5 |
| International Equity Funds | 12.6 |
| Other Investment Company | 1.5 |
| Repurchase Agreements | 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 BlackRock iShares Edge 50 VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 49.9% |
| iShares MSCI EAFE Min Vol Factor ETF | 9.9 |
| iShares MSCI USA Value Factor ETF | 8.4 |
| iShares MSCI USA Quality Factor ETF | 8.2 |
| iShares MSCI USA Momentum Factor ETF | 8.0 |
| iShares MSCI USA Min Vol Factor ETF | 7.9 |
| iShares MSCI USA Size Factor ETF | 5.0 |
| iShares MSCI Emerging Markets Min Vol Factor ETF | 2.7 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Edge 50 VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Edge 75 VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Edge 75 VP (the "Portfolio") seeks long-term capital appreciation with capital preservation 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**.

## 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 | $60 | 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 Service Class shares at NAV returned 15.47%. For the same period, the Portfolio's broad-based benchmark, the MSCI World Index, returned 21.09%. The performance benchmark, the Dow Jones Moderately Aggressive Portfolio Index, returned 16.72% over the same period.

* The Portfolio is comprised of exchange-traded funds ("ETFs") advised by an affiliate of BlackRock Investment Management, LLC, the Portfolio's sub-adviser. 

* The equity allocation of the Portfolio is comprised entirely of "smart beta" or factor-based equity ETFs focused on rewarded risk factors in the equity asset class. These factors have shown historically to provide excess returns and/or lower risk over long investment horizons. 

* Specifically, these factors include quality, value, size (smaller companies), momentum and low volatility. The Portfolio is designed to seek exposure to all five factors in U.S. equities, while primarily targeting minimum volatility exposure in non-U.S. equities. 

* During the fiscal year ended December 31, 2025, all equity factors represented in the Portfolio posted positive returns and contributed to the Portfolio's absolute performance. The top contributors to Portfolio performance in the fiscal year included the value, EAFE minimum volatility, and momentum factor funds, all of which posted strong double digit returns during the period. 

* Size and U.S. minimum volatility factor funds posted positive returns in the fiscal year, but detracted from benchmark relative performance, as they underperformed their respective benchmarks during the period. 

* The sole fixed income fund, which tracks the Bloomberg US Aggregate Bond Index, had positive risk-adjusted return contributions to the Portfolio, but lagged equities in a year of high returns across equity markets.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Edge 75 VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g81m57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **MSCI World Index** | **Dow Jones Moderately Aggressive Portfolio Index** |
| **3/21/2016** | $10000 | $10000 | $10000 |
| **3/31/2016** | $10060 | $10028 | $10064 |
| **4/30/2016** | $10050 | $10186 | $10183 |
| **5/31/2016** | $10120 | $10243 | $10226 |
| **6/30/2016** | $10270 | $10129 | $10258 |
| **7/31/2016** | $10480 | $10557 | $10657 |
| **8/31/2016** | $10410 | $10565 | $10673 |
| **9/30/2016** | $10440 | $10622 | $10733 |
| **10/31/2016** | $10210 | $10416 | $10525 |
| **11/30/2016** | $10220 | $10566 | $10698 |
| **12/31/2016** | $10340 | $10819 | $10829 |
| **1/31/2017** | $10510 | $11080 | $11096 |
| **2/28/2017** | $10810 | $11387 | $11371 |
| **3/31/2017** | $10870 | $11508 | $11442 |
| **4/30/2017** | $11000 | $11679 | $11581 |
| **5/31/2017** | $11230 | $11926 | $11724 |
| **6/30/2017** | $11250 | $11972 | $11794 |
| **7/31/2017** | $11430 | $12258 | $12044 |
| **8/31/2017** | $11514 | $12275 | $12081 |
| **9/30/2017** | $11634 | $12551 | $12276 |
| **10/31/2017** | $11856 | $12788 | $12484 |
| **11/30/2017** | $12097 | $13065 | $12739 |
| **12/31/2017** | $12197 | $13242 | $12895 |
| **1/31/2018** | $12590 | $13941 | $13427 |
| **2/28/2018** | $12248 | $13364 | $12988 |
| **3/31/2018** | $12167 | $13072 | $12886 |
| **4/30/2018** | $12137 | $13223 | $12915 |
| **5/31/2018** | $12268 | $13305 | $13053 |
| **6/30/2018** | $12248 | $13299 | $13017 |
| **7/31/2018** | $12519 | $13714 | $13273 |
| **8/31/2018** | $12770 | $13884 | $13463 |
| **9/30/2018** | $12811 | $13961 | $13428 |
| **10/31/2018** | $12149 | $12936 | $12529 |
| **11/30/2018** | $12312 | $13083 | $12729 |
| **12/31/2018** | $11721 | $12088 | $11950 |
| **1/31/2019** | $12363 | $13029 | $12861 |
| **2/28/2019** | $12628 | $13421 | $13175 |
| **3/31/2019** | $12821 | $13597 | $13301 |
| **4/30/2019** | $13035 | $14079 | $13644 |
| **5/31/2019** | $12648 | $13267 | $12990 |
| **6/30/2019** | $13270 | $14141 | $13695 |
| **7/31/2019** | $13341 | $14211 | $13758 |
| **8/31/2019** | $13323 | $13920 | $13489 |
| **9/30/2019** | $13457 | $14217 | $13706 |
| **10/31/2019** | $13623 | $14578 | $13980 |
| **11/30/2019** | $13860 | $14984 | $14291 |
| **12/31/2019** | $14097 | $15433 | $14679 |
| **1/31/2020** | $14139 | $15339 | $14529 |
| **2/29/2020** | $13344 | $14043 | $13586 |
| **3/31/2020** | $12074 | $12184 | $11777 |
| **4/30/2020** | $13003 | $13515 | $12940 |
| **5/31/2020** | $13457 | $14168 | $13479 |
| **6/30/2020** | $13592 | $14543 | $13805 |
| **7/31/2020** | $14025 | $15239 | $14418 |
| **8/31/2020** | $14524 | $16257 | $14976 |
| **9/30/2020** | $14261 | $15696 | $14636 |
| **10/31/2020** | $13957 | $15215 | $14547 |
| **11/30/2020** | $15165 | $17160 | $16091 |
| **12/31/2020** | $15544 | $17888 | $16754 |
| **1/31/2021** | $15470 | $17710 | $16748 |
| **2/28/2021** | $15617 | $18164 | $17241 |
| **3/31/2021** | $15995 | $18768 | $17537 |
| **4/30/2021** | $16458 | $19641 | $18183 |
| **5/31/2021** | $16647 | $19924 | $18393 |
| **6/30/2021** | $16815 | $20221 | $18550 |
| **7/31/2021** | $17046 | $20583 | $18608 |
| **8/31/2021** | $17327 | $21096 | $18965 |
| **9/30/2021** | $16709 | $20220 | $18368 |
| **10/31/2021** | $17316 | $21365 | $19041 |
| **11/30/2021** | $17045 | $20897 | $18553 |
| **12/31/2021** | $17554 | $21790 | $19109 |
| **1/31/2022** | $16742 | $20637 | $18238 |
| **2/28/2022** | $16395 | $20115 | $17994 |
| **3/31/2022** | $16568 | $20667 | $18167 |
| **4/30/2022** | $15517 | $18950 | $16938 |
| **5/31/2022** | $15593 | $18965 | $16975 |
| **6/30/2022** | $14694 | $17322 | $15762 |
| **7/31/2022** | $15420 | $18697 | $16723 |
| **8/31/2022** | $14854 | $17916 | $16261 |
| **9/30/2022** | $13760 | $16250 | $14899 |
| **10/31/2022** | $14543 | $17417 | $15624 |
| **11/30/2022** | $15406 | $18628 | $16652 |
| **12/31/2022** | $14911 | $17837 | $16130 |
| **1/31/2023** | $15521 | $19099 | $17166 |
| **2/28/2023** | $15015 | $18640 | $16682 |
| **3/31/2023** | $15371 | $19216 | $16941 |
| **4/30/2023** | $15567 | $19553 | $17013 |
| **5/31/2023** | $15176 | $19358 | $16733 |
| **6/30/2023** | $15751 | $20528 | $17555 |
| **7/31/2023** | $16073 | $21218 | $18110 |
| **8/31/2023** | $15830 | $20711 | $17598 |
| **9/30/2023** | $15286 | $19818 | $16966 |
| **10/31/2023** | $14959 | $19243 | $16410 |
| **11/30/2023** | $15975 | $21047 | $17692 |
| **12/31/2023** | $16714 | $22080 | $18645 |
| **1/31/2024** | $16847 | $22345 | $18544 |
| **2/29/2024** | $17331 | $23292 | $19111 |
| **3/31/2024** | $17803 | $24041 | $19689 |
| **4/30/2024** | $17101 | $23148 | $19012 |
| **5/31/2024** | $17633 | $24181 | $19551 |
| **6/30/2024** | $17863 | $24673 | $19681 |
| **7/31/2024** | $18311 | $25108 | $20210 |
| **8/31/2024** | $18834 | $25772 | $20579 |
| **9/30/2024** | $19075 | $26244 | $21054 |
| **10/31/2024** | $18707 | $25723 | $20659 |
| **11/30/2024** | $19392 | $26904 | $21483 |
| **12/31/2024** | $18618 | $26202 | $20740 |
| **1/31/2025** | $19151 | $27127 | $21353 |
| **2/28/2025** | $19379 | $26932 | $21206 |
| **3/31/2025** | $19012 | $25733 | $20650 |
| **4/30/2025** | $19126 | $25962 | $20795 |
| **5/31/2025** | $19722 | $27498 | $21698 |
| **6/30/2025** | $20267 | $28685 | $22485 |
| **7/31/2025** | $20153 | $29054 | $22743 |
| **8/31/2025** | $20643 | $29812 | $23249 |
| **9/30/2025** | $21105 | $30770 | $23793 |
| **10/31/2025** | $21187 | $31387 | $23995 |
| **11/30/2025** | $21390 | $31475 | $24064 |
| **12/31/2025** | $21499 | $31730 | $24209 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I9CF2 | **1 Year** | **5 Years** | **Since Inception 3/21/16** |
| Service Class | 15.47% | 6.70% | 8.14% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 21.09% | 12.15% | 12.53% |
| Dow Jones Moderately Aggressive Portfolio Index<sup>Footnote Reference(b)</sup> | 16.72% | 7.64% | 9.46% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Dow Jones Moderately Aggressive Portfolio Index is designed to measure a total portfolio of stocks, bonds, and cash, allocated to represent a moderately aggressive investor risk profile. 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 | $149965427 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $373413 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 56.4% |
| U.S. Fixed Income Funds | 24.9 |
| International Equity Funds | 18.7 |
| Other Investment Company | 0.3 |
| Repurchase Agreements | 0.1 |
| 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. |

---

Transamerica BlackRock iShares Edge 75 VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 24.9% |
| iShares MSCI EAFE Min Vol Factor ETF | 14.9 |
| iShares MSCI USA Quality Factor ETF | 12.4 |
| iShares MSCI USA Value Factor ETF | 12.4 |
| iShares MSCI USA Min Vol Factor ETF | 12.4 |
| iShares MSCI USA Momentum Factor ETF | 11.9 |
| iShares MSCI USA Size Factor ETF | 7.3 |
| iShares MSCI Emerging Markets Min Vol Factor ETF | 4.0 |

---

## 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Edge 75 VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Tactical - Balanced VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Tactical - Balanced VP (the "Portfolio") seeks a combination of capital appreciation and 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 | $52 | 0.49%<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 13.23%. For the same period, the Portfolio's broad-based benchmark, the MSCI All Country World Index, returned 22.34%. The performance benchmark, the Transamerica BlackRock iShares Tactical - Balanced VP Blended Benchmark, returned 14.71% over the same period.

* The Portfolio underperformed its blended benchmark, consisting of the MSCI All Country World Index (50%) and Bloomberg US Aggregate Bond Index (50%), during the fiscal year ended December 31, 2025. 

* Active asset allocation detracted from performance during the fiscal year, with the majority of the underperformance coming from fixed income positioning. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the fiscal year, also contributed to performance. An underweight to U.S. equities detracted from performance. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Tactical - Balanced VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g09c25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **MSCI All Country World Index** | **Transamerica BlackRock iShares Tactical - Growth VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9762 | $9397 | $9646 |
| **2/29/2016** | $9735 | $9332 | $9646 |
| **3/31/2016** | $10115 | $10024 | $10150 |
| **4/30/2016** | $10212 | $10172 | $10243 |
| **5/31/2016** | $10265 | $10185 | $10336 |
| **6/30/2016** | $10353 | $10123 | $10383 |
| **7/31/2016** | $10635 | $10559 | $10720 |
| **8/31/2016** | $10636 | $10595 | $10733 |
| **9/30/2016** | $10618 | $10660 | $10747 |
| **10/31/2016** | $10423 | $10479 | $10548 |
| **11/30/2016** | $10414 | $10558 | $10667 |
| **12/31/2016** | $10565 | $10786 | $10852 |
| **1/31/2017** | $10654 | $11081 | $11014 |
| **2/28/2017** | $10875 | $11392 | $11299 |
| **3/31/2017** | $10866 | $11532 | $11349 |
| **4/30/2017** | $10982 | $11711 | $11491 |
| **5/31/2017** | $11124 | $11970 | $11663 |
| **6/30/2017** | $11168 | $12024 | $11723 |
| **7/31/2017** | $11292 | $12360 | $11912 |
| **8/31/2017** | $11370 | $12408 | $11966 |
| **9/30/2017** | $11483 | $12647 | $12149 |
| **10/31/2017** | $11605 | $12910 | $12329 |
| **11/30/2017** | $11764 | $13160 | $12556 |
| **12/31/2017** | $11877 | $13372 | $12684 |
| **1/31/2018** | $12158 | $14127 | $13108 |
| **2/28/2018** | $11755 | $13533 | $12694 |
| **3/31/2018** | $11652 | $13244 | $12541 |
| **4/30/2018** | $11595 | $13370 | $12575 |
| **5/31/2018** | $11736 | $13387 | $12755 |
| **6/30/2018** | $11745 | $13314 | $12765 |
| **7/31/2018** | $11933 | $13716 | $13066 |
| **8/31/2018** | $12123 | $13824 | $13296 |
| **9/30/2018** | $12081 | $13884 | $13303 |
| **10/31/2018** | $11473 | $12843 | $12563 |
| **11/30/2018** | $11536 | $13031 | $12717 |
| **12/31/2018** | $11075 | $12113 | $12060 |
| **1/31/2019** | $11631 | $13070 | $12781 |
| **2/28/2019** | $11819 | $13419 | $13062 |
| **3/31/2019** | $12050 | $13588 | $13293 |
| **4/30/2019** | $12312 | $14047 | $13641 |
| **5/31/2019** | $11966 | $13214 | $13158 |
| **6/30/2019** | $12511 | $14079 | $13854 |
| **7/31/2019** | $12584 | $14120 | $13942 |
| **8/31/2019** | $12669 | $13785 | $13919 |
| **9/30/2019** | $12732 | $14075 | $14083 |
| **10/31/2019** | $12890 | $14460 | $14339 |
| **11/30/2019** | $13090 | $14813 | $14651 |
| **12/31/2019** | $13279 | $15335 | $14948 |
| **1/31/2020** | $13416 | $15166 | $15007 |
| **2/29/2020** | $13185 | $13941 | $14234 |
| **3/31/2020** | $12532 | $12059 | $12855 |
| **4/30/2020** | $12995 | $13351 | $13997 |
| **5/31/2020** | $13216 | $13931 | $14488 |
| **6/30/2020** | $13416 | $14376 | $14777 |
| **7/31/2020** | $13700 | $15137 | $15384 |
| **8/31/2020** | $13951 | $16063 | $16022 |
| **9/30/2020** | $13765 | $15545 | $15626 |
| **10/31/2020** | $13672 | $15167 | $15304 |
| **11/30/2020** | $14242 | $17037 | $16720 |
| **12/31/2020** | $14498 | $17828 | $17233 |
| **1/31/2021** | $14440 | $17747 | $17088 |
| **2/28/2021** | $14370 | $18158 | $17320 |
| **3/31/2021** | $14370 | $18643 | $17668 |
| **4/30/2021** | $14778 | $19458 | $18298 |
| **5/31/2021** | $14836 | $19761 | $18487 |
| **6/30/2021** | $15057 | $20021 | $18775 |
| **7/31/2021** | $15290 | $20159 | $19076 |
| **8/31/2021** | $15471 | $20664 | $19426 |
| **9/30/2021** | $14956 | $19810 | $18786 |
| **10/31/2021** | $15395 | $20821 | $19574 |
| **11/30/2021** | $15320 | $20320 | $19367 |
| **12/31/2021** | $15458 | $21133 | $19947 |
| **1/31/2022** | $14717 | $20095 | $19015 |
| **2/28/2022** | $14428 | $19576 | $18608 |
| **3/31/2022** | $14240 | $20000 | $18815 |
| **4/30/2022** | $13399 | $18399 | $17437 |
| **5/31/2022** | $13449 | $18420 | $17495 |
| **6/30/2022** | $12871 | $16868 | $16360 |
| **7/31/2022** | $13386 | $18046 | $17444 |
| **8/31/2022** | $12918 | $17381 | $16791 |
| **9/30/2022** | $12149 | $15717 | $15455 |
| **10/31/2022** | $12219 | $16666 | $16210 |
| **11/30/2022** | $12764 | $17958 | $17174 |
| **12/31/2022** | $12456 | $17252 | $16592 |
| **1/31/2023** | $13029 | $18488 | $17582 |
| **2/28/2023** | $12694 | $17958 | $17136 |
| **3/31/2023** | $12918 | $18512 | $17638 |
| **4/30/2023** | $13029 | $18778 | $17871 |
| **5/31/2023** | $12890 | $18577 | $17709 |
| **6/30/2023** | $13253 | $19656 | $18483 |
| **7/31/2023** | $13477 | $20375 | $18911 |
| **8/31/2023** | $13201 | $19806 | $18551 |
| **9/30/2023** | $12621 | $18987 | $17787 |
| **10/31/2023** | $12309 | $18416 | $17323 |
| **11/30/2023** | $13088 | $20116 | $18717 |
| **12/31/2023** | $13825 | $21082 | $19660 |
| **1/31/2024** | $13811 | $21206 | $19775 |
| **2/29/2024** | $14051 | $22116 | $20320 |
| **3/31/2024** | $14391 | $22810 | $20849 |
| **4/30/2024** | $13811 | $22057 | $20086 |
| **5/31/2024** | $14278 | $22953 | $20759 |
| **6/30/2024** | $14476 | $23464 | $21142 |
| **7/31/2024** | $14717 | $23843 | $21529 |
| **8/31/2024** | $14981 | $24448 | $22004 |
| **9/30/2024** | $15232 | $25016 | $22451 |
| **10/31/2024** | $14952 | $24455 | $21931 |
| **11/30/2024** | $15349 | $25370 | $22575 |
| **12/31/2024** | $15055 | $24769 | $22090 |
| **1/31/2025** | $15335 | $25600 | $22644 |
| **2/28/2025** | $15393 | $25446 | $22698 |
| **3/31/2025** | $15055 | $24441 | $22073 |
| **4/30/2025** | $15099 | $24669 | $22243 |
| **5/31/2025** | $15541 | $26087 | $23090 |
| **6/30/2025** | $15967 | $27258 | $23922 |
| **7/31/2025** | $16041 | $27628 | $24131 |
| **8/31/2025** | $16347 | $28310 | $24634 |
| **9/30/2025** | $16712 | $29336 | $25340 |
| **10/31/2025** | $16925 | $29992 | $25784 |
| **11/30/2025** | $16971 | $29989 | $25830 |
| **12/31/2025** | $17047 | $30302 | $26007 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFN1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 13.23% | 3.29% | 5.48% |
| MSCI All Country World Index<sup>Footnote Reference(a)</sup> | 22.34% | 11.19% | 11.72% |
| Transamerica BlackRock iShares Tactical - Balanced VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 14.71% | 5.68% | 7.83% |

---

---

| | |
|:---|:---|
| 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;The Transamerica BlackRock iShares Tactical – Balanced VP Blended Benchmark consists of the following: MSCI All Country World Index, 50% and Bloomberg US Aggregate Bond Index, 50%. 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 | $310705670 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1427098 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 44.6% |
| U.S. Equity Funds | 30.0 |
| International Equity Funds | 21.0 |
| Other Investment Company | 7.9 |
| Repurchase Agreements | 4.0 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.5) |

---

---

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

---

Transamerica BlackRock iShares Tactical - Balanced VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares 0-1 Year Treasury Bond ETF | 23.6% |
| iShares Core S&P Total U.S. Stock Market ETF | 19.0 |
| iShares Core U.S. Aggregate Bond ETF | 13.8 |
| iShares Core S&P 500 ETF | 11.0 |
| iShares Broad USD Investment Grade Corporate Bond ETF | 6.1 |
| iShares Core MSCI EAFE ETF | 5.9 |
| iShares MSCI EAFE ETF | 5.1 |
| iShares MSCI Emerging Markets ETF | 3.1 |
| iShares MSCI Japan ETF | 2.9 |
| iShares Core MSCI Emerging Markets ETF | 2.4 |

---

## 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 August 1, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated June 16, 2025, the following occurred:

* Transamerica Asset Management, Inc. ("TAM"), the Portfolio's investment manager, contractually agreed, through May 1, 2026, to waive an additional 0.03% of the Portfolio's management fee. This amount waived by TAM is not subject to recapture; and 

* The Portfolio's Annual Fund Operating Expenses were restated to reflect the additional management fee waiver and resulting lower Portfolio expenses.

## 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Tactical - Balanced VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Tactical - Balanced VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Tactical - Balanced VP (the "Portfolio") seeks a combination of capital appreciation and 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 | $79 | 0.74%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 13.00%. For the same period, the Portfolio's broad-based benchmark, the MSCI All Country World Index, returned 22.34%. The performance benchmark, the Transamerica BlackRock iShares Tactical - Balanced VP Blended Benchmark, returned 14.71% over the same period.

* The Portfolio underperformed its blended benchmark, consisting of the MSCI All Country World Index (50%) and Bloomberg US Aggregate Bond Index (50%), during the fiscal year ended December 31, 2025. 

* Active asset allocation detracted from performance during the fiscal year, with the majority of the underperformance coming from fixed income positioning. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the fiscal year, also contributed to performance. An underweight to U.S. equities detracted from performance. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Tactical - Balanced VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g08d29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **MSCI All Country World Index** | **Transamerica BlackRock iShares Tactical - Growth VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9750 | $9397 | $9646 |
| **2/29/2016** | $9732 | $9332 | $9646 |
| **3/31/2016** | $10107 | $10024 | $10150 |
| **4/30/2016** | $10196 | $10172 | $10243 |
| **5/31/2016** | $10250 | $10185 | $10336 |
| **6/30/2016** | $10339 | $10123 | $10383 |
| **7/31/2016** | $10616 | $10559 | $10720 |
| **8/31/2016** | $10619 | $10595 | $10733 |
| **9/30/2016** | $10601 | $10660 | $10747 |
| **10/31/2016** | $10395 | $10479 | $10548 |
| **11/30/2016** | $10386 | $10558 | $10667 |
| **12/31/2016** | $10538 | $10786 | $10852 |
| **1/31/2017** | $10619 | $11081 | $11014 |
| **2/28/2017** | $10833 | $11392 | $11299 |
| **3/31/2017** | $10833 | $11532 | $11349 |
| **4/30/2017** | $10950 | $11711 | $11491 |
| **5/31/2017** | $11084 | $11970 | $11663 |
| **6/30/2017** | $11120 | $12024 | $11723 |
| **7/31/2017** | $11245 | $12360 | $11912 |
| **8/31/2017** | $11325 | $12408 | $11966 |
| **9/30/2017** | $11429 | $12647 | $12149 |
| **10/31/2017** | $11551 | $12910 | $12329 |
| **11/30/2017** | $11712 | $13160 | $12556 |
| **12/31/2017** | $11806 | $13372 | $12684 |
| **1/31/2018** | $12090 | $14127 | $13108 |
| **2/28/2018** | $11684 | $13533 | $12694 |
| **3/31/2018** | $11589 | $13244 | $12541 |
| **4/30/2018** | $11523 | $13370 | $12575 |
| **5/31/2018** | $11665 | $13387 | $12755 |
| **6/30/2018** | $11674 | $13314 | $12765 |
| **7/31/2018** | $11854 | $13716 | $13066 |
| **8/31/2018** | $12042 | $13824 | $13296 |
| **9/30/2018** | $12000 | $13884 | $13303 |
| **10/31/2018** | $11388 | $12843 | $12563 |
| **11/30/2018** | $11451 | $13031 | $12717 |
| **12/31/2018** | $10987 | $12113 | $12060 |
| **1/31/2019** | $11536 | $13070 | $12781 |
| **2/28/2019** | $11726 | $13419 | $13062 |
| **3/31/2019** | $11947 | $13588 | $13293 |
| **4/30/2019** | $12211 | $14047 | $13641 |
| **5/31/2019** | $11863 | $13214 | $13158 |
| **6/30/2019** | $12400 | $14079 | $13854 |
| **7/31/2019** | $12464 | $14120 | $13942 |
| **8/31/2019** | $12547 | $13785 | $13919 |
| **9/30/2019** | $12611 | $14075 | $14083 |
| **10/31/2019** | $12769 | $14460 | $14339 |
| **11/30/2019** | $12959 | $14813 | $14651 |
| **12/31/2019** | $13149 | $15335 | $14948 |
| **1/31/2020** | $13276 | $15166 | $15007 |
| **2/29/2020** | $13054 | $13941 | $14234 |
| **3/31/2020** | $12399 | $12059 | $12855 |
| **4/30/2020** | $12854 | $13351 | $13997 |
| **5/31/2020** | $13065 | $13931 | $14488 |
| **6/30/2020** | $13255 | $14376 | $14777 |
| **7/31/2020** | $13540 | $15137 | $15384 |
| **8/31/2020** | $13789 | $16063 | $16022 |
| **9/30/2020** | $13602 | $15545 | $15626 |
| **10/31/2020** | $13497 | $15167 | $15304 |
| **11/30/2020** | $14057 | $17037 | $16720 |
| **12/31/2020** | $14314 | $17828 | $17233 |
| **1/31/2021** | $14256 | $17747 | $17088 |
| **2/28/2021** | $14186 | $18158 | $17320 |
| **3/31/2021** | $14174 | $18643 | $17668 |
| **4/30/2021** | $14582 | $19458 | $18298 |
| **5/31/2021** | $14629 | $19761 | $18487 |
| **6/30/2021** | $14839 | $20021 | $18775 |
| **7/31/2021** | $15072 | $20159 | $19076 |
| **8/31/2021** | $15254 | $20664 | $19426 |
| **9/30/2021** | $14737 | $19810 | $18786 |
| **10/31/2021** | $15166 | $20821 | $19574 |
| **11/30/2021** | $15090 | $20320 | $19367 |
| **12/31/2021** | $15229 | $21133 | $19947 |
| **1/31/2022** | $14498 | $20095 | $19015 |
| **2/28/2022** | $14195 | $19576 | $18608 |
| **3/31/2022** | $14006 | $20000 | $18815 |
| **4/30/2022** | $13186 | $18399 | $17437 |
| **5/31/2022** | $13237 | $18420 | $17495 |
| **6/30/2022** | $12657 | $16868 | $16360 |
| **7/31/2022** | $13174 | $18046 | $17444 |
| **8/31/2022** | $12698 | $17381 | $16791 |
| **9/30/2022** | $11941 | $15717 | $15455 |
| **10/31/2022** | $11997 | $16666 | $16210 |
| **11/30/2022** | $12544 | $17958 | $17174 |
| **12/31/2022** | $12236 | $17252 | $16592 |
| **1/31/2023** | $12796 | $18488 | $17582 |
| **2/28/2023** | $12460 | $17958 | $17136 |
| **3/31/2023** | $12684 | $18512 | $17638 |
| **4/30/2023** | $12796 | $18778 | $17871 |
| **5/31/2023** | $12642 | $18577 | $17709 |
| **6/30/2023** | $12993 | $19656 | $18483 |
| **7/31/2023** | $13217 | $20375 | $18911 |
| **8/31/2023** | $12945 | $19806 | $18551 |
| **9/30/2023** | $12364 | $18987 | $17787 |
| **10/31/2023** | $12067 | $18416 | $17323 |
| **11/30/2023** | $12831 | $20116 | $18717 |
| **12/31/2023** | $13539 | $21082 | $19660 |
| **1/31/2024** | $13539 | $21206 | $19775 |
| **2/29/2024** | $13766 | $22116 | $20320 |
| **3/31/2024** | $14092 | $22810 | $20849 |
| **4/30/2024** | $13525 | $22057 | $20086 |
| **5/31/2024** | $13978 | $22953 | $20759 |
| **6/30/2024** | $14163 | $23464 | $21142 |
| **7/31/2024** | $14403 | $23843 | $21529 |
| **8/31/2024** | $14657 | $24448 | $22004 |
| **9/30/2024** | $14892 | $25016 | $22451 |
| **10/31/2024** | $14628 | $24455 | $21931 |
| **11/30/2024** | $15010 | $25370 | $22575 |
| **12/31/2024** | $14716 | $24769 | $22090 |
| **1/31/2025** | $14980 | $25600 | $22644 |
| **2/28/2025** | $15039 | $25446 | $22698 |
| **3/31/2025** | $14716 | $24441 | $22073 |
| **4/30/2025** | $14745 | $24669 | $22243 |
| **5/31/2025** | $15171 | $26087 | $23090 |
| **6/30/2025** | $15583 | $27258 | $23922 |
| **7/31/2025** | $15656 | $27628 | $24131 |
| **8/31/2025** | $15962 | $28310 | $24634 |
| **9/30/2025** | $16295 | $29336 | $25340 |
| **10/31/2025** | $16508 | $29992 | $25784 |
| **11/30/2025** | $16553 | $29989 | $25830 |
| **12/31/2025** | $16629 | $30302 | $26007 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFN2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 13.00% | 3.04% | 5.22% |
| MSCI All Country World Index<sup>Footnote Reference(a)</sup> | 22.34% | 11.19% | 11.72% |
| Transamerica BlackRock iShares Tactical - Balanced VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 14.71% | 5.68% | 7.83% |

---

---

| | |
|:---|:---|
| 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;The Transamerica BlackRock iShares Tactical – Balanced VP Blended Benchmark consists of the following: MSCI All Country World Index, 50% and Bloomberg US Aggregate Bond Index, 50%. 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 | $310705670 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1427098 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 44.6% |
| U.S. Equity Funds | 30.0 |
| International Equity Funds | 21.0 |
| Other Investment Company | 7.9 |
| Repurchase Agreements | 4.0 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (7.5) |

---

---

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

---

Transamerica BlackRock iShares Tactical - Balanced VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares 0-1 Year Treasury Bond ETF | 23.6% |
| iShares Core S&P Total U.S. Stock Market ETF | 19.0 |
| iShares Core U.S. Aggregate Bond ETF | 13.8 |
| iShares Core S&P 500 ETF | 11.0 |
| iShares Broad USD Investment Grade Corporate Bond ETF | 6.1 |
| iShares Core MSCI EAFE ETF | 5.9 |
| iShares MSCI EAFE ETF | 5.1 |
| iShares MSCI Emerging Markets ETF | 3.1 |
| iShares MSCI Japan ETF | 2.9 |
| iShares Core MSCI Emerging Markets ETF | 2.4 |

---

## 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 August 1, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated June 16, 2025, the following occurred:

* Transamerica Asset Management, Inc. ("TAM"), the Portfolio's investment manager, contractually agreed, through May 1, 2026, to waive an additional 0.03% of the Portfolio's management fee. This amount waived by TAM is not subject to recapture; and 

* The Portfolio's Annual Fund Operating Expenses were restated to reflect the additional management fee waiver and resulting lower Portfolio expenses.

## 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Tactical - Balanced VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Tactical - Conservative VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Tactical - Conservative VP (the "Portfolio") seeks a combination of capital appreciation and 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 | $54 | 0.51%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 11.03%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%. The performance benchmark, the Transamerica BlackRock iShares Tactical - Conservative VP Blended Benchmark, returned 12.46% over the same period.

* The Portfolio underperformed its blended benchmark, consisting of the MSCI All Country World Index (35%) and Bloomberg US Aggregate Bond Index (65%), during the fiscal year ended December 31, 2025. 

* Active asset allocation detracted from performance during the fiscal year, with the majority of the underperformance coming from fixed income positioning. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the period, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the latter part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the period, also contributed to performance. However, an underweight to U.S. equities detracted from performance. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the Portfolio's sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Tactical - Conservative VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g38f14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Bloomberg US Aggregate Bond Index** | **Transamerica BlackRock iShares Tactical - Conservative VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9864 | $10138 | $9896 |
| **2/29/2016** | $9828 | $10210 | $9956 |
| **3/31/2016** | $10163 | $10303 | $10295 |
| **4/30/2016** | $10244 | $10343 | $10370 |
| **5/31/2016** | $10299 | $10345 | $10428 |
| **6/30/2016** | $10452 | $10531 | $10603 |
| **7/31/2016** | $10697 | $10598 | $10838 |
| **8/31/2016** | $10704 | $10586 | $10841 |
| **9/30/2016** | $10677 | $10580 | $10826 |
| **10/31/2016** | $10485 | $10499 | $10645 |
| **11/30/2016** | $10422 | $10250 | $10565 |
| **12/31/2016** | $10522 | $10265 | $10672 |
| **1/31/2017** | $10604 | $10285 | $10760 |
| **2/28/2017** | $10804 | $10354 | $10953 |
| **3/31/2017** | $10795 | $10349 | $10960 |
| **4/30/2017** | $10904 | $10428 | $11077 |
| **5/31/2017** | $11032 | $10509 | $11203 |
| **6/30/2017** | $11068 | $10498 | $11252 |
| **7/31/2017** | $11168 | $10543 | $11359 |
| **8/31/2017** | $11266 | $10638 | $11450 |
| **9/30/2017** | $11333 | $10587 | $11511 |
| **10/31/2017** | $11429 | $10593 | $11603 |
| **11/30/2017** | $11553 | $10580 | $11716 |
| **12/31/2017** | $11648 | $10628 | $11816 |
| **1/31/2018** | $11820 | $10506 | $11928 |
| **2/28/2018** | $11505 | $10406 | $11652 |
| **3/31/2018** | $11457 | $10473 | $11640 |
| **4/30/2018** | $11371 | $10395 | $11589 |
| **5/31/2018** | $11524 | $10469 | $11743 |
| **6/30/2018** | $11533 | $10456 | $11737 |
| **7/31/2018** | $11677 | $10459 | $11879 |
| **8/31/2018** | $11856 | $10526 | $12043 |
| **9/30/2018** | $11793 | $10458 | $11986 |
| **10/31/2018** | $11307 | $10376 | $11562 |
| **11/30/2018** | $11381 | $10438 | $11666 |
| **12/31/2018** | $11075 | $10629 | $11474 |
| **1/31/2019** | $11529 | $10742 | $11910 |
| **2/28/2019** | $11687 | $10736 | $12040 |
| **3/31/2019** | $11920 | $10942 | $12296 |
| **4/30/2019** | $12120 | $10945 | $12456 |
| **5/31/2019** | $11930 | $11139 | $12375 |
| **6/30/2019** | $12384 | $11279 | $12814 |
| **7/31/2019** | $12447 | $11304 | $12878 |
| **8/31/2019** | $12650 | $11597 | $13129 |
| **9/30/2019** | $12650 | $11535 | $13138 |
| **10/31/2019** | $12777 | $11570 | $13269 |
| **11/30/2019** | $12936 | $11564 | $13419 |
| **12/31/2019** | $13053 | $11556 | $13528 |
| **1/31/2020** | $13275 | $11778 | $13751 |
| **2/29/2020** | $13191 | $11990 | $13569 |
| **3/31/2020** | $12629 | $11920 | $12782 |
| **4/30/2020** | $13042 | $12132 | $13544 |
| **5/31/2020** | $13233 | $12188 | $13822 |
| **6/30/2020** | $13445 | $12265 | $14029 |
| **7/31/2020** | $13763 | $12448 | $14506 |
| **8/31/2020** | $13890 | $12348 | $14687 |
| **9/30/2020** | $13775 | $12341 | $14498 |
| **10/31/2020** | $13683 | $12286 | $14313 |
| **11/30/2020** | $14156 | $12406 | $15113 |
| **12/31/2020** | $14387 | $12423 | $15362 |
| **1/31/2021** | $14283 | $12334 | $15211 |
| **2/28/2021** | $14110 | $12156 | $15158 |
| **3/31/2021** | $14017 | $12005 | $15157 |
| **4/30/2021** | $14363 | $12099 | $15507 |
| **5/31/2021** | $14433 | $12139 | $15619 |
| **6/30/2021** | $14663 | $12224 | $15871 |
| **7/31/2021** | $14894 | $12361 | $16109 |
| **8/31/2021** | $15024 | $12337 | $16240 |
| **9/30/2021** | $14605 | $12230 | $15865 |
| **10/31/2021** | $14923 | $12227 | $16234 |
| **11/30/2021** | $14897 | $12263 | $16201 |
| **12/31/2021** | $15024 | $12232 | $16398 |
| **1/31/2022** | $14428 | $11968 | $15755 |
| **2/28/2022** | $14161 | $11835 | $15484 |
| **3/31/2022** | $13933 | $11506 | $15334 |
| **4/30/2022** | $13197 | $11069 | $14374 |
| **5/31/2022** | $13210 | $11141 | $14418 |
| **6/30/2022** | $12778 | $10966 | $13819 |
| **7/31/2022** | $13210 | $11234 | $14468 |
| **8/31/2022** | $12836 | $10917 | $13992 |
| **9/30/2022** | $12192 | $10445 | $13090 |
| **10/31/2022** | $12110 | $10310 | $13314 |
| **11/30/2022** | $12562 | $10689 | $13978 |
| **12/31/2022** | $12452 | $10641 | $13673 |
| **1/31/2023** | $12946 | $10968 | $14341 |
| **2/28/2023** | $12617 | $10684 | $13940 |
| **3/31/2023** | $12863 | $10956 | $14337 |
| **4/30/2023** | $12946 | $11022 | $14462 |
| **5/31/2023** | $12795 | $10902 | $14296 |
| **6/30/2023** | $12987 | $10863 | $14614 |
| **7/31/2023** | $13137 | $10856 | $14773 |
| **8/31/2023** | $12908 | $10786 | $14559 |
| **9/30/2023** | $12379 | $10512 | $14023 |
| **10/31/2023** | $12143 | $10346 | $13688 |
| **11/30/2023** | $12741 | $10815 | $14610 |
| **12/31/2023** | $13395 | $11229 | $15334 |
| **1/31/2024** | $13339 | $11198 | $15324 |
| **2/29/2024** | $13450 | $11040 | $15429 |
| **3/31/2024** | $13729 | $11142 | $15709 |
| **4/30/2024** | $13228 | $10860 | $15169 |
| **5/31/2024** | $13603 | $11044 | $15552 |
| **6/30/2024** | $13770 | $11149 | $15769 |
| **7/31/2024** | $14021 | $11409 | $16097 |
| **8/31/2024** | $14255 | $11573 | $16391 |
| **9/30/2024** | $14471 | $11728 | $16666 |
| **10/31/2024** | $14197 | $11437 | $16267 |
| **11/30/2024** | $14515 | $11558 | $16592 |
| **12/31/2024** | $14255 | $11369 | $16278 |
| **1/31/2025** | $14457 | $11430 | $16525 |
| **2/28/2025** | $14573 | $11681 | $16726 |
| **3/31/2025** | $14341 | $11685 | $16499 |
| **4/30/2025** | $14356 | $11731 | $16595 |
| **5/31/2025** | $14645 | $11647 | $16852 |
| **6/30/2025** | $14977 | $11826 | $17285 |
| **7/31/2025** | $15021 | $11795 | $17338 |
| **8/31/2025** | $15272 | $11936 | $17622 |
| **9/30/2025** | $15557 | $12067 | $17971 |
| **10/31/2025** | $15722 | $12142 | $18184 |
| **11/30/2025** | $15767 | $12217 | $18257 |
| **12/31/2025** | $15827 | $12199 | $18306 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFM1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 11.03% | 1.93% | 4.70% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |
| Transamerica BlackRock iShares Tactical - Conservative VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 12.46% | 3.57% | 6.23% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</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. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;The Transamerica BlackRock iShares Tactical – Conservative VP Blended Benchmark consists of the following: MSCI All Country World Index, 35%; and Bloomberg US Aggregate Bond Index, 65%. 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 | $151965880 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $702524 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 59.6% |
| Other Investment Company | 21.9 |
| U.S. Equity Funds | 20.6 |
| International Equity Funds | 15.9 |
| Repurchase Agreements | 4.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (22.1) |

---

---

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

---

Transamerica BlackRock iShares Tactical - Conservative VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 26.9% |
| iShares 0-1 Year Treasury Bond ETF | 23.7 |
| iShares Core S&P Total U.S. Stock Market ETF | 13.8 |
| iShares Broad USD Investment Grade Corporate Bond ETF | 8.0 |
| iShares Core S&P 500 ETF | 6.8 |
| iShares Core MSCI EAFE ETF | 4.2 |
| iShares MSCI EAFE ETF | 3.5 |
| iShares MSCI Japan ETF | 3.0 |
| iShares Core MSCI Emerging Markets ETF | 2.1 |
| iShares MSCI Emerging Markets ETF | 1.8 |

---

## 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 August 1, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated June 16, 2025, the following occurred:

* Transamerica Asset Management, Inc. ("TAM"), the Portfolio's investment manager, contractually agreed, through May 1, 2026, to waive an additional 0.04% of the Portfolio's management fee. This arrangement is not subject to recapture; and 

* The Portfolio's Annual Fund Operating Expenses were restated to reflect the additional management fee waiver and resulting lower Portfolio expenses.

## 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Tactical - Conservative VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Tactical - Conservative VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Tactical - Conservative VP (the "Portfolio") seeks a combination of capital appreciation and 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 | $80 | 0.76%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 10.65%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%. The performance benchmark, the Transamerica BlackRock iShares Tactical - Conservative VP Blended Benchmark, returned 12.46% over the same period.

* The Portfolio underperformed its blended benchmark, consisting of the MSCI All Country World Index (35%) and Bloomberg US Aggregate Bond Index (65%), during the fiscal year ended December 31, 2025. 

* Active asset allocation detracted from performance during the fiscal year, with the majority of the underperformance coming from fixed income positioning. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the period, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the latter part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the period, also contributed to performance. However, an underweight to U.S. equities detracted from performance. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the Portfolio's sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Tactical - Conservative VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g91q66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Bloomberg US Aggregate Bond Index** | **Transamerica BlackRock iShares Tactical - Conservative VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9854 | $10138 | $9896 |
| **2/29/2016** | $9826 | $10210 | $9956 |
| **3/31/2016** | $10155 | $10303 | $10295 |
| **4/30/2016** | $10237 | $10343 | $10370 |
| **5/31/2016** | $10283 | $10345 | $10428 |
| **6/30/2016** | $10438 | $10531 | $10603 |
| **7/31/2016** | $10685 | $10598 | $10838 |
| **8/31/2016** | $10681 | $10586 | $10841 |
| **9/30/2016** | $10663 | $10580 | $10826 |
| **10/31/2016** | $10470 | $10499 | $10645 |
| **11/30/2016** | $10397 | $10250 | $10565 |
| **12/31/2016** | $10498 | $10265 | $10672 |
| **1/31/2017** | $10571 | $10285 | $10760 |
| **2/28/2017** | $10773 | $10354 | $10953 |
| **3/31/2017** | $10754 | $10349 | $10960 |
| **4/30/2017** | $10864 | $10428 | $11077 |
| **5/31/2017** | $10984 | $10509 | $11203 |
| **6/30/2017** | $11029 | $10498 | $11252 |
| **7/31/2017** | $11121 | $10543 | $11359 |
| **8/31/2017** | $11215 | $10638 | $11450 |
| **9/30/2017** | $11282 | $10587 | $11511 |
| **10/31/2017** | $11378 | $10593 | $11603 |
| **11/30/2017** | $11493 | $10580 | $11716 |
| **12/31/2017** | $11589 | $10628 | $11816 |
| **1/31/2018** | $11762 | $10506 | $11928 |
| **2/28/2018** | $11435 | $10406 | $11652 |
| **3/31/2018** | $11387 | $10473 | $11640 |
| **4/30/2018** | $11311 | $10395 | $11589 |
| **5/31/2018** | $11455 | $10469 | $11743 |
| **6/30/2018** | $11464 | $10456 | $11737 |
| **7/31/2018** | $11598 | $10459 | $11879 |
| **8/31/2018** | $11777 | $10526 | $12043 |
| **9/30/2018** | $11703 | $10458 | $11986 |
| **10/31/2018** | $11226 | $10376 | $11562 |
| **11/30/2018** | $11300 | $10438 | $11666 |
| **12/31/2018** | $10992 | $10629 | $11474 |
| **1/31/2019** | $11438 | $10742 | $11910 |
| **2/28/2019** | $11597 | $10736 | $12040 |
| **3/31/2019** | $11830 | $10942 | $12296 |
| **4/30/2019** | $12021 | $10945 | $12456 |
| **5/31/2019** | $11819 | $11139 | $12375 |
| **6/30/2019** | $12275 | $11279 | $12814 |
| **7/31/2019** | $12339 | $11304 | $12878 |
| **8/31/2019** | $12531 | $11597 | $13129 |
| **9/30/2019** | $12531 | $11535 | $13138 |
| **10/31/2019** | $12658 | $11570 | $13269 |
| **11/30/2019** | $12807 | $11564 | $13419 |
| **12/31/2019** | $12923 | $11556 | $13528 |
| **1/31/2020** | $13136 | $11778 | $13751 |
| **2/29/2020** | $13051 | $11990 | $13569 |
| **3/31/2020** | $12499 | $11920 | $12782 |
| **4/30/2020** | $12902 | $12132 | $13544 |
| **5/31/2020** | $13082 | $12188 | $13822 |
| **6/30/2020** | $13295 | $12265 | $14029 |
| **7/31/2020** | $13602 | $12448 | $14506 |
| **8/31/2020** | $13729 | $12348 | $14687 |
| **9/30/2020** | $13613 | $12341 | $14498 |
| **10/31/2020** | $13521 | $12286 | $14313 |
| **11/30/2020** | $13982 | $12406 | $15113 |
| **12/31/2020** | $14202 | $12423 | $15362 |
| **1/31/2021** | $14098 | $12334 | $15211 |
| **2/28/2021** | $13936 | $12156 | $15158 |
| **3/31/2021** | $13832 | $12005 | $15157 |
| **4/30/2021** | $14178 | $12099 | $15507 |
| **5/31/2021** | $14236 | $12139 | $15619 |
| **6/30/2021** | $14467 | $12224 | $15871 |
| **7/31/2021** | $14686 | $12361 | $16109 |
| **8/31/2021** | $14812 | $12337 | $16240 |
| **9/30/2021** | $14394 | $12230 | $15865 |
| **10/31/2021** | $14698 | $12227 | $16234 |
| **11/30/2021** | $14685 | $12263 | $16201 |
| **12/31/2021** | $14799 | $12232 | $16398 |
| **1/31/2022** | $14204 | $11968 | $15755 |
| **2/28/2022** | $13950 | $11835 | $15484 |
| **3/31/2022** | $13710 | $11506 | $15334 |
| **4/30/2022** | $12988 | $11069 | $14374 |
| **5/31/2022** | $13000 | $11141 | $14418 |
| **6/30/2022** | $12569 | $10966 | $13819 |
| **7/31/2022** | $12988 | $11234 | $14468 |
| **8/31/2022** | $12622 | $10917 | $13992 |
| **9/30/2022** | $11995 | $10445 | $13090 |
| **10/31/2022** | $11899 | $10310 | $13314 |
| **11/30/2022** | $12336 | $10689 | $13978 |
| **12/31/2022** | $12240 | $10641 | $13673 |
| **1/31/2023** | $12718 | $10968 | $14341 |
| **2/28/2023** | $12390 | $10684 | $13940 |
| **3/31/2023** | $12636 | $10956 | $14337 |
| **4/30/2023** | $12704 | $11022 | $14462 |
| **5/31/2023** | $12554 | $10902 | $14296 |
| **6/30/2023** | $12745 | $10863 | $14614 |
| **7/31/2023** | $12882 | $10856 | $14773 |
| **8/31/2023** | $12670 | $10786 | $14559 |
| **9/30/2023** | $12145 | $10512 | $14023 |
| **10/31/2023** | $11910 | $10346 | $13688 |
| **11/30/2023** | $12490 | $10815 | $14610 |
| **12/31/2023** | $13126 | $11229 | $15334 |
| **1/31/2024** | $13071 | $11198 | $15324 |
| **2/29/2024** | $13181 | $11040 | $15429 |
| **3/31/2024** | $13444 | $11142 | $15709 |
| **4/30/2024** | $12960 | $10860 | $15169 |
| **5/31/2024** | $13319 | $11044 | $15552 |
| **6/30/2024** | $13485 | $11149 | $15769 |
| **7/31/2024** | $13720 | $11409 | $16097 |
| **8/31/2024** | $13956 | $11573 | $16391 |
| **9/30/2024** | $14157 | $11728 | $16666 |
| **10/31/2024** | $13885 | $11437 | $16267 |
| **11/30/2024** | $14200 | $11558 | $16592 |
| **12/31/2024** | $13942 | $11369 | $16278 |
| **1/31/2025** | $14128 | $11430 | $16525 |
| **2/28/2025** | $14243 | $11681 | $16726 |
| **3/31/2025** | $14014 | $11685 | $16499 |
| **4/30/2025** | $14028 | $11731 | $16595 |
| **5/31/2025** | $14300 | $11647 | $16852 |
| **6/30/2025** | $14630 | $11826 | $17285 |
| **7/31/2025** | $14673 | $11795 | $17338 |
| **8/31/2025** | $14909 | $11936 | $17622 |
| **9/30/2025** | $15175 | $12067 | $17971 |
| **10/31/2025** | $15338 | $12142 | $18184 |
| **11/30/2025** | $15383 | $12217 | $18257 |
| **12/31/2025** | $15427 | $12199 | $18306 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFM2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 10.65% | 1.67% | 4.43% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |
| Transamerica BlackRock iShares Tactical - Conservative VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 12.46% | 3.57% | 6.23% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</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. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;The Transamerica BlackRock iShares Tactical – Conservative VP Blended Benchmark consists of the following: MSCI All Country World Index, 35%; and Bloomberg US Aggregate Bond Index, 65%. 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 | $151965880 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $702524 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 59.6% |
| Other Investment Company | 21.9 |
| U.S. Equity Funds | 20.6 |
| International Equity Funds | 15.9 |
| Repurchase Agreements | 4.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (22.1) |

---

---

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

---

Transamerica BlackRock iShares Tactical - Conservative VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 26.9% |
| iShares 0-1 Year Treasury Bond ETF | 23.7 |
| iShares Core S&P Total U.S. Stock Market ETF | 13.8 |
| iShares Broad USD Investment Grade Corporate Bond ETF | 8.0 |
| iShares Core S&P 500 ETF | 6.8 |
| iShares Core MSCI EAFE ETF | 4.2 |
| iShares MSCI EAFE ETF | 3.5 |
| iShares MSCI Japan ETF | 3.0 |
| iShares Core MSCI Emerging Markets ETF | 2.1 |
| iShares MSCI Emerging Markets ETF | 1.8 |

---

## 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 August 1, 2025, and as set forth in the Supplement to the Portfolio's prospectus dated June 16, 2025, the following occurred:

* Transamerica Asset Management, Inc. ("TAM"), the Portfolio's investment manager, contractually agreed, through May 1, 2026, to waive an additional 0.04% of the Portfolio's management fee. This arrangement is not subject to recapture; and 

* The Portfolio's Annual Fund Operating Expenses were restated to reflect the additional management fee waiver and resulting lower Portfolio expenses.

## 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Tactical - Conservative VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Tactical - Growth VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Tactical - Growth VP (the "Portfolio") seeks a combination of capital appreciation and 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<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 | $55 | 0.51%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 15.81%. For the same period, the Portfolio's broad-based benchmark, the MSCI All Country World Index, returned 22.34%. The performance benchmark, the Transamerica BlackRock iShares Tactical - Growth VP Blended Benchmark, returned 17.73% over the same period.

* The Portfolio underperformed its blended benchmark, consisting of the MSCI All Country World Index (70%) and Bloomberg US Aggregate Bond Index (30%), during the fiscal year ended December 31, 2025. 

* Active asset allocation detracted from performance during the fiscal year, with the majority of the underperformance coming from fixed income positioning. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the fiscal year, also contributed to performance. An underweight to U.S. equities detracted from performance. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Tactical - Growth VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g67v90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **MSCI All Country World Index** | **Transamerica BlackRock iShares Tactical - Growth VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9691 | $9397 | $9646 |
| **2/29/2016** | $9600 | $9332 | $9646 |
| **3/31/2016** | $10036 | $10024 | $10150 |
| **4/30/2016** | $10136 | $10172 | $10243 |
| **5/31/2016** | $10191 | $10185 | $10336 |
| **6/30/2016** | $10182 | $10123 | $10383 |
| **7/31/2016** | $10500 | $10559 | $10720 |
| **8/31/2016** | $10500 | $10595 | $10733 |
| **9/30/2016** | $10490 | $10660 | $10747 |
| **10/31/2016** | $10282 | $10479 | $10548 |
| **11/30/2016** | $10336 | $10558 | $10667 |
| **12/31/2016** | $10509 | $10786 | $10852 |
| **1/31/2017** | $10627 | $11081 | $11014 |
| **2/28/2017** | $10890 | $11392 | $11299 |
| **3/31/2017** | $10908 | $11532 | $11349 |
| **4/30/2017** | $11026 | $11711 | $11491 |
| **5/31/2017** | $11181 | $11970 | $11663 |
| **6/30/2017** | $11226 | $12024 | $11723 |
| **7/31/2017** | $11381 | $12360 | $11912 |
| **8/31/2017** | $11429 | $12408 | $11966 |
| **9/30/2017** | $11599 | $12647 | $12149 |
| **10/31/2017** | $11759 | $12910 | $12329 |
| **11/30/2017** | $11986 | $13160 | $12556 |
| **12/31/2017** | $12099 | $13372 | $12684 |
| **1/31/2018** | $12533 | $14127 | $13108 |
| **2/28/2018** | $12061 | $13533 | $12694 |
| **3/31/2018** | $11863 | $13244 | $12541 |
| **4/30/2018** | $11825 | $13370 | $12575 |
| **5/31/2018** | $11938 | $13387 | $12755 |
| **6/30/2018** | $11986 | $13314 | $12765 |
| **7/31/2018** | $12240 | $13716 | $13066 |
| **8/31/2018** | $12449 | $13824 | $13296 |
| **9/30/2018** | $12438 | $13884 | $13303 |
| **10/31/2018** | $11723 | $12843 | $12563 |
| **11/30/2018** | $11799 | $13031 | $12717 |
| **12/31/2018** | $11192 | $12113 | $12060 |
| **1/31/2019** | $11788 | $13070 | $12781 |
| **2/28/2019** | $12048 | $13419 | $13062 |
| **3/31/2019** | $12254 | $13588 | $13293 |
| **4/30/2019** | $12612 | $14047 | $13641 |
| **5/31/2019** | $12070 | $13214 | $13158 |
| **6/30/2019** | $12742 | $14079 | $13854 |
| **7/31/2019** | $12818 | $14120 | $13942 |
| **8/31/2019** | $12774 | $13785 | $13919 |
| **9/30/2019** | $12893 | $14075 | $14083 |
| **10/31/2019** | $13099 | $14460 | $14339 |
| **11/30/2019** | $13381 | $14813 | $14651 |
| **12/31/2019** | $13652 | $15335 | $14948 |
| **1/31/2020** | $13695 | $15166 | $15007 |
| **2/29/2020** | $13316 | $13941 | $14234 |
| **3/31/2020** | $12677 | $12059 | $12855 |
| **4/30/2020** | $13153 | $13351 | $13997 |
| **5/31/2020** | $13392 | $13931 | $14488 |
| **6/30/2020** | $13587 | $14376 | $14777 |
| **7/31/2020** | $13858 | $15137 | $15384 |
| **8/31/2020** | $14239 | $16063 | $16022 |
| **9/30/2020** | $13992 | $15545 | $15626 |
| **10/31/2020** | $13857 | $15167 | $15304 |
| **11/30/2020** | $14559 | $17037 | $16720 |
| **12/31/2020** | $14916 | $17828 | $17233 |
| **1/31/2021** | $14904 | $17747 | $17088 |
| **2/28/2021** | $14891 | $18158 | $17320 |
| **3/31/2021** | $14941 | $18643 | $17668 |
| **4/30/2021** | $15446 | $19458 | $18298 |
| **5/31/2021** | $15532 | $19761 | $18487 |
| **6/30/2021** | $15729 | $20021 | $18775 |
| **7/31/2021** | $15975 | $20159 | $19076 |
| **8/31/2021** | $16242 | $20664 | $19426 |
| **9/30/2021** | $15644 | $19810 | $18786 |
| **10/31/2021** | $16202 | $20821 | $19574 |
| **11/30/2021** | $16096 | $20320 | $19367 |
| **12/31/2021** | $16335 | $21133 | $19947 |
| **1/31/2022** | $15525 | $20095 | $19015 |
| **2/28/2022** | $15166 | $19576 | $18608 |
| **3/31/2022** | $15126 | $20000 | $18815 |
| **4/30/2022** | $14263 | $18399 | $17437 |
| **5/31/2022** | $14316 | $18420 | $17495 |
| **6/30/2022** | $13639 | $16868 | $16360 |
| **7/31/2022** | $14290 | $18046 | $17444 |
| **8/31/2022** | $13779 | $17381 | $16791 |
| **9/30/2022** | $12939 | $15717 | $15455 |
| **10/31/2022** | $13199 | $16666 | $16210 |
| **11/30/2022** | $13856 | $17958 | $17174 |
| **12/31/2022** | $13428 | $17252 | $16592 |
| **1/31/2023** | $14100 | $18488 | $17582 |
| **2/28/2023** | $13733 | $17958 | $17136 |
| **3/31/2023** | $14008 | $18512 | $17638 |
| **4/30/2023** | $14146 | $18778 | $17871 |
| **5/31/2023** | $13993 | $18577 | $17709 |
| **6/30/2023** | $14574 | $19656 | $18483 |
| **7/31/2023** | $14910 | $20375 | $18911 |
| **8/31/2023** | $14569 | $19806 | $18551 |
| **9/30/2023** | $13874 | $18987 | $17787 |
| **10/31/2023** | $13519 | $18416 | $17323 |
| **11/30/2023** | $14523 | $20116 | $18717 |
| **12/31/2023** | $15342 | $21082 | $19660 |
| **1/31/2024** | $15357 | $21206 | $19775 |
| **2/29/2024** | $15790 | $22116 | $20320 |
| **3/31/2024** | $16223 | $22810 | $20849 |
| **4/30/2024** | $15512 | $22057 | $20086 |
| **5/31/2024** | $16114 | $22953 | $20759 |
| **6/30/2024** | $16392 | $23464 | $21142 |
| **7/31/2024** | $16640 | $23843 | $21529 |
| **8/31/2024** | $16983 | $24448 | $22004 |
| **9/30/2024** | $17288 | $25016 | $22451 |
| **10/31/2024** | $16983 | $24455 | $21931 |
| **11/30/2024** | $17560 | $25370 | $22575 |
| **12/31/2024** | $17175 | $24769 | $22090 |
| **1/31/2025** | $17560 | $25600 | $22644 |
| **2/28/2025** | $17544 | $25446 | $22698 |
| **3/31/2025** | $17031 | $24441 | $22073 |
| **4/30/2025** | $17063 | $24669 | $22243 |
| **5/31/2025** | $17753 | $26087 | $23090 |
| **6/30/2025** | $18362 | $27258 | $23922 |
| **7/31/2025** | $18490 | $27628 | $24131 |
| **8/31/2025** | $18915 | $28310 | $24634 |
| **9/30/2025** | $19411 | $29336 | $25340 |
| **10/31/2025** | $19726 | $29992 | $25784 |
| **11/30/2025** | $19759 | $29989 | $25830 |
| **12/31/2025** | $19891 | $30302 | $26007 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFL1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 15.81% | 5.93% | 7.12% |
| MSCI All Country World Index<sup>Footnote Reference(a)</sup> | 22.34% | 11.19% | 11.72% |
| Transamerica BlackRock iShares Tactical - Growth VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 17.73% | 8.58% | 10.03% |

---

---

| | |
|:---|:---|
| 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;The Transamerica BlackRock iShares Tactical – Growth VP Blended Benchmark consists of the following: MSCI All Country World Index, 70% and Bloomberg US Aggregate Bond Index, 30%. 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 | $232057326 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1054082 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 43.1% |
| International Equity Funds | 28.4 |
| U.S. Fixed Income Funds | 24.5 |
| Other Investment Company | 14.8 |
| Repurchase Agreements | 4.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (14.9) |

---

---

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

---

Transamerica BlackRock iShares Tactical - Growth VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P Total U.S. Stock Market ETF | 25.2% |
| iShares 0-1 Year Treasury Bond ETF | 23.3 |
| iShares Core S&P 500 ETF | 17.9 |
| iShares MSCI EAFE ETF | 7.9 |
| iShares Core MSCI EAFE ETF | 7.5 |
| iShares MSCI Emerging Markets ETF | 4.2 |
| iShares Core MSCI Emerging Markets ETF | 3.6 |
| iShares MSCI Japan ETF | 2.9 |
| iShares MSCI Canada ETF | 2.3 |
| iShares Core U.S. Aggregate Bond ETF | 0.6 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Tactical - Growth VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock iShares Tactical - Growth VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock iShares Tactical - Growth VP (the "Portfolio") seeks a combination of capital appreciation and 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<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 | $82 | 0.76%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 15.58%. For the same period, the Portfolio's broad-based benchmark, the MSCI All Country World Index, returned 22.34%. The performance benchmark, the Transamerica BlackRock iShares Tactical - Growth VP Blended Benchmark, returned 17.73% over the same period.

* The Portfolio underperformed its blended benchmark, consisting of the MSCI All Country World Index (70%) and Bloomberg US Aggregate Bond Index (30%), during the fiscal year ended December 31, 2025. 

* Active asset allocation detracted from performance during the fiscal year, with the majority of the underperformance coming from fixed income positioning. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the fiscal year, also contributed to performance. An underweight to U.S. equities detracted from performance. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock iShares Tactical - Growth VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g09b79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **MSCI All Country World Index** | **Transamerica BlackRock iShares Tactical - Growth VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9697 | $9397 | $9646 |
| **2/29/2016** | $9605 | $9332 | $9646 |
| **3/31/2016** | $10037 | $10024 | $10150 |
| **4/30/2016** | $10129 | $10172 | $10243 |
| **5/31/2016** | $10184 | $10185 | $10336 |
| **6/30/2016** | $10175 | $10123 | $10383 |
| **7/31/2016** | $10487 | $10559 | $10720 |
| **8/31/2016** | $10487 | $10595 | $10733 |
| **9/30/2016** | $10469 | $10660 | $10747 |
| **10/31/2016** | $10257 | $10479 | $10548 |
| **11/30/2016** | $10313 | $10558 | $10667 |
| **12/31/2016** | $10487 | $10786 | $10852 |
| **1/31/2017** | $10597 | $11081 | $11014 |
| **2/28/2017** | $10864 | $11392 | $11299 |
| **3/31/2017** | $10873 | $11532 | $11349 |
| **4/30/2017** | $10993 | $11711 | $11491 |
| **5/31/2017** | $11149 | $11970 | $11663 |
| **6/30/2017** | $11186 | $12024 | $11723 |
| **7/31/2017** | $11342 | $12360 | $11912 |
| **8/31/2017** | $11384 | $12408 | $11966 |
| **9/30/2017** | $11546 | $12647 | $12149 |
| **10/31/2017** | $11708 | $12910 | $12329 |
| **11/30/2017** | $11928 | $13160 | $12556 |
| **12/31/2017** | $12042 | $13372 | $12684 |
| **1/31/2018** | $12471 | $14127 | $13108 |
| **2/28/2018** | $11994 | $13533 | $12694 |
| **3/31/2018** | $11794 | $13244 | $12541 |
| **4/30/2018** | $11756 | $13370 | $12575 |
| **5/31/2018** | $11870 | $13387 | $12755 |
| **6/30/2018** | $11918 | $13314 | $12765 |
| **7/31/2018** | $12166 | $13716 | $13066 |
| **8/31/2018** | $12375 | $13824 | $13296 |
| **9/30/2018** | $12353 | $13884 | $13303 |
| **10/31/2018** | $11642 | $12843 | $12563 |
| **11/30/2018** | $11719 | $13031 | $12717 |
| **12/31/2018** | $11117 | $12113 | $12060 |
| **1/31/2019** | $11697 | $13070 | $12781 |
| **2/28/2019** | $11960 | $13419 | $13062 |
| **3/31/2019** | $12156 | $13588 | $13293 |
| **4/30/2019** | $12518 | $14047 | $13641 |
| **5/31/2019** | $11970 | $13214 | $13158 |
| **6/30/2019** | $12638 | $14079 | $13854 |
| **7/31/2019** | $12704 | $14120 | $13942 |
| **8/31/2019** | $12660 | $13785 | $13919 |
| **9/30/2019** | $12780 | $14075 | $14083 |
| **10/31/2019** | $12977 | $14460 | $14339 |
| **11/30/2019** | $13262 | $14813 | $14651 |
| **12/31/2019** | $13513 | $15335 | $14948 |
| **1/31/2020** | $13557 | $15166 | $15007 |
| **2/29/2020** | $13174 | $13941 | $14234 |
| **3/31/2020** | $12539 | $12059 | $12855 |
| **4/30/2020** | $13021 | $13351 | $13997 |
| **5/31/2020** | $13251 | $13931 | $14488 |
| **6/30/2020** | $13437 | $14376 | $14777 |
| **7/31/2020** | $13699 | $15137 | $15384 |
| **8/31/2020** | $14082 | $16063 | $16022 |
| **9/30/2020** | $13834 | $15545 | $15626 |
| **10/31/2020** | $13684 | $15167 | $15304 |
| **11/30/2020** | $14381 | $17037 | $16720 |
| **12/31/2020** | $14742 | $17828 | $17233 |
| **1/31/2021** | $14717 | $17747 | $17088 |
| **2/28/2021** | $14704 | $18158 | $17320 |
| **3/31/2021** | $14754 | $18643 | $17668 |
| **4/30/2021** | $15239 | $19458 | $18298 |
| **5/31/2021** | $15326 | $19761 | $18487 |
| **6/30/2021** | $15513 | $20021 | $18775 |
| **7/31/2021** | $15762 | $20159 | $19076 |
| **8/31/2021** | $16019 | $20664 | $19426 |
| **9/30/2021** | $15414 | $19810 | $18786 |
| **10/31/2021** | $15978 | $20821 | $19574 |
| **11/30/2021** | $15857 | $20320 | $19367 |
| **12/31/2021** | $16099 | $21133 | $19947 |
| **1/31/2022** | $15293 | $20095 | $19015 |
| **2/28/2022** | $14944 | $19576 | $18608 |
| **3/31/2022** | $14890 | $20000 | $18815 |
| **4/30/2022** | $14043 | $18399 | $17437 |
| **5/31/2022** | $14084 | $18420 | $17495 |
| **6/30/2022** | $13425 | $16868 | $16360 |
| **7/31/2022** | $14070 | $18046 | $17444 |
| **8/31/2022** | $13554 | $17381 | $16791 |
| **9/30/2022** | $12731 | $15717 | $15455 |
| **10/31/2022** | $12980 | $16666 | $16210 |
| **11/30/2022** | $13632 | $17958 | $17174 |
| **12/31/2022** | $13197 | $17252 | $16592 |
| **1/31/2023** | $13865 | $18488 | $17582 |
| **2/28/2023** | $13492 | $17958 | $17136 |
| **3/31/2023** | $13756 | $18512 | $17638 |
| **4/30/2023** | $13896 | $18778 | $17871 |
| **5/31/2023** | $13741 | $18577 | $17709 |
| **6/30/2023** | $14299 | $19656 | $18483 |
| **7/31/2023** | $14625 | $20375 | $18911 |
| **8/31/2023** | $14285 | $19806 | $18551 |
| **9/30/2023** | $13611 | $18987 | $17787 |
| **10/31/2023** | $13267 | $18416 | $17323 |
| **11/30/2023** | $14253 | $20116 | $18717 |
| **12/31/2023** | $15036 | $21082 | $19660 |
| **1/31/2024** | $15052 | $21206 | $19775 |
| **2/29/2024** | $15475 | $22116 | $20320 |
| **3/31/2024** | $15898 | $22810 | $20849 |
| **4/30/2024** | $15193 | $22057 | $20086 |
| **5/31/2024** | $15788 | $22953 | $20759 |
| **6/30/2024** | $16055 | $23464 | $21142 |
| **7/31/2024** | $16290 | $23843 | $21529 |
| **8/31/2024** | $16611 | $24448 | $22004 |
| **9/30/2024** | $16919 | $25016 | $22451 |
| **10/31/2024** | $16611 | $24455 | $21931 |
| **11/30/2024** | $17179 | $25370 | $22575 |
| **12/31/2024** | $16789 | $24769 | $22090 |
| **1/31/2025** | $17179 | $25600 | $22644 |
| **2/28/2025** | $17147 | $25446 | $22698 |
| **3/31/2025** | $16643 | $24441 | $22073 |
| **4/30/2025** | $16676 | $24669 | $22243 |
| **5/31/2025** | $17342 | $26087 | $23090 |
| **6/30/2025** | $17942 | $27258 | $23922 |
| **7/31/2025** | $18056 | $27628 | $24131 |
| **8/31/2025** | $18468 | $28310 | $24634 |
| **9/30/2025** | $18937 | $29336 | $25340 |
| **10/31/2025** | $19238 | $29992 | $25784 |
| **11/30/2025** | $19271 | $29989 | $25830 |
| **12/31/2025** | $19405 | $30302 | $26007 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFL2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 15.58% | 5.65% | 6.85% |
| MSCI All Country World Index<sup>Footnote Reference(a)</sup> | 22.34% | 11.19% | 11.72% |
| Transamerica BlackRock iShares Tactical - Growth VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 17.73% | 8.58% | 10.03% |

---

---

| | |
|:---|:---|
| 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;The Transamerica BlackRock iShares Tactical – Growth VP Blended Benchmark consists of the following: MSCI All Country World Index, 70% and Bloomberg US Aggregate Bond Index, 30%. 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 | $232057326 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1054082 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 43.1% |
| International Equity Funds | 28.4 |
| U.S. Fixed Income Funds | 24.5 |
| Other Investment Company | 14.8 |
| Repurchase Agreements | 4.1 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (14.9) |

---

---

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

---

Transamerica BlackRock iShares Tactical - Growth VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| iShares Core S&P Total U.S. Stock Market ETF | 25.2% |
| iShares 0-1 Year Treasury Bond ETF | 23.3 |
| iShares Core S&P 500 ETF | 17.9 |
| iShares MSCI EAFE ETF | 7.9 |
| iShares Core MSCI EAFE ETF | 7.5 |
| iShares MSCI Emerging Markets ETF | 4.2 |
| iShares Core MSCI Emerging Markets ETF | 3.6 |
| iShares MSCI Japan ETF | 2.9 |
| iShares MSCI Canada ETF | 2.3 |
| iShares Core U.S. Aggregate Bond ETF | 0.6 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica BlackRock iShares Tactical - Growth VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock Real Estate Securities VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock Real Estate Securities 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 | $90 | 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 9.51%. For the same period, the Portfolio's broad-based benchmark, the MSCI World Index, returned 21.09%. The performance benchmark, the S&P Developed Property Net Total Return Index, returned 10.46% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio underperformed the S&P Developed Property Net Index, a benchmark of the Portfolio.

* 2025 was a constructive year for global real estate securities. Through the year, the market regained appreciation for the asset class's ability to deliver relatively stable cash flows. Easing financing costs and disciplined supply pipelines supported sentiment throughout the fiscal year. Technology continued to influence the sector, with datacenters benefiting from structural growth related to AI and cloud expansion; however, the sector underperformed as traditional public platforms struggled to capture the large-scale AI training infrastructure driving growth today.

* Regional dynamics reinforced the importance of security selection. U.S. industrial and healthcare platforms led, while office and life science assets experienced a late fiscal year rebound. Europe delivered steady progress in governance and balance sheet strength. Asia-Pacific results were mixed: Japan developers advanced on improved capital policies, while Australian markets softened as interest rate expectations shifted. 

* Brookdale, American Healthcare, and Kilroy Realty supported North America's relative performance, while AvalonBay, Welltower, and Americold Realty weakened results this fiscal year. From a sector standpoint U.S. Healthcare, Office, and Billboards were beneficial, while U.S. industrials detracted. 

* In APAC (Asia-Pacific), Mitsubishi Estate, Tokyu Fudosan, and Orix boosted relative performance, while Sumitomo Realty, DigiCo, and Charter Hall Group detracted. Japanese developers added value, but Australian communications, Japanese REITs, and Industrials detracted from results. 

* In the EMEA region, Merlin Properties, VGP, and Unibail Rodamco contributed positively on a relative basis, while Unite Group, Cellnex, and Leg Immobilien had a negative impact. Diversified Eurozone REITs, Industrials, and Nordic REITs performed well, but UK Student Housing, Israel REITs, and Eurozone Communications were the main detractors.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock Real Estate Securities VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g61r86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **MSCI World Index** | **S&P Developed Property Net Total Return Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9580 | $9402 | $9561 |
| **2/29/2016** | $9540 | $9332 | $9624 |
| **3/31/2016** | $10460 | $9965 | $10534 |
| **4/30/2016** | $10379 | $10123 | $10539 |
| **5/31/2016** | $10355 | $10180 | $10538 |
| **6/30/2016** | $10702 | $10066 | $10900 |
| **7/31/2016** | $11203 | $10491 | $11427 |
| **8/31/2016** | $10859 | $10499 | $11110 |
| **9/30/2016** | $10752 | $10555 | $11022 |
| **10/31/2016** | $10128 | $10351 | $10439 |
| **11/30/2016** | $9792 | $10500 | $10183 |
| **12/31/2016** | $10062 | $10751 | $10443 |
| **1/31/2017** | $10079 | $11011 | $10525 |
| **2/28/2017** | $10366 | $11316 | $10862 |
| **3/31/2017** | $10227 | $11437 | $10726 |
| **4/30/2017** | $10333 | $11606 | $10866 |
| **5/31/2017** | $10473 | $11851 | $10991 |
| **6/30/2017** | $10555 | $11897 | $11080 |
| **7/31/2017** | $10752 | $12182 | $11300 |
| **8/31/2017** | $10784 | $12199 | $11327 |
| **9/30/2017** | $10707 | $12708 | $11261 |
| **10/31/2017** | $11022 | $12984 | $11565 |
| **12/31/2017** | $11201 | $13159 | $11715 |
| **1/31/2018** | $11295 | $13854 | $11709 |
| **2/28/2018** | $10562 | $13280 | $10937 |
| **3/31/2018** | $10733 | $12991 | $11178 |
| **4/30/2018** | $10912 | $13140 | $11378 |
| **5/31/2018** | $10852 | $13222 | $11536 |
| **6/30/2018** | $10980 | $13216 | $11654 |
| **7/31/2018** | $10988 | $13629 | $11768 |
| **8/31/2018** | $11013 | $13797 | $11834 |
| **9/30/2018** | $10854 | $13874 | $11565 |
| **10/31/2018** | $10323 | $12856 | $11103 |
| **11/30/2018** | $10649 | $13002 | $11501 |
| **12/31/2018** | $10071 | $12013 | $10898 |
| **1/31/2019** | $11162 | $12948 | $12059 |
| **2/28/2019** | $11162 | $13337 | $12027 |
| **3/31/2019** | $11601 | $13512 | $12440 |
| **4/30/2019** | $11535 | $13991 | $12264 |
| **5/31/2019** | $11545 | $13184 | $12240 |
| **6/30/2019** | $11722 | $14053 | $12445 |
| **7/31/2019** | $11731 | $14122 | $12486 |
| **8/31/2019** | $12062 | $13833 | $12725 |
| **9/30/2019** | $12298 | $14128 | $13028 |
| **10/31/2019** | $12580 | $14487 | $13345 |
| **11/30/2019** | $12495 | $14891 | $13175 |
| **12/31/2019** | $12608 | $15337 | $13263 |
| **1/31/2020** | $12825 | $15244 | $13369 |
| **2/29/2020** | $11940 | $13955 | $12304 |
| **3/31/2020** | $9691 | $12108 | $9636 |
| **4/30/2020** | $10350 | $13431 | $10335 |
| **5/31/2020** | $10585 | $14080 | $10405 |
| **6/30/2020** | $10811 | $14452 | $10625 |
| **7/31/2020** | $11112 | $15144 | $10932 |
| **8/31/2020** | $11510 | $16156 | $11277 |
| **9/30/2020** | $11146 | $15598 | $10927 |
| **10/31/2020** | $10781 | $15120 | $10597 |
| **11/30/2020** | $12086 | $17053 | $11903 |
| **12/31/2020** | $12568 | $17776 | $12325 |
| **1/31/2021** | $12521 | $17599 | $12241 |
| **2/28/2021** | $12945 | $18050 | $12613 |
| **3/31/2021** | $13344 | $18651 | $12985 |
| **4/30/2021** | $14214 | $19519 | $13775 |
| **5/31/2021** | $14450 | $19800 | $14026 |
| **6/30/2021** | $14673 | $20095 | $14194 |
| **7/31/2021** | $15143 | $20455 | $14692 |
| **8/31/2021** | $15419 | $20964 | $14915 |
| **9/30/2021** | $14672 | $20094 | $14123 |
| **10/31/2021** | $15419 | $21232 | $14890 |
| **11/30/2021** | $15082 | $20767 | $14570 |
| **12/31/2021** | $15865 | $21654 | $15492 |
| **1/31/2022** | $14973 | $20508 | $14597 |
| **2/28/2022** | $14624 | $19990 | $14260 |
| **3/31/2022** | $15142 | $20538 | $14868 |
| **4/30/2022** | $14274 | $18832 | $14077 |
| **5/31/2022** | $13504 | $18846 | $13443 |
| **6/30/2022** | $12263 | $17214 | $12278 |
| **7/31/2022** | $13239 | $18581 | $13249 |
| **8/31/2022** | $12292 | $17804 | $12438 |
| **9/30/2022** | $10718 | $16149 | $10852 |
| **10/31/2022** | $10943 | $17308 | $11175 |
| **11/30/2022** | $11830 | $18512 | $11955 |
| **12/31/2022** | $11392 | $17726 | $11617 |
| **1/31/2023** | $12442 | $18980 | $12646 |
| **2/28/2023** | $11842 | $18524 | $12057 |
| **3/31/2023** | $11467 | $19096 | $11670 |
| **4/30/2023** | $11755 | $19431 | $11890 |
| **5/31/2023** | $11330 | $19237 | $11380 |
| **6/30/2023** | $11717 | $20400 | $11734 |
| **7/31/2023** | $12142 | $21085 | $12192 |
| **8/31/2023** | $11795 | $20582 | $11818 |
| **9/30/2023** | $11144 | $19694 | $11113 |
| **10/31/2023** | $10639 | $19123 | $10591 |
| **11/30/2023** | $11781 | $20915 | $11713 |
| **12/31/2023** | $12910 | $21942 | $12826 |
| **1/31/2024** | $12326 | $22205 | $12328 |
| **2/29/2024** | $12419 | $23147 | $12298 |
| **3/31/2024** | $12738 | $23891 | $12727 |
| **4/30/2024** | $12060 | $23003 | $11995 |
| **5/31/2024** | $12485 | $24030 | $12356 |
| **6/30/2024** | $12446 | $24519 | $12384 |
| **7/31/2024** | $13189 | $24952 | $13157 |
| **8/31/2024** | $13981 | $25611 | $13972 |
| **9/30/2024** | $14374 | $26080 | $14391 |
| **10/31/2024** | $13656 | $25563 | $13670 |
| **11/30/2024** | $13981 | $26736 | $13998 |
| **12/31/2024** | $13072 | $26039 | $13046 |
| **1/31/2025** | $13303 | $26958 | $13277 |
| **2/28/2025** | $13588 | $26764 | $13558 |
| **3/31/2025** | $13235 | $25572 | $13245 |
| **4/30/2025** | $13330 | $25800 | $13390 |
| **5/31/2025** | $13710 | $27327 | $13719 |
| **6/30/2025** | $13954 | $28506 | $13882 |
| **7/31/2025** | $13737 | $28873 | $13726 |
| **8/31/2025** | $14261 | $29626 | $14337 |
| **9/30/2025** | $14399 | $30578 | $14475 |
| **10/31/2025** | $14137 | $31191 | $14252 |
| **11/30/2025** | $14523 | $31279 | $14571 |
| **12/31/2025** | $14316 | $31532 | $14410 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3FK1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 9.51% | 2.64% | 3.65% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 21.09% | 12.15% | 12.17% |
| S&P Developed Property Net Total Return Index<sup>Footnote Reference(b)</sup> | 10.46% | 3.17% | 3.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;S&P Developed Property Net Total Return Index defines and measures the investable universe of publicly traded property companies domiciled in developed markets. 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 | $198359736 |
| Number of Portfolio Holdings | 90 |
| Portfolio Turnover Rate | 102% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2387709 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Real Estate | 93.9% |
| Health Care | 1.8 |
| Information Technology | 1.2 |
| Consumer Discretionary | 0.7 |
| Communication Services | 0.4 |
| Repurchase Agreements | 1.4 |
| Other Investment Company | 0.5 |
| 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 BlackRock Real Estate Securities VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Prologis, Inc., REIT | 6.7% |
| Welltower, Inc., REIT | 5.4 |
| Equinix, Inc., REIT | 4.8 |
| Simon Property Group, Inc., REIT | 3.5 |
| AvalonBay Communities, Inc., REIT | 3.4 |
| Mitsui Fudosan Co. Ltd. | 3.1 |
| Iron Mountain, Inc., REIT | 2.2 |
| American Healthcare, Inc., REIT | 2.1 |
| Agree Realty Corp., REIT | 2.1 |
| Goodman Group, REIT | 2.1 |

---

## 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](g768862g42r27.jpg)

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

Transamerica BlackRock Real Estate Securities VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock Real Estate Securities VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock Real Estate Securities 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 | $116 | 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 9.32%. For the same period, the Portfolio's broad-based benchmark, the MSCI World Index, returned 21.09%. The performance benchmark, the S&P Developed Property Net Total Return Index, returned 10.46% over the same period.

* For the fiscal year ended December 31, 2025, the Portfolio underperformed the S&P Developed Property Net Index, a benchmark of the Portfolio.

* 2025 was a constructive year for global real estate securities. Through the year, the market regained appreciation for the asset class's ability to deliver relatively stable cash flows. Easing financing costs and disciplined supply pipelines supported sentiment throughout the fiscal year. Technology continued to influence the sector, with datacenters benefiting from structural growth related to AI and cloud expansion; however, the sector underperformed as traditional public platforms struggled to capture the large-scale AI training infrastructure driving growth today.

* Regional dynamics reinforced the importance of security selection. U.S. industrial and healthcare platforms led, while office and life science assets experienced a late fiscal year rebound. Europe delivered steady progress in governance and balance sheet strength. Asia-Pacific results were mixed: Japan developers advanced on improved capital policies, while Australian markets softened as interest rate expectations shifted. 

* Brookdale, American Healthcare, and Kilroy Realty supported North America's relative performance, while AvalonBay, Welltower, and Americold Realty weakened results this fiscal year. From a sector standpoint U.S. Healthcare, Office, and Billboards were beneficial, while U.S. industrials detracted. 

* In APAC (Asia-Pacific), Mitsubishi Estate, Tokyu Fudosan, and Orix boosted relative performance, while Sumitomo Realty, DigiCo, and Charter Hall Group detracted. Japanese developers added value, but Australian communications, Japanese REITs, and Industrials detracted from results. 

* In the EMEA region, Merlin Properties, VGP, and Unibail Rodamco contributed positively on a relative basis, while Unite Group, Cellnex, and Leg Immobilien had a negative impact. Diversified Eurozone REITs, Industrials, and Nordic REITs performed well, but UK Student Housing, Israel REITs, and Eurozone Communications were the main detractors.

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock Real Estate Securities VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g99h78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **MSCI World Index** | **S&P Developed Property Net Total Return Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9582 | $9402 | $9561 |
| **2/29/2016** | $9536 | $9332 | $9624 |
| **3/31/2016** | $10456 | $9965 | $10534 |
| **4/30/2016** | $10371 | $10123 | $10539 |
| **5/31/2016** | $10348 | $10180 | $10538 |
| **6/30/2016** | $10688 | $10066 | $10900 |
| **7/31/2016** | $11191 | $10491 | $11427 |
| **8/31/2016** | $10841 | $10499 | $11110 |
| **9/30/2016** | $10732 | $10555 | $11022 |
| **10/31/2016** | $10112 | $10351 | $10439 |
| **11/30/2016** | $9767 | $10500 | $10183 |
| **12/31/2016** | $10042 | $10751 | $10443 |
| **1/31/2017** | $10050 | $11011 | $10525 |
| **2/28/2017** | $10332 | $11316 | $10862 |
| **3/31/2017** | $10191 | $11437 | $10726 |
| **4/30/2017** | $10300 | $11606 | $10866 |
| **5/31/2017** | $10442 | $11851 | $10991 |
| **6/30/2017** | $10512 | $11897 | $11080 |
| **7/31/2017** | $10708 | $12182 | $11300 |
| **8/31/2017** | $10743 | $12199 | $11327 |
| **9/30/2017** | $10662 | $12708 | $11261 |
| **10/31/2017** | $10978 | $12984 | $11565 |
| **12/31/2017** | $11148 | $13159 | $11715 |
| **1/31/2018** | $11237 | $13854 | $11709 |
| **2/28/2018** | $10508 | $13280 | $10937 |
| **3/31/2018** | $10678 | $12991 | $11178 |
| **4/30/2018** | $10848 | $13140 | $11378 |
| **5/31/2018** | $10791 | $13222 | $11536 |
| **6/30/2018** | $10913 | $13216 | $11654 |
| **7/31/2018** | $10913 | $13629 | $11768 |
| **8/31/2018** | $10948 | $13797 | $11834 |
| **9/30/2018** | $10781 | $13874 | $11565 |
| **10/31/2018** | $10252 | $12856 | $11103 |
| **11/30/2018** | $10569 | $13002 | $11501 |
| **12/31/2018** | $9997 | $12013 | $10898 |
| **1/31/2019** | $11080 | $12948 | $12059 |
| **2/28/2019** | $11080 | $13337 | $12027 |
| **3/31/2019** | $11512 | $13512 | $12440 |
| **4/30/2019** | $11450 | $13991 | $12264 |
| **5/31/2019** | $11450 | $13184 | $12240 |
| **6/30/2019** | $11626 | $14053 | $12445 |
| **7/31/2019** | $11635 | $14122 | $12486 |
| **8/31/2019** | $11962 | $13833 | $12725 |
| **9/30/2019** | $12183 | $14128 | $13028 |
| **10/31/2019** | $12458 | $14487 | $13345 |
| **11/30/2019** | $12378 | $14891 | $13175 |
| **12/31/2019** | $12484 | $15337 | $13263 |
| **1/31/2020** | $12697 | $15244 | $13369 |
| **2/29/2020** | $11820 | $13955 | $12304 |
| **3/31/2020** | $9596 | $12108 | $9636 |
| **4/30/2020** | $10243 | $13431 | $10335 |
| **5/31/2020** | $10482 | $14080 | $10405 |
| **6/30/2020** | $10694 | $14452 | $10625 |
| **7/31/2020** | $10987 | $15144 | $10932 |
| **8/31/2020** | $11385 | $16156 | $11277 |
| **9/30/2020** | $11014 | $15598 | $10927 |
| **10/31/2020** | $10654 | $15120 | $10597 |
| **11/30/2020** | $11941 | $17053 | $11903 |
| **12/31/2020** | $12421 | $17776 | $12325 |
| **1/31/2021** | $12377 | $17599 | $12241 |
| **2/28/2021** | $12792 | $18050 | $12613 |
| **3/31/2021** | $13173 | $18651 | $12985 |
| **4/30/2021** | $14035 | $19519 | $13775 |
| **5/31/2021** | $14264 | $19800 | $14026 |
| **6/30/2021** | $14482 | $20095 | $14194 |
| **7/31/2021** | $14940 | $20455 | $14692 |
| **8/31/2021** | $15209 | $20964 | $14915 |
| **9/30/2021** | $14474 | $20094 | $14123 |
| **10/31/2021** | $15209 | $21232 | $14890 |
| **11/30/2021** | $14863 | $20767 | $14570 |
| **12/31/2021** | $15632 | $21654 | $15492 |
| **1/31/2022** | $14752 | $20508 | $14597 |
| **2/28/2022** | $14407 | $19990 | $14260 |
| **3/31/2022** | $14919 | $20538 | $14868 |
| **4/30/2022** | $14051 | $18832 | $14077 |
| **5/31/2022** | $13305 | $18846 | $13443 |
| **6/30/2022** | $12080 | $17214 | $12278 |
| **7/31/2022** | $13038 | $18581 | $13249 |
| **8/31/2022** | $12090 | $17804 | $12438 |
| **9/30/2022** | $10552 | $16149 | $10852 |
| **10/31/2022** | $10758 | $17308 | $11175 |
| **11/30/2022** | $11631 | $18512 | $11955 |
| **12/31/2022** | $11195 | $17726 | $11617 |
| **1/31/2023** | $12228 | $18980 | $12646 |
| **2/28/2023** | $11643 | $18524 | $12057 |
| **3/31/2023** | $11275 | $19096 | $11670 |
| **4/30/2023** | $11551 | $19431 | $11890 |
| **5/31/2023** | $11126 | $19237 | $11380 |
| **6/30/2023** | $11516 | $20400 | $11734 |
| **7/31/2023** | $11930 | $21085 | $12192 |
| **8/31/2023** | $11588 | $20582 | $11818 |
| **9/30/2023** | $10945 | $19694 | $11113 |
| **10/31/2023** | $10436 | $19123 | $10591 |
| **11/30/2023** | $11563 | $20915 | $11713 |
| **12/31/2023** | $12666 | $21942 | $12826 |
| **1/31/2024** | $12097 | $22205 | $12328 |
| **2/29/2024** | $12182 | $23147 | $12298 |
| **3/31/2024** | $12485 | $23891 | $12727 |
| **4/30/2024** | $11830 | $23003 | $11995 |
| **5/31/2024** | $12230 | $24030 | $12356 |
| **6/30/2024** | $12194 | $24519 | $12384 |
| **7/31/2024** | $12921 | $24952 | $13157 |
| **8/31/2024** | $13696 | $25611 | $13972 |
| **9/30/2024** | $14066 | $26080 | $14391 |
| **10/31/2024** | $13363 | $25563 | $13670 |
| **11/30/2024** | $13684 | $26736 | $13998 |
| **12/31/2024** | $12796 | $26039 | $13046 |
| **1/31/2025** | $13018 | $26958 | $13277 |
| **2/28/2025** | $13290 | $26764 | $13558 |
| **3/31/2025** | $12944 | $25572 | $13245 |
| **4/30/2025** | $13043 | $25800 | $13390 |
| **5/31/2025** | $13413 | $27327 | $13719 |
| **6/30/2025** | $13635 | $28506 | $13882 |
| **7/31/2025** | $13425 | $28873 | $13726 |
| **8/31/2025** | $13939 | $29626 | $14337 |
| **9/30/2025** | $14064 | $30578 | $14475 |
| **10/31/2025** | $13814 | $31191 | $14252 |
| **11/30/2025** | $14177 | $31279 | $14571 |
| **12/31/2025** | $13989 | $31532 | $14410 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3FK2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 9.32% | 2.41% | 3.41% |
| MSCI World Index<sup>Footnote Reference(a)</sup> | 21.09% | 12.15% | 12.17% |
| S&P Developed Property Net Total Return Index<sup>Footnote Reference(b)</sup> | 10.46% | 3.17% | 3.72% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;MSCI World Index captures large and mid-cap representation across developed markets countries. Performance reflects no deduction for fees, expenses or taxes, except foreign withholding taxes. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;S&P Developed Property Net Total Return Index defines and measures the investable universe of publicly traded property companies domiciled in developed markets. 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 | $198359736 |
| Number of Portfolio Holdings | 90 |
| Portfolio Turnover Rate | 102% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2387709 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Real Estate | 93.9% |
| Health Care | 1.8 |
| Information Technology | 1.2 |
| Consumer Discretionary | 0.7 |
| Communication Services | 0.4 |
| Repurchase Agreements | 1.4 |
| Other Investment Company | 0.5 |
| 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 BlackRock Real Estate Securities VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Prologis, Inc., REIT | 6.7% |
| Welltower, Inc., REIT | 5.4 |
| Equinix, Inc., REIT | 4.8 |
| Simon Property Group, Inc., REIT | 3.5 |
| AvalonBay Communities, Inc., REIT | 3.4 |
| Mitsui Fudosan Co. Ltd. | 3.1 |
| Iron Mountain, Inc., REIT | 2.2 |
| American Healthcare, Inc., REIT | 2.1 |
| Agree Realty Corp., REIT | 2.1 |
| Goodman Group, REIT | 2.1 |

---

## 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](g768862g42r27.jpg)

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

Transamerica BlackRock Real Estate Securities VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock Tactical Allocation VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock Tactical Allocation 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**.

## 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 11.94%. 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.

* Active asset allocation contributed to overall returns, while security selection detracted from performance during the fiscal year ended December 31, 2025. The Portfolio allocates its assets among a combination of Transamerica funds (the "Underlying Portfolios") selected by the Portfolio's sub-adviser to obtain equity and fixed-income exposure based on the sub-adviser's tactical asset allocation model. 

* Security selection detracted from performance in the 2025 fiscal year, driven by allocations across both equity and fixed income Underlying Portfolios. The Underlying Portfolios that were primary detractors from performance were Transamerica International Focus VP and Transamerica WMC US Growth VP. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the fiscal year, also contributed to performance. However, an underweight to U.S. equities detracted from performance. The sub-adviser viewed pricing in U.S. equities to be stretched after the three-year rally and preferred to hold equity exposure in other markets where a positive growth impulse and supportive fiscal policies were not yet fully priced. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results. 

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock Tactical Allocation VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g38y55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9796 | $9436 | $10138 |
| **2/29/2016** | $9765 | $9433 | $10210 |
| **3/31/2016** | $10112 | $10097 | $10303 |
| **4/30/2016** | $10184 | $10159 | $10343 |
| **5/31/2016** | $10245 | $10341 | $10345 |
| **6/30/2016** | $10286 | $10362 | $10531 |
| **7/31/2016** | $10520 | $10774 | $10598 |
| **8/31/2016** | $10538 | $10801 | $10586 |
| **9/30/2016** | $10550 | $10818 | $10580 |
| **10/31/2016** | $10438 | $10584 | $10499 |
| **11/30/2016** | $10438 | $11058 | $10250 |
| **12/31/2016** | $10516 | $11274 | $10265 |
| **1/31/2017** | $10661 | $11486 | $10285 |
| **2/28/2017** | $10840 | $11913 | $10354 |
| **3/31/2017** | $10896 | $11921 | $10349 |
| **4/30/2017** | $11031 | $12047 | $10428 |
| **5/31/2017** | $11187 | $12171 | $10509 |
| **6/30/2017** | $11198 | $12280 | $10498 |
| **7/31/2017** | $11344 | $12512 | $10543 |
| **8/31/2017** | $11426 | $12536 | $10638 |
| **9/30/2017** | $11497 | $12842 | $10587 |
| **10/31/2017** | $11603 | $13122 | $10593 |
| **11/30/2017** | $11697 | $13521 | $10580 |
| **12/31/2017** | $11780 | $13656 | $10628 |
| **1/31/2018** | $12016 | $14375 | $10506 |
| **2/28/2018** | $11792 | $13846 | $10406 |
| **3/31/2018** | $11709 | $13568 | $10473 |
| **4/30/2018** | $11709 | $13619 | $10395 |
| **5/31/2018** | $11816 | $14004 | $10469 |
| **6/30/2018** | $11816 | $14095 | $10456 |
| **7/31/2018** | $11993 | $14563 | $10459 |
| **8/31/2018** | $12155 | $15074 | $10526 |
| **9/30/2018** | $12155 | $15099 | $10458 |
| **10/31/2018** | $11596 | $13988 | $10376 |
| **11/30/2018** | $11700 | $14268 | $10438 |
| **12/31/2018** | $11284 | $12940 | $10629 |
| **1/31/2019** | $11804 | $14051 | $10742 |
| **2/28/2019** | $11973 | $14545 | $10736 |
| **3/31/2019** | $12155 | $14757 | $10942 |
| **4/30/2019** | $12376 | $15346 | $10945 |
| **5/31/2019** | $12155 | $14353 | $11139 |
| **6/30/2019** | $12597 | $15361 | $11279 |
| **7/31/2019** | $12636 | $15590 | $11304 |
| **8/31/2019** | $12690 | $15272 | $11597 |
| **9/30/2019** | $12764 | $15540 | $11535 |
| **10/31/2019** | $12926 | $15874 | $11570 |
| **11/30/2019** | $13088 | $16478 | $11564 |
| **12/31/2019** | $13251 | $16954 | $11556 |
| **1/31/2020** | $13368 | $16935 | $11778 |
| **2/29/2020** | $12985 | $15549 | $11990 |
| **3/31/2020** | $11909 | $13410 | $11920 |
| **4/30/2020** | $12705 | $15187 | $12132 |
| **5/31/2020** | $13133 | $15999 | $12188 |
| **6/30/2020** | $13398 | $16364 | $12265 |
| **7/31/2020** | $13825 | $17294 | $12448 |
| **8/31/2020** | $14180 | $18546 | $12348 |
| **9/30/2020** | $14010 | $17871 | $12341 |
| **10/31/2020** | $13824 | $17485 | $12286 |
| **11/30/2020** | $14722 | $19613 | $12406 |
| **12/31/2020** | $15027 | $20495 | $12423 |
| **1/31/2021** | $14959 | $20404 | $12334 |
| **2/28/2021** | $14993 | $21042 | $12156 |
| **3/31/2021** | $15094 | $21796 | $12005 |
| **4/30/2021** | $15484 | $22919 | $12099 |
| **5/31/2021** | $15569 | $23024 | $12139 |
| **6/30/2021** | $15772 | $23592 | $12224 |
| **7/31/2021** | $15958 | $23991 | $12361 |
| **8/31/2021** | $16119 | $24675 | $12337 |
| **9/30/2021** | $15738 | $23568 | $12230 |
| **10/31/2021** | $16138 | $25161 | $12227 |
| **11/30/2021** | $15967 | $24778 | $12263 |
| **12/31/2021** | $16215 | $25754 | $12232 |
| **1/31/2022** | $15604 | $24239 | $11968 |
| **2/28/2022** | $15299 | $23628 | $11835 |
| **3/31/2022** | $15184 | $24395 | $11506 |
| **4/30/2022** | $14307 | $22206 | $11069 |
| **5/31/2022** | $14326 | $22176 | $11141 |
| **6/30/2022** | $13620 | $20321 | $10966 |
| **7/31/2022** | $14269 | $22227 | $11234 |
| **8/31/2022** | $13841 | $21397 | $10917 |
| **9/30/2022** | $12947 | $19413 | $10445 |
| **10/31/2022** | $13304 | $21005 | $10310 |
| **11/30/2022** | $13943 | $22102 | $10689 |
| **12/31/2022** | $13611 | $20808 | $10641 |
| **1/31/2023** | $14326 | $22241 | $10968 |
| **2/28/2023** | $13994 | $21721 | $10684 |
| **3/31/2023** | $14275 | $22302 | $10956 |
| **4/30/2023** | $14377 | $22539 | $11022 |
| **5/31/2023** | $14249 | $22627 | $10902 |
| **6/30/2023** | $14811 | $24172 | $10863 |
| **7/31/2023** | $15092 | $25039 | $10856 |
| **8/31/2023** | $14854 | $24555 | $10786 |
| **9/30/2023** | $14284 | $23386 | $10512 |
| **10/31/2023** | $13924 | $22766 | $10346 |
| **11/30/2023** | $14974 | $24888 | $10815 |
| **12/31/2023** | $15695 | $26209 | $11229 |
| **1/31/2024** | $15785 | $26499 | $11198 |
| **2/29/2024** | $16205 | $27933 | $11040 |
| **3/31/2024** | $16655 | $28835 | $11142 |
| **4/30/2024** | $16055 | $27566 | $10860 |
| **5/31/2024** | $16655 | $28868 | $11044 |
| **6/30/2024** | $16955 | $29762 | $11149 |
| **7/31/2024** | $17225 | $30315 | $11409 |
| **8/31/2024** | $17571 | $30975 | $11573 |
| **9/30/2024** | $17823 | $31616 | $11728 |
| **10/31/2024** | $17540 | $31384 | $11437 |
| **11/30/2024** | $18168 | $33471 | $11558 |
| **12/31/2024** | $17697 | $32448 | $11369 |
| **1/31/2025** | $18168 | $33473 | $11430 |
| **2/28/2025** | $18074 | $32831 | $11681 |
| **3/31/2025** | $17508 | $30916 | $11685 |
| **4/30/2025** | $17540 | $30709 | $11731 |
| **5/31/2025** | $18011 | $32655 | $11647 |
| **6/30/2025** | $18608 | $34314 | $11826 |
| **7/31/2025** | $18766 | $35070 | $11795 |
| **8/31/2025** | $19073 | $35881 | $11936 |
| **9/30/2025** | $19474 | $37120 | $12067 |
| **10/31/2025** | $19709 | $37915 | $12142 |
| **11/30/2025** | $19742 | $38019 | $12217 |
| **12/31/2025** | $19809 | $38012 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFP1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 11.94% | 5.68% | 7.07% |
| 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 | $771430097 |
| Number of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1039036 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 46.4% |
| U.S. Fixed Income Funds | 35.1 |
| International Equity Funds | 14.6 |
| International Mixed Allocation Funds | 2.2 |
| Other Investment Company | 0.7 |
| Repurchase Agreements | 0.3 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

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

---

Transamerica BlackRock Tactical Allocation VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica JPMorgan Enhanced Index VP, Initial Class | 26.6% |
| Transamerica Short-Term Bond, Class I2 | 11.7 |
| Transamerica Aegon Core Bond VP, Initial Class | 10.3 |
| Transamerica Bond, Class I2 | 9.6 |
| Transamerica Large Cap Value, Class I2 | 8.2 |
| Transamerica WMC US Growth VP, Initial Class | 7.0 |
| Transamerica TSW International Equity VP, Initial Class | 6.8 |
| Transamerica International Focus VP, Initial Class | 5.1 |
| Vanguard Total Bond Market ETF | 3.4 |
| SPDR S&P 500 ETF Trust | 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](g768862g42r27.jpg)

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

Transamerica BlackRock Tactical Allocation VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica BlackRock Tactical Allocation VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica BlackRock Tactical Allocation 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**.

## 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 11.72%. 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.

* Active asset allocation contributed to overall returns, while security selection detracted from performance during the fiscal year ended December 31, 2025. The Portfolio allocates its assets among a combination of Transamerica funds (the "Underlying Portfolios") selected by the Portfolio's sub-adviser to obtain equity and fixed-income exposure based on the sub-adviser's tactical asset allocation model. 

* Security selection detracted from performance in the 2025 fiscal year, driven by allocations across both equity and fixed income Underlying Portfolios. The Underlying Portfolios that were primary detractors from performance were Transamerica International Focus VP and Transamerica WMC US Growth VP. 

* Within the asset allocation strategy, an equity overweight contributed to performance during the fiscal year, as global equities experienced strong performance in 2025. An allocation to Japanese equities in the later part of 2025 was a strong contributor, given their outperformance relative to other markets. An overweight position in broader non-U.S. developed markets, which was held for much of the fiscal year, also contributed to performance. However, an underweight to U.S. equities detracted from performance. The sub-adviser viewed pricing in U.S. equities to be stretched after the three-year rally and preferred to hold equity exposure in other markets where a positive growth impulse and supportive fiscal policies were not yet fully priced. 

* While an underweight to fixed income contributed to overall Portfolio returns, the underlying positioning within fixed income detracted from performance during the fiscal year. Specifically, the sub-adviser maintained an underweight to long duration U.S. government bonds, based on its view of prevailing macroeconomic conditions. As yields declined in the market in the second half of the fiscal year, underweight duration positioning within the fixed income allocation detracted from results. 

* The views expressed reflect the opinions of BlackRock Investment 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 BlackRock Tactical Allocation VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g56q26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9794 | $9436 | $10138 |
| **2/29/2016** | $9760 | $9433 | $10210 |
| **3/31/2016** | $10100 | $10097 | $10303 |
| **4/30/2016** | $10173 | $10159 | $10343 |
| **5/31/2016** | $10226 | $10341 | $10345 |
| **6/30/2016** | $10266 | $10362 | $10531 |
| **7/31/2016** | $10506 | $10774 | $10598 |
| **8/31/2016** | $10519 | $10801 | $10586 |
| **9/30/2016** | $10526 | $10818 | $10580 |
| **10/31/2016** | $10413 | $10584 | $10499 |
| **11/30/2016** | $10406 | $11058 | $10250 |
| **12/31/2016** | $10491 | $11274 | $10265 |
| **1/31/2017** | $10625 | $11486 | $10285 |
| **2/28/2017** | $10801 | $11913 | $10354 |
| **3/31/2017** | $10857 | $11921 | $10349 |
| **4/30/2017** | $10984 | $12047 | $10428 |
| **5/31/2017** | $11146 | $12171 | $10509 |
| **6/30/2017** | $11153 | $12280 | $10498 |
| **7/31/2017** | $11301 | $12512 | $10543 |
| **8/31/2017** | $11367 | $12536 | $10638 |
| **9/30/2017** | $11440 | $12842 | $10587 |
| **10/31/2017** | $11542 | $13122 | $10593 |
| **11/30/2017** | $11636 | $13521 | $10580 |
| **12/31/2017** | $11716 | $13656 | $10628 |
| **1/31/2018** | $11949 | $14375 | $10506 |
| **2/28/2018** | $11723 | $13846 | $10406 |
| **3/31/2018** | $11643 | $13568 | $10473 |
| **4/30/2018** | $11636 | $13619 | $10395 |
| **5/31/2018** | $11738 | $14004 | $10469 |
| **6/30/2018** | $11738 | $14095 | $10456 |
| **7/31/2018** | $11905 | $14563 | $10459 |
| **8/31/2018** | $12068 | $15074 | $10526 |
| **9/30/2018** | $12068 | $15099 | $10458 |
| **10/31/2018** | $11514 | $13988 | $10376 |
| **11/30/2018** | $11606 | $14268 | $10438 |
| **12/31/2018** | $11199 | $12940 | $10629 |
| **1/31/2019** | $11699 | $14051 | $10742 |
| **2/28/2019** | $11868 | $14545 | $10736 |
| **3/31/2019** | $12052 | $14757 | $10942 |
| **4/30/2019** | $12267 | $15346 | $10945 |
| **5/31/2019** | $12045 | $14353 | $11139 |
| **6/30/2019** | $12483 | $15361 | $11279 |
| **7/31/2019** | $12521 | $15590 | $11304 |
| **8/31/2019** | $12564 | $15272 | $11597 |
| **9/30/2019** | $12639 | $15540 | $11535 |
| **10/31/2019** | $12795 | $15874 | $11570 |
| **11/30/2019** | $12960 | $16478 | $11564 |
| **12/31/2019** | $13109 | $16954 | $11556 |
| **1/31/2020** | $13224 | $16935 | $11778 |
| **2/29/2020** | $12845 | $15549 | $11990 |
| **3/31/2020** | $11773 | $13410 | $11920 |
| **4/30/2020** | $12564 | $15187 | $12132 |
| **5/31/2020** | $12977 | $15999 | $12188 |
| **6/30/2020** | $13240 | $16364 | $12265 |
| **7/31/2020** | $13669 | $17294 | $12448 |
| **8/31/2020** | $14012 | $18546 | $12348 |
| **9/30/2020** | $13834 | $17871 | $12341 |
| **10/31/2020** | $13657 | $17485 | $12286 |
| **11/30/2020** | $14527 | $19613 | $12406 |
| **12/31/2020** | $14837 | $20495 | $12423 |
| **1/31/2021** | $14757 | $20404 | $12334 |
| **2/28/2021** | $14793 | $21042 | $12156 |
| **3/31/2021** | $14890 | $21796 | $12005 |
| **4/30/2021** | $15272 | $22919 | $12099 |
| **5/31/2021** | $15352 | $23024 | $12139 |
| **6/30/2021** | $15547 | $23592 | $12224 |
| **7/31/2021** | $15725 | $23991 | $12361 |
| **8/31/2021** | $15885 | $24675 | $12337 |
| **9/30/2021** | $15518 | $23568 | $12230 |
| **10/31/2021** | $15904 | $25161 | $12227 |
| **11/30/2021** | $15735 | $24778 | $12263 |
| **12/31/2021** | $15970 | $25754 | $12232 |
| **1/31/2022** | $15358 | $24239 | $11968 |
| **2/28/2022** | $15066 | $23628 | $11835 |
| **3/31/2022** | $14935 | $24395 | $11506 |
| **4/30/2022** | $14078 | $22206 | $11069 |
| **5/31/2022** | $14088 | $22176 | $11141 |
| **6/30/2022** | $13391 | $20321 | $10966 |
| **7/31/2022** | $14041 | $22227 | $11234 |
| **8/31/2022** | $13617 | $21397 | $10917 |
| **9/30/2022** | $12737 | $19413 | $10445 |
| **10/31/2022** | $13080 | $21005 | $10310 |
| **11/30/2022** | $13703 | $22102 | $10689 |
| **12/31/2022** | $13381 | $20808 | $10641 |
| **1/31/2023** | $14068 | $22241 | $10968 |
| **2/28/2023** | $13736 | $21721 | $10684 |
| **3/31/2023** | $14004 | $22302 | $10956 |
| **4/30/2023** | $14122 | $22539 | $11022 |
| **5/31/2023** | $13983 | $22627 | $10902 |
| **6/30/2023** | $14530 | $24172 | $10863 |
| **7/31/2023** | $14799 | $25039 | $10856 |
| **8/31/2023** | $14560 | $24555 | $10786 |
| **9/30/2023** | $14011 | $23386 | $10512 |
| **10/31/2023** | $13657 | $22766 | $10346 |
| **11/30/2023** | $14663 | $24888 | $10815 |
| **12/31/2023** | $15384 | $26209 | $11229 |
| **1/31/2024** | $15453 | $26499 | $11198 |
| **2/29/2024** | $15887 | $27933 | $11040 |
| **3/31/2024** | $16311 | $28835 | $11142 |
| **4/30/2024** | $15727 | $27566 | $10860 |
| **5/31/2024** | $16299 | $28868 | $11044 |
| **6/30/2024** | $16585 | $29762 | $11149 |
| **7/31/2024** | $16860 | $30315 | $11409 |
| **8/31/2024** | $17199 | $30975 | $11573 |
| **9/30/2024** | $17431 | $31616 | $11728 |
| **10/31/2024** | $17141 | $31384 | $11437 |
| **11/30/2024** | $17756 | $33471 | $11558 |
| **12/31/2024** | $17292 | $32448 | $11369 |
| **1/31/2025** | $17745 | $33473 | $11430 |
| **2/28/2025** | $17663 | $32831 | $11681 |
| **3/31/2025** | $17106 | $30916 | $11685 |
| **4/30/2025** | $17129 | $30709 | $11731 |
| **5/31/2025** | $17582 | $32655 | $11647 |
| **6/30/2025** | $18174 | $34314 | $11826 |
| **7/31/2025** | $18314 | $35070 | $11795 |
| **8/31/2025** | $18607 | $35881 | $11936 |
| **9/30/2025** | $18999 | $37120 | $12067 |
| **10/31/2025** | $19212 | $37915 | $12142 |
| **11/30/2025** | $19271 | $38019 | $12217 |
| **12/31/2025** | $19319 | $38012 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFP2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 11.72% | 5.42% | 6.81% |
| 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 | $771430097 |
| Number of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 79% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1039036 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 46.4% |
| U.S. Fixed Income Funds | 35.1 |
| International Equity Funds | 14.6 |
| International Mixed Allocation Funds | 2.2 |
| Other Investment Company | 0.7 |
| Repurchase Agreements | 0.3 |
| International Alternative Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 0.7 |

---

---

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

---

Transamerica BlackRock Tactical Allocation VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica JPMorgan Enhanced Index VP, Initial Class | 26.6% |
| Transamerica Short-Term Bond, Class I2 | 11.7 |
| Transamerica Aegon Core Bond VP, Initial Class | 10.3 |
| Transamerica Bond, Class I2 | 9.6 |
| Transamerica Large Cap Value, Class I2 | 8.2 |
| Transamerica WMC US Growth VP, Initial Class | 7.0 |
| Transamerica TSW International Equity VP, Initial Class | 6.8 |
| Transamerica International Focus VP, Initial Class | 5.1 |
| Vanguard Total Bond Market ETF | 3.4 |
| SPDR S&P 500 ETF Trust | 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](g768862g42r27.jpg)

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

Transamerica BlackRock Tactical Allocation VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica Goldman Sachs 70/30 Allocation VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Goldman Sachs 70/30 Allocation VP (the "Portfolio") seeks long-term capital appreciation with current income as a secondary objective. This 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 | $58 | 0.53%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 Fund's Service Class shares at NAV returned 17.77%. For the same period, the Fund's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Transamerica Goldman Sachs 70/30 Allocation VP Blended Benchmark, returned 17.24% over the same period.

* The Portfolio is a multi-asset fund-of-funds that seeks long-term capital appreciation with current income as a secondary objective through its strategic allocation to approximately 70% equity and 30% fixed income asset classes. Over the fiscal year ended December 31, 2025, the Portfolio posted positive returns and performed in line with its blended benchmark.

* Most underlying equity and fixed income funds contributed positively to the Portfolio's performance, with slight negative return contributions coming from Transamerica Small Cap Growth. U.S. equity funds were the most significant contributors to returns. In particular, U.S. large cap equity funds contributed approximately half of the total return for the fiscal year. 

* Security selection from underlying funds overall added to returns versus their respective benchmarks. This was driven in part by outperformance from the Transamerica Large Cap Value and Transamerica International Stock funds; however, Transamerica WMC US Growth VP underperformed its benchmark, partially offsetting this performance. The Transamerica Core Bond and Transamerica Bond funds also underperformed their benchmarks.

* Over the course of the fiscal year, the Portfolio's sub-adviser rebalanced the Portfolio to maintain the 70% equity and 30% fixed income target within an approximate +/- 2% range. Rebalancing decisions allowed U.S. growth equities to drift to a higher allocation with the market aided the Portfolio's performance during the period.

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. 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 Goldman Sachs 70/30 Allocation VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g19b19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Transamerica Goldman Sachs 70/30 Allocation VP Blended Benchmark** |
| **5/1/2020** | $10000 | $10000 | $10000 |
| **5/31/2020** | $10610 | $10535 | $10361 |
| **6/30/2020** | $10840 | $10776 | $10580 |
| **7/31/2020** | $11250 | $11388 | $10989 |
| **8/31/2020** | $11680 | $12212 | $11465 |
| **9/30/2020** | $11420 | $11768 | $11199 |
| **10/31/2020** | $11190 | $11514 | $10986 |
| **11/30/2020** | $12290 | $12915 | $12017 |
| **12/31/2020** | $12690 | $13496 | $12412 |
| **1/31/2021** | $12700 | $13435 | $12341 |
| **2/28/2021** | $12810 | $13855 | $12531 |
| **3/31/2021** | $13080 | $14352 | $12757 |
| **4/30/2021** | $13470 | $15092 | $13191 |
| **5/31/2021** | $13610 | $15161 | $13324 |
| **6/30/2021** | $13740 | $15535 | $13486 |
| **7/31/2021** | $13890 | $15797 | $13643 |
| **8/31/2021** | $14105 | $16248 | $13879 |
| **9/30/2021** | $13634 | $15519 | $13453 |
| **10/31/2021** | $14187 | $16568 | $13963 |
| **11/30/2021** | $13849 | $16316 | $13737 |
| **12/31/2021** | $14351 | $16959 | $14130 |
| **1/31/2022** | $13798 | $15961 | $13497 |
| **2/28/2022** | $13460 | $15559 | $13232 |
| **3/31/2022** | $13500 | $16063 | $13345 |
| **4/30/2022** | $12579 | $14622 | $12430 |
| **5/31/2022** | $12609 | $14602 | $12468 |
| **6/30/2022** | $11708 | $13381 | $11663 |
| **7/31/2022** | $12415 | $14636 | $12394 |
| **8/31/2022** | $11952 | $14090 | $11952 |
| **9/30/2022** | $11039 | $12783 | $11015 |
| **10/31/2022** | $11551 | $13832 | $11519 |
| **11/30/2022** | $12275 | $14554 | $12223 |
| **12/31/2022** | $11897 | $13701 | $11855 |
| **1/31/2023** | $12621 | $14645 | $12565 |
| **2/28/2023** | $12286 | $14303 | $12258 |
| **3/31/2023** | $12565 | $14685 | $12580 |
| **4/30/2023** | $12710 | $14842 | $12735 |
| **5/31/2023** | $12587 | $14899 | $12615 |
| **6/30/2023** | $13088 | $15917 | $13143 |
| **7/31/2023** | $13356 | $16487 | $13469 |
| **8/31/2023** | $13092 | $16169 | $13201 |
| **9/30/2023** | $12608 | $15399 | $12701 |
| **10/31/2023** | $12297 | $14991 | $12368 |
| **11/30/2023** | $13172 | $16389 | $13340 |
| **12/31/2023** | $13829 | $17258 | $13985 |
| **1/31/2024** | $13910 | $17449 | $14051 |
| **2/29/2024** | $14371 | $18394 | $14428 |
| **3/31/2024** | $14774 | $18987 | $14796 |
| **4/30/2024** | $14279 | $18151 | $14298 |
| **5/31/2024** | $14728 | $19009 | $14811 |
| **6/30/2024** | $14913 | $19598 | $15046 |
| **7/31/2024** | $15166 | $19962 | $15373 |
| **8/31/2024** | $15486 | $20396 | $15704 |
| **9/30/2024** | $15712 | $20818 | $15977 |
| **10/31/2024** | $15379 | $20665 | $15622 |
| **11/30/2024** | $15878 | $22040 | $16153 |
| **12/31/2024** | $15510 | $21367 | $15763 |
| **1/31/2025** | $15961 | $22041 | $16194 |
| **2/28/2025** | $15937 | $21619 | $16211 |
| **3/31/2025** | $15462 | $20358 | $15743 |
| **4/30/2025** | $15510 | $20221 | $15853 |
| **5/31/2025** | $16163 | $21503 | $16467 |
| **6/30/2025** | $16769 | $22595 | $17044 |
| **7/31/2025** | $16935 | $23093 | $17177 |
| **8/31/2025** | $17285 | $23627 | $17577 |
| **9/30/2025** | $17702 | $24443 | $18023 |
| **10/31/2025** | $17984 | $24966 | $18303 |
| **11/30/2025** | $18107 | $25035 | $18374 |
| **12/31/2025** | $18266 | $25030 | $18481 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3GB2 | **1 Year** | **5 Years** | **Since Inception 5/1/20** |
| Service Class | 17.77% | 7.56% | 11.21% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 17.56% |
| Transamerica Goldman Sachs 70/30 Allocation VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 17.24% | 8.29% | 11.44% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica Goldman Sachs 70/30 Allocation VP Blended Benchmark consists of 49% Russell 3000<sup>®</sup> Index, 18.9% MSCI EAFE Index, 2.1% MSCI Emerging Markets Index, and 30% Bloomberg US Aggregate Bond Index. 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 | $16205548 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $0 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 48.7% |
| U.S. Fixed Income Funds | 29.3 |
| International Equity Funds | 21.2 |
| Repurchase Agreements | 1 |
| International Mixed Allocation Funds | 0.0<sup>Footnote Reference\*</sup> |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (0.2) |

---

---

| | |
|:---|:---|
| 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 Goldman Sachs 70/30 Allocation VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Transamerica WMC US Growth VP, Initial Class | 23.3% |
| Transamerica Large Cap Value, Class I2 | 20.7 |
| Transamerica Core Bond, Class I2 | 19.3 |
| Transamerica International Stock, Class I2 | 9.4 |
| Transamerica International Equity, Class I2 | 9.2 |
| Transamerica Bond, Class I2 | 8.4 |
| Transamerica Aegon Sustainable Equity Income VP, Initial Class | 2.3 |
| Transamerica Emerging Markets Equity, Class I2 | 2.1 |
| Transamerica Aegon Core Bond VP, Initial Class | 1.6 |
| Transamerica Small Cap Growth, Class I2 | 1.2 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica Goldman Sachs 70/30 Allocation VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica Goldman Sachs Managed Risk - Balanced ETF VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Goldman Sachs Managed Risk - Balanced ETF VP (the "Portfolio") seeks to balance capital appreciation and 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<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 | $35 | 0.33%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 11.17%. 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.

* Overall, the fiscal year ended December 31, 2025, was another year of materially positive risk asset performance. U.S., international, and emerging markets equities all achieved positive returns, and international developed and emerging markets generally outperformed U.S. markets. Within fixed income, yields fell over the fiscal year, and bond funds posted gains on the back of the U.S. Federal Reserve's rate cuts and still-elevated yields.

* The Portfolio is a multi-asset fund-of-funds that seeks to achieve its investment objective of balancing capital appreciation and income by investing its assets primarily in a combination of underlying third-party exchange-traded funds ("ETFs"). The Portfolio employs a managed risk strategy that seeks to manage return volatility. The sub-adviser uses a proprietary model to forecast short-term volatility and adjusts the Portfolio's weightings if projected forecasts fall outside of a target range. 

* The Portfolio's managed risk process was triggered in the Portfolio in early April 2025 due to heightened market volatility arising from uncertainty surrounding tariffs. The Portfolio de-risked to its minimal equity allocation and re-risked to its full equity position in early to mid-May 2025. Market volatility did not trigger the managed risk volatility cap for the remainder of the fiscal year, and the Portfolio maintained its full equity allocation, remaining invested in equity markets and capturing overall positive performance during this period. 

* The Portfolio's performance over the fiscal year was positive, with a modestly overweight position in equities adding to returns during periods in which the Fund maintained its maximum allocation to equity ETFs. The Portfolio underperformed the blended benchmark returns due to the decrease in the Portfolio's exposure to equity ETFs in April and May 2025. Both equities and fixed income returned positively, with Portfolio performance being driven by both U.S. and international ETFs in the overall equity rally in 2025. An allocation to investment grade corporate bonds contributed to returns, as corporate bonds outperformed broader U.S. fixed income during the period. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. 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 Goldman Sachs Managed Risk - Balanced ETF VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g74l62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9685 | $9436 | $10138 |
| **2/29/2016** | $9694 | $9433 | $10210 |
| **3/31/2016** | $10009 | $10097 | $10303 |
| **4/30/2016** | $10072 | $10159 | $10343 |
| **5/31/2016** | $10117 | $10341 | $10345 |
| **6/30/2016** | $10207 | $10362 | $10531 |
| **7/31/2016** | $10396 | $10774 | $10598 |
| **8/31/2016** | $10403 | $10801 | $10586 |
| **9/30/2016** | $10431 | $10818 | $10580 |
| **10/31/2016** | $10274 | $10584 | $10499 |
| **11/30/2016** | $10274 | $11058 | $10250 |
| **12/31/2016** | $10394 | $11274 | $10265 |
| **1/31/2017** | $10542 | $11486 | $10285 |
| **2/28/2017** | $10736 | $11913 | $10354 |
| **3/31/2017** | $10782 | $11921 | $10349 |
| **4/30/2017** | $10902 | $12047 | $10428 |
| **5/31/2017** | $11031 | $12171 | $10509 |
| **6/30/2017** | $11078 | $12280 | $10498 |
| **7/31/2017** | $11235 | $12512 | $10543 |
| **8/31/2017** | $11292 | $12536 | $10638 |
| **9/30/2017** | $11415 | $12842 | $10587 |
| **10/31/2017** | $11556 | $13122 | $10593 |
| **11/30/2017** | $11707 | $13521 | $10580 |
| **12/31/2017** | $11820 | $13656 | $10628 |
| **1/31/2018** | $12140 | $14375 | $10506 |
| **2/28/2018** | $11810 | $13846 | $10406 |
| **3/31/2018** | $11754 | $13568 | $10473 |
| **4/30/2018** | $11726 | $13619 | $10395 |
| **5/31/2018** | $11839 | $14004 | $10469 |
| **6/30/2018** | $11829 | $14095 | $10456 |
| **7/31/2018** | $12008 | $14563 | $10459 |
| **8/31/2018** | $12153 | $15074 | $10526 |
| **9/30/2018** | $12133 | $15099 | $10458 |
| **10/31/2018** | $11586 | $13988 | $10376 |
| **11/30/2018** | $11721 | $14268 | $10438 |
| **12/31/2018** | $11308 | $12940 | $10629 |
| **1/31/2019** | $11692 | $14051 | $10742 |
| **2/28/2019** | $11817 | $14545 | $10736 |
| **3/31/2019** | $11999 | $14757 | $10942 |
| **4/30/2019** | $12220 | $15346 | $10945 |
| **5/31/2019** | $11913 | $14353 | $11139 |
| **6/30/2019** | $12383 | $15361 | $11279 |
| **7/31/2019** | $12412 | $15590 | $11304 |
| **8/31/2019** | $12423 | $15272 | $11597 |
| **9/30/2019** | $12524 | $15540 | $11535 |
| **10/31/2019** | $12695 | $15874 | $11570 |
| **11/30/2019** | $12897 | $16478 | $11564 |
| **12/31/2019** | $13108 | $16954 | $11556 |
| **1/31/2020** | $13139 | $16935 | $11778 |
| **2/29/2020** | $12695 | $15549 | $11990 |
| **3/31/2020** | $11848 | $13410 | $11920 |
| **4/30/2020** | $12241 | $15187 | $12132 |
| **5/31/2020** | $12443 | $15999 | $12188 |
| **6/30/2020** | $12584 | $16364 | $12265 |
| **7/31/2020** | $12866 | $17294 | $12448 |
| **8/31/2020** | $13100 | $18546 | $12348 |
| **9/30/2020** | $12912 | $17871 | $12341 |
| **10/31/2020** | $12755 | $17485 | $12286 |
| **11/30/2020** | $13424 | $19613 | $12406 |
| **12/31/2020** | $13696 | $20495 | $12423 |
| **1/31/2021** | $13644 | $20404 | $12334 |
| **2/28/2021** | $13749 | $21042 | $12156 |
| **3/31/2021** | $13905 | $21796 | $12005 |
| **4/30/2021** | $14271 | $22919 | $12099 |
| **5/31/2021** | $14386 | $23024 | $12139 |
| **6/30/2021** | $14543 | $23592 | $12224 |
| **7/31/2021** | $14689 | $23991 | $12361 |
| **8/31/2021** | $14874 | $24675 | $12337 |
| **9/30/2021** | $14463 | $23568 | $12230 |
| **10/31/2021** | $14907 | $25161 | $12227 |
| **11/30/2021** | $14719 | $24778 | $12263 |
| **12/31/2021** | $15018 | $25754 | $12232 |
| **1/31/2022** | $14430 | $24239 | $11968 |
| **2/28/2022** | $14119 | $23628 | $11835 |
| **3/31/2022** | $14064 | $24395 | $11506 |
| **4/30/2022** | $13331 | $22206 | $11069 |
| **5/31/2022** | $13320 | $22176 | $11141 |
| **6/30/2022** | $12909 | $20321 | $10966 |
| **7/31/2022** | $13309 | $22227 | $11234 |
| **8/31/2022** | $12893 | $21397 | $10917 |
| **9/30/2022** | $12290 | $19413 | $10445 |
| **10/31/2022** | $12487 | $21005 | $10310 |
| **11/30/2022** | $13102 | $22102 | $10689 |
| **12/31/2022** | $12905 | $20808 | $10641 |
| **1/31/2023** | $13578 | $22241 | $10968 |
| **2/28/2023** | $13183 | $21721 | $10684 |
| **3/31/2023** | $13520 | $22302 | $10956 |
| **4/30/2023** | $13659 | $22539 | $11022 |
| **5/31/2023** | $13508 | $22627 | $10902 |
| **6/30/2023** | $13903 | $24172 | $10863 |
| **7/31/2023** | $14170 | $25039 | $10856 |
| **8/31/2023** | $13900 | $24555 | $10786 |
| **9/30/2023** | $13406 | $23386 | $10512 |
| **10/31/2023** | $13089 | $22766 | $10346 |
| **11/30/2023** | $14002 | $24888 | $10815 |
| **12/31/2023** | $14635 | $26209 | $11229 |
| **1/31/2024** | $14623 | $26499 | $11198 |
| **2/29/2024** | $14863 | $27933 | $11040 |
| **3/31/2024** | $15180 | $28835 | $11142 |
| **4/30/2024** | $14724 | $27566 | $10860 |
| **5/31/2024** | $15193 | $28868 | $11044 |
| **6/30/2024** | $15408 | $29762 | $11149 |
| **7/31/2024** | $15738 | $30315 | $11409 |
| **8/31/2024** | $16049 | $30975 | $11573 |
| **9/30/2024** | $16325 | $31616 | $11728 |
| **10/31/2024** | $15957 | $31384 | $11437 |
| **11/30/2024** | $16377 | $33471 | $11558 |
| **12/31/2024** | $16010 | $32448 | $11369 |
| **1/31/2025** | $16299 | $33473 | $11430 |
| **2/28/2025** | $16417 | $32831 | $11681 |
| **3/31/2025** | $16089 | $30916 | $11685 |
| **4/30/2025** | $15786 | $30709 | $11731 |
| **5/31/2025** | $16102 | $32655 | $11647 |
| **6/30/2025** | $16614 | $34314 | $11826 |
| **7/31/2025** | $16693 | $35070 | $11795 |
| **8/31/2025** | $17051 | $35881 | $11936 |
| **9/30/2025** | $17431 | $37120 | $12067 |
| **10/31/2025** | $17671 | $37915 | $12142 |
| **11/30/2025** | $17741 | $38019 | $12217 |
| **12/31/2025** | $17797 | $38012 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDU1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 11.17% | 5.38% | 5.93% |
| 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 | $3485254963 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $10814223 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 47.4% |
| U.S. Equity Funds | 35.8 |
| International Equity Funds | 16.2 |
| Other Investment Company | 2.4 |
| Repurchase Agreements | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.5) |

---

---

| | |
|:---|:---|
| 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 Goldman Sachs Managed Risk - Balanced ETF VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vanguard Total Bond Market ETF | 20.2% |
| iShares Core U.S. Aggregate Bond ETF | 20.2 |
| Vanguard S&P 500 ETF | 15.5 |
| iShares Core S&P 500 ETF | 10.8 |
| Vanguard Intermediate-Term Corporate Bond ETF | 7.0 |
| Vanguard FTSE Developed Markets ETF | 5.5 |
| iShares Core MSCI Emerging Markets ETF | 4.9 |
| SPDR S&P 500 ETF Trust | 4.9 |
| iShares Core MSCI EAFE ETF | 4.4 |
| iShares Core S&P Mid-Cap ETF | 2.6 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica Goldman Sachs Managed Risk - Balanced ETF VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica Goldman Sachs Managed Risk - Balanced ETF VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Goldman Sachs Managed Risk - Balanced ETF VP (the "Portfolio") seeks to balance capital appreciation and 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<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 | $61 | 0.58%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 10.77%. 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.

* Overall, the fiscal year ended December 31, 2025, was another year of materially positive risk asset performance. U.S., international, and emerging markets equities all achieved positive returns, and international developed and emerging markets generally outperformed U.S. markets. Within fixed income, yields fell over the fiscal year, and bond funds posted gains on the back of the U.S. Federal Reserve's rate cuts and still-elevated yields.

* The Portfolio is a multi-asset fund-of-funds that seeks to achieve its investment objective of balancing capital appreciation and income by investing its assets primarily in a combination of underlying third-party exchange-traded funds ("ETFs"). The Portfolio employs a managed risk strategy that seeks to manage return volatility. The sub-adviser uses a proprietary model to forecast short-term volatility and adjusts the Portfolio's weightings if projected forecasts fall outside of a target range. 

* The Portfolio's managed risk process was triggered in the Portfolio in early April 2025 due to heightened market volatility arising from uncertainty surrounding tariffs. The Portfolio de-risked to its minimal equity allocation and re-risked to its full equity position in early to mid-May 2025. Market volatility did not trigger the managed risk volatility cap for the remainder of the fiscal year, and the Portfolio maintained its full equity allocation, remaining invested in equity markets and capturing overall positive performance during this period. 

* The Portfolio's performance over the fiscal year was positive, with a modestly overweight position in equities adding to returns during periods in which the Fund maintained its maximum allocation to equity ETFs. The Portfolio underperformed the blended benchmark returns due to the decrease in the Portfolio's exposure to equity ETFs in April and May 2025. Both equities and fixed income returned positively, with Portfolio performance being driven by both U.S. and international ETFs in the overall equity rally in 2025. An allocation to investment grade corporate bonds contributed to returns, as corporate bonds outperformed broader U.S. fixed income during the period. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. 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 Goldman Sachs Managed Risk - Balanced ETF VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g94b79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Bloomberg US Aggregate Bond Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9690 | $9436 | $10138 |
| **2/29/2016** | $9699 | $9433 | $10210 |
| **3/31/2016** | $10009 | $10097 | $10303 |
| **4/30/2016** | $10073 | $10159 | $10343 |
| **5/31/2016** | $10109 | $10341 | $10345 |
| **6/30/2016** | $10201 | $10362 | $10531 |
| **7/31/2016** | $10392 | $10774 | $10598 |
| **8/31/2016** | $10394 | $10801 | $10586 |
| **9/30/2016** | $10422 | $10818 | $10580 |
| **10/31/2016** | $10263 | $10584 | $10499 |
| **11/30/2016** | $10263 | $11058 | $10250 |
| **12/31/2016** | $10375 | $11274 | $10265 |
| **1/31/2017** | $10515 | $11486 | $10285 |
| **2/28/2017** | $10711 | $11913 | $10354 |
| **3/31/2017** | $10758 | $11921 | $10349 |
| **4/30/2017** | $10870 | $12047 | $10428 |
| **5/31/2017** | $11001 | $12171 | $10509 |
| **6/30/2017** | $11048 | $12280 | $10498 |
| **7/31/2017** | $11206 | $12512 | $10543 |
| **8/31/2017** | $11257 | $12536 | $10638 |
| **9/30/2017** | $11380 | $12842 | $10587 |
| **10/31/2017** | $11513 | $13122 | $10593 |
| **11/30/2017** | $11655 | $13521 | $10580 |
| **12/31/2017** | $11769 | $13656 | $10628 |
| **1/31/2018** | $12083 | $14375 | $10506 |
| **2/28/2018** | $11750 | $13846 | $10406 |
| **3/31/2018** | $11693 | $13568 | $10473 |
| **4/30/2018** | $11665 | $13619 | $10395 |
| **5/31/2018** | $11779 | $14004 | $10469 |
| **6/30/2018** | $11760 | $14095 | $10456 |
| **7/31/2018** | $11940 | $14563 | $10459 |
| **8/31/2018** | $12084 | $15074 | $10526 |
| **9/30/2018** | $12056 | $15099 | $10458 |
| **10/31/2018** | $11515 | $13988 | $10376 |
| **11/30/2018** | $11640 | $14268 | $10438 |
| **12/31/2018** | $11234 | $12940 | $10629 |
| **1/31/2019** | $11611 | $14051 | $10742 |
| **2/28/2019** | $11737 | $14545 | $10736 |
| **3/31/2019** | $11911 | $14757 | $10942 |
| **4/30/2019** | $12133 | $15346 | $10945 |
| **5/31/2019** | $11814 | $14353 | $11139 |
| **6/30/2019** | $12287 | $15361 | $11279 |
| **7/31/2019** | $12316 | $15590 | $11304 |
| **8/31/2019** | $12314 | $15272 | $11597 |
| **9/30/2019** | $12415 | $15540 | $11535 |
| **10/31/2019** | $12587 | $15874 | $11570 |
| **11/30/2019** | $12780 | $16478 | $11564 |
| **12/31/2019** | $12992 | $16954 | $11556 |
| **1/31/2020** | $13023 | $16935 | $11778 |
| **2/29/2020** | $12577 | $15549 | $11990 |
| **3/31/2020** | $11726 | $13410 | $11920 |
| **4/30/2020** | $12121 | $15187 | $12132 |
| **5/31/2020** | $12314 | $15999 | $12188 |
| **6/30/2020** | $12456 | $16364 | $12265 |
| **7/31/2020** | $12729 | $17294 | $12448 |
| **8/31/2020** | $12960 | $18546 | $12348 |
| **9/30/2020** | $12761 | $17871 | $12341 |
| **10/31/2020** | $12614 | $17485 | $12286 |
| **11/30/2020** | $13274 | $19613 | $12406 |
| **12/31/2020** | $13536 | $20495 | $12423 |
| **1/31/2021** | $13484 | $20404 | $12334 |
| **2/28/2021** | $13589 | $21042 | $12156 |
| **3/31/2021** | $13735 | $21796 | $12005 |
| **4/30/2021** | $14092 | $22919 | $12099 |
| **5/31/2021** | $14207 | $23024 | $12139 |
| **6/30/2021** | $14364 | $23592 | $12224 |
| **7/31/2021** | $14500 | $23991 | $12361 |
| **8/31/2021** | $14681 | $24675 | $12337 |
| **9/30/2021** | $14270 | $23568 | $12230 |
| **10/31/2021** | $14703 | $25161 | $12227 |
| **11/30/2021** | $14514 | $24778 | $12263 |
| **12/31/2021** | $14803 | $25754 | $12232 |
| **1/31/2022** | $14225 | $24239 | $11968 |
| **2/28/2022** | $13914 | $23628 | $11835 |
| **3/31/2022** | $13848 | $24395 | $11506 |
| **4/30/2022** | $13126 | $22206 | $11069 |
| **5/31/2022** | $13126 | $22176 | $11141 |
| **6/30/2022** | $12715 | $20321 | $10966 |
| **7/31/2022** | $13104 | $22227 | $11234 |
| **8/31/2022** | $12691 | $21397 | $10917 |
| **9/30/2022** | $12101 | $19413 | $10445 |
| **10/31/2022** | $12286 | $21005 | $10310 |
| **11/30/2022** | $12888 | $22102 | $10689 |
| **12/31/2022** | $12691 | $20808 | $10641 |
| **1/31/2023** | $13351 | $22241 | $10968 |
| **2/28/2023** | $12958 | $21721 | $10684 |
| **3/31/2023** | $13293 | $22302 | $10956 |
| **4/30/2023** | $13421 | $22539 | $11022 |
| **5/31/2023** | $13259 | $22627 | $10902 |
| **6/30/2023** | $13652 | $24172 | $10863 |
| **7/31/2023** | $13907 | $25039 | $10856 |
| **8/31/2023** | $13647 | $24555 | $10786 |
| **9/30/2023** | $13154 | $23386 | $10512 |
| **10/31/2023** | $12851 | $22766 | $10346 |
| **11/30/2023** | $13735 | $24888 | $10815 |
| **12/31/2023** | $14366 | $26209 | $11229 |
| **1/31/2024** | $14341 | $26499 | $11198 |
| **2/29/2024** | $14568 | $27933 | $11040 |
| **3/31/2024** | $14884 | $28835 | $11142 |
| **4/30/2024** | $14429 | $27566 | $10860 |
| **5/31/2024** | $14884 | $28868 | $11044 |
| **6/30/2024** | $15099 | $29762 | $11149 |
| **7/31/2024** | $15414 | $30315 | $11409 |
| **8/31/2024** | $15709 | $30975 | $11573 |
| **9/30/2024** | $15983 | $31616 | $11728 |
| **10/31/2024** | $15617 | $31384 | $11437 |
| **11/30/2024** | $16035 | $33471 | $11558 |
| **12/31/2024** | $15670 | $32448 | $11369 |
| **1/31/2025** | $15944 | $33473 | $11430 |
| **2/28/2025** | $16061 | $32831 | $11681 |
| **3/31/2025** | $15735 | $30916 | $11685 |
| **4/30/2025** | $15435 | $30709 | $11731 |
| **5/31/2025** | $15735 | $32655 | $11647 |
| **6/30/2025** | $16244 | $34314 | $11826 |
| **7/31/2025** | $16310 | $35070 | $11795 |
| **8/31/2025** | $16644 | $35881 | $11936 |
| **9/30/2025** | $17022 | $37120 | $12067 |
| **10/31/2025** | $17246 | $37915 | $12142 |
| **11/30/2025** | $17316 | $38019 | $12217 |
| **12/31/2025** | $17357 | $38012 | $12199 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBDU2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 10.77% | 5.10% | 5.67% |
| 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 | $3485254963 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $10814223 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 47.4% |
| U.S. Equity Funds | 35.8 |
| International Equity Funds | 16.2 |
| Other Investment Company | 2.4 |
| Repurchase Agreements | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.5) |

---

---

| | |
|:---|:---|
| 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 Goldman Sachs Managed Risk - Balanced ETF VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vanguard Total Bond Market ETF | 20.2% |
| iShares Core U.S. Aggregate Bond ETF | 20.2 |
| Vanguard S&P 500 ETF | 15.5 |
| iShares Core S&P 500 ETF | 10.8 |
| Vanguard Intermediate-Term Corporate Bond ETF | 7.0 |
| Vanguard FTSE Developed Markets ETF | 5.5 |
| iShares Core MSCI Emerging Markets ETF | 4.9 |
| SPDR S&P 500 ETF Trust | 4.9 |
| iShares Core MSCI EAFE ETF | 4.4 |
| iShares Core S&P Mid-Cap ETF | 2.6 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica Goldman Sachs Managed Risk - Balanced ETF VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica Goldman Sachs Managed Risk - Conservative ETF VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Goldman Sachs Managed Risk - Conservative ETF 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 | $38 | 0.36%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 Bloomberg US Aggregate Bond Index, returned 7.30%. The performance benchmark, the Transamerica Goldman Sachs Managed Risk - Conservative ETF VP Blended Benchmark, returned 12.19% over the same period.

* Overall, the fiscal year ended December 31, 2025, was another year of materially positive risk asset performance. U.S., international, and emerging markets equities all achieved positive returns, and international developed and emerging markets generally outperformed U.S. markets. Within fixed income, yields fell over the fiscal year, and bond funds posted gains on the back of the U.S. Federal Reserve's rate cuts and still-elevated yields.

* The Portfolio is a multi-asset fund-of-funds that seeks to achieve its investment objective of current income and preservation of capital by investing its assets primarily in a combination of underlying third-party exchange-traded funds ("ETFs"). The Portfolio employs a managed risk strategy that seeks to manage return volatility. The sub-adviser uses a proprietary model to forecast short-term volatility and adjusts the Portfolio's weightings if projected forecasts fall outside of a target range. 

* The Portfolio's managed risk process was triggered in the Portfolio in early April 2025 due to heightened market volatility arising from uncertainty surrounding tariffs. The Portfolio de-risked to its minimal equity allocation and re-risked to its full equity position in early to mid-May 2025. Market volatility did not trigger the managed risk volatility cap for the remainder of the fiscal year, and the Portfolio maintained its full equity allocation, remaining invested in equity markets and capturing overall positive performance during this period.

* The Portfolio's performance over the fiscal year was positive, with a modestly overweight position in equities adding to returns during periods in which the Fund maintained its maximum allocation to equity ETFs. The Portfolio underperformed the blended benchmark returns due to the decrease in the Portfolio's exposure to equity ETFs in April and May 2025. Both equities and fixed income returned positively, with Portfolio performance being driven by both U.S. and international ETFs in the overall equity rally in 2025. An allocation to investment grade corporate bonds contributed to returns, as corporate bonds outperformed broader U.S. fixed income during the period. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. 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 Goldman Sachs Managed Risk - Conservative ETF VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g65f63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Bloomberg US Aggregate Bond Index** | **Transamerica Goldman Sachs Managed Risk - Conservative ETF VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9922 | $10138 | $9879 |
| **2/29/2016** | $9957 | $10210 | $9911 |
| **3/31/2016** | $10215 | $10303 | $10227 |
| **4/30/2016** | $10267 | $10343 | $10295 |
| **5/31/2016** | $10293 | $10345 | $10329 |
| **6/30/2016** | $10439 | $10531 | $10439 |
| **7/31/2016** | $10594 | $10598 | $10639 |
| **8/31/2016** | $10586 | $10586 | $10644 |
| **9/30/2016** | $10604 | $10580 | $10658 |
| **10/31/2016** | $10471 | $10499 | $10533 |
| **11/30/2016** | $10365 | $10250 | $10463 |
| **12/31/2016** | $10436 | $10265 | $10552 |
| **1/31/2017** | $10524 | $10285 | $10653 |
| **2/28/2017** | $10666 | $10354 | $10817 |
| **3/31/2017** | $10710 | $10349 | $10843 |
| **4/30/2017** | $10816 | $10428 | $10950 |
| **5/31/2017** | $10931 | $10509 | $11069 |
| **6/30/2017** | $10975 | $10498 | $11089 |
| **7/31/2017** | $11117 | $10543 | $11212 |
| **8/31/2017** | $11172 | $10638 | $11287 |
| **9/30/2017** | $11389 | $10593 | $11430 |
| **10/31/2017** | $11515 | $10580 | $11518 |
| **12/31/2017** | $11615 | $10628 | $11609 |
| **1/31/2018** | $11850 | $10506 | $11739 |
| **2/28/2018** | $11488 | $10406 | $11504 |
| **3/31/2018** | $11515 | $10473 | $11475 |
| **4/30/2018** | $11452 | $10395 | $11450 |
| **5/31/2018** | $11543 | $10469 | $11558 |
| **6/30/2018** | $11543 | $10456 | $11547 |
| **7/31/2018** | $11642 | $10459 | $11674 |
| **8/31/2018** | $11760 | $10526 | $11800 |
| **9/30/2018** | $11723 | $10458 | $11761 |
| **10/31/2018** | $11333 | $10376 | $11387 |
| **11/30/2018** | $11435 | $10438 | $11498 |
| **12/31/2018** | $11231 | $10629 | $11316 |
| **1/31/2019** | $11509 | $10742 | $11723 |
| **2/28/2019** | $11583 | $10736 | $11845 |
| **3/31/2019** | $11788 | $10942 | $12044 |
| **4/30/2019** | $11880 | $10945 | $12197 |
| **5/31/2019** | $11843 | $11139 | $12078 |
| **6/30/2019** | $12140 | $11279 | $12459 |
| **7/31/2019** | $12168 | $11304 | $12510 |
| **8/31/2019** | $12351 | $11597 | $12620 |
| **9/30/2019** | $12351 | $11535 | $12666 |
| **10/31/2019** | $12441 | $11570 | $12804 |
| **11/30/2019** | $12531 | $11564 | $12932 |
| **12/31/2019** | $12621 | $11556 | $13076 |
| **1/31/2020** | $12770 | $11778 | $13199 |
| **2/29/2020** | $12661 | $11990 | $12977 |
| **3/31/2020** | $12051 | $11920 | $12292 |
| **4/30/2020** | $12381 | $12132 | $12937 |
| **5/31/2020** | $12531 | $12188 | $13197 |
| **6/30/2020** | $12651 | $12265 | $13389 |
| **7/31/2020** | $12900 | $12448 | $13769 |
| **8/31/2020** | $12941 | $12348 | $14006 |
| **9/30/2020** | $12848 | $12341 | $13842 |
| **10/31/2020** | $12735 | $12286 | $13700 |
| **11/30/2020** | $13147 | $12406 | $14389 |
| **12/31/2020** | $13280 | $12423 | $14644 |
| **1/31/2021** | $13188 | $12334 | $14565 |
| **2/28/2021** | $13116 | $12156 | $14572 |
| **3/31/2021** | $13095 | $12005 | $14605 |
| **4/30/2021** | $13301 | $12099 | $14914 |
| **5/31/2021** | $13352 | $12139 | $15010 |
| **6/30/2021** | $13486 | $12224 | $15166 |
| **7/31/2021** | $13630 | $12361 | $15322 |
| **8/31/2021** | $13690 | $12337 | $15443 |
| **9/30/2021** | $13446 | $12230 | $15133 |
| **10/31/2021** | $13637 | $12227 | $15420 |
| **11/30/2021** | $13573 | $12263 | $15327 |
| **12/31/2021** | $13679 | $12232 | $15514 |
| **1/31/2022** | $13265 | $11968 | $15011 |
| **2/28/2022** | $13095 | $11835 | $14779 |
| **3/31/2022** | $12841 | $11506 | $14636 |
| **4/30/2022** | $12289 | $11069 | $13855 |
| **5/31/2022** | $12374 | $11141 | $13918 |
| **6/30/2022** | $12045 | $10966 | $13365 |
| **7/31/2022** | $12352 | $11234 | $13940 |
| **8/31/2022** | $12062 | $10917 | $13509 |
| **9/30/2022** | $11600 | $10445 | $12681 |
| **10/31/2022** | $11644 | $10310 | $12872 |
| **11/30/2022** | $12238 | $10689 | $13502 |
| **12/31/2022** | $12084 | $10641 | $13254 |
| **1/31/2023** | $12601 | $10968 | $13859 |
| **2/28/2023** | $12260 | $10684 | $13498 |
| **3/31/2023** | $12601 | $10956 | $13846 |
| **4/30/2023** | $12711 | $11022 | $13960 |
| **5/31/2023** | $12568 | $10902 | $13826 |
| **6/30/2023** | $12821 | $10863 | $14095 |
| **7/31/2023** | $12986 | $10856 | $14273 |
| **8/31/2023** | $12789 | $10786 | $14081 |
| **9/30/2023** | $12377 | $10512 | $13635 |
| **10/31/2023** | $12106 | $10346 | $13347 |
| **11/30/2023** | $12848 | $10815 | $14174 |
| **12/31/2023** | $13402 | $11229 | $14788 |
| **1/31/2024** | $13390 | $11198 | $14787 |
| **2/29/2024** | $13485 | $11040 | $14887 |
| **3/31/2024** | $13720 | $11142 | $15145 |
| **4/30/2024** | $13320 | $10860 | $14705 |
| **5/31/2024** | $13697 | $11044 | $15087 |
| **6/30/2024** | $13874 | $11149 | $15296 |
| **7/31/2024** | $14180 | $11409 | $15634 |
| **8/31/2024** | $14430 | $11573 | $15909 |
| **9/30/2024** | $14669 | $11728 | $16174 |
| **10/31/2024** | $14329 | $11437 | $15806 |
| **11/30/2024** | $14644 | $11558 | $16162 |
| **12/31/2024** | $14341 | $11369 | $15836 |
| **1/31/2025** | $14543 | $11430 | $16078 |
| **2/28/2025** | $14707 | $11681 | $16254 |
| **3/31/2025** | $14493 | $11685 | $16015 |
| **4/30/2025** | $14367 | $11731 | $16088 |
| **5/31/2025** | $14556 | $11647 | $16343 |
| **6/30/2025** | $14946 | $11826 | $16770 |
| **7/31/2025** | $14997 | $11795 | $16830 |
| **8/31/2025** | $15261 | $11936 | $17117 |
| **9/30/2025** | $15551 | $12067 | $17449 |
| **10/31/2025** | $15722 | $12142 | $17649 |
| **11/30/2025** | $15800 | $12217 | $17732 |
| **12/31/2025** | $15814 | $12199 | $17768 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFV1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 10.27% | 3.55% | 4.69% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |
| Transamerica Goldman Sachs Managed Risk - Conservative ETF VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 12.19% | 3.94% | 5.92% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica Goldman Sachs Managed Risk – Conservative ETF VP Blended Benchmark consists of the following: Bloomberg US Aggregate Bond Index, 65%; Russell 3000<sup>®</sup> Index, 25%; and MSCI All Country World ex-U.S. Index, 10%. 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 | $385443871 |
| Number of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1247510 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 62.7% |
| U.S. Equity Funds | 25.4 |
| International Equity Funds | 11.3 |
| Other Investment Company | 2.2 |
| Repurchase Agreements | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.3) |

---

---

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

---

Transamerica Goldman Sachs Managed Risk - Conservative ETF VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Schwab U.S. Aggregate Bond ETF | 19.4% |
| Vanguard Total Bond Market ETF | 19.3 |
| iShares Core U.S. Aggregate Bond ETF | 19.1 |
| iShares Core S&P 500 ETF | 7.3 |
| Vanguard S&P 500 ETF | 7.3 |
| SPDR S&P 500 ETF Trust | 7.3 |
| Vanguard Intermediate-Term Corporate Bond ETF | 4.9 |
| iShares Core MSCI Emerging Markets ETF | 3.3 |
| Vanguard FTSE Developed Markets ETF | 2.9 |
| iShares Core MSCI EAFE ETF | 2.8 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica Goldman Sachs Managed Risk - Conservative ETF VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica Goldman Sachs Managed Risk - Conservative ETF VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Goldman Sachs Managed Risk - Conservative ETF 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 | $64 | 0.61%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 10.07%. For the same period, the Portfolio's broad-based benchmark, the Bloomberg US Aggregate Bond Index, returned 7.30%. The performance benchmark, the Transamerica Goldman Sachs Managed Risk - Conservative ETF VP Blended Benchmark, returned 12.19% over the same period.

* Overall, the fiscal year ended December 31, 2025, was another year of materially positive risk asset performance. U.S., international, and emerging markets equities all achieved positive returns, and international developed and emerging markets generally outperformed U.S. markets. Within fixed income, yields fell over the fiscal year, and bond funds posted gains on the back of the U.S. Federal Reserve's rate cuts and still-elevated yields.

* The Portfolio is a multi-asset fund-of-funds that seeks to achieve its investment objective of current income and preservation of capital by investing its assets primarily in a combination of underlying third-party exchange-traded funds ("ETFs"). The Portfolio employs a managed risk strategy that seeks to manage return volatility. The sub-adviser uses a proprietary model to forecast short-term volatility and adjusts the Portfolio's weightings if projected forecasts fall outside of a target range. 

* The Portfolio's managed risk process was triggered in the Portfolio in early April 2025 due to heightened market volatility arising from uncertainty surrounding tariffs. The Portfolio de-risked to its minimal equity allocation and re-risked to its full equity position in early to mid-May 2025. Market volatility did not trigger the managed risk volatility cap for the remainder of the fiscal year, and the Portfolio maintained its full equity allocation, remaining invested in equity markets and capturing overall positive performance during this period.

* The Portfolio's performance over the fiscal year was positive, with a modestly overweight position in equities adding to returns during periods in which the Fund maintained its maximum allocation to equity ETFs. The Portfolio underperformed the blended benchmark returns due to the decrease in the Portfolio's exposure to equity ETFs in April and May 2025. Both equities and fixed income returned positively, with Portfolio performance being driven by both U.S. and international ETFs in the overall equity rally in 2025. An allocation to investment grade corporate bonds contributed to returns, as corporate bonds outperformed broader U.S. fixed income during the period. 

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. 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 Goldman Sachs Managed Risk - Conservative ETF VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g38m87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Bloomberg US Aggregate Bond Index** | **Transamerica Goldman Sachs Managed Risk - Conservative ETF VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9922 | $10138 | $9879 |
| **2/29/2016** | $9957 | $10210 | $9911 |
| **3/31/2016** | $10209 | $10303 | $10227 |
| **4/30/2016** | $10261 | $10343 | $10295 |
| **5/31/2016** | $10287 | $10345 | $10329 |
| **6/30/2016** | $10426 | $10531 | $10439 |
| **7/31/2016** | $10582 | $10598 | $10639 |
| **8/31/2016** | $10568 | $10586 | $10644 |
| **9/30/2016** | $10586 | $10580 | $10658 |
| **10/31/2016** | $10452 | $10499 | $10533 |
| **11/30/2016** | $10336 | $10250 | $10463 |
| **12/31/2016** | $10408 | $10265 | $10552 |
| **1/31/2017** | $10497 | $10285 | $10653 |
| **2/28/2017** | $10639 | $10354 | $10817 |
| **3/31/2017** | $10675 | $10349 | $10843 |
| **4/30/2017** | $10781 | $10428 | $10950 |
| **5/31/2017** | $10897 | $10509 | $11069 |
| **6/30/2017** | $10933 | $10498 | $11089 |
| **7/31/2017** | $11066 | $10543 | $11212 |
| **8/31/2017** | $11129 | $10638 | $11287 |
| **9/30/2017** | $11338 | $10593 | $11430 |
| **10/31/2017** | $11456 | $10580 | $11518 |
| **12/31/2017** | $11556 | $10628 | $11609 |
| **1/31/2018** | $11782 | $10506 | $11739 |
| **2/28/2018** | $11429 | $10406 | $11504 |
| **3/31/2018** | $11447 | $10473 | $11475 |
| **4/30/2018** | $11383 | $10395 | $11450 |
| **5/31/2018** | $11474 | $10469 | $11558 |
| **6/30/2018** | $11474 | $10456 | $11547 |
| **7/31/2018** | $11565 | $10459 | $11674 |
| **8/31/2018** | $11679 | $10526 | $11800 |
| **9/30/2018** | $11642 | $10458 | $11761 |
| **10/31/2018** | $11252 | $10376 | $11387 |
| **11/30/2018** | $11354 | $10438 | $11498 |
| **12/31/2018** | $11140 | $10629 | $11316 |
| **1/31/2019** | $11428 | $10742 | $11723 |
| **2/28/2019** | $11494 | $10736 | $11845 |
| **3/31/2019** | $11698 | $10942 | $12044 |
| **4/30/2019** | $11782 | $10945 | $12197 |
| **5/31/2019** | $11745 | $11139 | $12078 |
| **6/30/2019** | $12042 | $11279 | $12459 |
| **7/31/2019** | $12061 | $11304 | $12510 |
| **8/31/2019** | $12238 | $11597 | $12620 |
| **9/30/2019** | $12238 | $11535 | $12666 |
| **10/31/2019** | $12318 | $11570 | $12804 |
| **11/30/2019** | $12408 | $11564 | $12932 |
| **12/31/2019** | $12498 | $11556 | $13076 |
| **1/31/2020** | $12638 | $11778 | $13199 |
| **2/29/2020** | $12528 | $11990 | $12977 |
| **3/31/2020** | $11929 | $11920 | $12292 |
| **4/30/2020** | $12248 | $12132 | $12937 |
| **5/31/2020** | $12398 | $12188 | $13197 |
| **6/30/2020** | $12508 | $12265 | $13389 |
| **7/31/2020** | $12748 | $12448 | $13769 |
| **8/31/2020** | $12794 | $12348 | $14006 |
| **9/30/2020** | $12702 | $12341 | $13842 |
| **10/31/2020** | $12579 | $12286 | $13700 |
| **11/30/2020** | $12989 | $12406 | $14389 |
| **12/31/2020** | $13112 | $12423 | $14644 |
| **1/31/2021** | $13030 | $12334 | $14565 |
| **2/28/2021** | $12948 | $12156 | $14572 |
| **3/31/2021** | $12928 | $12005 | $14605 |
| **4/30/2021** | $13122 | $12099 | $14914 |
| **5/31/2021** | $13184 | $12139 | $15010 |
| **6/30/2021** | $13297 | $12224 | $15166 |
| **7/31/2021** | $13440 | $12361 | $15322 |
| **8/31/2021** | $13495 | $12337 | $15443 |
| **9/30/2021** | $13252 | $12230 | $15133 |
| **10/31/2021** | $13432 | $12227 | $15420 |
| **11/30/2021** | $13379 | $12263 | $15327 |
| **12/31/2021** | $13474 | $12232 | $15514 |
| **1/31/2022** | $13073 | $11968 | $15011 |
| **2/28/2022** | $12904 | $11835 | $14779 |
| **3/31/2022** | $12650 | $11506 | $14636 |
| **4/30/2022** | $12101 | $11069 | $13855 |
| **5/31/2022** | $12175 | $11141 | $13918 |
| **6/30/2022** | $11848 | $10966 | $13365 |
| **7/31/2022** | $12154 | $11234 | $13940 |
| **8/31/2022** | $11869 | $10917 | $13509 |
| **9/30/2022** | $11411 | $10445 | $12681 |
| **10/31/2022** | $11455 | $10310 | $12872 |
| **11/30/2022** | $12022 | $10689 | $13502 |
| **12/31/2022** | $11880 | $10641 | $13254 |
| **1/31/2023** | $12382 | $10968 | $13859 |
| **2/28/2023** | $12044 | $10684 | $13498 |
| **3/31/2023** | $12371 | $10956 | $13846 |
| **4/30/2023** | $12480 | $11022 | $13960 |
| **5/31/2023** | $12338 | $10902 | $13826 |
| **6/30/2023** | $12578 | $10863 | $14095 |
| **7/31/2023** | $12742 | $10856 | $14273 |
| **8/31/2023** | $12555 | $10786 | $14081 |
| **9/30/2023** | $12135 | $10512 | $13635 |
| **10/31/2023** | $11878 | $10346 | $13347 |
| **11/30/2023** | $12602 | $10815 | $14174 |
| **12/31/2023** | $13138 | $11229 | $14788 |
| **1/31/2024** | $13115 | $11198 | $14787 |
| **2/29/2024** | $13220 | $11040 | $14887 |
| **3/31/2024** | $13442 | $11142 | $15145 |
| **4/30/2024** | $13045 | $10860 | $14705 |
| **5/31/2024** | $13407 | $11044 | $15087 |
| **6/30/2024** | $13582 | $11149 | $15296 |
| **7/31/2024** | $13874 | $11409 | $15634 |
| **8/31/2024** | $14117 | $11573 | $15909 |
| **9/30/2024** | $14342 | $11728 | $16174 |
| **10/31/2024** | $14005 | $11437 | $15806 |
| **11/30/2024** | $14329 | $11558 | $16162 |
| **12/31/2024** | $14018 | $11369 | $15836 |
| **1/31/2025** | $14217 | $11430 | $16078 |
| **2/28/2025** | $14379 | $11681 | $16254 |
| **3/31/2025** | $14167 | $11685 | $16015 |
| **4/30/2025** | $14030 | $11731 | $16088 |
| **5/31/2025** | $14217 | $11647 | $16343 |
| **6/30/2025** | $14603 | $11826 | $16770 |
| **7/31/2025** | $14640 | $11795 | $16830 |
| **8/31/2025** | $14898 | $11936 | $17117 |
| **9/30/2025** | $15183 | $12067 | $17449 |
| **10/31/2025** | $15351 | $12142 | $17649 |
| **11/30/2025** | $15416 | $12217 | $17732 |
| **12/31/2025** | $15429 | $12199 | $17768 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IXFV2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 10.07% | 3.31% | 4.43% |
| Bloomberg US Aggregate Bond Index<sup>Footnote Reference(a)</sup> | 7.30% | (0.36)% | 2.01% |
| Transamerica Goldman Sachs Managed Risk - Conservative ETF VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 12.19% | 3.94% | 5.92% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Transamerica Goldman Sachs Managed Risk – Conservative ETF VP Blended Benchmark consists of the following: Bloomberg US Aggregate Bond Index, 65%; Russell 3000<sup>®</sup> Index, 25%; and MSCI All Country World ex-U.S. Index, 10%. 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 | $385443871 |
| Number of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $1247510 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Fixed Income Funds | 62.7% |
| U.S. Equity Funds | 25.4 |
| International Equity Funds | 11.3 |
| Other Investment Company | 2.2 |
| Repurchase Agreements | 0.7 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | (2.3) |

---

---

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

---

Transamerica Goldman Sachs Managed Risk - Conservative ETF VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Schwab U.S. Aggregate Bond ETF | 19.4% |
| Vanguard Total Bond Market ETF | 19.3 |
| iShares Core U.S. Aggregate Bond ETF | 19.1 |
| iShares Core S&P 500 ETF | 7.3 |
| Vanguard S&P 500 ETF | 7.3 |
| SPDR S&P 500 ETF Trust | 7.3 |
| Vanguard Intermediate-Term Corporate Bond ETF | 4.9 |
| iShares Core MSCI Emerging Markets ETF | 3.3 |
| Vanguard FTSE Developed Markets ETF | 2.9 |
| iShares Core MSCI EAFE ETF | 2.8 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica Goldman Sachs Managed Risk - Conservative ETF VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica Goldman Sachs Managed Risk - Growth ETF VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Goldman Sachs Managed Risk - Growth ETF VP (the "Portfolio") seeks capital appreciation as a primary objective and income as a secondary objective. This 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 | $36 | 0.34%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 12.49%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Transamerica Goldman Sachs Managed Risk - Growth ETF VP Blended Benchmark, returned 18.12% over the same period.

* Overall, the fiscal year ended December 31, 2025, was another year of materially positive risk asset performance. U.S., international, and emerging markets equities all achieved positive returns, and international developed and emerging markets generally outperformed U.S. markets. Within fixed income, yields fell over the fiscal year, and bond funds posted gains on the back of the U.S. Federal Reserve's rate cuts and still-elevated yields.

* The Portfolio is a multi-asset fund-of-funds that seeks capital appreciation as a primary objective and income as a secondary objective by investing its assets primarily in a combination of underlying third-party exchange-traded funds ("ETFs"). The Portfolio employs a managed risk strategy that seeks to manage return volatility. The sub-adviser uses a proprietary model to forecast short-term volatility and adjusts the Portfolio's weightings if projected forecasts fall outside of a target range.

* The Portfolio's managed risk process was triggered in the Portfolio in early April 2025 due to heightened market volatility arising from uncertainty surrounding tariffs. The Portfolio de-risked to its minimal equity allocation and re-risked to its full equity position in early to mid-May 2025. Market volatility did not trigger the managed risk volatility cap for the remainder of the fiscal year, and the Portfolio maintained its full equity allocation, remaining invested in equity markets and capturing overall positive performance during this period. 

* The Portfolio's performance over the fiscal year was positive, with a modestly overweight position in equities adding to returns during periods in which the Fund maintained its maximum allocation to equity ETFs. The Portfolio underperformed the blended benchmark returns due to the decrease in the Portfolio's exposure to equity ETFs in April and May 2025. Both equities and fixed income returned positively, with Portfolio performance being driven by both U.S. and international ETFs in the overall equity rally in 2025. An allocation to investment grade corporate bonds contributed to returns, as corporate bonds outperformed broader U.S. fixed income during the period.

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. 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 Goldman Sachs Managed Risk - Growth ETF VP

Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g15t16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **Russell 3000<sup>®</sup> Index** | **Transamerica Goldman Sachs Managed Risk - Growth ETF VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9586 | $9436 | $9581 |
| **2/29/2016** | $9564 | $9433 | $9569 |
| **3/31/2016** | $9968 | $10097 | $10124 |
| **4/30/2016** | $10043 | $10159 | $10228 |
| **5/31/2016** | $10117 | $10341 | $10290 |
| **6/30/2016** | $10064 | $10362 | $10312 |
| **7/31/2016** | $10329 | $10774 | $10662 |
| **8/31/2016** | $10345 | $10801 | $10687 |
| **9/30/2016** | $10367 | $10818 | $10727 |
| **10/31/2016** | $10205 | $10584 | $10552 |
| **11/30/2016** | $10335 | $11058 | $10676 |
| **12/31/2016** | $10497 | $11274 | $10854 |
| **1/31/2017** | $10713 | $11486 | $11056 |
| **2/28/2017** | $10973 | $11913 | $11332 |
| **3/31/2017** | $11049 | $11921 | $11402 |
| **4/30/2017** | $11179 | $12047 | $11545 |
| **5/31/2017** | $11341 | $12171 | $11715 |
| **6/30/2017** | $11406 | $12280 | $11774 |
| **7/31/2017** | $11633 | $12512 | $11998 |
| **8/31/2017** | $11664 | $12536 | $12048 |
| **9/30/2017** | $12083 | $13122 | $12433 |
| **10/31/2017** | $12314 | $13521 | $12653 |
| **12/31/2017** | $12469 | $13656 | $12802 |
| **1/31/2018** | $12998 | $14375 | $13280 |
| **2/28/2018** | $12447 | $13846 | $12851 |
| **3/31/2018** | $12270 | $13568 | $12688 |
| **4/30/2018** | $12281 | $13619 | $12739 |
| **5/31/2018** | $12425 | $14004 | $12883 |
| **6/30/2018** | $12413 | $14095 | $12868 |
| **7/31/2018** | $12711 | $14563 | $13167 |
| **8/31/2018** | $12900 | $15074 | $13363 |
| **9/30/2018** | $12900 | $15099 | $13367 |
| **10/31/2018** | $12080 | $13988 | $12577 |
| **11/30/2018** | $12215 | $14268 | $12752 |
| **12/31/2018** | $11597 | $12940 | $12061 |
| **1/31/2019** | $12136 | $14051 | $12842 |
| **2/28/2019** | $12361 | $14545 | $13133 |
| **3/31/2019** | $12518 | $14757 | $13316 |
| **4/30/2019** | $12877 | $15346 | $13672 |
| **5/31/2019** | $12271 | $14353 | $13111 |
| **6/30/2019** | $12944 | $15361 | $13808 |
| **7/31/2019** | $12989 | $15590 | $13888 |
| **8/31/2019** | $12805 | $15272 | $13736 |
| **9/30/2019** | $12968 | $15540 | $13929 |
| **10/31/2019** | $13220 | $15874 | $14209 |
| **11/30/2019** | $13534 | $16478 | $14517 |
| **12/31/2019** | $13887 | $16954 | $14878 |
| **1/31/2020** | $13811 | $16935 | $14845 |
| **2/29/2020** | $13006 | $15549 | $14005 |
| **3/31/2020** | $12075 | $13410 | $12512 |
| **4/30/2020** | $12566 | $15187 | $13654 |
| **5/31/2020** | $12830 | $15999 | $14166 |
| **6/30/2020** | $12868 | $16364 | $14511 |
| **7/31/2020** | $13195 | $17294 | $15142 |
| **8/31/2020** | $13680 | $18546 | $15835 |
| **9/30/2020** | $13376 | $17871 | $15451 |
| **10/31/2020** | $13124 | $17485 | $15190 |
| **11/30/2020** | $14038 | $19613 | $16659 |
| **12/31/2020** | $14515 | $20495 | $17267 |
| **1/31/2021** | $14462 | $20404 | $17210 |
| **2/28/2021** | $14753 | $21042 | $17509 |
| **3/31/2021** | $14991 | $21796 | $17840 |
| **4/30/2021** | $15481 | $22919 | $18482 |
| **5/31/2021** | $15640 | $23024 | $18675 |
| **6/30/2021** | $15839 | $23592 | $18932 |
| **7/31/2021** | $15985 | $23991 | $19097 |
| **8/31/2021** | $16287 | $24675 | $19458 |
| **9/30/2021** | $15712 | $23568 | $18819 |
| **10/31/2021** | $16400 | $25161 | $19577 |
| **11/30/2021** | $16105 | $24778 | $19248 |
| **12/31/2021** | $16582 | $25754 | $19808 |
| **1/31/2022** | $15824 | $24239 | $18926 |
| **2/28/2022** | $15431 | $23628 | $18541 |
| **3/31/2022** | $15529 | $24395 | $18738 |
| **4/30/2022** | $14588 | $22206 | $17417 |
| **5/31/2022** | $14616 | $22176 | $17461 |
| **6/30/2022** | $13999 | $20321 | $16287 |
| **7/31/2022** | $14616 | $22227 | $17318 |
| **8/31/2022** | $14208 | $21397 | $16730 |
| **9/30/2022** | $13463 | $19413 | $15357 |
| **10/31/2022** | $13859 | $21005 | $16069 |
| **11/30/2022** | $14618 | $22102 | $17095 |
| **12/31/2022** | $14208 | $20808 | $16524 |
| **1/31/2023** | $15150 | $22241 | $17563 |
| **2/28/2023** | $14694 | $21721 | $17097 |
| **3/31/2023** | $15089 | $22302 | $17544 |
| **4/30/2023** | $15272 | $22539 | $17734 |
| **5/31/2023** | $15105 | $22627 | $17581 |
| **6/30/2023** | $15788 | $24172 | $18378 |
| **7/31/2023** | $16244 | $25039 | $18893 |
| **8/31/2023** | $15858 | $24555 | $18477 |
| **9/30/2023** | $15207 | $23386 | $17766 |
| **10/31/2023** | $14795 | $22766 | $17279 |
| **11/30/2023** | $15984 | $24888 | $18678 |
| **12/31/2023** | $16777 | $26209 | $19592 |
| **1/31/2024** | $16761 | $26499 | $19643 |
| **2/29/2024** | $17316 | $27933 | $20238 |
| **3/31/2024** | $17808 | $28835 | $20776 |
| **4/30/2024** | $17190 | $27566 | $20091 |
| **5/31/2024** | $17887 | $28868 | $20813 |
| **6/30/2024** | $18189 | $29762 | $21197 |
| **7/31/2024** | $18569 | $30315 | $21636 |
| **8/31/2024** | $18947 | $30975 | $22098 |
| **9/30/2024** | $19307 | $31616 | $22551 |
| **10/31/2024** | $18898 | $31384 | $22075 |
| **11/30/2024** | $19553 | $33471 | $22849 |
| **12/31/2024** | $19045 | $32448 | $22294 |
| **1/31/2025** | $19504 | $33473 | $22891 |
| **2/28/2025** | $19520 | $32831 | $22865 |
| **3/31/2025** | $18931 | $30916 | $22155 |
| **4/30/2025** | $18374 | $30709 | $22286 |
| **5/31/2025** | $18849 | $32655 | $23221 |
| **6/30/2025** | $19618 | $34314 | $24108 |
| **7/31/2025** | $19782 | $35070 | $24354 |
| **8/31/2025** | $20303 | $35881 | $24917 |
| **9/30/2025** | $20873 | $37120 | $25641 |
| **10/31/2025** | $21229 | $37915 | $26087 |
| **11/30/2025** | $21318 | $38019 | $26165 |
| **12/31/2025** | $21425 | $38012 | $26334 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBD01 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 12.49% | 8.10% | 7.92% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Transamerica Goldman Sachs Managed Risk - Growth ETF VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 18.12% | 8.81% | 10.17% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;The Transamerica Goldman Sachs Managed Risk – Growth ETF VP Blended Benchmark consists of the following: Russell 3000<sup>®</sup> Index, 52%; Bloomberg US Aggregate Bond Index, 25%; and MSCI All Country World ex-U.S. Index, 23%. 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 | $1685199198 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 68% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $5244059 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 54.4% |
| International Equity Funds | 24.2 |
| U.S. Fixed Income Funds | 20.8 |
| Repurchase Agreements | 0.6 |
| 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 Goldman Sachs Managed Risk - Growth ETF VP

Initial Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 19.0% |
| iShares Core S&P 500 ETF | 17.7 |
| SPDR S&P 500 ETF Trust | 10.5 |
| iShares Core U.S. Aggregate Bond ETF | 7.5 |
| Vanguard Total Bond Market ETF | 7.4 |
| iShares Core MSCI Emerging Markets ETF | 6.9 |
| Vanguard Intermediate-Term Corporate Bond ETF | 5.9 |
| iShares Core MSCI EAFE ETF | 5.8 |
| Vanguard FTSE Developed Markets ETF | 5.8 |
| iShares MSCI EAFE ETF | 5.3 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica Goldman Sachs Managed Risk - Growth ETF VP

Initial Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica Goldman Sachs Managed Risk - Growth ETF VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Goldman Sachs Managed Risk - Growth ETF VP (the "Portfolio") seeks capital appreciation as a primary objective and income as a secondary objective. This 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 | $63 | 0.59%<sup>Footnote Reference†</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Does not include expenses of the underlying investments in which the Portfolio invests. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;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 12.27%. For the same period, the Portfolio's broad-based benchmark, the Russell 3000<sup>®</sup> Index, returned 17.15%. The performance benchmark, the Transamerica Goldman Sachs Managed Risk - Growth ETF VP Blended Benchmark, returned 18.12% over the same period.

* Overall, the fiscal year ended December 31, 2025, was another year of materially positive risk asset performance. U.S., international, and emerging markets equities all achieved positive returns, and international developed and emerging markets generally outperformed U.S. markets. Within fixed income, yields fell over the fiscal year, and bond funds posted gains on the back of the U.S. Federal Reserve's rate cuts and still-elevated yields.

* The Portfolio is a multi-asset fund-of-funds that seeks capital appreciation as a primary objective and income as a secondary objective by investing its assets primarily in a combination of underlying third-party exchange-traded funds ("ETFs"). The Portfolio employs a managed risk strategy that seeks to manage return volatility. The sub-adviser uses a proprietary model to forecast short-term volatility and adjusts the Portfolio's weightings if projected forecasts fall outside of a target range.

* The Portfolio's managed risk process was triggered in the Portfolio in early April 2025 due to heightened market volatility arising from uncertainty surrounding tariffs. The Portfolio de-risked to its minimal equity allocation and re-risked to its full equity position in early to mid-May 2025. Market volatility did not trigger the managed risk volatility cap for the remainder of the fiscal year, and the Portfolio maintained its full equity allocation, remaining invested in equity markets and capturing overall positive performance during this period. 

* The Portfolio's performance over the fiscal year was positive, with a modestly overweight position in equities adding to returns during periods in which the Fund maintained its maximum allocation to equity ETFs. The Portfolio underperformed the blended benchmark returns due to the decrease in the Portfolio's exposure to equity ETFs in April and May 2025. Both equities and fixed income returned positively, with Portfolio performance being driven by both U.S. and international ETFs in the overall equity rally in 2025. An allocation to investment grade corporate bonds contributed to returns, as corporate bonds outperformed broader U.S. fixed income during the period.

* The views expressed reflect the opinions of Goldman Sachs Asset Management, L.P. 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 Goldman Sachs Managed Risk - Growth ETF VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g84a94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Transamerica Goldman Sachs Managed Risk - Growth ETF VP Blended Benchmark** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9579 | $9436 | $9581 |
| **2/29/2016** | $9558 | $9433 | $9569 |
| **3/31/2016** | $9957 | $10097 | $10124 |
| **4/30/2016** | $10032 | $10159 | $10228 |
| **5/31/2016** | $10097 | $10341 | $10290 |
| **6/30/2016** | $10054 | $10362 | $10312 |
| **7/31/2016** | $10313 | $10774 | $10662 |
| **8/31/2016** | $10324 | $10801 | $10687 |
| **9/30/2016** | $10346 | $10818 | $10727 |
| **10/31/2016** | $10182 | $10584 | $10552 |
| **11/30/2016** | $10313 | $11058 | $10676 |
| **12/31/2016** | $10467 | $11274 | $10854 |
| **1/31/2017** | $10675 | $11486 | $11056 |
| **2/28/2017** | $10938 | $11913 | $11332 |
| **3/31/2017** | $11015 | $11921 | $11402 |
| **4/30/2017** | $11146 | $12047 | $11545 |
| **5/31/2017** | $11300 | $12171 | $11715 |
| **6/30/2017** | $11366 | $12280 | $11774 |
| **7/31/2017** | $11585 | $12512 | $11998 |
| **8/31/2017** | $11609 | $12536 | $12048 |
| **9/30/2017** | $12033 | $13122 | $12433 |
| **10/31/2017** | $12255 | $13521 | $12653 |
| **12/31/2017** | $12400 | $13656 | $12802 |
| **1/31/2018** | $12924 | $14375 | $13280 |
| **2/28/2018** | $12378 | $13846 | $12851 |
| **3/31/2018** | $12200 | $13568 | $12688 |
| **4/30/2018** | $12211 | $13619 | $12739 |
| **5/31/2018** | $12344 | $14004 | $12883 |
| **6/30/2018** | $12333 | $14095 | $12868 |
| **7/31/2018** | $12623 | $14563 | $13167 |
| **8/31/2018** | $12803 | $15074 | $13363 |
| **9/30/2018** | $12814 | $15099 | $13367 |
| **10/31/2018** | $11999 | $13988 | $12577 |
| **11/30/2018** | $12124 | $14268 | $12752 |
| **12/31/2018** | $11513 | $12940 | $12061 |
| **1/31/2019** | $12045 | $14051 | $12842 |
| **2/28/2019** | $12260 | $14545 | $13133 |
| **3/31/2019** | $12418 | $14757 | $13316 |
| **4/30/2019** | $12769 | $15346 | $13672 |
| **5/31/2019** | $12169 | $14353 | $13111 |
| **6/30/2019** | $12826 | $15361 | $13808 |
| **7/31/2019** | $12871 | $15590 | $13888 |
| **8/31/2019** | $12683 | $15272 | $13736 |
| **9/30/2019** | $12835 | $15540 | $13929 |
| **10/31/2019** | $13088 | $15874 | $14209 |
| **11/30/2019** | $13392 | $16478 | $14517 |
| **12/31/2019** | $13747 | $16954 | $14878 |
| **1/31/2020** | $13658 | $16935 | $14845 |
| **2/29/2020** | $12873 | $15549 | $14005 |
| **3/31/2020** | $11948 | $13410 | $12512 |
| **4/30/2020** | $12429 | $15187 | $13654 |
| **5/31/2020** | $12683 | $15999 | $14166 |
| **6/30/2020** | $12721 | $16364 | $14511 |
| **7/31/2020** | $13050 | $17294 | $15142 |
| **8/31/2020** | $13515 | $18546 | $15835 |
| **9/30/2020** | $13222 | $17871 | $15451 |
| **10/31/2020** | $12955 | $17485 | $15190 |
| **11/30/2020** | $13874 | $19613 | $16659 |
| **12/31/2020** | $14327 | $20495 | $17267 |
| **1/31/2021** | $14287 | $20404 | $17210 |
| **2/28/2021** | $14553 | $21042 | $17509 |
| **3/31/2021** | $14793 | $21796 | $17840 |
| **4/30/2021** | $15272 | $22919 | $18482 |
| **5/31/2021** | $15419 | $23024 | $18675 |
| **6/30/2021** | $15618 | $23592 | $18932 |
| **7/31/2021** | $15765 | $23991 | $19097 |
| **8/31/2021** | $16057 | $24675 | $19458 |
| **9/30/2021** | $15479 | $23568 | $18819 |
| **10/31/2021** | $16156 | $25161 | $19577 |
| **11/30/2021** | $15860 | $24778 | $19248 |
| **12/31/2021** | $16339 | $25754 | $19808 |
| **1/31/2022** | $15578 | $24239 | $18926 |
| **2/28/2022** | $15197 | $23628 | $18541 |
| **3/31/2022** | $15282 | $24395 | $18738 |
| **4/30/2022** | $14351 | $22206 | $17417 |
| **5/31/2022** | $14394 | $22176 | $17461 |
| **6/30/2022** | $13773 | $20321 | $16287 |
| **7/31/2022** | $14379 | $22227 | $17318 |
| **8/31/2022** | $13967 | $21397 | $16730 |
| **9/30/2022** | $13236 | $19413 | $15357 |
| **10/31/2022** | $13616 | $21005 | $16069 |
| **11/30/2022** | $14363 | $22102 | $17095 |
| **12/31/2022** | $13967 | $20808 | $16524 |
| **1/31/2023** | $14881 | $22241 | $17563 |
| **2/28/2023** | $14439 | $21721 | $17097 |
| **3/31/2023** | $14804 | $22302 | $17544 |
| **4/30/2023** | $14987 | $22539 | $17734 |
| **5/31/2023** | $14820 | $22627 | $17581 |
| **6/30/2023** | $15490 | $24172 | $18378 |
| **7/31/2023** | $15932 | $25039 | $18893 |
| **8/31/2023** | $15547 | $24555 | $18477 |
| **9/30/2023** | $14913 | $23386 | $17766 |
| **10/31/2023** | $14516 | $22766 | $17279 |
| **11/30/2023** | $15658 | $24888 | $18678 |
| **12/31/2023** | $16436 | $26209 | $19592 |
| **1/31/2024** | $16436 | $26499 | $19643 |
| **2/29/2024** | $16959 | $27933 | $20238 |
| **3/31/2024** | $17451 | $28835 | $20776 |
| **4/30/2024** | $16832 | $27566 | $20091 |
| **5/31/2024** | $17515 | $28868 | $20813 |
| **6/30/2024** | $17800 | $29762 | $21197 |
| **7/31/2024** | $18165 | $30315 | $21636 |
| **8/31/2024** | $18528 | $30975 | $22098 |
| **9/30/2024** | $18888 | $31616 | $22551 |
| **10/31/2024** | $18479 | $31384 | $22075 |
| **11/30/2024** | $19117 | $33471 | $22849 |
| **12/31/2024** | $18610 | $32448 | $22294 |
| **1/31/2025** | $19068 | $33473 | $22891 |
| **2/28/2025** | $19068 | $32831 | $22865 |
| **3/31/2025** | $18495 | $30916 | $22155 |
| **4/30/2025** | $17956 | $30709 | $22286 |
| **5/31/2025** | $18413 | $32655 | $23221 |
| **6/30/2025** | $19149 | $34314 | $24108 |
| **7/31/2025** | $19313 | $35070 | $24354 |
| **8/31/2025** | $19810 | $35881 | $24917 |
| **9/30/2025** | $20361 | $37120 | $25641 |
| **10/31/2025** | $20716 | $37915 | $26087 |
| **11/30/2025** | $20787 | $38019 | $26165 |
| **12/31/2025** | $20894 | $38012 | $26334 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBD02 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 12.27% | 7.84% | 7.65% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.29% |
| Transamerica Goldman Sachs Managed Risk - Growth ETF VP Blended Benchmark<sup>Footnote Reference(b)</sup> | 18.12% | 8.81% | 10.17% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;The Transamerica Goldman Sachs Managed Risk – Growth ETF VP Blended Benchmark consists of the following: Russell 3000<sup>®</sup> Index, 52%; Bloomberg US Aggregate Bond Index, 25%; and MSCI All Country World ex-U.S. Index, 23%. 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 | $1685199198 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 68% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $5244059 |

---

## What did the Portfolio invest in?

### Asset Allocation (Percentage of Net Assets)

---

| | |
|:---|:---|
| U.S. Equity Funds | 54.4% |
| International Equity Funds | 24.2 |
| U.S. Fixed Income Funds | 20.8 |
| Repurchase Agreements | 0.6 |
| 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 Goldman Sachs Managed Risk - Growth ETF VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 19.0% |
| iShares Core S&P 500 ETF | 17.7 |
| SPDR S&P 500 ETF Trust | 10.5 |
| iShares Core U.S. Aggregate Bond ETF | 7.5 |
| Vanguard Total Bond Market ETF | 7.4 |
| iShares Core MSCI Emerging Markets ETF | 6.9 |
| Vanguard Intermediate-Term Corporate Bond ETF | 5.9 |
| iShares Core MSCI EAFE ETF | 5.8 |
| Vanguard FTSE Developed Markets ETF | 5.8 |
| iShares MSCI EAFE ETF | 5.3 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica Goldman Sachs Managed Risk - Growth ETF VP

Service Class

![Image](g768862g07y20.jpg)

Annual Shareholder Report

# Transamerica Great Lakes Advisors Large Cap Value VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica Great Lakes Advisors Large Cap Value 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 | $105 | 0.94%<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 23.65%. 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> Value Index, returned 15.91% over the same period.

* Stock selection was the largest driver of the Portfolio's benchmark relative performance during the fiscal year ended December 31, 2025, while sector allocation also contributed modestly. 

* At the sector level, stock selection within the information technology, manufacturing and financial services sectors contributed most to benchmark relative performance during the fiscal year, while stock selection in the energy and consumer staples sectors detracted during the period. 

* Sector allocation benefitted most from an underweight in commercial services, which was offset by negative performance resulting from overweights to both the healthcare and consumer services sectors during the fiscal year. Cash had a negative impact on relative performance given the very strong absolute returns for equities in the period. 

* At the stock level, a top contributor to benchmark relative performance was Micron Technology, Inc. ("Micron"). Micron, a memory semiconductor manufacturer, outperformed during the fiscal year, which the Portfolio's sub-adviser believes is supported by improved pricing in their core memory products, tight industry supply, and increased AI-driven demand. 

* One of the largest detractors from benchmark relative performance was UnitedHealth Group, Inc. ("UnitedHealth"). Shares of UnitedHealth, a U.S. health insurance and services company, underperformed following a disappointing earnings report in April. UnitedHealth shares declined further in May when the company formally withdrew its 2025 guidance, and the CEO unexpectedly departed. The Portfolio subsequently eliminated its position in UnitedHealth.

* The views expressed reflect the opinions of Great Lakes 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 Great Lakes Advisors Large Cap Value VP

Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g98a65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service Class** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **9/29/2017** | $10000 | $10000 | $10000 |
| **10/31/2017** | $9960 | $10254 | $10093 |
| **11/30/2017** | $10120 | $10565 | $10403 |
| **12/31/2017** | $10210 | $10671 | $10554 |
| **1/31/2018** | $10600 | $11233 | $10962 |
| **2/28/2018** | $10120 | $10819 | $10439 |
| **3/31/2018** | $9860 | $10602 | $10255 |
| **4/30/2018** | $10060 | $10642 | $10289 |
| **5/31/2018** | $10300 | $10943 | $10350 |
| **6/30/2018** | $10270 | $11014 | $10376 |
| **7/31/2018** | $10630 | $11380 | $10787 |
| **8/31/2018** | $10765 | $11779 | $10946 |
| **9/30/2018** | $10776 | $11799 | $10968 |
| **10/31/2018** | $9958 | $10930 | $10400 |
| **11/30/2018** | $10079 | $11149 | $10710 |
| **12/31/2018** | $9101 | $10111 | $9682 |
| **1/31/2019** | $10019 | $10979 | $10435 |
| **2/28/2019** | $10261 | $11365 | $10769 |
| **3/31/2019** | $10281 | $11531 | $10837 |
| **4/30/2019** | $10675 | $11992 | $11222 |
| **5/31/2019** | $9615 | $11216 | $10500 |
| **6/30/2019** | $10301 | $12003 | $11254 |
| **7/31/2019** | $10402 | $12182 | $11347 |
| **8/31/2019** | $9704 | $11934 | $11014 |
| **9/30/2019** | $10242 | $12143 | $11406 |
| **10/31/2019** | $10191 | $12404 | $11566 |
| **11/30/2019** | $10343 | $12876 | $11923 |
| **12/31/2019** | $10648 | $13248 | $12251 |
| **1/31/2020** | $10242 | $13233 | $11988 |
| **2/29/2020** | $9145 | $12150 | $10827 |
| **3/31/2020** | $7166 | $10479 | $8977 |
| **4/30/2020** | $8120 | $11867 | $9986 |
| **5/31/2020** | $8567 | $12501 | $10328 |
| **6/30/2020** | $8597 | $12787 | $10259 |
| **7/31/2020** | $8739 | $13513 | $10665 |
| **8/31/2020** | $9101 | $14492 | $11106 |
| **9/30/2020** | $8851 | $13965 | $10833 |
| **10/31/2020** | $8725 | $13663 | $10691 |
| **11/30/2020** | $10145 | $15325 | $12129 |
| **12/31/2020** | $10583 | $16015 | $12594 |
| **1/31/2021** | $10594 | $15944 | $12479 |
| **2/28/2021** | $11209 | $16442 | $13233 |
| **3/31/2021** | $11971 | $17031 | $14011 |
| **4/30/2021** | $12504 | $17909 | $14572 |
| **5/31/2021** | $12764 | $17991 | $14912 |
| **6/30/2021** | $12681 | $18435 | $14741 |
| **7/31/2021** | $12838 | $18746 | $14859 |
| **8/31/2021** | $13040 | $19281 | $15154 |
| **9/30/2021** | $12652 | $18416 | $14626 |
| **10/31/2021** | $13591 | $19661 | $15369 |
| **11/30/2021** | $13062 | $19362 | $14827 |
| **12/31/2021** | $13818 | $20124 | $15763 |
| **1/31/2022** | $13559 | $18940 | $15395 |
| **2/28/2022** | $13321 | $18463 | $15217 |
| **3/31/2022** | $13731 | $19062 | $15646 |
| **4/30/2022** | $12814 | $17352 | $14764 |
| **5/31/2022** | $13040 | $17328 | $15051 |
| **6/30/2022** | $11961 | $15879 | $13736 |
| **7/31/2022** | $12738 | $17368 | $14647 |
| **8/31/2022** | $12484 | $16720 | $14210 |
| **9/30/2022** | $11452 | $15170 | $12964 |
| **10/31/2022** | $12685 | $16414 | $14293 |
| **11/30/2022** | $13381 | $17270 | $15187 |
| **12/31/2022** | $12798 | $16259 | $14575 |
| **1/31/2023** | $13370 | $17379 | $15330 |
| **2/28/2023** | $12932 | $16973 | $14789 |
| **3/31/2023** | $12842 | $17427 | $14721 |
| **4/30/2023** | $13145 | $17612 | $14943 |
| **5/31/2023** | $12697 | $17681 | $14367 |
| **6/30/2023** | $13471 | $18888 | $15321 |
| **7/31/2023** | $13908 | $19565 | $15860 |
| **8/31/2023** | $13590 | $19188 | $15432 |
| **9/30/2023** | $13127 | $18274 | $14836 |
| **10/31/2023** | $12699 | $17789 | $14313 |
| **11/30/2023** | $13649 | $19448 | $15393 |
| **12/31/2023** | $14433 | $20480 | $16245 |
| **1/31/2024** | $14647 | $20707 | $16262 |
| **2/29/2024** | $15348 | $21827 | $16862 |
| **3/31/2024** | $16215 | $22531 | $17705 |
| **4/30/2024** | $15621 | $21540 | $16949 |
| **5/31/2024** | $15978 | $22558 | $17486 |
| **6/30/2024** | $15978 | $23256 | $17321 |
| **7/31/2024** | $16548 | $23688 | $18207 |
| **8/31/2024** | $16936 | $24204 | $18695 |
| **9/30/2024** | $17136 | $24705 | $18955 |
| **10/31/2024** | $17086 | $24523 | $18746 |
| **11/30/2024** | $17912 | $26155 | $19943 |
| **12/31/2024** | $16861 | $25355 | $18579 |
| **1/31/2025** | $17812 | $26156 | $19439 |
| **2/28/2025** | $17674 | $25654 | $19518 |
| **3/31/2025** | $17074 | $24158 | $18976 |
| **4/30/2025** | $16523 | $23996 | $18398 |
| **5/31/2025** | $17387 | $25517 | $19044 |
| **6/30/2025** | $18238 | $26813 | $19695 |
| **7/31/2025** | $18651 | $27404 | $19808 |
| **8/31/2025** | $19211 | $28038 | $20439 |
| **9/30/2025** | $19546 | $29006 | $20744 |
| **10/31/2025** | $19830 | $29627 | $20836 |
| **11/30/2025** | $20410 | $29709 | $21389 |
| **12/31/2025** | $20849 | $29703 | $21535 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| I3DA2 | **1 Year** | **5 Years** | **Since Inception 9/29/17** |
| Service Class | 23.65% | 14.52% | 9.31% |
| Russell 3000<sup>®</sup>Index<sup>Footnote Reference(a)</sup> | 17.15% | 13.15% | 14.09% |
| Russell 1000<sup>®</sup> Value Index<sup>Footnote Reference(b)</sup> | 15.91% | 11.33% | 9.73% |

---

---

| |
|:---|
| Footnote |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> |
| &nbsp;&nbsp;Footnote<sup>(b)</sup><br> &nbsp;&nbsp;Russell 1000<sup>®</sup> Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000<sup>®</sup> Index companies with lower price-to-book ratios and lower expected 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 | $82775754 |
| Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $437801 |

---

## What did the Portfolio invest in?

### Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Financials | 20.2% |
| Industrials | 17.8 |
| Health Care | 14.3 |
| Communication Services | 10.7 |
| Consumer Discretionary | 9.7 |
| Information Technology | 7.1 |
| Materials | 5.7 |
| Energy | 4.8 |
| Consumer Staples | 3.3 |
| Real Estate | 2.8 |
| Utilities | 1.7 |
| 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 Great Lakes Advisors Large Cap Value VP

Service Class

## Top Holdings (Percentage of Net Assets)

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.0% |
| Alphabet, Inc., Class A | 4.0 |
| Wells Fargo & Co. | 3.8 |
| Exxon Mobil Corp. | 3.2 |
| Amazon.com, Inc. | 3.1 |
| Micron Technology, Inc. | 2.9 |
| RTX Corp. | 2.9 |
| Blackrock, Inc. | 2.9 |
| Abbott Laboratories | 2.7 |
| Parker-Hannifin Corp. | 2.6 |

---

## Additional Information
Additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Portfolio's website at <u>transamerica.com/annuities/prospectus</u> or 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](g768862g42r27.jpg)

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

Transamerica Great Lakes Advisors Large Cap Value VP

Service Class

![Image](g768862g58d90.jpg)

Annual Shareholder Report

# Transamerica International Focus VP

# Initial Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica International Focus 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 | $86 | 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 6.47%. For the same period, the Portfolio's broad-based benchmark, the MSCI EAFE Index, returned 31.89%.

* The Portfolio underperformed its benchmark, the MSCI EAFE Index, for the fiscal year ended December 31, 2025.

* From a sector perspective, holdings and an underweight in financials, as well as holdings in information technology detracted the most from benchmark relative performance during the period, while holdings and an underweight in health care and energy were the largest contributors. 

* Among countries and regions, the Portfolio's holdings in Western Europe detracted from relative performance and non-index exposure to U.S./Canada also detracted. Meanwhile, non-index exposure to Emerging Asia contributed positively to benchmark relative performance. 

* Stylistically, the Portfolio's growth style was out of favor. The MSCI EAFE Growth Index underperformed the MSCI EAFE Value Index by the largest margin since 1975. 

* Top individual detractors included Wolters Kluwer, Constellation Software, Sika, Shopify, and Ferrari. The group was hurt by market perceptions of AI disruption and macroeconomic vulnerability. 

* Top individual contributors included Taiwan Semiconductor, Safran, Belimo, SalMar and AIA Group. Taiwan Semiconductor and Belimo benefited from investor interest in AI and data center developments. 

* Markets were shaped by political realignments, trade frictions, and AI-related sector dynamics. Value sector strength was observed in certain areas, in particular, European financials. However, the Portfolio's sub-adviser, Sands Capital Management, LLC, viewed the outperformance of these groups as short-term and continued to maintain the Portfolio's exposure to semiconductor holdings and refreshed health care holdings. 

* Valuation expansion drove most of the market returns during 2025, but earnings growth remains the primary driver of returns over the long term. In the sub-adviser's view, the Portfolio is well positioned to provide above average earnings growth potential. 

* The views expressed reflect the opinions of Sands Capital 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 International Focus VP

# Initial Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g17v96.jpg)

---

| | | |
|:---|:---|:---|
| | **Initial Class** | **MSCI EAFE Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $9380 | $9278 |
| **2/29/2016** | $9206 | $9111 |
| **3/31/2016** | $9739 | $9712 |
| **4/30/2016** | $9888 | $10004 |
| **5/31/2016** | $9839 | $9925 |
| **6/30/2016** | $9591 | $9596 |
| **7/31/2016** | $10000 | $10083 |
| **8/31/2016** | $10097 | $10092 |
| **9/30/2016** | $10173 | $10220 |
| **10/31/2016** | $9970 | $10012 |
| **11/30/2016** | $9729 | $9814 |
| **12/31/2016** | $10008 | $10151 |
| **1/31/2017** | $10350 | $10446 |
| **2/28/2017** | $10426 | $10597 |
| **3/31/2017** | $10782 | $10901 |
| **4/30/2017** | $11200 | $11187 |
| **5/31/2017** | $11758 | $11613 |
| **6/30/2017** | $11771 | $11595 |
| **7/31/2017** | $12037 | $11930 |
| **8/31/2017** | $12002 | $11927 |
| **9/30/2017** | $12477 | $12416 |
| **10/31/2017** | $12555 | $12548 |
| **12/31/2017** | $12734 | $12752 |
| **1/31/2018** | $13300 | $13392 |
| **2/28/2018** | $12683 | $12789 |
| **3/31/2018** | $12529 | $12571 |
| **4/30/2018** | $12773 | $12872 |
| **5/31/2018** | $12375 | $12600 |
| **6/30/2018** | $12105 | $12450 |
| **7/31/2018** | $12233 | $12757 |
| **8/31/2018** | $12102 | $12512 |
| **9/30/2018** | $12207 | $12626 |
| **10/31/2018** | $11082 | $11622 |
| **11/30/2018** | $10990 | $11609 |
| **12/31/2018** | $10480 | $11048 |
| **1/31/2019** | $11212 | $11776 |
| **2/28/2019** | $11579 | $12078 |
| **3/31/2019** | $11762 | $12167 |
| **4/30/2019** | $12168 | $12521 |
| **5/31/2019** | $11448 | $11938 |
| **6/30/2019** | $12168 | $12650 |
| **7/31/2019** | $12076 | $12490 |
| **8/31/2019** | $11837 | $12168 |
| **9/30/2019** | $12207 | $12523 |
| **10/31/2019** | $12770 | $12974 |
| **11/30/2019** | $12770 | $13123 |
| **12/31/2019** | $13381 | $13551 |
| **1/31/2020** | $13236 | $13269 |
| **2/29/2020** | $12400 | $12072 |
| **3/31/2020** | $10389 | $10473 |
| **4/30/2020** | $11274 | $11158 |
| **5/31/2020** | $12094 | $11651 |
| **6/30/2020** | $12705 | $12052 |
| **7/31/2020** | $13493 | $12335 |
| **8/31/2020** | $13941 | $12971 |
| **9/30/2020** | $13727 | $12640 |
| **10/31/2020** | $13366 | $12136 |
| **11/30/2020** | $15322 | $14019 |
| **12/31/2020** | $16177 | $14673 |
| **1/31/2021** | $16243 | $14518 |
| **2/28/2021** | $16358 | $14846 |
| **3/31/2021** | $16539 | $15201 |
| **4/30/2021** | $17032 | $15671 |
| **5/31/2021** | $17607 | $16197 |
| **6/30/2021** | $17377 | $16019 |
| **7/31/2021** | $17311 | $16142 |
| **8/31/2021** | $17527 | $16428 |
| **9/30/2021** | $17144 | $15963 |
| **10/31/2021** | $17544 | $16360 |
| **11/30/2021** | $17028 | $15601 |
| **12/31/2021** | $17927 | $16401 |
| **1/31/2022** | $16995 | $15610 |
| **2/28/2022** | $16362 | $15335 |
| **3/31/2022** | $16179 | $15451 |
| **4/30/2022** | $14881 | $14465 |
| **5/31/2022** | $15130 | $14594 |
| **6/30/2022** | $13532 | $13243 |
| **7/31/2022** | $14315 | $13904 |
| **8/31/2022** | $13604 | $13245 |
| **9/30/2022** | $12182 | $12012 |
| **10/31/2022** | $12948 | $12659 |
| **11/30/2022** | $14717 | $14087 |
| **12/31/2022** | $14334 | $14103 |
| **1/31/2023** | $15337 | $15246 |
| **2/28/2023** | $14862 | $14930 |
| **3/31/2023** | $15209 | $15319 |
| **4/30/2023** | $15337 | $15767 |
| **5/31/2023** | $14680 | $15120 |
| **6/30/2023** | $15446 | $15813 |
| **7/31/2023** | $15920 | $16326 |
| **8/31/2023** | $15423 | $15703 |
| **9/30/2023** | $14958 | $15173 |
| **10/31/2023** | $14493 | $14560 |
| **11/30/2023** | $15386 | $15913 |
| **12/31/2023** | $16130 | $16761 |
| **1/31/2024** | $15981 | $16859 |
| **2/29/2024** | $16763 | $17170 |
| **3/31/2024** | $17395 | $17755 |
| **4/30/2024** | $16781 | $17319 |
| **5/31/2024** | $17321 | $18012 |
| **6/30/2024** | $16949 | $17725 |
| **7/31/2024** | $17284 | $18247 |
| **8/31/2024** | $17494 | $18843 |
| **9/30/2024** | $17219 | $19024 |
| **10/31/2024** | $16275 | $17992 |
| **11/30/2024** | $16531 | $17893 |
| **12/31/2024** | $15961 | $17490 |
| **1/31/2025** | $16688 | $18411 |
| **2/28/2025** | $16590 | $18770 |
| **3/31/2025** | $15902 | $18716 |
| **4/30/2025** | $16688 | $19593 |
| **5/31/2025** | $17730 | $20518 |
| **6/30/2025** | $18280 | $20975 |
| **7/31/2025** | $17887 | $20682 |
| **8/31/2025** | $17706 | $21566 |
| **9/30/2025** | $17928 | $21988 |
| **10/31/2025** | $17728 | $22250 |
| **11/30/2025** | $16949 | $22392 |
| **12/31/2025** | $16994 | $23067 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPH1 | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 6.47% | 0.99% | 5.45% |
| 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 | $305312431 |
| Number of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2394318 |

---

# Transamerica International Focus VP

# Initial Class

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Japan | 21.0% |
| Canada | 10.2 |
| United States | 8.0 |
| France | 7.1 |
| United Kingdom | 6.9 |
| Netherlands | 6.7 |
| Taiwan | 5.7 |
| Germany | 5.5 |
| Norway | 4.1 |
| Hong Kong | 3.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 20.8% |
| Consumer Discretionary | 18.2 |
| Information Technology | 18.0 |
| Financials | 13.0 |
| Consumer Staples | 10.3 |
| Communication Services | 5.2 |
| Health Care | 3.8 |
| Materials | 3.3 |
| Repurchase Agreements | 5.0 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 2.4 |

---

---

| | |
|:---|:---|
| 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)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.7% |
| ITOCHU Corp. | 5.0 |
| Safran SA | 5.0 |
| Salmar ASA | 4.1 |
| AIA Group Ltd. | 3.8 |
| Hoya Corp. | 3.8 |
| Compass Group PLC | 3.6 |
| Pan Pacific International Holdings Corp. | 3.5 |
| 3i Group PLC | 3.3 |
| Waste Connections, Inc. | 3.3 |

---

# Transamerica International Focus 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](g768862g42r27.jpg)

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

# Transamerica International Focus VP

# Initial Class
![Image](g768862g58d90.jpg)

Annual Shareholder Report

# Transamerica International Focus VP

# Service Class

## Ticker: N/A
December 31, 2025

## Portfolio Overview
Transamerica International Focus 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 | $111 | 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 6.24%. For the same period, the Portfolio's broad-based benchmark, the MSCI EAFE Index, returned 31.89%.

* The Portfolio underperformed its benchmark, the MSCI EAFE Index, for the fiscal year ended December 31, 2025.

* From a sector perspective, holdings and an underweight in financials, as well as holdings in information technology detracted the most from benchmark relative performance during the period, while holdings and an underweight in health care and energy were the largest contributors. 

* Among countries and regions, the Portfolio's holdings in Western Europe detracted from relative performance and non-index exposure to U.S./Canada also detracted. Meanwhile, non-index exposure to Emerging Asia contributed positively to benchmark relative performance. 

* Stylistically, the Portfolio's growth style was out of favor. The MSCI EAFE Growth Index underperformed the MSCI EAFE Value Index by the largest margin since 1975. 

* Top individual detractors included Wolters Kluwer, Constellation Software, Sika, Shopify, and Ferrari. The group was hurt by market perceptions of AI disruption and macroeconomic vulnerability. 

* Top individual contributors included Taiwan Semiconductor, Safran, Belimo, SalMar and AIA Group. Taiwan Semiconductor and Belimo benefited from investor interest in AI and data center developments. 

* Markets were shaped by political realignments, trade frictions, and AI-related sector dynamics. Value sector strength was observed in certain areas, in particular, European financials. However, the Portfolio's sub-adviser, Sands Capital Management, LLC, viewed the outperformance of these groups as short-term and continued to maintain the Portfolio's exposure to semiconductor holdings and refreshed health care holdings. 

* Valuation expansion drove most of the market returns during 2025, but earnings growth remains the primary driver of returns over the long term. In the sub-adviser's view, the Portfolio is well positioned to provide above average earnings growth potential. 

* The views expressed reflect the opinions of Sands Capital 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 International Focus VP

# Service Class

## Portfolio Overview

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

![Growth of 10K Chart](g768862g59o72.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Class** | **MSCI EAFE Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $9381 | $9278 |
| **2/29/2016** | $9205 | $9111 |
| **3/31/2016** | $9747 | $9712 |
| **4/30/2016** | $9886 | $10004 |
| **5/31/2016** | $9836 | $9925 |
| **6/30/2016** | $9583 | $9596 |
| **7/31/2016** | $10000 | $10083 |
| **8/31/2016** | $10090 | $10092 |
| **9/30/2016** | $10154 | $10220 |
| **10/31/2016** | $9961 | $10012 |
| **11/30/2016** | $9716 | $9814 |
| **12/31/2016** | $9987 | $10151 |
| **1/31/2017** | $10335 | $10446 |
| **2/28/2017** | $10412 | $10597 |
| **3/31/2017** | $10760 | $10901 |
| **4/30/2017** | $11172 | $11187 |
| **5/31/2017** | $11713 | $11613 |
| **6/30/2017** | $11726 | $11595 |
| **7/31/2017** | $11997 | $11930 |
| **8/31/2017** | $11965 | $11927 |
| **9/30/2017** | $12421 | $12416 |
| **10/31/2017** | $12499 | $12548 |
| **12/31/2017** | $12681 | $12752 |
| **1/31/2018** | $13242 | $13392 |
| **2/28/2018** | $12616 | $12789 |
| **3/31/2018** | $12473 | $12571 |
| **4/30/2018** | $12707 | $12872 |
| **5/31/2018** | $12303 | $12600 |
| **6/30/2018** | $12043 | $12450 |
| **7/31/2018** | $12160 | $12757 |
| **8/31/2018** | $12033 | $12512 |
| **9/30/2018** | $12139 | $12626 |
| **10/31/2018** | $11014 | $11622 |
| **11/30/2018** | $10921 | $11609 |
| **12/31/2018** | $10405 | $11048 |
| **1/31/2019** | $11133 | $11776 |
| **2/28/2019** | $11491 | $12078 |
| **3/31/2019** | $11676 | $12167 |
| **4/30/2019** | $12073 | $12521 |
| **5/31/2019** | $11358 | $11938 |
| **6/30/2019** | $12060 | $12650 |
| **7/31/2019** | $11980 | $12490 |
| **8/31/2019** | $11742 | $12168 |
| **9/30/2019** | $12100 | $12523 |
| **10/31/2019** | $12654 | $12974 |
| **11/30/2019** | $12654 | $13123 |
| **12/31/2019** | $13256 | $13551 |
| **1/31/2020** | $13110 | $13269 |
| **2/29/2020** | $12279 | $12072 |
| **3/31/2020** | $10292 | $10473 |
| **4/30/2020** | $11172 | $11158 |
| **5/31/2020** | $11986 | $11651 |
| **6/30/2020** | $12572 | $12052 |
| **7/31/2020** | $13354 | $12335 |
| **8/31/2020** | $13792 | $12971 |
| **9/30/2020** | $13576 | $12640 |
| **10/31/2020** | $13210 | $12136 |
| **11/30/2020** | $15138 | $14019 |
| **12/31/2020** | $15985 | $14673 |
| **1/31/2021** | $16035 | $14518 |
| **2/28/2021** | $16168 | $14846 |
| **3/31/2021** | $16351 | $15201 |
| **4/30/2021** | $16832 | $15671 |
| **5/31/2021** | $17381 | $16197 |
| **6/30/2021** | $17148 | $16019 |
| **7/31/2021** | $17082 | $16142 |
| **8/31/2021** | $17281 | $16428 |
| **9/30/2021** | $16911 | $15963 |
| **10/31/2021** | $17315 | $16360 |
| **11/30/2021** | $16777 | $15601 |
| **12/31/2021** | $17684 | $16401 |
| **1/31/2022** | $16744 | $15610 |
| **2/28/2022** | $16122 | $15335 |
| **3/31/2022** | $15937 | $15451 |
| **4/30/2022** | $14661 | $14465 |
| **5/31/2022** | $14896 | $14594 |
| **6/30/2022** | $13334 | $13243 |
| **7/31/2022** | $14090 | $13904 |
| **8/31/2022** | $13378 | $13245 |
| **9/30/2022** | $11982 | $12012 |
| **10/31/2022** | $12735 | $12659 |
| **11/30/2022** | $14481 | $14087 |
| **12/31/2022** | $14095 | $14103 |
| **1/31/2023** | $15087 | $15246 |
| **2/28/2023** | $14610 | $14930 |
| **3/31/2023** | $14940 | $15319 |
| **4/30/2023** | $15069 | $15767 |
| **5/31/2023** | $14426 | $15120 |
| **6/30/2023** | $15179 | $15813 |
| **7/31/2023** | $15639 | $16326 |
| **8/31/2023** | $15151 | $15703 |
| **9/30/2023** | $14684 | $15173 |
| **10/31/2023** | $14235 | $14560 |
| **11/30/2023** | $15095 | $15913 |
| **12/31/2023** | $15825 | $16761 |
| **1/31/2024** | $15675 | $16859 |
| **2/29/2024** | $16442 | $17170 |
| **3/31/2024** | $17059 | $17755 |
| **4/30/2024** | $16442 | $17319 |
| **5/31/2024** | $16984 | $18012 |
| **6/30/2024** | $16610 | $17725 |
| **7/31/2024** | $16928 | $18247 |
| **8/31/2024** | $17135 | $18843 |
| **9/30/2024** | $16858 | $19024 |
| **10/31/2024** | $15931 | $17992 |
| **11/30/2024** | $16168 | $17893 |
| **12/31/2024** | $15615 | $17490 |
| **1/31/2025** | $16325 | $18411 |
| **2/28/2025** | $16227 | $18770 |
| **3/31/2025** | $15556 | $18716 |
| **4/30/2025** | $16325 | $19593 |
| **5/31/2025** | $17332 | $20518 |
| **6/30/2025** | $17865 | $20975 |
| **7/31/2025** | $17470 | $20682 |
| **8/31/2025** | $17282 | $21566 |
| **9/30/2025** | $17505 | $21988 |
| **10/31/2025** | $17326 | $22250 |
| **11/30/2025** | $16566 | $22392 |
| **12/31/2025** | $16588 | $23067 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| IBPH2 | **1 Year** | **5 Years** | **10 Years** |
| Service Class | 6.24% | 0.74% | 5.19% |
| 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 | $305312431 |
| Number of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (net of waivers and reimbursements) | $2394318 |

---

# Transamerica International Focus VP

# Service Class

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Japan | 21.0% |
| Canada | 10.2 |
| United States | 8.0 |
| France | 7.1 |
| United Kingdom | 6.9 |
| Netherlands | 6.7 |
| Taiwan | 5.7 |
| Germany | 5.5 |
| Norway | 4.1 |
| Hong Kong | 3.8 |

---

## Asset Allocations (Percentage of Net Assets)

---

| | |
|:---|:---|
| Common Stocks<BORDER_TOP>.1 | Common Stocks<BORDER_TOP>.2 |
| Industrials | 20.8% |
| Consumer Discretionary | 18.2 |
| Information Technology | 18.0 |
| Financials | 13.0 |
| Consumer Staples | 10.3 |
| Communication Services | 5.2 |
| Health Care | 3.8 |
| Materials | 3.3 |
| Repurchase Agreements | 5.0 |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> | 2.4 |

---

---

| | |
|:---|:---|
| 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)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 5.7% |
| ITOCHU Corp. | 5.0 |
| Safran SA | 5.0 |
| Salmar ASA | 4.1 |
| AIA Group Ltd. | 3.8 |
| Hoya Corp. | 3.8 |
| Compass Group PLC | 3.6 |
| Pan Pacific International Holdings Corp. | 3.5 |
| 3i Group PLC | 3.3 |
| Waste Connections, Inc. | 3.3 |

---

# Transamerica International Focus 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](g768862g42r27.jpg)

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

# Transamerica International Focus VP

# Service Class

------

---

| | |
|:---|:---|
| ANNUAL SHAREHOLDER REPORT<br>American Funds Insurance Series<sup>®</sup> –<br> Asset Allocation Fund<br>Class 1 for the year ended December 31, 2025 | ![LOGO](g768857dsp001a.jpg) |

---

This annual shareholder report contains important information about American Funds Insurance Series - Asset Allocation Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at capitalgroup.com/AFIS-literature-1. You can also request this information by contacting us at (800) 421-4225.

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

---

| | | |
|:---|:---|:---|
| Share class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class 1 | $32 | 0.30% |

---

Management's discussion of fund performance

The fund's Class 1 shares gained 16.16% for the year ended December 31, 2025. That result compares with a 13.70% gain for the 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to capitalgroup.com/AFIS-returns-1.

#### What factors influenced results
U.S. equities saw strong gains, with the S&P 500 Index hitting record highs as corporate earnings beat expectations. At the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on the lingering effect of tariffs, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.

Within the fund, most equity sectors produced positive returns, with information technology being particularly additive to results. The materials, industrials and consumer staples sectors also saw returns surpassing those of the overall portfolio. Conversely, the fund's holdings in the financials, energy and utilities sectors detracted from the broader portfolio's returns.

Fixed income returns lagged equities but continued to help fulfill their roles of serving as a ballast and generating income. Corporate bonds and securitized debt were among the top contributors, though securitized debt lagged the total portfolio return. A modest allocation to high-yield bonds also supported returns.

#### How a hypothetical $10,000 investment has grown
Figures assume reinvestment of dividends and capital gains.

![LOGO](g768857dsp001b.jpg)

------

#### Average annual total returns

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 years |
|  Asset Allocation Fund – Class 1<sup>\*</sup>  | 16.16% | 9.24% | 10.05% |
|  S&P 500 Index<sup>†</sup>  | 17.88% | 14.42% | 14.82% |
|  60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index<sup>†</sup>  | 13.70% | 8.47% | 9.78% |
|  Bloomberg U.S. Aggregate Index<sup>†</sup>  | 7.30% | (0.36)% | 2.01% |

---

\* Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC and Bloomberg Index Services Ltd.

The fund's past performance is not a predictor of its future performance. The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

---

| | |
|:---|:---|
| Key fund statistics |  |
| Fund net assets (in millions) | $27675 |
| Total number of portfolio holdings | 2128 |
| Total advisory fees paid (in millions) | $72 |
| Portfolio turnover rate including mortgage dollar roll transactions | 115% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 72% |

---

Portfolio holdings by asset type (percent of net assets)

![LOGO](g768857dsp002.jpg)

Changes in and disagreements with accountants

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

Availability of additional information

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at <u>capitalgroup.com/AFIS-literature-1</u>.

Important information

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

Lit. No. INA1ARX-070-0226© 2026 Capital Group. All rights reserved.

------

(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;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| (a) | <u>Audit Fees</u> | $1130 | $1076 |
| (b) | <u>Audit Related Fees<sup>(1)</sup></u> | $115 | $115 |
| (c) | <u>Tax Fees<sup>(2)</sup></u> | $173 | $165 |
| (d) | <u>All Other Fees<sup>(3)</sup></u> | $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) ------

![](g768862img7db1d8861.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica 60/40 Allocation VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imga52144202.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_9cc9e879-b712-4eb5-a37e-79c0777b4367_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_SOI-RunningFooter-206_1) | 2 |
| [Statement of Assets and Liabilities](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_FS-RunningFooter-206_1) | 3 |
| [Statement of Operations](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_FS-RunningFooter-206_1) | 3 |
| [Statement of Changes in Net Assets](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_FS-RunningFooter-206_2) | 4 |
| [Financial Highlights](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_FS-RunningFooter-206_2) | 4 |
| [Notes to Financial Statements](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_NTF-RunningFooter-206_1) | 5 |
| **[Report of Independent Registered Public Accounting Firm](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_AUD-RunningFooter-206_1)** | 12 |
| **[Supplemental Information](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_STI-RunningFooter-206_1)** | 13 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_DWA-RunningFooter-206_1)**<br> **[Companies](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_DWA-RunningFooter-206_1)**<br>| 14 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_PD-RunningFooter-206_1)** | 15 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_DTO-RunningFooter-206_1)**<br> **[Companies](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_DTO-RunningFooter-206_1)**<br>| 16 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_9cc9e879-b712-4eb5-a37e-79c0777b4367_Mgmtagmt-RunningFooter-206_1)** | 17 |

---

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

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica 60/40 Allocation VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 100.1%**  | **INVESTMENT COMPANIES - 100.1%**  | **INVESTMENT COMPANIES - 100.1%**  |
| **International Equity Fund - 15.0%**  | **International Equity Fund - 15.0%**  | **International Equity Fund - 15.0%**  |
| &nbsp;&nbsp; Transamerica MSCI EAFE Index VP, Initial <br> Class <sup>(A)</sup> <br>| 770537 | $12605987 |
| **U.S. Equity Fund - 44.9%**  | **U.S. Equity Fund - 44.9%**  | **U.S. Equity Fund - 44.9%**  |
| &nbsp;&nbsp; Transamerica S&P 500 Index VP, Initial <br> Class <sup>(A)</sup> <br>| 1323641 | 37578163 |
| **U.S. Fixed Income Funds - 40.2%**  | **U.S. Fixed Income Funds - 40.2%**  | **U.S. Fixed Income Funds - 40.2%**  |
| Transamerica Core Bond, Class I2 <sup>(A)</sup> <br>| 1936852 | 16811871 |
| Transamerica Short-Term Bond, Class I2 <sup>(A)</sup> <br>| 1699075 | 16854829 |
|  |  | 33666700 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $68,483,457)**<br>|  | 83850850 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $68,483,457)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $68,483,457)** | 83850850 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (63629) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$83787221** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(B)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $83850850 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83850850 |
| **Total Investments** | **$83850850** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$83850850** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *Affiliated investments in another fund within Transamerica Funds, and/or a liquidating trust of a former Transamerica Fund. Affiliated interest* *income,dividend income, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.* 

<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.* 

***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 60/40 Allocation VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $68,483,457) | &nbsp;&nbsp; $83850850 |
| Receivables and other assets: |  |
| Affiliated investments sold | &nbsp;&nbsp; 11380 |
| Dividends from affiliated investments | &nbsp;&nbsp; 125232 |
| Total assets | &nbsp;&nbsp; 83987462 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | &nbsp;&nbsp; 124937 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 5726 |
| Due to custodian  | &nbsp;&nbsp; 11379 |
| Investment management fees | &nbsp;&nbsp; 9050 |
| Distribution and service fees | &nbsp;&nbsp; 18854 |
| Transfer agent costs | &nbsp;&nbsp; 83 |
| Trustee and CCO fees | &nbsp;&nbsp; 27 |
| Audit and tax fees  | &nbsp;&nbsp; 20368 |
| Custody fees | &nbsp;&nbsp; 337 |
| Legal fees | &nbsp;&nbsp; 602 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 1389 |
| Other accrued expenses | &nbsp;&nbsp; 7489 |
| Total liabilities | &nbsp;&nbsp; 200241 |
| **Net assets**  | &nbsp;&nbsp; $83787221 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $56657 |
| Additional paid-in capital | &nbsp;&nbsp; 62733457 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 20997107 |
| **Net assets** | &nbsp;&nbsp; $83787221 |
| **Shares outstanding** | &nbsp;&nbsp; 5665702 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $14.79 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | &nbsp;&nbsp; $2004951 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 698 |
| Total investment income  | &nbsp;&nbsp; 2005649 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 242235 |
| Distribution and service fees | &nbsp;&nbsp; 201863 |
| Transfer agent costs | &nbsp;&nbsp; 895 |
| Trustee and CCO fees | &nbsp;&nbsp; 4202 |
| Audit and tax fees | &nbsp;&nbsp; 24276 |
| Custody fees | &nbsp;&nbsp; 1381 |
| Legal fees | &nbsp;&nbsp; 7417 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 5187 |
| Interest | &nbsp;&nbsp; 192 |
| Other | &nbsp;&nbsp; 19717 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 507365 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (145341)<br>|
| Net expenses | &nbsp;&nbsp; 362024 |
| **Net investment income (loss)** | &nbsp;&nbsp; 1643625 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 4234606 |
| Capital gain distributions received from affiliated investment <br> companies<br>| &nbsp;&nbsp; 170120 |
| Net realized gain (loss) | &nbsp;&nbsp; 4404726 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 5131474 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 9536200 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $11179825 |

---

***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 60/40 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; $1643625 | &nbsp;&nbsp; $1707196 |
| Net realized gain (loss) | &nbsp;&nbsp; 4404726 | &nbsp;&nbsp; 4458524 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5131474 | &nbsp;&nbsp; 3295024 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 11179825 | &nbsp;&nbsp; 9460744 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (6213541)<br>| &nbsp;&nbsp; (2134030)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (6213541)<br>| &nbsp;&nbsp; (2134030)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 6855244 | &nbsp;&nbsp; 5595554 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 6213541 | &nbsp;&nbsp; 2134030 |
| Cost of shares redeemed | &nbsp;&nbsp; (14255059)<br>| &nbsp;&nbsp; (13292173)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (1186274)<br>| &nbsp;&nbsp; (5562589)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 3780010 | &nbsp;&nbsp; 1764125 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 80007211 | &nbsp;&nbsp; 78243086 |
| End of year | &nbsp;&nbsp; $83787221 | &nbsp;&nbsp; $80007211 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 471865 | &nbsp;&nbsp; 417817 |
| Shares reinvested | &nbsp;&nbsp; 436958 | &nbsp;&nbsp; 155089 |
| Shares redeemed | &nbsp;&nbsp; (996917)<br>| &nbsp;&nbsp; (974343)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (88094)<br>| &nbsp;&nbsp; (401437)<br>|

---

**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; $13.91 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $13.63 | &nbsp;&nbsp; $12.46 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.29 | 0.28 | 0.24 | 0.18 | 0.14 |
| Net realized and unrealized gain (loss) | 1.74 | 1.28 | 1.52 | &nbsp;&nbsp; (2.04)<br>| 1.51 |
| Total investment operations | 2.03 | 1.56 | 1.76 | &nbsp;&nbsp; (1.86)<br>| 1.65 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized gains | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.36)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.48)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.79 | &nbsp;&nbsp; $13.91 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $11.10 | &nbsp;&nbsp; $13.63 |
| **Total return**<sup>(B)</sup> <br>| 14.90<br> %<br>| 12.33<br> %<br>| 15.95<br> %<br>| &nbsp;&nbsp; (13.80)%<br>| 13.29<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $83787 | &nbsp;&nbsp; $80007 | &nbsp;&nbsp; $78243 | &nbsp;&nbsp; $48484 | &nbsp;&nbsp; $54506 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.62<br> %<br>| 0.64<br> %<br>| 0.65<br> %<br>| 0.63<br> %<br>|
| Including waiver and/or reimbursement and recapture<sup>(D)</sup> <br>| 0.45<br> %<br>| 0.44<br> %<br>| 0.46<br> %<br>| 0.47<br> %<br>| 0.45<br> %<br>|
| Net investment income (loss) to average net assets | 2.04<br> %<br>| 2.09<br> %<br>| 2.02<br> %<br>| 1.54<br> %<br>| 1.05<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 44<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.* 

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

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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**Transamerica 60/40 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 60/40 Allocation VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

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

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

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

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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

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

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

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At 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>|
| $1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.33<br> % <br>|

---

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At 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.

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

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

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

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

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. RISK FACTORS (continued)**

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

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

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

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

---

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

---

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

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

---

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

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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

**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** | **Sales of Securities** |
| $11421105 | &nbsp;&nbsp; $19197065 |

---

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica 60/40 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. 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>|
| $69011543 | &nbsp;&nbsp; $14839307 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14839307 |

---

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>|
| $1713370 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4500171 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1186812 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $947218 | &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>|
| $1625445 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4532355 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14839307 |

---

**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 11**

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**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica 60/40 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. ![](g768862imgd0e639e73.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 12**

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**Transamerica 60/40 Allocation VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $4,500,171 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** |
| $275101 | $37213 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica 60/40 Allocation VP** 

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

**(unaudited)**

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica 60/40 Allocation VP** 

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

**(unaudited)**

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica 60/40 Allocation VP** 

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

**(unaudited)**

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica 60/40 Allocation VP** 

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

**(unaudited)**

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 17**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img980f4b4c4.gif)

Visit **transamerica.com**

![](g768862img032b290c5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img9b1a917c6.gif)

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![](g768862img0098d52c1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Aegon Bond VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgf7f822da2.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_250b4f86-1a39-40bc-acba-879a328d2660_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_250b4f86-1a39-40bc-acba-879a328d2660_SOI-RunningFooter-232_1) | 2 |
| [Statement of Assets and Liabilities](#xx_250b4f86-1a39-40bc-acba-879a328d2660_FS-RunningFooter-232_1) | 15 |
| [Statement of Operations](#xx_250b4f86-1a39-40bc-acba-879a328d2660_FS-RunningFooter-232_1) | 15 |
| [Statement of Changes in Net Assets](#xx_250b4f86-1a39-40bc-acba-879a328d2660_FS-RunningFooter-232_2) | 16 |
| [Financial Highlights](#xx_250b4f86-1a39-40bc-acba-879a328d2660_FS-RunningFooter-232_3) | 17 |
| [Notes to Financial Statements](#xx_250b4f86-1a39-40bc-acba-879a328d2660_NTF-RunningFooter-232_1) | 19 |
| **[Report of Independent Registered Public Accounting Firm](#xx_250b4f86-1a39-40bc-acba-879a328d2660_AUD-RunningFooter-232_1)** | 32 |
| **[Supplemental Information](#xx_250b4f86-1a39-40bc-acba-879a328d2660_STI-RunningFooter-232_1)** | 33 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_250b4f86-1a39-40bc-acba-879a328d2660_DWA-RunningFooter-232_1)**<br> **[Companies](#xx_250b4f86-1a39-40bc-acba-879a328d2660_DWA-RunningFooter-232_1)**<br>| 34 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_250b4f86-1a39-40bc-acba-879a328d2660_PD-RunningFooter-232_1)** | 35 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_250b4f86-1a39-40bc-acba-879a328d2660_DTO-RunningFooter-232_1)**<br> **[Companies](#xx_250b4f86-1a39-40bc-acba-879a328d2660_DTO-RunningFooter-232_1)**<br>| 36 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_250b4f86-1a39-40bc-acba-879a328d2660_Mgmtagmt-RunningFooter-232_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 Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 43.8%**  | **CORPORATE DEBT SECURITIES - 43.8%**  | **CORPORATE DEBT SECURITIES - 43.8%**  |
| **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  |
| Boeing Co. |  |  |
| 5.81%, 05/01/2050 | $2091000 | $2056696 |
| 5.93%, 05/01/2060 | 2824000 | 2769091 |
| 6.53%, 05/01/2034 | 2059000 | 2277993 |
| 6.86%, 05/01/2054 | 1929000 | 2166534 |
| General Electric Co. |  |  |
| 4.30%, 07/29/2030 | 2333000 | 2352825 |
| 4.50%, 03/11/2044 | 3758000 | 3380901 |
| 5.88%, 01/14/2038 | 654000 | 708629 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 3668000 | 3799611 |
|  |  | 19512280 |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 | 1870000 | 1747386 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(A)</sup> <br>| 2374000 | 2321619 |
|  |  | 4069005 |
| **Automobiles - 0.7%**  | **Automobiles - 0.7%**  | **Automobiles - 0.7%**  |
| Ford Motor Credit Co. LLC |  |  |
| 6.95%, 06/10/2026 | 1810000 | 1825760 |
| General Motors Co. |  |  |
| 5.35%, 04/15/2028 | 639000 | 654580 |
| 6.25%, 10/02/2043 | 2330000 | 2362681 |
| General Motors Financial Co., Inc. |  |  |
| 6.15%, 07/15/2035 | 1897000 | 1999039 |
| Hyundai Capital America |  |  |
| 5.40%, 06/23/2032 <sup>(A)</sup> <br>| 4742000 | 4915945 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 4.85%, 09/11/2030 <sup>(A)</sup> <br>| 2824000 | 2847099 |
|  |  | 14605104 |
| **Banks - 6.5%**  | **Banks - 6.5%**  | **Banks - 6.5%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(B)</sup>, 03/14/2028<br>| 2800000 | 2846826 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 03/11/2031, <br>2.65% <sup>(B)</sup>, 03/11/2032<br>| 4009000 | 3682627 |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.46% <sup>(B)</sup>, 05/09/2036<br>| 5924000 | 6167015 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(B)</sup>, 09/15/2029<br>| 6212000 | 6479636 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(B)</sup>, 07/21/2039<br>| 1392000 | 1454653 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 02/25/2035, <br>5.79% <sup>(B)</sup>, 02/25/2036<br>| 1936000 | 2026579 |
| BBVA Mexico SA Institucion De Banca <br> Multiple Grupo Financiero |  |  |
| &nbsp;&nbsp; Fixed until 09/13/2029, <br>5.88% <sup>(B)</sup>, 09/13/2034 <sup>(A)</sup> <br>| 2450000 | 2446070 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp; Fixed until 11/17/2027 <sup>(C)</sup>, <br>9.25% <sup>(A)</sup><sup>(B)</sup><sup>(D)</sup> <br>| $4900000 | $5226726 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp; Fixed until 09/13/2033, <br>6.84% <sup>(B)</sup>, 09/13/2034 <sup>(A)</sup> <br>| 1663000 | 1854703 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(B)</sup>, 01/13/2031<br>| 2622000 | 2703870 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(B)</sup>, 05/25/2034<br>| 1789000 | 1899892 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp; Fixed until 12/10/2030, <br>4.47% <sup>(B)</sup>, 12/10/2031<br>| 3278000 | 3266838 |
| First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 03/12/2030, <br>5.23% <sup>(B)</sup>, 03/12/2031<br>| 4287000 | 4352193 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(B)</sup>, 10/21/2032<br>| 4360000 | 3935443 |
| &nbsp;&nbsp; Fixed until 10/21/2035, <br>4.94% <sup>(B)</sup>, 10/21/2036<br>| 3040000 | 3017873 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(B)</sup>, 11/21/2033 <sup>(A)</sup> <br>| 2778000 | 3279627 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(B)</sup>, 01/23/2030<br>| 3927000 | 4023997 |
| &nbsp;&nbsp; Fixed until 04/22/2035, <br>5.57% <sup>(B)</sup>, 04/22/2036<br>| 1295000 | 1358661 |
| &nbsp;&nbsp; Fixed until 07/23/2035, <br>5.58% <sup>(B)</sup>, 07/23/2036<br>| 4002000 | 4139864 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(B)</sup>, 04/22/2035<br>| 3029000 | 3227679 |
| &nbsp;&nbsp; Fixed until 10/23/2028, <br>6.09% <sup>(B)</sup>, 10/23/2029<br>| 1890000 | 1990736 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/08/2030, <br>5.18% <sup>(B)</sup>, 07/08/2031<br>| 3144000 | 3227707 |
| &nbsp;&nbsp; Fixed until 01/16/2035, <br>5.39% <sup>(B)</sup>, 01/16/2036<br>| 1329000 | 1350466 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(B)</sup>, 10/30/2029<br>| 1764000 | 1913789 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.89% <sup>(B)</sup>, 10/22/2036<br>| 1799000 | 1783074 |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(B)</sup>, 07/19/2035<br>| 2799000 | 2881295 |
| &nbsp;&nbsp; Fixed until 01/18/2034, <br>5.47% <sup>(B)</sup>, 01/18/2035<br>| 3591000 | 3732756 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(B)</sup>, 04/18/2030<br>| 6440000 | 6709358 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/01/2034, <br>5.78% <sup>(B)</sup>, 03/01/2035<br>| 5335000 | 5641027 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Aegon Bond 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)** |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2035, <br>5.37% <sup>(B)</sup>, 07/21/2036<br>| $2132000 | $2192730 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(B)</sup>, 08/18/2034<br>| 3350000 | 3596497 |
| State Street Corp. |  |  |
| &nbsp;&nbsp; Fixed until 10/23/2035, <br>4.78% <sup>(B)</sup>, 10/23/2036<br>| 1632000 | 1623508 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 09/23/2030, <br>4.40% <sup>(B)</sup>, 09/23/2031 <sup>(A)</sup> <br>| 2421000 | 2409225 |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.58% <sup>(B)</sup>, 05/09/2036 <sup>(A)</sup> <br>| 5523000 | 5743077 |
| &nbsp;&nbsp; Fixed until 11/13/2028 <sup>(C)</sup>, <br>9.25% <sup>(A)</sup><sup>(B)</sup> <br>| 2861000 | 3139229 |
| Uzbek Industrial & Construction Bank ATB |  |  |
| 8.95%, 07/24/2029 <sup>(A)</sup> <br>| 3908000 | 4188247 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(B)</sup>, 01/24/2031<br>| 3612000 | 3740298 |
| &nbsp;&nbsp; Fixed until 04/23/2035, <br>5.61% <sup>(B)</sup>, 04/23/2036<br>| 3463000 | 3629611 |
|  |  | 126883402 |
| **Beverages - 0.4%**  | **Beverages - 0.4%**  | **Beverages - 0.4%**  |
| Constellation Brands, Inc. |  |  |
| 4.95%, 11/01/2035 | 2395000 | 2368460 |
| Primo Water Holdings, Inc./Triton Water <br> Holdings, Inc. |  |  |
| 4.38%, 04/30/2029 <sup>(A)</sup> <br>| 5086000 | 4948089 |
|  |  | 7316549 |
| **Biotechnology - 0.8%**  | **Biotechnology - 0.8%**  | **Biotechnology - 0.8%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | 2236000 | 1636522 |
| 5.60%, 03/02/2043 | 1959000 | 1969878 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(A)</sup> <br>| 3523000 | 3181340 |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | 2845000 | 2915569 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 3121000 | 2829179 |
| 5.20%, 09/25/2035 | 2152000 | 2162883 |
|  |  | 14695371 |
| **Building Products - 0.6%**  | **Building Products - 0.6%**  | **Building Products - 0.6%**  |
| Amrize Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 | 1100000 | 965762 |
| 5.40%, 04/07/2035 | 2167000 | 2234705 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 06/15/2032 <sup>(A)</sup> <br>| 1654000 | 1713768 |
| Carlisle Cos., Inc. |  |  |
| 5.25%, 09/15/2035 | 1257000 | 1282963 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 3211000 | 2612953 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 2666000 | 2763216 |
|  |  | 11573367 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Capital Markets - 0.1%**  | **Capital Markets - 0.1%**  | **Capital Markets - 0.1%**  |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| 3.38%, 06/15/2026 <sup>(A)</sup> <br>| $2620000 | $2603334 |
| **Chemicals - 1.0%**  | **Chemicals - 1.0%**  | **Chemicals - 1.0%**  |
| ASP Unifrax Holdings, Inc. |  |  |
| &nbsp;&nbsp; PIK Rate 1.25%, Cash Rate 5.85%, <br>09/30/2029 <sup>(A)</sup><sup>(E)</sup> <br>| 734365 | 80780 |
| LYB International Finance III LLC |  |  |
| 5.13%, 01/15/2031 | 680000 | 682523 |
| Mosaic Co. |  |  |
| 4.05%, 11/15/2027 | 1227000 | 1226302 |
| 4.60%, 11/15/2030 | 1971000 | 1974893 |
| Nutrien Ltd. |  |  |
| 4.20%, 04/01/2029 | 3277000 | 3271080 |
| OCP SA |  |  |
| 6.75%, 05/02/2034 <sup>(A)</sup> <br>| 2252000 | 2425763 |
| Olympus Water U.S. Holding Corp. |  |  |
| 7.25%, 02/15/2033 <sup>(A)</sup> <br>| 5163000 | 5188513 |
| Orbia Advance Corp. SAB de CV |  |  |
| 6.80%, 05/13/2030 <sup>(A)</sup> <br>| 2822000 | 2786952 |
| Westlake Corp. |  |  |
| 5.55%, 11/15/2035 | 2356000 | 2355474 |
|  |  | 19992280 |
| **Commercial Services & Supplies - 1.4%**  | **Commercial Services & Supplies - 1.4%**  | **Commercial Services & Supplies - 1.4%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(A)</sup> <br>| 3829000 | 3734488 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(A)</sup> <br>| 2561000 | 2642347 |
| Element Fleet Management Corp. |  |  |
| 5.04%, 03/25/2030 <sup>(A)</sup> <br>| 5263000 | 5378864 |
| Herc Holdings, Inc. |  |  |
| 5.75%, 03/15/2031 <sup>(A)</sup> <br>| 2855000 | 2897379 |
| 7.00%, 06/15/2030 <sup>(A)</sup> <br>| 3273000 | 3444598 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 2335000 | 2185476 |
| 5.25%, 08/09/2034 | 1601000 | 1641511 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 2890000 | 3016204 |
| Waste Management, Inc. |  |  |
| 3.88%, 01/15/2029 | 1996000 | 1993081 |
|  |  | 26933948 |
| **Communications Equipment - 0.9%**  | **Communications Equipment - 0.9%**  | **Communications Equipment - 0.9%**  |
| CommScope LLC |  |  |
| 4.75%, 09/01/2029 <sup>(A)</sup> <br>| 4608000 | 4601503 |
| NTT Finance Corp. |  |  |
| 4.62%, 07/16/2028 <sup>(A)</sup> <br>| 2211000 | 2240406 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/2031 | 2054000 | 1963748 |
| 3.88%, 04/15/2030 | 1506000 | 1480963 |
| 4.95%, 11/15/2035 | 2420000 | 2405966 |
| Verizon Communications, Inc. |  |  |
| 1.75%, 01/20/2031 | 957000 | 842385 |
| 2.10%, 03/22/2028 | 2499000 | 2399289 |
| 4.75%, 01/15/2033 | 2248000 | 2246240 |
|  |  | 18180500 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Construction & Engineering - 0.4%**  | **Construction & Engineering - 0.4%**  | **Construction & Engineering - 0.4%**  |
| Century Communities, Inc. |  |  |
| 3.88%, 08/15/2029 <sup>(A)</sup> <br>| $1522000 | $1447129 |
| 6.63%, 09/15/2033 <sup>(A)</sup> <br>| 833000 | 842329 |
| IHS Netherlands Holdco BV |  |  |
| 8.00%, 09/18/2027 <sup>(A)</sup> <br>| 1548882 | 1547366 |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(A)</sup> <br>| 4421000 | 4582366 |
|  |  | 8419190 |
| **Consumer Staples Distribution & Retail - 0.5%**  | **Consumer Staples Distribution & Retail - 0.5%**  | **Consumer Staples Distribution & Retail - 0.5%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(A)</sup> <br>| 3966000 | 3472938 |
| InRetail Consumer |  |  |
| 3.25%, 03/22/2028 <sup>(A)</sup> <br>| 3319000 | 3241353 |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | 4027000 | 3858863 |
|  |  | 10573154 |
| **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/2029 <sup>(A)</sup> <br>| 2958000 | 3009614 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/2030 <sup>(A)</sup> <br>| 2876000 | 2853309 |
| WRKCo, Inc. |  |  |
| 3.90%, 06/01/2028 | 2500000 | 2486955 |
|  |  | 8349878 |
| **Distributors - 0.1%**  | **Distributors - 0.1%**  | **Distributors - 0.1%**  |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 | 1925000 | 2061455 |
| **Diversified REITs - 1.1%**  | **Diversified REITs - 1.1%**  | **Diversified REITs - 1.1%**  |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.25%, 02/15/2033 | 3563000 | 3575905 |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 2943000 | 3118882 |
| SBA Tower Trust |  |  |
| 6.60%, 11/15/2052 <sup>(A)</sup> <br>| 4891000 | 5008240 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 3137000 | 3174654 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 3417000 | 3370100 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 3027000 | 3124050 |
|  |  | 21371831 |
| **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  |
| Black Hills Corp. |  |  |
| 3.15%, 01/15/2027 | 2209000 | 2187122 |
| 4.55%, 01/31/2031 | 1508000 | 1508300 |
| Calpine Corp. |  |  |
| 3.75%, 03/01/2031 <sup>(A)</sup> <br>| 4043000 | 3902916 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(A)</sup> <br>| 3539545 | 3627380 |
| Duke Energy Corp. |  |  |
| 4.95%, 09/15/2035 | 4575000 | 4536615 |
| 5.00%, 12/08/2027 | 1493000 | 1522074 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Investment Energy Resources Ltd. |  |  |
| 6.25%, 04/26/2029 <sup>(A)</sup> <br>| $1588000 | $1595225 |
| NRG Energy, Inc. |  |  |
| 3.38%, 02/15/2029 <sup>(A)</sup> <br>| 1347000 | 1288796 |
| 3.63%, 02/15/2031 <sup>(A)</sup> <br>| 1408000 | 1315751 |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 186000 | 189683 |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | 1308000 | 1177148 |
| Southern Power Co. |  |  |
| 4.25%, 10/01/2030 | 1441000 | 1437149 |
| 4.90%, 10/01/2035 | 1944000 | 1923052 |
| Vistra Operations Co. LLC |  |  |
| 5.25%, 10/15/2035 <sup>(A)</sup> <br>| 2858000 | 2848828 |
| 6.88%, 04/15/2032 <sup>(A)</sup> <br>| 2365000 | 2491339 |
| VoltaGrid LLC |  |  |
| 7.38%, 11/01/2030 <sup>(A)</sup> <br>| 819000 | 811421 |
|  |  | 32362799 |
| **Electronic Equipment, Instruments & Components - 0.6%**  | **Electronic Equipment, Instruments & Components - 0.6%**  | **Electronic Equipment, Instruments & Components - 0.6%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 2350000 | 2451441 |
| Keysight Technologies, Inc. |  |  |
| 4.95%, 10/15/2034 | 1518000 | 1528945 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(A)</sup> <br>| 3358000 | 3279758 |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 | 3825000 | 3871671 |
|  |  | 11131815 |
| **Financial Services - 2.5%**  | **Financial Services - 2.5%**  | **Financial Services - 2.5%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 1791000 | 1791160 |
| 4.95%, 09/10/2034 | 2097000 | 2092895 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2028, <br>5.74% <sup>(B)</sup>, 05/15/2029<br>| 887000 | 909521 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(B)</sup>, 04/25/2030<br>| 3582000 | 3736747 |
| Aviation Capital Group LLC |  |  |
| 3.50%, 11/01/2027 <sup>(A)</sup> <br>| 2223000 | 2188976 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.75%, 11/15/2029 <sup>(A)</sup> <br>| 5516000 | 5722618 |
| Blackstone Reg Finance Co. LLC |  |  |
| 4.95%, 02/15/2036 | 1501000 | 1490030 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.20% <sup>(B)</sup>, 09/11/2036<br>| 3885000 | 3865404 |
| &nbsp;&nbsp; Fixed until 07/26/2034, <br>5.88% <sup>(B)</sup>, 07/26/2035<br>| 5138000 | 5407776 |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(B)</sup>, 01/30/2036<br>| 1051000 | 1097121 |
| Citadel Finance LLC |  |  |
| 5.90%, 02/10/2030 <sup>(A)</sup> <br>| 3675000 | 3751774 |
| LPL Holdings, Inc. |  |  |
| 4.00%, 03/15/2029 <sup>(A)</sup> <br>| 3273000 | 3218326 |
| 5.70%, 05/20/2027 | 1885000 | 1921119 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Aegon Bond 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)** |
| Mexico Remittances Funding Fiduciary <br> Estate Management SARL |  |  |
| 12.50%, 10/15/2031 <sup>(A)</sup> <br>| $5171000 | $5326130 |
| Rocket Cos., Inc. |  |  |
| 6.38%, 08/01/2033 <sup>(A)</sup> <br>| 2359000 | 2459538 |
| UWM Holdings LLC |  |  |
| 6.25%, 03/15/2031 <sup>(A)</sup> <br>| 3834000 | 3827888 |
|  |  | 48807023 |
| **Food Products - 2.1%**  | **Food Products - 2.1%**  | **Food Products - 2.1%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 4.63%, 01/15/2027 <sup>(A)</sup> <br>| 2428000 | 2425662 |
| 6.25%, 03/15/2033 <sup>(A)</sup> <br>| 467000 | 480067 |
| BAT Capital Corp. |  |  |
| 4.63%, 03/22/2033 | 2709000 | 2693545 |
| 5.63%, 08/15/2035 | 4513000 | 4700870 |
| Bunge Ltd. Finance Corp. |  |  |
| 5.15%, 08/04/2035 | 4437000 | 4507117 |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(A)</sup> <br>| 3012000 | 3095291 |
| Imperial Brands Finance PLC |  |  |
| 5.63%, 07/01/2035 <sup>(A)</sup> <br>| 3577000 | 3671999 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 1857000 | 1992756 |
| &nbsp;&nbsp; JBS USA Holding LUX SARL/JBS USA <br> Foods Group Holdings, Inc./JBS USA <br>Food Co. |  |  |
| 5.50%, 01/15/2036 <sup>(A)</sup> <br>| 4713000 | 4789151 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 2278000 | 2290584 |
| Philip Morris International, Inc. |  |  |
| 4.25%, 11/10/2044 | 3346000 | 2845965 |
| 4.63%, 10/29/2035 | 1834000 | 1794168 |
| Pilgrim's Pride Corp. |  |  |
| 6.88%, 05/15/2034 | 2366000 | 2623987 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 2114000 | 2189651 |
|  |  | 40100813 |
| **Health Care Equipment & Supplies - 0.5%**  | **Health Care Equipment & Supplies - 0.5%**  | **Health Care Equipment & Supplies - 0.5%**  |
| Alcon Finance Corp. |  |  |
| 5.75%, 12/06/2052 <sup>(A)</sup> <br>| 892000 | 900571 |
| Baxter International, Inc. |  |  |
| 5.65%, 12/15/2035 | 2349000 | 2377231 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 08/14/2029 | 1887000 | 1928807 |
| 4.95%, 12/15/2035 | 1206000 | 1203332 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/2029 <sup>(A)</sup> <br>| 1821000 | 1777859 |
| 5.25%, 10/01/2029 <sup>(A)</sup> <br>| 1459000 | 1466887 |
|  |  | 9654687 |
| **Health Care Providers & Services - 1.7%**  | **Health Care Providers & Services - 1.7%**  | **Health Care Providers & Services - 1.7%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 2595000 | 2388008 |

---

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Charles River Laboratories International, <br> Inc. |  |  |
| 4.00%, 03/15/2031 <sup>(A)</sup> <br>| $2308000 | $2186828 |
| CHS/Community Health Systems, Inc. |  |  |
| 5.25%, 05/15/2030 <sup>(A)</sup> <br>| 2372000 | 2227765 |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | 1921000 | 1782862 |
| 5.25%, 01/15/2036 | 3046000 | 3100846 |
| Elevance Health, Inc. |  |  |
| 5.70%, 09/15/2055 | 2155000 | 2111239 |
| HCA, Inc. |  |  |
| 4.90%, 11/15/2035 | 3754000 | 3702668 |
| 6.00%, 04/01/2054 | 3082000 | 3063972 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(A)</sup> <br>| 1424000 | 1370390 |
| Laboratory Corp. of America Holdings |  |  |
| 4.80%, 10/01/2034 | 4070000 | 4033956 |
| Tenet Healthcare Corp. |  |  |
| 5.13%, 11/01/2027 | 1190000 | 1192662 |
| 5.50%, 11/15/2032 <sup>(A)</sup> <br>| 3065000 | 3107024 |
| UnitedHealth Group, Inc. |  |  |
| 5.15%, 07/15/2034 | 2043000 | 2092542 |
|  |  | 32360762 |
| **Health Care REITs - 0.2%**  | **Health Care REITs - 0.2%**  | **Health Care REITs - 0.2%**  |
| Healthpeak OP LLC |  |  |
| 4.75%, 01/15/2033 | 4595000 | 4569968 |
| **Hotels, Restaurants & Leisure - 1.2%**  | **Hotels, Restaurants & Leisure - 1.2%**  | **Hotels, Restaurants & Leisure - 1.2%**  |
| Boyne USA, Inc. |  |  |
| 4.75%, 05/15/2029 <sup>(A)</sup> <br>| 1273000 | 1255592 |
| Carnival Corp. |  |  |
| 5.75%, 08/01/2032 <sup>(A)</sup> <br>| 1393000 | 1429609 |
| 6.13%, 02/15/2033 <sup>(A)</sup> <br>| 2202000 | 2273763 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 3.75%, 05/01/2029 <sup>(A)</sup> <br>| 3076000 | 2987725 |
| Hyatt Hotels Corp. |  |  |
| 5.40%, 12/15/2035 | 2253000 | 2257651 |
| Marriott International, Inc. |  |  |
| 2.75%, 10/15/2033 | 2532000 | 2210477 |
| MGM Resorts International |  |  |
| 4.75%, 10/15/2028 | 2066000 | 2061037 |
| 6.13%, 09/15/2029 | 3447000 | 3542379 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/2036 | 3023000 | 3035660 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 10/15/2033 <sup>(A)</sup> <br>| 1947000 | 1977107 |
|  |  | 23031000 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Newell Brands, Inc. |  |  |
| 6.38%, 05/15/2030 <sup>(D)</sup> <br>| 1424000 | 1390624 |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/2030 | 1092000 | 1090673 |
|  |  | 2481297 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance - 2.3%**  | **Insurance - 2.3%**  | **Insurance - 2.3%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | $3007000 | $3105966 |
| 5.25%, 03/30/2033 | 2199000 | 2288928 |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/2035 | 1453000 | 1513609 |
| Asurion LLC & Asurion Co-Issuer, Inc. |  |  |
| 8.00%, 12/31/2032 <sup>(A)</sup> <br>| 1215000 | 1260698 |
| AXA SA |  |  |
| 8.60%, 12/15/2030 | 4239000 | 4958826 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/2032 | 982000 | 1004223 |
| 5.55%, 06/23/2035 | 3784000 | 3879944 |
| Cloverie PLC for Zurich Insurance Co. Ltd. |  |  |
| &nbsp;&nbsp; Fixed until 06/24/2026, <br>5.63% <sup>(B)</sup>, 06/24/2046 <sup>(F)</sup> <br>| 5029000 | 5043267 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(A)</sup> <br>| 8992000 | 9053786 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 2510000 | 2624183 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(A)</sup> <br>| 1491000 | 1553004 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG |  |  |
| &nbsp;&nbsp; Fixed until 11/23/2031, <br>5.88% <sup>(B)</sup>, 05/23/2042 <sup>(A)</sup> <br>| 2200000 | 2297169 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 792000 | 827197 |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(A)</sup> <br>| 5215000 | 5320288 |
|  |  | 44731088 |
| **Internet & Catalog Retail - 0.7%**  | **Internet & Catalog Retail - 0.7%**  | **Internet & Catalog Retail - 0.7%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 3211000 | 3299147 |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | 4115000 | 4220801 |
| Meta Platforms, Inc. |  |  |
| 4.20%, 11/15/2030 | 3855000 | 3863146 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 1707000 | 1706506 |
|  |  | 13089600 |
| **IT Services - 0.6%**  | **IT Services - 0.6%**  | **IT Services - 0.6%**  |
| Crowdstrike Holdings, Inc. |  |  |
| 3.00%, 02/15/2029 | 1311000 | 1258017 |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 3164000 | 3121829 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 3566000 | 3534670 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/01/2028 <sup>(A)</sup> <br>| 1582000 | 1570725 |
| 5.13%, 04/15/2029 <sup>(A)</sup> <br>| 695000 | 690109 |
| Seagate Data Storage Technology Pte. <br> Ltd. |  |  |
| 4.09%, 06/01/2029 <sup>(A)</sup> <br>| 2036000 | 1995143 |
|  |  | 12170493 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Machinery - 0.4%**  | **Machinery - 0.4%**  | **Machinery - 0.4%**  |
| Eaton Capital ULC |  |  |
| 4.45%, 05/09/2030 | $1640000 | $1657176 |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 3905000 | 3698402 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 2819000 | 2933106 |
|  |  | 8288684 |
| **Media - 0.8%**  | **Media - 0.8%**  | **Media - 0.8%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 5.13%, 07/01/2049 | 3111000 | 2434514 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 06/01/2029 <sup>(A)</sup> <br>| 1505000 | 1494392 |
| Comcast Corp. |  |  |
| 4.15%, 10/15/2028 | 3071000 | 3087553 |
| CSC Holdings LLC |  |  |
| 4.50%, 11/15/2031 <sup>(A)</sup> <br>| 2712000 | 1654320 |
| Virgin Media Secured Finance PLC |  |  |
| 4.50%, 08/15/2030 <sup>(A)</sup> <br>| 2620000 | 2425426 |
| 5.50%, 05/15/2029 <sup>(A)</sup> <br>| 4006000 | 3946537 |
|  |  | 15042742 |
| **Metals & Mining - 0.3%**  | **Metals & Mining - 0.3%**  | **Metals & Mining - 0.3%**  |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 3967000 | 4130328 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(A)</sup> <br>| 2958000 | 2666598 |
|  |  | 6796926 |
| **Mortgage Real Estate Investment Trusts - 0.6%**  | **Mortgage Real Estate Investment Trusts - 0.6%**  | **Mortgage Real Estate Investment Trusts - 0.6%**  |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital Finance <br>Corp. |  |  |
| 4.25%, 02/01/2027 <sup>(A)</sup> <br>| 6507000 | 6463576 |
| Starwood Property Trust, Inc. |  |  |
| 6.00%, 04/15/2030 <sup>(A)</sup> <br>| 1548000 | 1588870 |
| 6.50%, 07/01/2030 <sup>(A)</sup> <br>| 2799000 | 2919659 |
|  |  | 10972105 |
| **Office REITs - 0.1%**  | **Office REITs - 0.1%**  | **Office REITs - 0.1%**  |
| Boston Properties LP |  |  |
| 5.75%, 01/15/2035 <sup>(D)</sup> <br>| 2259000 | 2323168 |
| **Oil, Gas & Consumable Fuels - 4.8%**  | **Oil, Gas & Consumable Fuels - 4.8%**  | **Oil, Gas & Consumable Fuels - 4.8%**  |
| Cheniere Energy Partners LP |  |  |
| 4.00%, 03/01/2031 | 4027000 | 3921328 |
| 4.50%, 10/01/2029 | 2330000 | 2334899 |
| 5.95%, 06/30/2033 | 1482000 | 1571473 |
| Diamondback Energy, Inc. |  |  |
| 5.15%, 01/30/2030 | 3576000 | 3678154 |
| Ecopetrol SA |  |  |
| 8.38%, 01/19/2036 | 5000000 | 5143904 |
| Enbridge, Inc. |  |  |
| 4.90%, 06/20/2030 | 1752000 | 1791078 |
| 5.63%, 04/05/2034 | 4115000 | 4295748 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Aegon Bond 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)** |
| Energy Transfer LP |  |  |
| 6.00%, 06/15/2048 | $3936000 | $3817041 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 | 1405000 | 1453867 |
| Equinor ASA |  |  |
| 4.75%, 11/14/2035 | 5559000 | 5530291 |
| Expand Energy Corp. |  |  |
| 5.38%, 03/15/2030 | 1516000 | 1536600 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp. |  |  |
| 8.00%, 05/15/2033 | 3539000 | 3673843 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036 <sup>(A)</sup> <br>| 2009000 | 2099039 |
| Gulfstream Natural Gas System LLC |  |  |
| 5.60%, 07/23/2035 <sup>(A)</sup> <br>| 1585000 | 1624489 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(A)</sup> <br>| 2072000 | 2139754 |
| Murphy Oil Corp. |  |  |
| 6.00%, 10/01/2032 <sup>(D)</sup> <br>| 2337000 | 2334611 |
| NuStar Logistics LP |  |  |
| 5.63%, 04/28/2027 | 3000000 | 3032469 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | 1896000 | 1943382 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | 3929000 | 4204374 |
| Ovintiv, Inc. |  |  |
| 6.50%, 08/15/2034 | 3204000 | 3441640 |
| Petroleos Mexicanos |  |  |
| 6.50%, 01/23/2029 | 3820000 | 3881120 |
| 6.84%, 01/23/2030 | 3043000 | 3090172 |
| Repsol E&P Capital Markets U.S. LLC |  |  |
| 5.98%, 09/16/2035 <sup>(A)</sup> <br>| 3547000 | 3617517 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.90%, 09/15/2037 | 2451395 | 2575254 |
| Sunoco LP |  |  |
| 5.63%, 03/15/2031 <sup>(A)</sup> <br>| 548000 | 552015 |
| Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp. |  |  |
| 4.00%, 01/15/2032 | 1530000 | 1459918 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 5.10%, 03/15/2036 <sup>(A)</sup> <br>| 2740000 | 2758636 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/2029 <sup>(A)</sup> <br>| 3521000 | 3649436 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.13%, 12/15/2030 <sup>(A)</sup> <br>| 1366000 | 1391058 |
| 6.75%, 01/15/2036 <sup>(A)</sup> <br>| 1656000 | 1696225 |
| 7.50%, 05/01/2033 <sup>(A)</sup> <br>| 2012000 | 2173968 |
| Vital Energy, Inc. |  |  |
| 7.75%, 07/31/2029 <sup>(A)</sup> <br>| 3265000 | 3258815 |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 | 2877000 | 3046354 |
| YPF SA |  |  |
| 9.50%, 01/17/2031 <sup>(A)</sup> <br>| 1338000 | 1428137 |
|  |  | 94146609 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  |
| Georgia-Pacific LLC |  |  |
| 4.95%, 06/30/2032 <sup>(A)</sup> <br>| $1915000 | $1967759 |
| **Passenger Airlines - 0.5%**  | **Passenger Airlines - 0.5%**  | **Passenger Airlines - 0.5%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.15%, 08/15/2033 | 1280361 | 1210208 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. |  |  |
| 4.75%, 10/20/2028 <sup>(A)</sup> <br>| 3535000 | 3556468 |
| Southwest Airlines Co. |  |  |
| 4.38%, 11/15/2028 | 4027000 | 4035426 |
|  |  | 8802102 |
| **Pharmaceuticals - 1.4%**  | **Pharmaceuticals - 1.4%**  | **Pharmaceuticals - 1.4%**  |
| Bausch Health Cos., Inc. |  |  |
| 5.25%, 01/30/2030 <sup>(A)</sup> <br>| 4435000 | 3104500 |
| Bayer U.S. Finance II LLC |  |  |
| 4.20%, 07/15/2034 <sup>(A)</sup> <br>| 2151000 | 2016452 |
| 5.50%, 07/30/2035 <sup>(A)</sup> <br>| 1102000 | 1118713 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 1495000 | 1470273 |
| CVS Health Corp. |  |  |
| 5.45%, 09/15/2035 | 3649000 | 3735154 |
| 6.00%, 06/01/2044 | 2165000 | 2175639 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(B)</sup>, 03/10/2055<br>| 3902000 | 4093386 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 1332000 | 1223378 |
| Organon & Co./Organon Foreign Debt Co-<br> Issuer BV |  |  |
| 6.75%, 05/15/2034 <sup>(A)</sup> <br>| 2003000 | 1801656 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 2035000 | 1958271 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.20%, 07/07/2035 | 3204000 | 3263364 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 1260000 | 1223918 |
|  |  | 27184704 |
| **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 3913000 | 4040539 |
| **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  |
| NNN REIT, Inc. |  |  |
| 4.60%, 02/15/2031 | 4474000 | 4504918 |
| **Semiconductors & Semiconductor Equipment - 1.5%**  | **Semiconductors & Semiconductor Equipment - 1.5%**  | **Semiconductors & Semiconductor Equipment - 1.5%**  |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(A)</sup> <br>| 4829000 | 4158667 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(A)</sup> <br>| 2627000 | 2697786 |
| 5.90%, 01/25/2033 <sup>(A)</sup> <br>| 2810000 | 2940235 |
| Intel Corp. |  |  |
| 4.80%, 10/01/2041 | 2802000 | 2485137 |
| Kioxia Holdings Corp. |  |  |
| 6.63%, 07/24/2033 <sup>(A)</sup> <br>| 4250000 | 4419471 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 2762000 | 2816024 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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 | $3982000 | $4124631 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 5.25%, 08/19/2035 | 4258000 | 4320915 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 1516000 | 1047148 |
|  |  | 29010014 |
| **Software - 1.1%**  | **Software - 1.1%**  | **Software - 1.1%**  |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 2205000 | 2204221 |
| Fair Isaac Corp. |  |  |
| 6.00%, 05/15/2033 <sup>(A)</sup> <br>| 1141000 | 1171975 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | 2966000 | 3037149 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 1353000 | 1332608 |
| Oracle Corp. |  |  |
| 5.88%, 09/26/2045 | 2404000 | 2171110 |
| 5.95%, 09/26/2055 | 2411000 | 2136180 |
| 6.90%, 11/09/2052 | 1854000 | 1831984 |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | 3197000 | 3190019 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | 2029000 | 2062165 |
| 5.70%, 04/01/2055 | 1453000 | 1441360 |
|  |  | 20578771 |
| **Specialized REITs - 0.4%**  | **Specialized REITs - 0.4%**  | **Specialized REITs - 0.4%**  |
| Extra Space Storage LP |  |  |
| 5.40%, 06/15/2035 | 3564000 | 3653621 |
| Iron Mountain, Inc. |  |  |
| 5.25%, 03/15/2028 <sup>(A)</sup> <br>| 3840000 | 3848657 |
|  |  | 7502278 |
| **Transportation Infrastructure - 1.1%**  | **Transportation Infrastructure - 1.1%**  | **Transportation Infrastructure - 1.1%**  |
| Avolon Holdings Funding Ltd. |  |  |
| 4.90%, 10/10/2030 <sup>(A)</sup> <br>| 3720000 | 3739731 |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/2031 | 6436000 | 5790223 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 4720000 | 4245712 |
| 6.50%, 05/06/2034 | 2177000 | 2351715 |
| MV24 Capital BV |  |  |
| 6.75%, 06/01/2034 <sup>(A)</sup> <br>| 3539553 | 3509786 |
| United Parcel Service, Inc. |  |  |
| 5.25%, 05/14/2035 <sup>(D)</sup> <br>| 2263000 | 2345330 |
|  |  | 21982497 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $831,656,467)**<br>|  | 854775809 |
| **U.S. GOVERNMENT OBLIGATIONS - 21.6%**  | **U.S. GOVERNMENT OBLIGATIONS - 21.6%**  | **U.S. GOVERNMENT OBLIGATIONS - 21.6%**  |
| **U.S. Treasury - 21.0%**  | **U.S. Treasury - 21.0%**  | **U.S. Treasury - 21.0%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | 38394200 | 18378224 |
| 1.38%, 11/15/2040 | 15377000 | 9980634 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Bonds (continued) |  |  |
| 1.88%, 11/15/2051 | $8933000 | $4937576 |
| 2.00%, 02/15/2050 <sup>(G)</sup> <br>| 18505000 | 10847111 |
| 2.25%, 05/15/2041 | 12471000 | 9172518 |
| 2.25%, 08/15/2046 <sup>(G)</sup> <br>| 5162000 | 3397040 |
| 2.38%, 02/15/2042 | 45758300 | 33682399 |
| 2.50%, 02/15/2045 | 2754000 | 1950391 |
| 2.75%, 08/15/2042 <sup>(G)</sup> <br>| 23081000 | 17816548 |
| 2.88%, 08/15/2045 <sup>(G)</sup> <br>| 7972000 | 5979623 |
| 2.88%, 05/15/2049 | 9973000 | 7154459 |
| 3.00%, 08/15/2048 | 9816000 | 7268058 |
| 3.63%, 05/15/2053 | 4056000 | 3281082 |
| 3.88%, 02/15/2043 - 05/15/2043 | 32222000 | 28913342 |
| 4.00%, 11/15/2052 | 5449000 | 4725092 |
| 4.13%, 08/15/2044 | 2268000 | 2081510 |
| 4.25%, 05/15/2039 <sup>(G)</sup> <br>| 7023000 | 6879797 |
| 4.25%, 08/15/2054 | 6568000 | 5938396 |
| 4.50%, 02/15/2044 - 11/15/2054 | 25737000 | 24670880 |
| 4.63%, 05/15/2044 - 11/15/2055 | 62254000 | 60500288 |
| 4.75%, 11/15/2043 - 08/15/2055 | 18241700 | 18099497 |
| U.S. Treasury Notes |  |  |
| 0.63%, 08/15/2030 | 9757000 | 8490115 |
| 2.75%, 08/15/2032 | 19281000 | 17972754 |
| 2.88%, 05/15/2032 | 9570300 | 9023746 |
| 3.38%, 11/30/2027 - 05/15/2033 | 9538000 | 9415169 |
| 3.50%, 11/30/2030 | 21932000 | 21710967 |
| 3.75%, 12/31/2030 | 13039000 | 13045621 |
| 4.00%, 07/31/2032 - 11/15/2035 | 24268000 | 24153675 |
| 4.13%, 03/31/2031 - 11/15/2032 | 11855000 | 11998852 |
| 4.25%, 05/15/2035 - 08/15/2035 | 7955600 | 8017419 |
|  |  | 409482783 |
| **U.S. Treasury Inflation-Protected Securities - 0.6%**  | **U.S. Treasury Inflation-Protected Securities - 0.6%**  | **U.S. Treasury Inflation-Protected Securities - 0.6%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.50%, 02/15/2053 | 9427161 | 7347691 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | 4660477 | 4398007 |
|  |  | 11745698 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $438,703,727)**<br>|  | 421228481 |
| **ASSET-BACKED SECURITIES - 11.8%**  | **ASSET-BACKED SECURITIES - 11.8%**  | **ASSET-BACKED SECURITIES - 11.8%**  |
| 321 Henderson Receivables VI LLC |  |  |
| &nbsp;&nbsp; Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(A)</sup> <br>| 1034258 | 1040885 |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>4.68%, 08/22/2044 <sup>(A)</sup> <br>| 3064937 | 3071708 |
| Anchorage Capital CLO 25 Ltd. |  |  |
| &nbsp;&nbsp; Series 2022-25A, Class C, <br>3-Month Term SOFR + 2.35%, <br>6.23% <sup>(B)</sup>, 04/20/2035 <sup>(A)</sup> <br>| 1000000 | 1000349 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Apidos CLO XXXI |  |  |
| &nbsp;&nbsp; Series 2019-31A, Class A1R, <br>3-Month Term SOFR + 1.36%, <br>5.27% <sup>(B)</sup>, 04/15/2031 <sup>(A)</sup> <br>| $3316709 | $3317229 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp; Series 2021-A, Class A, <br>1.54%, 07/17/2046 <sup>(A)</sup> <br>| 2066750 | 1901471 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2020-2A, Class A, <br>2.02%, 02/20/2027 <sup>(A)</sup> <br>| 1333333 | 1330625 |
| &nbsp;&nbsp; Series 2023-7A, Class A, <br>5.90%, 08/21/2028 <sup>(A)</sup> <br>| 5355000 | 5483594 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.36%, 06/20/2030 <sup>(A)</sup> <br>| 5270000 | 5433784 |
| Battalion CLO X Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-10A, Class A2R3, <br>3-Month Term SOFR + 1.75%, <br>5.48% <sup>(B)</sup>, 01/24/2035 <sup>(A)</sup> <br>| 3200000 | 3201485 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(A)</sup> <br>| 2053474 | 2094374 |
| Capital Automotive REIT |  |  |
| &nbsp;&nbsp; Series 2024-3A, Class A1, <br>4.40%, 10/15/2054 <sup>(A)</sup> <br>| 6032500 | 5881842 |
| CARS-DB5 LP |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1, <br>1.44%, 08/15/2051 <sup>(A)</sup> <br>| 3226219 | 3157635 |
| &nbsp;&nbsp; Series 2021-1A, Class A3, <br>1.92%, 08/15/2051 <sup>(A)</sup> <br>| 1379292 | 1348977 |
| CARS-DB7 LP |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A1, <br>5.75%, 09/15/2053 <sup>(A)</sup> <br>| 7490000 | 7545446 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp; Series 2017-4A, Class A1R, <br>3-Month Term SOFR + 1.21%, <br>5.08% <sup>(B)</sup>, 10/24/2030 <sup>(A)</sup> <br>| 840406 | 840537 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2007-FS1, Class 1A1, <br>7.25% <sup>(B)</sup>, 10/25/2037 <sup>(A)</sup> <br>| 1266802 | 1232399 |
| DataBank Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A2, <br>2.06%, 02/27/2051 <sup>(A)</sup> <br>| 6419000 | 6389982 |
| Diameter Capital CLO 1 Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.39%, <br>5.29% <sup>(B)</sup>, 10/15/2037 <sup>(A)</sup> <br>| 5000000 | 5012215 |
| Diamond Infrastructure Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>1.76%, 04/15/2049 <sup>(A)</sup> <br>| 3545000 | 3445299 |
| Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class C, <br>4.67%, 05/17/2032<br>| 4100000 | 4126050 |
| Dryden 80 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-80A, Class ARR, <br>3-Month Term SOFR + 0.95%, <br>4.83% <sup>(B)</sup>, 01/17/2033 <sup>(A)</sup> <br>| 5749012 | 5749075 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029<br>| $8305000 | $8331951 |
| &nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029<br>| 2000000 | 2025450 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2025-6A, Class A, <br>4.89%, 05/25/2032 <sup>(A)</sup> <br>| 5910000 | 5933675 |
| Hertz Vehicle Financing III LP |  |  |
| &nbsp;&nbsp; Series 2021-2A, Class B, <br>2.12%, 12/27/2027 <sup>(A)</sup> <br>| 6290000 | 6167448 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.72%, 01/25/2038 <sup>(A)</sup> <br>| 1435044 | 1468171 |
| &nbsp;&nbsp; Series 2024-1B, Class B, <br>5.99%, 09/15/2039 <sup>(A)</sup> <br>| 435739 | 445616 |
| &nbsp;&nbsp; Series 2024-1B, Class C, <br>6.62%, 09/15/2039 <sup>(A)</sup> <br>| 439366 | 451430 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(A)</sup> <br>| 1996838 | 2040006 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.54%, 05/25/2044 <sup>(A)</sup> <br>| 3448027 | 3462323 |
| &nbsp;&nbsp; Series 2025-2A, Class B, <br>4.73%, 05/25/2044 <sup>(A)</sup> <br>| 2809775 | 2821797 |
| Home Equity Asset Trust |  |  |
| &nbsp;&nbsp; Series 2004-4, Class M1, <br>1-Month Term SOFR + 0.89%, <br>4.63% <sup>(B)</sup>, 10/25/2034<br>| 487760 | 487169 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A1A2, <br>3-Month Term SOFR + 1.46%, <br>5.35% <sup>(B)</sup>, 10/20/2034 <sup>(A)</sup> <br>| 9325000 | 9334306 |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.27%, <br>5.15% <sup>(B)</sup>, 04/17/2034 <sup>(A)</sup> <br>| 4500000 | 4494280 |
| MetroNet Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2025-2A, Class A2, <br>5.40%, 08/20/2055 <sup>(A)</sup> <br>| 6850000 | 6946547 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2020-1A, Class A, <br>1.74%, 10/20/2037 <sup>(A)</sup> <br>| 623743 | 614467 |
| &nbsp;&nbsp; Series 2021-1WA, Class A, <br>1.14%, 01/22/2041 <sup>(A)</sup> <br>| 456271 | 441153 |
| &nbsp;&nbsp; Series 2021-1WA, Class B, <br>1.44%, 01/22/2041 <sup>(A)</sup> <br>| 2149560 | 2076509 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.32%, 02/20/2043 <sup>(A)</sup> <br>| 827354 | 843410 |
| &nbsp;&nbsp; Series 2024-1A, Class B, <br>5.51%, 02/20/2043 <sup>(A)</sup> <br>| 887486 | 902819 |
| &nbsp;&nbsp; Series 2024-1A, Class C, <br>6.20%, 02/20/2043 <sup>(A)</sup> <br>| 1583838 | 1621804 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>4.43%, 03/20/2042 <sup>(A)</sup> <br>| 1259607 | 1261790 |
| &nbsp;&nbsp; Series 2024-2A, Class C, <br>4.92%, 03/20/2042 <sup>(A)</sup> <br>| 3918778 | 3918126 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.48%, 10/20/2044 <sup>(A)</sup> <br>| 5380437 | 5388100 |
| Octagon Investment Partners 40 Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class CRR, <br>3-Month Term SOFR + 1.75%, <br>5.63% <sup>(B)</sup>, 01/20/2035 <sup>(A)</sup> <br>| 5000000 | 4977705 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| OZLM XIX Ltd. |  |  |
| &nbsp;&nbsp; Series 2017-19A, Class A1RR, <br>3-Month Term SOFR + 1.35%, <br>5.25% <sup>(B)</sup>, 01/15/2035 <sup>(A)</sup> <br>| $2000000 | $2000962 |
| OZLM XV Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-15A, Class BR3, <br>3-Month Term SOFR + 1.85%, <br>5.73% <sup>(B)</sup>, 04/20/2033 <sup>(A)</sup> <br>| 9000000 | 9000369 |
| OZLM XXIV Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-24A, Class A1AR, <br>3-Month Term SOFR + 1.42%, <br>5.31% <sup>(B)</sup>, 07/20/2032 <sup>(A)</sup> <br>| 1634130 | 1634130 |
| Palmer Square CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class CR2, <br>3-Month Term SOFR + 1.80%, <br>5.65% <sup>(B)</sup>, 08/14/2038 <sup>(A)</sup> <br>| 1750000 | 1748681 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.44%, 05/25/2055 <sup>(A)</sup> <br>| 6625000 | 6670045 |
| Retained Vantage Data Centers <br> Issuer LLC |  |  |
| &nbsp;&nbsp; Series 2024-1A, Class A2, <br>4.99%, 09/15/2049 <sup>(A)</sup> <br>| 2000000 | 1982969 |
| Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2025-3, Class C, <br>4.68%, 09/15/2031<br>| 4010000 | 4034477 |
| SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(A)</sup> <br>| 4350000 | 4440458 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class B, <br>1.34%, 11/20/2037 <sup>(A)</sup> <br>| 953469 | 951648 |
| &nbsp;&nbsp; Series 2021-1A, Class C, <br>1.79%, 11/20/2037 <sup>(A)</sup> <br>| 419565 | 418768 |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(A)</sup> <br>| 2642961 | 2680700 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(A)</sup> <br>| 1256097 | 1290125 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(A)</sup> <br>| 2578443 | 2669352 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.15%, 01/20/2043 <sup>(A)</sup> <br>| 895214 | 905987 |
| &nbsp;&nbsp; Series 2024-1A, Class B, <br>5.35%, 01/20/2043 <sup>(A)</sup> <br>| 733021 | 740880 |
| &nbsp;&nbsp; Series 2024-1A, Class C, <br>5.94%, 01/20/2043 <sup>(A)</sup> <br>| 1200670 | 1218223 |
| &nbsp;&nbsp; Series 2024-1A, Class D, <br>8.02%, 01/20/2043 <sup>(A)</sup> <br>| 426822 | 436605 |
| &nbsp;&nbsp; Series 2024-2A, Class C, <br>5.83%, 06/20/2041 <sup>(A)</sup> <br>| 1735043 | 1762193 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.83%, 08/20/2041 <sup>(A)</sup> <br>| 2393545 | 2414357 |
| &nbsp;&nbsp; Series 2024-3A, Class C, <br>5.32%, 08/20/2041 <sup>(A)</sup> <br>| 2979719 | 2997595 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.72%, 04/20/2044 <sup>(A)</sup> <br>| 1897523 | 1906446 |
| &nbsp;&nbsp; Series 2025-2A, Class B, <br>4.93%, 04/20/2044 <sup>(A)</sup> <br>| 891836 | 894689 |
| &nbsp;&nbsp; Series 2025-2A, Class C, <br>5.32%, 04/20/2044 <sup>(A)</sup> <br>| 910811 | 913644 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| Symphony CLO XIX Ltd. |  |  |
| &nbsp;&nbsp; Series 2018-19A, Class A, <br>3-Month Term SOFR + 1.22%, <br>5.12% <sup>(B)</sup>, 04/16/2031 <sup>(A)</sup> <br>| $1629833 | $1630426 |
| Symphony CLO XXIII Ltd. |  |  |
| &nbsp;&nbsp; Series 2020-23A, Class AR2, <br>3-Month Term SOFR + 0.90%, <br>4.80% <sup>(B)</sup>, 01/15/2034 <sup>(A)</sup> <br>| 3299386 | 3296602 |
| TCI-Symphony CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-1A, Class AR2, <br>3-Month Term SOFR + 1.28%, <br>5.19% <sup>(B)</sup>, 10/13/2032 <sup>(A)</sup> <br>| 1705623 | 1706619 |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.13%, 08/15/2055 <sup>(A)</sup> <br>| 9170000 | 9063223 |
| Venture 43 CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-43A, Class A1R, <br>3-Month Term SOFR + 1.35%, <br>5.25% <sup>(B)</sup>, 04/15/2034 <sup>(A)</sup> <br>| 2500000 | 2500658 |
| Venture XXVII CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2017-27A, Class AR, <br>3-Month Term SOFR + 1.31%, <br>5.20% <sup>(B)</sup>, 07/20/2030 <sup>(A)</sup> <br>| 120643 | 120655 |
| Wellfleet CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class BRR, <br>3-Month Term SOFR + 1.70%, <br>5.58% <sup>(B)</sup>, 07/20/2032 <sup>(A)</sup> <br>| 3000000 | 3000729 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2025-3A, Class C, <br>4.68%, 07/15/2031 <sup>(A)</sup> <br>| 6713000 | 6730706 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $227,096,852)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $227,096,852)** | 230823934 |
| **MORTGAGE-BACKED SECURITIES - 11.1%**  | **MORTGAGE-BACKED SECURITIES - 11.1%**  | **MORTGAGE-BACKED SECURITIES - 11.1%**  |
| 1211 Avenue of the Americas Trust |  |  |
| &nbsp;&nbsp; Series 2015-1211, Class A1A1, <br>3.90%, 08/10/2035 <sup>(A)</sup> <br>| 5900000 | 5693499 |
| 20 Times Square Trust |  |  |
| &nbsp;&nbsp; Series 2018-20TS, Class B, <br>3.10% <sup>(B)</sup>, 05/15/2035 <sup>(A)</sup> <br>| 5148000 | 4851990 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-1, Class A1, <br>5.69% <sup>(B)</sup>, 01/25/2070 <sup>(A)</sup> <br>| 5430686 | 5491226 |
| BAMLL Commercial Mortgage Securities <br> Trust |  |  |
| &nbsp;&nbsp; Series 2019-BPR, Class ANM, <br>3.11%, 11/05/2032 <sup>(A)</sup> <br>| 2020997 | 1932668 |
| Banc of America Funding Trust |  |  |
| &nbsp;&nbsp; Series 2005-D, Class A1, <br>5.30% <sup>(B)</sup>, 05/25/2035<br>| 586087 | 550423 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2018-TALL, Class D, <br>1-Month Term SOFR + 1.65%, <br>5.40% <sup>(B)</sup>, 03/15/2037 <sup>(A)</sup> <br>| 5000000 | 4330477 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| 2481457 | 2505751 |
| &nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.60% <sup>(B)</sup>, 12/25/2064 <sup>(A)</sup> <br>| 1898713 | 1914628 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| BX Trust |  |  |
| &nbsp;&nbsp; Series 2025-ARIA, Class A, <br>5.03% <sup>(B)</sup>, 12/13/2042 <sup>(A)</sup> <br>| $7608000 | $7676967 |
| CHI Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-110W, Class A, <br>5.10% <sup>(B)</sup>, 12/13/2040 <sup>(A)</sup> <br>| 5860000 | 5869475 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(B)</sup>, 04/25/2069 <sup>(A)</sup> <br>| 2314355 | 2336381 |
| &nbsp;&nbsp; Series 2024-3, Class A1, <br>6.39% <sup>(B)</sup>, 06/25/2069 <sup>(A)</sup> <br>| 7937149 | 8041276 |
| &nbsp;&nbsp; Series 2024-4, Class A1, <br>5.95% <sup>(B)</sup>, 07/25/2069 <sup>(A)</sup> <br>| 1410324 | 1425701 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2016-787S, Class A, <br>3.55%, 02/10/2036 <sup>(A)</sup> <br>| 5000000 | 4970396 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-H10, Class A1, <br>4.97% <sup>(B)</sup>, 01/25/2071 <sup>(A)</sup> <br>| 6600000 | 6605648 |
| &nbsp;&nbsp; Series 2025-H8, Class A1, <br>5.00% <sup>(B)</sup>, 11/25/2070 <sup>(A)</sup> <br>| 4522740 | 4531489 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2020-RPL4, Class A1, <br>2.00% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> <br>| 8579927 | 7803447 |
| DOLP Trust |  |  |
| &nbsp;&nbsp; Series 2021-NYC, Class A, <br>2.96%, 05/10/2041 <sup>(A)</sup> <br>| 5300000 | 4760159 |
| ELP Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-ELP, Class A, <br>4.60% <sup>(B)</sup>, 11/13/2042 <sup>(A)</sup> <br>| 2600000 | 2597513 |
| GCAT Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM1, Class A1, <br>6.01% <sup>(B)</sup>, 01/25/2059 <sup>(A)</sup> <br>| 3788368 | 3817688 |
| &nbsp;&nbsp; Series 2025-NQM6, Class A1, <br>4.94% <sup>(B)</sup>, 10/25/2070 <sup>(A)</sup> <br>| 5355615 | 5359128 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp; Series 2016-GS3, Class AAB, <br>2.78%, 10/10/2049<br>| 107591 | 107425 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2006-7, Class 2A1A, <br>1-Month Term SOFR + 0.51%, <br>4.25% <sup>(B)</sup>, 09/19/2046<br>| 92121 | 82436 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.47% <sup>(B)</sup>, 01/13/2040 <sup>(A)</sup> <br>| 6837000 | 7088531 |
| Manhattan West Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2020-1MW, Class A, <br>2.13%, 09/10/2039 <sup>(A)</sup> <br>| 3511000 | 3378078 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A, <br>3.00% <sup>(B)</sup>, 04/25/2055 <sup>(A)</sup> <br>| 992978 | 960930 |
| MFA Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL1, Class A1, <br>1.13% <sup>(B)</sup>, 07/25/2060 <sup>(A)</sup> <br>| 3193452 | 2941938 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.25% <sup>(B)</sup>, 10/25/2069 <sup>(A)</sup> <br>| 552628 | 541578 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2016-4A, Class A1, <br>3.75% <sup>(B)</sup>, 11/25/2056 <sup>(A)</sup> <br>| 2250019 | 2166811 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; New Residential Mortgage Loan <br> Trust (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2018-RPL1, Class A1, <br>3.50% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| $5108655 | $4991230 |
| &nbsp;&nbsp; Series 2019-2A, Class A1, <br>4.25% <sup>(B)</sup>, 12/25/2057 <sup>(A)</sup> <br>| 3942832 | 3883032 |
| &nbsp;&nbsp; Series 2019-4A, Class A1B, <br>3.50% <sup>(B)</sup>, 12/25/2058 <sup>(A)</sup> <br>| 2370670 | 2229752 |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(B)</sup>, 08/25/2059 <sup>(A)</sup> <br>| 2137209 | 2028594 |
| &nbsp;&nbsp; Series 2019-6A, Class A1B, <br>3.50% <sup>(B)</sup>, 09/25/2059 <sup>(A)</sup> <br>| 1725903 | 1644282 |
| &nbsp;&nbsp; Series 2019-RPL2, Class A1, <br>3.25% <sup>(B)</sup>, 02/25/2059 <sup>(A)</sup> <br>| 2723062 | 2661055 |
| &nbsp;&nbsp; Series 2020-1A, Class A1B, <br>3.50% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> <br>| 5872510 | 5542007 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(B)</sup>, 03/25/2063 <sup>(A)</sup> <br>| 1908920 | 1911276 |
| &nbsp;&nbsp; Series 2024-NQM14, Class A1, <br>4.94% <sup>(B)</sup>, 09/25/2064 <sup>(A)</sup> <br>| 2387815 | 2388254 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 2859129 | 2883539 |
| &nbsp;&nbsp; Series 2024-NQM5, Class A1, <br>5.99% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 1116543 | 1126095 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(B)</sup>, 02/25/2064 <sup>(A)</sup> <br>| 3006724 | 3046603 |
| &nbsp;&nbsp; Series 2024-NQM8, Class A1, <br>6.23% <sup>(B)</sup>, 05/25/2064 <sup>(A)</sup> <br>| 1914251 | 1936715 |
| &nbsp;&nbsp; Series 2025-NQM18, Class A1, <br>5.06% <sup>(B)</sup>, 09/25/2065 <sup>(A)</sup> <br>| 6736678 | 6757965 |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(B)</sup>, 11/25/2064 <sup>(A)</sup> <br>| 1813975 | 1830129 |
| &nbsp;&nbsp; Series 2025-NQM23, Class A1, <br>4.87% <sup>(B)</sup>, 10/25/2065 <sup>(A)</sup> <br>| 6000000 | 6000892 |
| Reperforming Loan Trust REMICS |  |  |
| &nbsp;&nbsp; Series 2006-R1, Class AF1, <br>1-Month Term SOFR + 0.45%, <br>4.19% <sup>(B)</sup>, 01/25/2036 <sup>(A)</sup> <br>| 551118 | 522977 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> <br>| 2410218 | 2369017 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> <br>| 3884095 | 3833561 |
| &nbsp;&nbsp; Series 2018-2, Class A1, <br>3.25% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> <br>| 68994 | 68386 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> <br>| 5549089 | 5290199 |
| &nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75% <sup>(B)</sup>, 03/25/2058 <sup>(A)</sup> <br>| 3191262 | 3117640 |
| &nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> <br>| 5344124 | 5155338 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75%, 10/25/2060 <sup>(A)</sup> <br>| 5314444 | 4869491 |
| &nbsp;&nbsp; Series 2022-1, Class A1, <br>3.75% <sup>(B)</sup>, 07/25/2062 <sup>(A)</sup> <br>| 4034306 | 3876096 |
| &nbsp;&nbsp; Series 2022-4, Class A1, <br>3.75%, 09/25/2062 <sup>(A)</sup> <br>| 4750093 | 4577541 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75%, 01/25/2063 <sup>(A)</sup> <br>| 6966321 | 6772632 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| VEGAS Trust |  |  |
| 5.52%, 11/10/2039 <sup>(A)</sup> <br>| $8665000 | $8782233 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2024-7, Class A1, <br>5.10% <sup>(B)</sup>, 09/25/2069 <sup>(A)</sup> <br>| 6615352 | 6628027 |
| WaMu Mortgage Pass-Through Certificates <br> Trust |  |  |
| &nbsp;&nbsp; Series 2005-AR13, Class A1A1, <br>1-Month Term SOFR + 0.69%, <br>4.43% <sup>(B)</sup>, 10/25/2045<br>| 439046 | 426850 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $215,657,066)**<br>|  | 217485065 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.6%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.6%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.6%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.00%, 04/01/2052 | 816108 | 723174 |
| 3.50%, 08/01/2049 | 503321 | 470111 |
| 5.50%, 04/01/2053 - 07/01/2053 | 19380916 | 19704351 |
| 1-Year RFUCC Treasury + 1.35%, |  |  |
| 6.09% <sup>(B)</sup>, 09/01/2035 | 9937 | 10217 |
| 1-Year RFUCC Treasury + 1.87%, |  |  |
| 6.62% <sup>(B)</sup>, 09/01/2035 | 50571 | 52064 |
| Federal National Mortgage Association |  |  |
| 3.00%, 08/01/2049 - 05/01/2052 | 1571063 | 1391831 |
| 4.00%, 10/01/2047 - 02/01/2048 | 1209230 | 1168984 |
| 4.50%, 08/01/2052 | 7652587 | 7501151 |
| 5.00%, 08/01/2026 - 02/01/2054 | 34046706 | 34125441 |
| 5.50%, 03/01/2053 | 8438733 | 8601064 |
| 6.00%, 06/01/2054 | 8981744 | 9242917 |
| 12-MTA + 1.20%, |  |  |
| 5.28% <sup>(B)</sup>, 06/01/2043 | 14486 | 14612 |
| 1-Year RFUCC Treasury + 1.34%, |  |  |
| 5.71% <sup>(B)</sup>, 12/01/2034 | 564 | 574 |
| 1-Year CMT + 1.81%, |  |  |
| 5.82% <sup>(B)</sup>, 08/01/2035 | 3763 | 3842 |
| 1-Year CMT + 2.22%, |  |  |
| 5.92% <sup>(B)</sup>, 01/01/2028 | 523 | 526 |
| 6-Month RFUCC Treasury + 1.75%, |  |  |
| 6.25% <sup>(B)</sup>, 05/01/2035 | 35348 | 36216 |
| 1-Year CMT + 2.18%, |  |  |
| 6.30% <sup>(B)</sup>, 10/01/2035 | 933 | 962 |
| 6-Month RFUCC Treasury + 1.61%, |  |  |
| 6.36% <sup>(B)</sup>, 08/01/2036 | 4144 | 4232 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 01/01/2055 <sup>(H)</sup> <br>| 49732000 | 40189475 |
| 2.50%, 01/01/2055 <sup>(H)</sup> <br>| 25523000 | 21572917 |
| 5.50%, 01/01/2055 <sup>(H)</sup> <br>| 23290000 | 23615654 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $167,411,032)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $167,411,032)** | 168430315 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.9%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.9%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.9%**  |
| **Colombia - 0.2%**  | **Colombia - 0.2%**  | **Colombia - 0.2%**  |
| Colombia Government International Bonds |  |  |
| 7.75%, 11/07/2036 | 3248000 | 3384903 |
| **Cote d'Ivoire - 0.2%**  | **Cote d'Ivoire - 0.2%**  | **Cote d'Ivoire - 0.2%**  |
| Ivory Coast Government International Bonds |  |  |
| 8.25%, 01/30/2037 <sup>(A)</sup> <br>| 3772000 | 4099371 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Dominican Republic - 0.3%**  | **Dominican Republic - 0.3%**  | **Dominican Republic - 0.3%**  |
| Dominican Republic International Bonds |  |  |
| 4.88%, 09/23/2032 <sup>(A)</sup> <br>| $1489000 | $1431227 |
| 6.60%, 06/01/2036 <sup>(A)</sup> <br>| 4015000 | 4225587 |
|  |  | 5656814 |
| **Peru - 0.1%**  | **Peru - 0.1%**  | **Peru - 0.1%**  |
| Corporacion Financiera de Desarrollo SA |  |  |
| 5.50%, 05/06/2030 <sup>(A)</sup> <br>| 1837000 | 1896170 |
| **Uzbekistan - 0.1%**  | **Uzbekistan - 0.1%**  | **Uzbekistan - 0.1%**  |
| Republic of Uzbekistan International Bonds |  |  |
| 3.90%, 10/19/2031 <sup>(A)</sup> <br>| 2745000 | 2537556 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $16,369,069)**<br>|  | 17574814 |
| **LOAN ASSIGNMENT - 0.0% \*** | **LOAN ASSIGNMENT - 0.0% \*** | **LOAN ASSIGNMENT - 0.0% \*** |
| **Software - 0.0% \*** | **Software - 0.0% \*** | **Software - 0.0% \*** |
| &nbsp;&nbsp; Rackspace Finance LLC <br>1st Lien Term Loan, <br>1-Month Term SOFR + 6.25%, <br>10.11% <sup>(B)</sup>, 05/15/2028<br>| 344631 | 350662 |
| &nbsp;&nbsp; **Total Loan Assignment** <br>**(Cost $342,636)**<br>|  | 350662 |
| **COMMERCIAL PAPER - 4.6%**  | **COMMERCIAL PAPER - 4.6%**  | **COMMERCIAL PAPER - 4.6%**  |
| **Capital Markets - 0.5%**  | **Capital Markets - 0.5%**  | **Capital Markets - 0.5%**  |
| Verto Capital I Compartment |  |  |
| 4.06% <sup>(I)</sup>, 03/04/2026 <sup>(A)</sup> <br>| 10300000 | 10229882 |
| **Financial Services - 4.1%**  | **Financial Services - 4.1%**  | **Financial Services - 4.1%**  |
| Anglesea Funding LLC |  |  |
| 4.02% <sup>(I)</sup>, 02/10/2026 <sup>(A)</sup> <br>| 4250000 | 4231831 |
| Glencove Funding LLC |  |  |
| 4.00% <sup>(I)</sup>, 03/03/2026 <sup>(A)</sup> <br>| 14755000 | 14659437 |
| Gotham Funding Corp. |  |  |
| 4.13% <sup>(I)</sup>, 01/02/2026 <sup>(A)</sup> <br>| 2500000 | 2499479 |
| 4.17% <sup>(I)</sup>, 01/16/2026 <sup>(A)</sup> <br>| 17800000 | 17770183 |
| LMA-Americas LLC |  |  |
| 4.00% <sup>(I)</sup>, 03/13/2026 <sup>(A)</sup> <br>| 1759000 | 1745758 |
| 4.01% <sup>(I)</sup>, 03/17/2026 <sup>(A)</sup> <br>| 550000 | 545628 |
| MUFG Securities Canada Ltd. |  |  |
| 4.31% <sup>(I)</sup>, 01/22/2026 <sup>(A)</sup> <br>| 20000000 | 19953758 |
| Versailles Commercial Paper LLC |  |  |
| 3.87% <sup>(I)</sup>, 04/06/2026 | 18000000 | 17817025 |
|  |  | 79223099 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $89,451,092)**<br>|  | 89452981 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.3%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.3%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.3%**  |
| &nbsp;&nbsp; U.S. Treasury Bills <br>3.62% <sup>(I)</sup>, 02/12/2026<br>| 7000000 | 6971385 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $6,971,033)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligation** <br>**(Cost $6,971,033)** | 6971385 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Aegon Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 0.4%**  | **OTHER INVESTMENT COMPANY - 0.4%**  | **OTHER INVESTMENT COMPANY - 0.4%**  |
| **Securities Lending Collateral - 0.4%**  | **Securities Lending Collateral - 0.4%**  | **Securities Lending Collateral - 0.4%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(I)</sup> <br>| 8814958 | $8814958 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $8,814,958)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $8,814,958)** | 8814958 |

---

&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>(I)</sup>, dated 12/31/2025, to be <br> repurchased at $24,793,694 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 $25,287,804.<br>| $24791834 | 24791834 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $24,791,834)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $24,791,834)** | 24791834 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,027,265,766)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $2,027,265,766)** | 2040700238 |
| **Net Other Assets (Liabilities) - (4.4)%** | **Net Other Assets (Liabilities) - (4.4)%** | (86915006) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1953785232** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(J)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $854775809 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $854775809 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 421228481 | &nbsp;&nbsp; — | &nbsp;&nbsp; 421228481 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 230823934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 230823934 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 217485065 | &nbsp;&nbsp; — | &nbsp;&nbsp; 217485065 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 168430315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 168430315 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 17574814 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17574814 |
| Loan Assignment |  | &nbsp;&nbsp; 350662 | &nbsp;&nbsp; — | &nbsp;&nbsp; 350662 |
| Commercial Paper |  | &nbsp;&nbsp; 89452981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89452981 |
| Short-Term U.S. Government Obligation |  | &nbsp;&nbsp; 6971385 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6971385 |
| Other Investment Company | 8814958 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8814958 |
| Repurchase Agreement |  | &nbsp;&nbsp; 24791834 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24791834 |
| **Total Investments** | **$8814958** | &nbsp;&nbsp; **$2031885280** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2040700238** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<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 $824,817,852, representing 42.2% of* *the Portfolio's net assets.* 

<sup>(B)</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>(C)</sup> *Perpetual maturity. The date displayed is the next call date.*

<sup>(D)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $8,637,037, collateralized by cash collateral of $8,814,958. 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 13**

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**Transamerica Aegon Bond VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

<sup>(E)</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>(F)</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 $5,043,267, representing* *0.3% of the Portfolio's net assets.* 

<sup>(G)</sup> *Security is subject to sale-buyback transactions. The average amount of sale-buybacks outstanding during the year ended December 31, 2025 was $0* *at a weighted average interest rate of 0%.* 

<sup>(H)</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>(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):** 

---

| | |
|:---|:---|
| *CMT* | *Constant Maturity Treasury* |
| *MTA* | *Month Treasury Average* |
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *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 Aegon Bond VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $2,002,473,932) (including <br> securities loaned of $8,637,037)<br>| &nbsp;&nbsp; $2015908404 |
| Repurchase agreement, at value (cost $24,791,834) | &nbsp;&nbsp; 24791834 |
| Cash | &nbsp;&nbsp; 38087 |
| Cash collateral pledged at broker for: |  |
| TBA commitments  | &nbsp;&nbsp; 228018 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 101318 |
| Net income from securities lending | &nbsp;&nbsp; 18334 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 20392 |
| Interest | &nbsp;&nbsp; 17826760 |
| Total assets | &nbsp;&nbsp; 2058933147 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 8814958 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 2288 |
| When-issued, delayed-delivery, forward and TBA <br> commitments purchased<br>| &nbsp;&nbsp; 85726391 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 9500124 |
| Investment management fees | &nbsp;&nbsp; 843915 |
| Distribution and service fees | &nbsp;&nbsp; 92899 |
| Transfer agent costs | &nbsp;&nbsp; 1757 |
| Trustee and CCO fees | &nbsp;&nbsp; 576 |
| Audit and tax fees  | &nbsp;&nbsp; 56443 |
| Custody fees | &nbsp;&nbsp; 37323 |
| Legal fees | &nbsp;&nbsp; 14086 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 39537 |
| Other accrued expenses | &nbsp;&nbsp; 17618 |
| Total liabilities | &nbsp;&nbsp; 105147915 |
| **Net assets**  | &nbsp;&nbsp; $1953785232 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $2061188 |
| Additional paid-in capital | &nbsp;&nbsp; 2134664255 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (182940211)<br>|
| **Net assets** | &nbsp;&nbsp; $1953785232 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $1545754923 |
| Service Class | &nbsp;&nbsp; 408030309 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 162732498 |
| Service Class | &nbsp;&nbsp; 43386285 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $9.50 |
| Service Class | 9.40 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $95715089 |
| Net income from securities lending | &nbsp;&nbsp; 58545 |
| Total investment income  | &nbsp;&nbsp; 95773634 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 8863760 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 1066207 |
| Transfer agent costs | &nbsp;&nbsp; 19657 |
| Trustee and CCO fees | &nbsp;&nbsp; 92953 |
| Audit and tax fees | &nbsp;&nbsp; 69512 |
| Custody fees | &nbsp;&nbsp; 149857 |
| Legal fees | &nbsp;&nbsp; 162761 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 133075 |
| Other | &nbsp;&nbsp; 112353 |
| Total expenses | &nbsp;&nbsp; 10670135 |
| **Net investment income (loss)** | &nbsp;&nbsp; 85103499 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 1520064 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 35550045 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 37070109 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $122173608 |

---

***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 Aegon Bond 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; $85103499 | &nbsp;&nbsp; $110103551 |
| Net realized gain (loss) | &nbsp;&nbsp; 1520064 | &nbsp;&nbsp; 2302860 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 35550045 | &nbsp;&nbsp; (64566098)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 122173608 | &nbsp;&nbsp; 47840313 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (84168407)<br>| &nbsp;&nbsp; (74324743)<br>|
| Service Class | &nbsp;&nbsp; (26306096)<br>| &nbsp;&nbsp; (18491392)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (110474503)<br>| &nbsp;&nbsp; (92816135)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 263101155 | &nbsp;&nbsp; 15745830 |
| Service Class | &nbsp;&nbsp; 4863252 | &nbsp;&nbsp; 8088272 |
|  | &nbsp;&nbsp; 267964407 | &nbsp;&nbsp; 23834102 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 84168407 | &nbsp;&nbsp; 74324743 |
| Service Class | &nbsp;&nbsp; 26306096 | &nbsp;&nbsp; 18491392 |
|  | &nbsp;&nbsp; 110474503 | &nbsp;&nbsp; 92816135 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (354527628)<br>| &nbsp;&nbsp; (513020659)<br>|
| Service Class | &nbsp;&nbsp; (71137206)<br>| &nbsp;&nbsp; (71516396)<br>|
|  | &nbsp;&nbsp; (425664834)<br>| &nbsp;&nbsp; (584537055)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (47225924)<br>| &nbsp;&nbsp; (467886818)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (35526819)<br>| &nbsp;&nbsp; (512862640)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1989312051 | &nbsp;&nbsp; 2502174691 |
| End of year | &nbsp;&nbsp; $1953785232 | &nbsp;&nbsp; $1989312051 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 27645955 | &nbsp;&nbsp; 1628776 |
| Service Class | &nbsp;&nbsp; 510803 | &nbsp;&nbsp; 848867 |
|  | &nbsp;&nbsp; 28156758 | &nbsp;&nbsp; 2477643 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 9030945 | &nbsp;&nbsp; 7718042 |
| Service Class | &nbsp;&nbsp; 2850065 | &nbsp;&nbsp; 1936271 |
|  | &nbsp;&nbsp; 11881010 | &nbsp;&nbsp; 9654313 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (36801464)<br>| &nbsp;&nbsp; (53293797)<br>|
| Service Class | &nbsp;&nbsp; (7483379)<br>| &nbsp;&nbsp; (7487921)<br>|
|  | &nbsp;&nbsp; (44284843)<br>| &nbsp;&nbsp; (60781718)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (124564)<br>| &nbsp;&nbsp; (43946979)<br>|
| Service Class | &nbsp;&nbsp; (4122511)<br>| &nbsp;&nbsp; (4702783)<br>|
|  | &nbsp;&nbsp; (4247075)<br>| &nbsp;&nbsp; (48649762)<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 Aegon Bond 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; $9.48 | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $11.08 | &nbsp;&nbsp; $12.08 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.46 | 0.47 | 0.43 | 0.28 | 0.23 |
| Net realized and unrealized gain (loss) | 0.20 | &nbsp;&nbsp; (0.26)<br>| 0.16 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total investment operations | 0.66 | 0.21 | 0.59 | &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (0.10)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.90)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $9.48 | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $11.08 |
| **Total return**<sup>(B)</sup> <br>| 7.13<br> %<br>| 2.14<br> %<br>| 6.45<br> %<br>| &nbsp;&nbsp; (14.84)%<br>| &nbsp;&nbsp; (0.87)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $1545755 | &nbsp;&nbsp; $1543393 | &nbsp;&nbsp; $2001616 | &nbsp;&nbsp; $773454 | &nbsp;&nbsp; $1153539 |
| Expenses to average net assets | 0.53<br> %<br>| 0.53<br> %<br>| 0.53<br> %<br>| 0.66<br> %<br>| 0.67<br> %<br>|
| Net investment income (loss) to average net assets | 4.77<br> %<br>| 4.86<br> %<br>| 4.67<br> %<br>| 2.82<br> %<br>| 1.96<br> %<br>|
| Portfolio turnover rate<sup>(C)</sup> <br>| &nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp; 126 %<sup>(D)</sup><br>| &nbsp;&nbsp; 18 %<sup>(D)</sup><br>|

---

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

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

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

<sup>(C)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 119%, 120%, 129%, 417% and* *280%, for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021,* *respectively.* 

<sup>(D)</sup> *Excludes sale-buyback transactions.*

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Aegon Bond 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; $9.39 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $11.96 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.43 | 0.44 | 0.40 | 0.25 | 0.20 |
| Net realized and unrealized gain (loss) | 0.20 | &nbsp;&nbsp; (0.25)<br>| 0.16 | &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (0.32)<br>|
| Total investment operations | 0.63 | 0.19 | 0.56 | &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (0.12)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.87)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $10.97 |
| **Total return**<sup>(B)</sup> <br>| 6.78<br> %<br>| 1.88<br> %<br>| 6.18<br> %<br>| &nbsp;&nbsp; (15.08)%<br>| &nbsp;&nbsp; (1.07)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $408030 | &nbsp;&nbsp; $445919 | &nbsp;&nbsp; $500559 | &nbsp;&nbsp; $540763 | &nbsp;&nbsp; $748830 |
| Expenses to average net assets | 0.78<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>|
| Net investment income (loss) to average net assets | 4.52<br> %<br>| 4.61<br> %<br>| 4.38<br> %<br>| 2.58<br> %<br>| 1.72<br> %<br>|
| Portfolio turnover rate<sup>(C)</sup> <br>| &nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp; 126 %<sup>(D)</sup><br>| &nbsp;&nbsp; 18 %<sup>(D)</sup><br>|

---

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

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

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

<sup>(C)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 119%, 120%, 129%, 417% and* *280%, for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021,* *respectively.* 

<sup>(D)</sup> *Excludes sale-buyback transactions.*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Aegon Bond 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 Aegon Bond VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the 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 19**

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**Transamerica Aegon Bond 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.

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.

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

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**At December 31, 2025**

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**3. INVESTMENT VALUATION (continued)**

that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at 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.

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

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

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

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

*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.

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**At December 31, 2025**

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**3. INVESTMENT VALUATION (continued)**

*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.

**4. SECURITIES AND OTHER INVESTMENTS**

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

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

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

The Portfolio held no unfunded loan participations at December 31, 2025. Open funded loan participations and assignments at December 31, 2025, if any, are included within the Schedule of Investments.

**Payment in-kind ("PIK") securities:** PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a "dirty price") and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statement of Assets and Liabilities.

PIKs held at 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 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

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**At December 31, 2025**

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

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

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**At December 31, 2025**

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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.

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

The Portfolio forgoes principal and interest paid during the roll period on the securities sold in a sale-buyback financing transaction. The Portfolio is compensated by the difference between the current sales price and the price for the future purchase (often referred to as the "price drop"), as well as by any interest earned on the proceeds of the securities sold. Sale-buyback financing transactions may be renewed with a new sale and a repurchase price and a cash settlement made at each renewal without physical delivery of the securities subject to the contract. Sale-buyback financing transactions expose the Portfolio to risks such as, the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Portfolio, the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. The Portfolio's obligations under a sale-buyback typically would be offset by liquid assets equal in value to the amount of the Portfolio's forward commitment to repurchase the subject security. Sale-buyback financing transactions accounted for as borrowing transactions are excluded from the Portfolio's portfolio turnover rates. The Portfolio recognizes price drop fee income on a straight line basis over the period of the roll. For the year ended December 31, 2025, the Portfolio earned price drop fee income of $0. The price drop fee income is included in Interest income within the Statement of Operations.

The outstanding payable for securities to be repurchased, if any, is included in Payable for sale-buyback financing transactions within the Statement of Assets and Liabilities. The interest expense is included within Interest income on the Statement of Operations. In periods of

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**At December 31, 2025**

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

increased demand of the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio, and is included in Interest income on the Statement of Operations.

Open sale-buyback financing transactions at December 31, 2025, if any, are identified within the Schedule of Investments and Statement of Assets and Liabilities.

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

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

The value of loaned securities and related cash and non-cash collateral outstanding at 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 | $8814958 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8814958 |
| **Total Borrowings** | **$8814958** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$8814958** |

---

**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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**6. RISK FACTORS (continued)**

failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

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

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

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Portfolio. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Portfolio.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Portfolio's assets can decline as can the value of the Portfolio's distributions.

**Liquidity risk:** The Portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Aegon Bond 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)**

**Counterparty risk:** The Portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Portfolio do not fulfill their contractual obligations. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Portfolio has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase portfolio losses, increase costs, reduce opportunities for gains, increase portfolio volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Portfolio. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Portfolio's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Portfolio. In certain cases, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Portfolio to certain operational and legal risks. The Portfolio may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on portfolios using derivatives. Rule 18f-4 could have an adverse impact on the Portfolio's performance and its ability to implement its investment strategies and may increase costs related to the Portfolio's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Bank obligations risk:** Investments in bank obligations may expose the Portfolio to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

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

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

**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 27**

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

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.510<br> % <br>|
| Over $500 million up to $1 billion | 0.490 |
| Over $1 billion up to $1.5 billion | 0.480 |
| Over $1.5 billion | 0.475 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.58<br> % <br>| May 1, 2026 |
| Service Class | 0.83 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 28**

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**Transamerica Aegon Bond 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)**

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.

**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** |
| $650499221 | &nbsp;&nbsp; $533880532 | &nbsp;&nbsp; $691208603 | &nbsp;&nbsp; $569377697 |

---

**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 29**

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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, premium amortization accruals, futures straddle loss deferrals, interest written off and dollar roll 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>|
| $2027898969 | &nbsp;&nbsp; $36960319 | &nbsp;&nbsp; $(24159050)<br>| &nbsp;&nbsp; $12801269 |

---

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; $111089238 | &nbsp;&nbsp;&nbsp;&nbsp; $169896564 |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $670,948.

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>|
| $110474503 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $92816135 | &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>|
| $85408394 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(280985802)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(164072)<br>| &nbsp;&nbsp; $12801269 |

---

**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

**Transamerica Series Trust**

**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;

**10. 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 31**

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**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Aegon Bond 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. ![](g768862img943b0c433.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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**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 33**

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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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**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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**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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**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

![](g768862imge4b6a5bc4.gif)

Visit **transamerica.com**

![](g768862img34480dc95.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img0476c62e6.gif)

------

![](g768862img68191e031.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Aegon Core Bond VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgad929d6d2.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_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_SOI-RunningFooter-222_1) | 2 |
| [Statement of Assets and Liabilities](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_FS-RunningFooter-222_1) | 17 |
| [Statement of Operations](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_FS-RunningFooter-222_1) | 17 |
| [Statement of Changes in Net Assets](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_FS-RunningFooter-222_2) | 18 |
| [Financial Highlights](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_FS-RunningFooter-222_3) | 19 |
| [Notes to Financial Statements](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_NTF-RunningFooter-222_1) | 21 |
| **[Report of Independent Registered Public Accounting Firm](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_AUD-RunningFooter-222_1)** | 32 |
| **[Supplemental Information](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_STI-RunningFooter-222_1)** | 33 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_DWA-RunningFooter-222_1)**<br> **[Companies](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_DWA-RunningFooter-222_1)**<br>| 34 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_PD-RunningFooter-222_1)** | 35 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_DTO-RunningFooter-222_1)**<br> **[Companies](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_DTO-RunningFooter-222_1)**<br>| 36 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_f2a3068e-51f9-4848-bc90-1f1f67fe43c3_Mgmtagmt-RunningFooter-222_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 Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 35.8%**  | **CORPORATE DEBT SECURITIES - 35.8%**  | **CORPORATE DEBT SECURITIES - 35.8%**  |
| **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  | **Aerospace & Defense - 1.0%**  |
| Boeing Co. |  |  |
| 5.81%, 05/01/2050 | $2047000 | $2013418 |
| 6.53%, 05/01/2034 | 3130000 | 3462903 |
| 6.86%, 05/01/2054 | 1065000 | 1196143 |
| General Electric Co. |  |  |
| 4.13%, 10/09/2042 | 442000 | 373855 |
| 4.30%, 07/29/2030 | 1700000 | 1714446 |
| 4.50%, 03/11/2044 | 1694000 | 1524015 |
| HEICO Corp. |  |  |
| 5.35%, 08/01/2033 | 2163000 | 2240610 |
|  |  | 12525390 |
| **Automobile Components - 0.3%**  | **Automobile Components - 0.3%**  | **Automobile Components - 0.3%**  |
| Aptiv Swiss Holdings Ltd. |  |  |
| 3.25%, 03/01/2032 | 1338000 | 1250269 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/2032 <sup>(A)</sup> <br>| 2202000 | 2153413 |
|  |  | 3403682 |
| **Automobiles - 0.7%**  | **Automobiles - 0.7%**  | **Automobiles - 0.7%**  |
| General Motors Co. |  |  |
| 5.35%, 04/15/2028 | 1071000 | 1097113 |
| 6.25%, 10/02/2043 | 568000 | 575967 |
| General Motors Financial Co., Inc. |  |  |
| 6.15%, 07/15/2035 | 1388000 | 1462660 |
| Hyundai Capital America |  |  |
| 5.40%, 06/23/2032 <sup>(A)</sup> <br>| 3416000 | 3541305 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 4.85%, 09/11/2030 <sup>(A)</sup> <br>| 2055000 | 2071809 |
|  |  | 8748854 |
| **Banks - 5.8%**  | **Banks - 5.8%**  | **Banks - 5.8%**  |
| Banco Santander SA |  |  |
| &nbsp;&nbsp; Fixed until 03/14/2027, <br>5.55% <sup>(B)</sup>, 03/14/2028<br>| 1800000 | 1830103 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 05/09/2035, <br>5.46% <sup>(B)</sup>, 05/09/2036<br>| 3728000 | 3880930 |
| &nbsp;&nbsp; Fixed until 09/15/2028, <br>5.82% <sup>(B)</sup>, 09/15/2029<br>| 6954000 | 7253605 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2034, <br>5.61% <sup>(B)</sup>, 07/21/2039<br>| 787000 | 822422 |
| Barclays PLC |  |  |
| &nbsp;&nbsp; Fixed until 02/25/2035, <br>5.79% <sup>(B)</sup>, 02/25/2036<br>| 1389000 | 1453987 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp; Fixed until 09/13/2033, <br>6.84% <sup>(B)</sup>, 09/13/2034 <sup>(A)</sup> <br>| 4595000 | 5124690 |
| Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp; Fixed until 01/13/2030, <br>5.25% <sup>(B)</sup>, 01/13/2031<br>| 1612000 | 1662333 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/25/2033, <br>6.17% <sup>(B)</sup>, 05/25/2034<br>| 1005000 | 1067295 |

---

---

| | | |
|:---|:---|:---|
|  | **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>(B)</sup>, 12/10/2031<br>| $2835000 | $2825347 |
| First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 03/12/2030, <br>5.23% <sup>(B)</sup>, 03/12/2031<br>| 2985000 | 3030393 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 10/21/2031, <br>2.65% <sup>(B)</sup>, 10/21/2032<br>| 2898000 | 2615806 |
| &nbsp;&nbsp; Fixed until 10/21/2035, <br>4.94% <sup>(B)</sup>, 10/21/2036<br>| 2211000 | 2194907 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(B)</sup>, 11/21/2033 <sup>(A)</sup> <br>| 2352000 | 2776704 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/23/2029, <br>5.01% <sup>(B)</sup>, 01/23/2030<br>| 2759000 | 2827147 |
| &nbsp;&nbsp; Fixed until 04/22/2035, <br>5.57% <sup>(B)</sup>, 04/22/2036<br>| 1274000 | 1336628 |
| &nbsp;&nbsp; Fixed until 07/23/2035, <br>5.58% <sup>(B)</sup>, 07/23/2036<br>| 2905000 | 3005074 |
| &nbsp;&nbsp; Fixed until 04/22/2034, <br>5.77% <sup>(B)</sup>, 04/22/2035<br>| 2075000 | 2211104 |
| &nbsp;&nbsp; Fixed until 10/23/2028, <br>6.09% <sup>(B)</sup>, 10/23/2029<br>| 1054000 | 1110178 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp; Fixed until 07/08/2030, <br>5.18% <sup>(B)</sup>, 07/08/2031<br>| 2269000 | 2329411 |
| &nbsp;&nbsp; Fixed until 01/16/2035, <br>5.39% <sup>(B)</sup>, 01/16/2036<br>| 745000 | 757033 |
| &nbsp;&nbsp; Fixed until 10/30/2028, <br>7.41% <sup>(B)</sup>, 10/30/2029<br>| 1017000 | 1103358 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 10/22/2035, <br>4.89% <sup>(B)</sup>, 10/22/2036<br>| 1310000 | 1298403 |
| &nbsp;&nbsp; Fixed until 07/19/2034, <br>5.32% <sup>(B)</sup>, 07/19/2035<br>| 2185000 | 2249243 |
| &nbsp;&nbsp; Fixed until 01/18/2034, <br>5.47% <sup>(B)</sup>, 01/18/2035<br>| 1299000 | 1350278 |
| &nbsp;&nbsp; Fixed until 04/18/2029, <br>5.66% <sup>(B)</sup>, 04/18/2030<br>| 5016000 | 5225798 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 03/01/2034, <br>5.78% <sup>(B)</sup>, 03/01/2035<br>| 2867000 | 3031457 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/21/2035, <br>5.37% <sup>(B)</sup>, 07/21/2036<br>| 1447000 | 1488218 |
| &nbsp;&nbsp; Fixed until 08/18/2033, <br>5.94% <sup>(B)</sup>, 08/18/2034<br>| 2718000 | 2917994 |
| State Street Corp. |  |  |
| &nbsp;&nbsp; Fixed until 10/23/2035, <br>4.78% <sup>(B)</sup>, 10/23/2036<br>| 1188000 | 1181818 |
| UBS Group AG |  |  |
| &nbsp;&nbsp; Fixed until 09/23/2030, <br>4.40% <sup>(B)</sup>, 09/23/2031 <sup>(A)</sup> <br>| 1314000 | 1307609 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Aegon Core Bond 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)** |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp; Fixed until 01/24/2030, <br>5.24% <sup>(B)</sup>, 01/24/2031<br>| $2246000 | $2325778 |
| &nbsp;&nbsp; Fixed until 04/23/2035, <br>5.61% <sup>(B)</sup>, 04/23/2036<br>| 2744000 | 2876019 |
|  |  | 76471070 |
| **Beverages - 0.3%**  | **Beverages - 0.3%**  | **Beverages - 0.3%**  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| 4.44%, 10/06/2048 | 2334000 | 2007931 |
| Constellation Brands, Inc. |  |  |
| 4.95%, 11/01/2035 | 1741000 | 1721708 |
|  |  | 3729639 |
| **Biotechnology - 0.6%**  | **Biotechnology - 0.6%**  | **Biotechnology - 0.6%**  |
| Amgen, Inc. |  |  |
| 2.80%, 08/15/2041 | 1248000 | 913408 |
| 5.60%, 03/02/2043 | 1192000 | 1198619 |
| CSL Finance PLC |  |  |
| 4.63%, 04/27/2042 <sup>(A)</sup> <br>| 1236000 | 1116133 |
| Gilead Sciences, Inc. |  |  |
| 5.10%, 06/15/2035 | 2070000 | 2121345 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 1627000 | 1474871 |
| 5.20%, 09/25/2035 | 1421000 | 1428187 |
|  |  | 8252563 |
| **Building Products - 0.5%**  | **Building Products - 0.5%**  | **Building Products - 0.5%**  |
| Amrize Finance U.S. LLC |  |  |
| 4.75%, 09/22/2046 | 825000 | 724321 |
| 5.40%, 04/07/2035 | 1411000 | 1455085 |
| Carlisle Cos., Inc. |  |  |
| 5.25%, 09/15/2035 | 868000 | 885928 |
| Owens Corning |  |  |
| 4.30%, 07/15/2047 | 2008000 | 1634011 |
| Vulcan Materials Co. |  |  |
| 5.35%, 12/01/2034 | 1577000 | 1634506 |
|  |  | 6333851 |
| **Chemicals - 0.5%**  | **Chemicals - 0.5%**  | **Chemicals - 0.5%**  |
| LYB International Finance III LLC |  |  |
| 5.13%, 01/15/2031 | 496000 | 497840 |
| Mosaic Co. |  |  |
| 4.60%, 11/15/2030 | 1435000 | 1437835 |
| Nutrien Ltd. |  |  |
| 4.90%, 03/27/2028 | 993000 | 1010943 |
| OCP SA |  |  |
| 6.75%, 05/02/2034 <sup>(A)</sup> <br>| 1237000 | 1332446 |
| Westlake Corp. |  |  |
| 5.55%, 11/15/2035 | 1711000 | 1710618 |
|  |  | 5989682 |
| **Commercial Services & Supplies - 1.0%**  | **Commercial Services & Supplies - 1.0%**  | **Commercial Services & Supplies - 1.0%**  |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/2029 <sup>(A)</sup> <br>| 1758000 | 1714607 |
| Ashtead Capital, Inc. |  |  |
| 5.55%, 05/30/2033 <sup>(A)</sup> <br>| 2161000 | 2229642 |

---

---

| | | |
|:---|:---|:---|
|  | **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>(A)</sup> <br>| $3667000 | $3747728 |
| Herc Holdings, Inc. |  |  |
| 7.00%, 06/15/2030 <sup>(A)</sup> <br>| 1464000 | 1540755 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 2336000 | 2186412 |
| 5.25%, 08/09/2034 | 109000 | 111758 |
| Veralto Corp. |  |  |
| 5.45%, 09/18/2033 | 1333000 | 1391211 |
|  |  | 12922113 |
| **Communications Equipment - 0.8%**  | **Communications Equipment - 0.8%**  | **Communications Equipment - 0.8%**  |
| NTT Finance Corp. |  |  |
| 4.62%, 07/16/2028 <sup>(A)</sup> <br>| 1692000 | 1714504 |
| T-Mobile USA, Inc. |  |  |
| 3.50%, 04/15/2031 | 2083000 | 1991473 |
| 3.88%, 04/15/2030 | 1318000 | 1296088 |
| 4.95%, 11/15/2035 | 2504000 | 2489479 |
| Verizon Communications, Inc. |  |  |
| 2.99%, 10/30/2056 | 3382000 | 2012074 |
| 4.75%, 01/15/2033 | 1215000 | 1214049 |
|  |  | 10717667 |
| **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  | **Construction & Engineering - 0.1%**  |
| Sitios Latinoamerica SAB de CV |  |  |
| 6.00%, 11/25/2029 <sup>(A)</sup> <br>| 1489000 | 1543348 |
| **Consumer Staples Distribution & Retail - 0.4%**  | **Consumer Staples Distribution & Retail - 0.4%**  | **Consumer Staples Distribution & Retail - 0.4%**  |
| 7-Eleven, Inc. |  |  |
| 1.80%, 02/10/2031 <sup>(A)</sup> <br>| 2387000 | 2090243 |
| Lowe's Cos., Inc. |  |  |
| 3.75%, 04/01/2032 | 2944000 | 2821081 |
|  |  | 4911324 |
| **Distributors - 0.1%**  | **Distributors - 0.1%**  | **Distributors - 0.1%**  |
| LKQ Corp. |  |  |
| 6.25%, 06/15/2033 <sup>(C)</sup> <br>| 1180000 | 1263645 |
| **Diversified REITs - 1.2%**  | **Diversified REITs - 1.2%**  | **Diversified REITs - 1.2%**  |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.25%, 02/15/2033 | 2457000 | 2465899 |
| Safehold GL Holdings LLC |  |  |
| 6.10%, 04/01/2034 | 1612000 | 1708338 |
| SBA Tower Trust |  |  |
| 6.60%, 11/15/2052 <sup>(A)</sup> <br>| 5630000 | 5764955 |
| VICI Properties LP |  |  |
| 4.95%, 02/15/2030 | 2092000 | 2117111 |
| Weyerhaeuser Co. |  |  |
| 4.00%, 04/15/2030 | 2234000 | 2203337 |
| WP Carey, Inc. |  |  |
| 5.38%, 06/30/2034 | 1704000 | 1758632 |
|  |  | 16018272 |
| **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  |
| Black Hills Corp. |  |  |
| 4.55%, 01/31/2031 | 1079000 | 1079215 |
| Chile Electricity Lux MPC II SARL |  |  |
| 5.58%, 10/20/2035 <sup>(A)</sup> <br>| 2117276 | 2169816 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Aegon Core Bond 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)** |
| CMS Energy Corp. |  |  |
| 4.88%, 03/01/2044 | $359000 | $320729 |
| DTE Electric Co. |  |  |
| 4.30%, 07/01/2044 | 3646000 | 3104822 |
| Duke Energy Corp. |  |  |
| 3.75%, 09/01/2046 | 3564000 | 2702718 |
| 4.95%, 09/15/2035 | 3272000 | 3244548 |
| Duke Energy Progress LLC |  |  |
| 3.60%, 09/15/2047 | 2470000 | 1837661 |
| NRG Energy, Inc. |  |  |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 300000 | 305940 |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | 1490000 | 1340941 |
| 3.75%, 08/15/2042 | 245000 | 185377 |
| Southern Power Co. |  |  |
| 4.25%, 10/01/2030 | 1032000 | 1029242 |
| 4.90%, 10/01/2035 | 1392000 | 1377000 |
| Vistra Operations Co. LLC |  |  |
| 5.25%, 10/15/2035 <sup>(A)</sup> <br>| 2045000 | 2038437 |
| 6.88%, 04/15/2032 <sup>(A)</sup> <br>| 2165000 | 2280655 |
|  |  | 23017101 |
| **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  | **Electronic Equipment, Instruments & Components - 0.7%**  |
| Arrow Electronics, Inc. |  |  |
| 5.88%, 04/10/2034 | 1409000 | 1469821 |
| Hubbell, Inc. |  |  |
| 4.80%, 11/15/2035 | 2621000 | 2604057 |
| Keysight Technologies, Inc. |  |  |
| 4.95%, 10/15/2034 | 854000 | 860158 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(A)</sup> <br>| 1926000 | 1881124 |
| Tyco Electronics Group SA |  |  |
| 5.00%, 05/09/2035 | 2419000 | 2448515 |
|  |  | 9263675 |
| **Financial Services - 1.9%**  | **Financial Services - 1.9%**  | **Financial Services - 1.9%**  |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust |  |  |
| 4.45%, 04/03/2026 | 1592000 | 1592142 |
| 4.95%, 09/10/2034 | 1425000 | 1422210 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 05/15/2028, <br>5.74% <sup>(B)</sup>, 05/15/2029<br>| 609000 | 624462 |
| American Express Co. |  |  |
| &nbsp;&nbsp; Fixed until 04/25/2029, <br>5.53% <sup>(B)</sup>, 04/25/2030<br>| 2020000 | 2107266 |
| Avolon Holdings Funding Ltd. |  |  |
| 5.75%, 11/15/2029 <sup>(A)</sup> <br>| 3135000 | 3252431 |
| Blackstone Reg Finance Co. LLC |  |  |
| 4.95%, 02/15/2036 | 1091000 | 1083026 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/11/2035, <br>5.20% <sup>(B)</sup>, 09/11/2036<br>| 2995000 | 2979893 |
| &nbsp;&nbsp; Fixed until 07/26/2034, <br>5.88% <sup>(B)</sup>, 07/26/2035<br>| 3193000 | 3360652 |
| &nbsp;&nbsp; Fixed until 01/30/2035, <br>6.18% <sup>(B)</sup>, 01/30/2036<br>| 625000 | 652427 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Citadel Finance LLC |  |  |
| 5.90%, 02/10/2030 <sup>(A)</sup> <br>| $2704000 | $2760489 |
| LPL Holdings, Inc. |  |  |
| 5.70%, 05/20/2027 | 1060000 | 1080311 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 08/01/2030 <sup>(A)</sup> <br>| 2232000 | 2307172 |
| UWM Holdings LLC |  |  |
| 6.25%, 03/15/2031 <sup>(A)</sup> <br>| 2097000 | 2093657 |
|  |  | 25316138 |
| **Food Products - 2.0%**  | **Food Products - 2.0%**  | **Food Products - 2.0%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 5.50%, 03/31/2031 <sup>(A)</sup> <br>| 189000 | 190993 |
| 6.25%, 03/15/2033 <sup>(A)</sup> <br>| 189000 | 194288 |
| BAT Capital Corp. |  |  |
| 4.63%, 03/22/2033 | 1939000 | 1927938 |
| 5.63%, 08/15/2035 | 3226000 | 3360294 |
| Bunge Ltd. Finance Corp. |  |  |
| 5.15%, 08/04/2035 | 3221000 | 3271901 |
| Cargill, Inc. |  |  |
| 5.13%, 02/11/2035 <sup>(A)</sup> <br>| 1903000 | 1955624 |
| Imperial Brands Finance PLC |  |  |
| 5.63%, 07/01/2035 <sup>(A)</sup> <br>| 2679000 | 2750150 |
| J.M. Smucker Co. |  |  |
| 6.50%, 11/15/2043 | 843000 | 904627 |
| &nbsp;&nbsp; JBS USA Holding LUX SARL/JBS USA <br> Foods Group Holdings, Inc./JBS USA <br>Food Co. |  |  |
| 5.50%, 01/15/2036 <sup>(A)</sup> <br>| 3401000 | 3455952 |
| Kroger Co. |  |  |
| 5.00%, 09/15/2034 | 1318000 | 1325281 |
| Philip Morris International, Inc. |  |  |
| 4.63%, 10/29/2035 | 3363000 | 3289959 |
| Pilgrim's Pride Corp. |  |  |
| 6.88%, 05/15/2034 | 1739000 | 1928620 |
| Sysco Corp. |  |  |
| 5.40%, 03/23/2035 | 1312000 | 1358951 |
|  |  | 25914578 |
| **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  | **Health Care Equipment & Supplies - 0.4%**  |
| Alcon Finance Corp. |  |  |
| 5.75%, 12/06/2052 <sup>(A)</sup> <br>| 1377000 | 1390231 |
| Baxter International, Inc. |  |  |
| 5.65%, 12/15/2035 | 1709000 | 1729539 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 08/14/2029 | 1580000 | 1615005 |
| 4.95%, 12/15/2035 | 876000 | 874062 |
|  |  | 5608837 |
| **Health Care Providers & Services - 1.2%**  | **Health Care Providers & Services - 1.2%**  | **Health Care Providers & Services - 1.2%**  |
| Centene Corp. |  |  |
| 3.38%, 02/15/2030 | 1888000 | 1737402 |
| Cigna Group |  |  |
| 2.40%, 03/15/2030 | 1876000 | 1741097 |
| 5.25%, 01/15/2036 | 2317000 | 2358720 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Elevance Health, Inc. |  |  |
| 5.70%, 09/15/2055 | $1541000 | $1509708 |
| HCA, Inc. |  |  |
| 4.90%, 11/15/2035 | 2729000 | 2691684 |
| 6.00%, 04/01/2054 | 1612000 | 1602571 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.88%, 06/15/2054 <sup>(A)</sup> <br>| 794000 | 764108 |
| Laboratory Corp. of America Holdings |  |  |
| 4.80%, 10/01/2034 | 2356000 | 2335135 |
| UnitedHealth Group, Inc. |  |  |
| 5.15%, 07/15/2034 | 1515000 | 1551738 |
|  |  | 16292163 |
| **Health Care REITs - 0.2%**  | **Health Care REITs - 0.2%**  | **Health Care REITs - 0.2%**  |
| Healthpeak OP LLC |  |  |
| 4.75%, 01/15/2033 | 3177000 | 3159692 |
| **Hotels, Restaurants & Leisure - 0.7%**  | **Hotels, Restaurants & Leisure - 0.7%**  | **Hotels, Restaurants & Leisure - 0.7%**  |
| Carnival Corp. |  |  |
| 5.75%, 08/01/2032 <sup>(A)</sup> <br>| 685000 | 703003 |
| 6.13%, 02/15/2033 <sup>(A)</sup> <br>| 2421000 | 2499900 |
| Hyatt Hotels Corp. |  |  |
| 5.40%, 12/15/2035 | 1644000 | 1647394 |
| MGM Resorts International |  |  |
| 6.13%, 09/15/2029 | 2291000 | 2354392 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 01/15/2036 | 2161000 | 2170050 |
|  |  | 9374739 |
| **Household Durables - 0.1%**  | **Household Durables - 0.1%**  | **Household Durables - 0.1%**  |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/2030 | 1065000 | 1063706 |
| **Insurance - 1.7%**  | **Insurance - 1.7%**  | **Insurance - 1.7%**  |
| Allstate Corp. |  |  |
| 5.05%, 06/24/2029 | 3382000 | 3493308 |
| 5.25%, 03/30/2033 | 1057000 | 1100226 |
| American International Group, Inc. |  |  |
| 5.45%, 05/07/2035 | 987000 | 1028171 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/2032 | 706000 | 721977 |
| 5.55%, 06/23/2035 | 2730000 | 2799219 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(A)</sup> <br>| 2487000 | 2504089 |
| Corebridge Financial, Inc. |  |  |
| 5.75%, 01/15/2034 | 1207000 | 1261908 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/2030 <sup>(A)</sup> <br>| 954000 | 993673 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG |  |  |
| &nbsp;&nbsp; Fixed until 11/23/2031, <br>5.88% <sup>(B)</sup>, 05/23/2042 <sup>(A)</sup> <br>| 1800000 | 1879502 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp; Fixed until 07/01/2030, <br>3.70% <sup>(B)</sup>, 10/01/2050<br>| 3165000 | 2943885 |
| RenaissanceRe Holdings Ltd. |  |  |
| 5.80%, 04/01/2035 | 487000 | 508643 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| RGA Global Funding |  |  |
| 5.05%, 12/06/2031 <sup>(A)</sup> <br>| $3171000 | $3235021 |
|  |  | 22469622 |
| **Internet & Catalog Retail - 0.6%**  | **Internet & Catalog Retail - 0.6%**  | **Internet & Catalog Retail - 0.6%**  |
| AppLovin Corp. |  |  |
| 5.50%, 12/01/2034 | 1988000 | 2042574 |
| Expedia Group, Inc. |  |  |
| 5.40%, 02/15/2035 | 2547000 | 2612486 |
| Meta Platforms, Inc. |  |  |
| 4.20%, 11/15/2030 | 2688000 | 2693680 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 09/15/2034 | 987000 | 986714 |
|  |  | 8335454 |
| **IT Services - 0.4%**  | **IT Services - 0.4%**  | **IT Services - 0.4%**  |
| Dell International LLC/EMC Corp. |  |  |
| 4.85%, 02/01/2035 | 2485000 | 2451879 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/2034 | 2618000 | 2594999 |
|  |  | 5046878 |
| **Machinery - 0.5%**  | **Machinery - 0.5%**  | **Machinery - 0.5%**  |
| Eaton Capital ULC |  |  |
| 4.45%, 05/09/2030 | 1455000 | 1470239 |
| Huntington Ingalls Industries, Inc. |  |  |
| 2.04%, 08/16/2028 | 3200000 | 3030700 |
| Ingersoll Rand, Inc. |  |  |
| 5.45%, 06/15/2034 | 1600000 | 1664764 |
|  |  | 6165703 |
| **Media - 0.2%**  | **Media - 0.2%**  | **Media - 0.2%**  |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 4.80%, 03/01/2050 | 1803000 | 1354413 |
| Comcast Corp. |  |  |
| 2.94%, 11/01/2056 | 1032000 | 579855 |
| NBCUniversal Media LLC |  |  |
| 4.45%, 01/15/2043 | 1268000 | 1077911 |
|  |  | 3012179 |
| **Metals & Mining - 0.6%**  | **Metals & Mining - 0.6%**  | **Metals & Mining - 0.6%**  |
| Anglo American Capital PLC |  |  |
| 4.50%, 03/15/2028 <sup>(A)</sup> <br>| 3275000 | 3293708 |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/2027 | 2609000 | 2716417 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/2031 <sup>(A)</sup> <br>| 2163000 | 1949916 |
|  |  | 7960041 |
| **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>(A)</sup> <br>| 609000 | 625079 |
| **Office REITs - 0.1%**  | **Office REITs - 0.1%**  | **Office REITs - 0.1%**  |
| Boston Properties LP |  |  |
| 5.75%, 01/15/2035 | 1642000 | 1688642 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Aegon Core Bond 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 - 3.6%**  | **Oil, Gas & Consumable Fuels - 3.6%**  | **Oil, Gas & Consumable Fuels - 3.6%**  |
| Cheniere Energy Partners LP |  |  |
| 5.95%, 06/30/2033 | $3190000 | $3382589 |
| Diamondback Energy, Inc. |  |  |
| 5.40%, 04/18/2034 | 2760000 | 2826031 |
| Ecopetrol SA |  |  |
| 7.75%, 02/01/2032 | 1934000 | 1990260 |
| Enbridge, Inc. |  |  |
| 4.90%, 06/20/2030 | 1766000 | 1805390 |
| 5.63%, 04/05/2034 | 2294000 | 2394762 |
| Energy Transfer LP |  |  |
| 5.15%, 02/01/2043 | 1285000 | 1156517 |
| 5.55%, 02/15/2028 | 1114000 | 1143653 |
| 5.95%, 10/01/2043 | 1185000 | 1160326 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 | 819000 | 847486 |
| Equinor ASA |  |  |
| 4.75%, 11/14/2035 | 4038000 | 4017146 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036 <sup>(A)</sup> <br>| 1132000 | 1182734 |
| Gulfstream Natural Gas System LLC |  |  |
| 5.60%, 07/23/2035 <sup>(A)</sup> <br>| 1199000 | 1228872 |
| Hess Midstream Operations LP |  |  |
| 6.50%, 06/01/2029 <sup>(A)</sup> <br>| 1774000 | 1832010 |
| Occidental Petroleum Corp. |  |  |
| 5.20%, 08/01/2029 | 1087000 | 1114165 |
| ONEOK, Inc. |  |  |
| 6.10%, 11/15/2032 | 2582000 | 2762966 |
| Ovintiv, Inc. |  |  |
| 6.50%, 08/15/2034 | 2410000 | 2588749 |
| Petroleos Mexicanos |  |  |
| 6.84%, 01/23/2030 | 1971000 | 2001554 |
| 7.69%, 01/23/2050 | 978000 | 876480 |
| Repsol E&P Capital Markets U.S. LLC |  |  |
| 5.98%, 09/16/2035 <sup>(A)</sup> <br>| 2609000 | 2660869 |
| Sabine Pass Liquefaction LLC |  |  |
| 4.20%, 03/15/2028 | 1080000 | 1081062 |
| Shell Finance U.S., Inc. |  |  |
| 3.75%, 09/12/2046 | 1499000 | 1167872 |
| Sunoco LP |  |  |
| 5.63%, 03/15/2031 <sup>(A)</sup> <br>| 491000 | 494598 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 5.10%, 03/15/2036 <sup>(A)</sup> <br>| 1986000 | 1999508 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.75%, 05/01/2035 <sup>(A)</sup> <br>| 3350000 | 3668094 |
| Western Midstream Operating LP |  |  |
| 6.15%, 04/01/2033 | 1755000 | 1858308 |
| Williams Cos., Inc. |  |  |
| 5.40%, 03/04/2044 | 206000 | 197480 |
|  |  | 47439481 |
| **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  | **Paper & Forest Products - 0.1%**  |
| Georgia-Pacific LLC |  |  |
| 4.95%, 06/30/2032 <sup>(A)</sup> <br>| 1335000 | 1371780 |
| **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  | **Passenger Airlines - 0.3%**  |
| American Airlines Pass-Through Trust |  |  |
| 3.20%, 12/15/2029 | 462339 | 452030 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Passenger Airlines (continued)** | **Passenger Airlines (continued)** | **Passenger Airlines (continued)** |
| Southwest Airlines Co. |  |  |
| 4.38%, 11/15/2028 | $2926000 | $2932122 |
|  |  | 3384152 |
| **Pharmaceuticals - 1.3%**  | **Pharmaceuticals - 1.3%**  | **Pharmaceuticals - 1.3%**  |
| Bayer U.S. Finance II LLC |  |  |
| 5.50%, 07/30/2035 <sup>(A)</sup> <br>| 2195000 | 2228289 |
| Bristol-Myers Squibb Co. |  |  |
| 5.65%, 02/22/2064 | 776000 | 763165 |
| CVS Health Corp. |  |  |
| 5.45%, 09/15/2035 | 2507000 | 2566191 |
| 6.00%, 06/01/2044 | 1903000 | 1912352 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(B)</sup>, 03/10/2055<br>| 3693000 | 3874135 |
| Merck & Co., Inc. |  |  |
| 5.00%, 05/17/2053 | 814000 | 747620 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 5.11%, 05/19/2043 | 1896000 | 1824512 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.20%, 07/07/2035 | 2423000 | 2467893 |
| Viatris, Inc. |  |  |
| 2.30%, 06/22/2027 | 1087000 | 1055872 |
|  |  | 17440029 |
| **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  | **Residential REITs - 0.2%**  |
| American Homes 4 Rent LP |  |  |
| 5.50%, 02/01/2034 | 2126000 | 2195294 |
| **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  | **Retail REITs - 0.2%**  |
| NNN REIT, Inc. |  |  |
| 4.60%, 02/15/2031 | 3218000 | 3240238 |
| **Semiconductors & Semiconductor Equipment - 1.6%**  | **Semiconductors & Semiconductor Equipment - 1.6%**  | **Semiconductors & Semiconductor Equipment - 1.6%**  |
| Broadcom, Inc. |  |  |
| 3.14%, 11/15/2035 <sup>(A)</sup> <br>| 2133000 | 1836910 |
| Foundry JV Holdco LLC |  |  |
| 5.88%, 01/25/2034 <sup>(A)</sup> <br>| 2437000 | 2502667 |
| 5.90%, 01/25/2033 <sup>(A)</sup> <br>| 2337000 | 2445313 |
| Intel Corp. |  |  |
| 4.80%, 10/01/2041 | 2005000 | 1778266 |
| Kioxia Holdings Corp. |  |  |
| 6.25%, 07/24/2030 <sup>(A)</sup> <br>| 4531000 | 4661654 |
| Microchip Technology, Inc. |  |  |
| 5.05%, 03/15/2029 | 2036000 | 2075824 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/2031 | 2157000 | 2234261 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| 3.25%, 11/30/2051 | 1338000 | 883509 |
| 5.25%, 08/19/2035 | 2204000 | 2236565 |
| QUALCOMM, Inc. |  |  |
| 3.25%, 05/20/2050 | 1429000 | 987054 |
|  |  | 21642023 |
| **Software - 1.0%**  | **Software - 1.0%**  | **Software - 1.0%**  |
| Cadence Design Systems, Inc. |  |  |
| 4.70%, 09/10/2034 | 1276000 | 1275549 |
| Fair Isaac Corp. |  |  |
| 6.00%, 05/15/2033 <sup>(A)</sup> <br>| 1501000 | 1541748 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/2028 | $1803000 | $1846251 |
| Intuit, Inc. |  |  |
| 5.50%, 09/15/2053 | 794000 | 782033 |
| Oracle Corp. |  |  |
| 5.88%, 09/26/2045 | 1720000 | 1553373 |
| 5.95%, 09/26/2055 | 662000 | 586541 |
| 6.90%, 11/09/2052 | 1856000 | 1833960 |
| Roper Technologies, Inc. |  |  |
| 4.90%, 10/15/2034 | 1848000 | 1843965 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | 1291000 | 1312102 |
| 5.70%, 04/01/2055 | 927000 | 919574 |
|  |  | 13495096 |
| **Specialized REITs - 0.2%**  | **Specialized REITs - 0.2%**  | **Specialized REITs - 0.2%**  |
| Extra Space Storage LP |  |  |
| 5.40%, 06/15/2035 | 2756000 | 2825303 |
| **Transportation Infrastructure - 1.0%**  | **Transportation Infrastructure - 1.0%**  | **Transportation Infrastructure - 1.0%**  |
| Avolon Holdings Funding Ltd. |  |  |
| 4.90%, 10/10/2030 <sup>(A)</sup> <br>| 2812000 | 2826915 |
| Canadian Pacific Railway Co. |  |  |
| 2.45%, 12/02/2031 | 4808000 | 4325573 |
| GXO Logistics, Inc. |  |  |
| 2.65%, 07/15/2031 | 3525000 | 3170791 |
| 6.50%, 05/06/2034 | 1215000 | 1312510 |
| United Parcel Service, Inc. |  |  |
| 5.25%, 05/14/2035 | 1304000 | 1351441 |
|  |  | 12987230 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $470,767,917)**<br>|  | 473165953 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 24.6%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 24.6%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 24.6%**  |
| Federal Home Loan Mortgage Corp. |  |  |
| 3.00%, 02/01/2052 | 773864 | 684967 |
| 3.50%, 06/01/2042 - 06/01/2043 | 387686 | 368636 |
| 4.00%, 06/01/2042 - 01/01/2046 | 656037 | 632861 |
| 4.50%, 06/01/2048 | 301343 | 299298 |
| 5.50%, 04/01/2053 - 07/01/2053 | 2166510 | 2202690 |
| 6.00%, 12/01/2034 | 28192 | 28801 |
| 1-Month SOFR Average + 0.66%, |  |  |
| 4.65% <sup>(B)</sup>, 03/15/2044 | 2328 | 2320 |
| 1-Year RFUCC Treasury + 1.69%, |  |  |
| 6.07% <sup>(B)</sup>, 12/01/2036 | 1827 | 1878 |
| 1-Year CMT + 2.25%, |  |  |
| 6.22% <sup>(B)</sup>, 02/01/2036 | 12770 | 13142 |
| 6.50% <sup>(B)</sup>, 01/01/2035 - 05/01/2036 | 11010 | 11439 |
| 1-Year CMT + 2.37%, |  |  |
| 6.24% <sup>(B)</sup>, 09/01/2034 | 6818 | 7021 |
| 6-Month RFUCC Treasury + 1.77%, |  |  |
| 6.36% <sup>(B)</sup>, 10/01/2036 | 9756 | 9949 |
| 6-Month RFUCC Treasury + 1.79%, |  |  |
| 6.40% <sup>(B)</sup>, 07/01/2036 | 10301 | 10509 |
| 1-Year RFUCC Treasury + 1.67%, |  |  |
| 6.41% <sup>(B)</sup>, 11/01/2036 | 9955 | 10202 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Federal Home Loan Mortgage <br> Corp. (continued)<br>|  |  |
| 1-Year CMT + 2.36%, |  |  |
| 6.48% <sup>(B)</sup>, 10/01/2036 | $3769 | $3909 |
| 6-Month RFUCC Treasury + 1.84%, |  |  |
| 6.48% <sup>(B)</sup>, 03/01/2037 | 3550 | 3614 |
| 1-Year RFUCC Treasury + 1.94%, |  |  |
| 6.80% <sup>(B)</sup>, 06/01/2036 | 15445 | 16014 |
| 6-Month RFUCC Treasury + 2.11%, |  |  |
| 6.86% <sup>(B)</sup>, 02/01/2037 | 7463 | 7621 |
| Federal Home Loan Mortgage Corp. <br> REMICS |  |  |
| &nbsp;&nbsp; (3.33) \* 1-Month SOFR Average + <br> 17.12%,<br>|  |  |
| 3.84% <sup>(B)</sup>, 02/15/2040 | 17650 | 17583 |
| 1-Month SOFR Average + 0.46%, |  |  |
| 4.45% <sup>(B)</sup>, 06/15/2043 | 280518 | 275514 |
| 1-Month SOFR Average + 0.51%, |  |  |
| 4.50% <sup>(B)</sup>, 10/15/2041 | 48414 | 48178 |
| 4.72% <sup>(B)</sup>, 07/15/2037 | 33847 | 33443 |
| 1-Month SOFR Average + 0.55%, |  |  |
| 4.54% <sup>(B)</sup>, 02/15/2037 | 2074 | 2058 |
| (1.25) \* 1-Month SOFR Average + 9.98%, |  |  |
| 5.00% <sup>(B)</sup>, 07/15/2032 | 8613 | 8853 |
| &nbsp;&nbsp; (2.00) \* 1-Month SOFR Average + <br> 13.06%,<br>|  |  |
| 5.09% <sup>(B)</sup>, 07/15/2033 | 10726 | 11462 |
| 5.50%, 04/15/2033 - 05/15/2038 | 4280 | 4378 |
| 6.00%, 11/15/2032 | 7792 | 8157 |
| 6.50%, 08/15/2031 - 07/15/2036 | 53778 | 56377 |
| 7.00%, 10/15/2030 - 05/15/2032 | 48537 | 51007 |
| 7.25%, 12/15/2030 | 6501 | 6787 |
| 7.50%, 08/15/2030 | 6768 | 7050 |
| 8.00%, 01/15/2030 | 22697 | 23685 |
| &nbsp;&nbsp; (3.62) \* 1-Month SOFR Average + <br> 26.80%,<br>|  |  |
| 5.50% <sup>(B)</sup>, 05/15/2041 | 16114 | 15501 |
| &nbsp;&nbsp; (1.83) \* 1-Month SOFR Average + <br> 14.55%,<br>|  |  |
| 7.24% <sup>(B)</sup>, 09/15/2033 | 1556 | 1717 |
| Federal Home Loan Mortgage Corp. <br> REMICS, Interest Only STRIPS |  |  |
| 1.89% <sup>(B)</sup>, 01/15/2040 | 16898 | 1574 |
| (1.00) \* 1-Month SOFR Average + 5.89%, |  |  |
| 1.90% <sup>(B)</sup>, 11/15/2037 - 02/15/2039 | 31161 | 2790 |
| (1.00) \* 1-Month SOFR Average + 6.09%, |  |  |
| 2.10% <sup>(B)</sup>, 06/15/2038 | 78650 | 8602 |
| (1.00) \* 1-Month SOFR Average + 6.26%, |  |  |
| 2.27% <sup>(B)</sup>, 10/15/2037 | 133799 | 11891 |
| (1.00) \* 1-Month SOFR Average + 6.31%, |  |  |
| 2.32% <sup>(B)</sup>, 11/15/2037 | 17938 | 1457 |
| (1.00) \* 1-Month SOFR Average + 6.69%, |  |  |
| 2.70% <sup>(B)</sup>, 04/15/2038 | 14622 | 1496 |
| (1.00) \* 1-Month SOFR Average + 6.99%, |  |  |
| 3.00% <sup>(B)</sup>, 07/15/2036 | 5589 | 588 |
| (1.00) \* 1-Month SOFR Average + 7.89%, |  |  |
| 3.90% <sup>(B)</sup>, 03/15/2032 | 5963 | 559 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Aegon Core Bond 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)** |
| Federal Home Loan Mortgage Corp. <br> REMICS, Principal Only STRIPS |  |  |
| 12/15/2032 - 01/15/2040 | $46380 | $40210 |
| Federal Home Loan Mortgage Corp. <br> Structured Pass-Through Certificates |  |  |
| 12-MTA + 1.20%, |  |  |
| 5.23% <sup>(B)</sup>, 10/25/2044 | 54755 | 50503 |
| 7.00%, 02/25/2043 | 24895 | 25899 |
| Federal Home Loan Mortgage Corp., <br> Interest Only STRIPS |  |  |
| 5.00%, 09/15/2035 | 10885 | 1558 |
| Federal National Mortgage Association |  |  |
| 2.50%, 12/01/2051 - 07/01/2061 | 2546955 | 2155932 |
| 3.00%, 01/01/2043 - 07/01/2060 | 1521568 | 1345818 |
| 3.50%, 08/01/2032 - 03/01/2060 | 1420709 | 1337567 |
| 4.00%, 07/01/2042 - 08/01/2048 | 1135650 | 1100878 |
| 4.50%, 08/01/2052 | 2152039 | 2109453 |
| 5.00%, 03/01/2053 - 02/01/2054 | 8546440 | 8567620 |
| 5.50%, 03/01/2053 - 01/01/2058 | 3131025 | 3217596 |
| 6.00%, 10/01/2033 - 06/01/2054 | 1476192 | 1519039 |
| 6.50%, 01/01/2036 | 4469 | 4490 |
| 8.00%, 11/01/2037 | 2952 | 3077 |
| 1-Year CMT + 2.23%, |  |  |
| 6.32% <sup>(B)</sup>, 01/01/2036 | 5230 | 5381 |
| Federal National Mortgage Association <br> REMICS |  |  |
| (1.33) \* 1-Month SOFR Average + 7.31%, |  |  |
| 1.95% <sup>(B)</sup>, 08/25/2033 | 16504 | 15627 |
| &nbsp;&nbsp; (2.50) \* 1-Month SOFR Average + <br> 13.46%,<br>|  |  |
| 3.40% <sup>(B)</sup>, 07/25/2033 | 4883 | 4818 |
| &nbsp;&nbsp; (1.88) \* 1-Month SOFR Average + <br> 11.06%,<br>|  |  |
| 3.78% <sup>(B)</sup>, 07/25/2035 | 28898 | 27893 |
| 1-Month SOFR Average + 0.41%, |  |  |
| 4.29% <sup>(B)</sup>, 08/25/2041 | 4305 | 4299 |
| 1-Month SOFR Average + 0.46%, |  |  |
| 4.34% <sup>(B)</sup>, 04/25/2035 - 08/25/2036 | 18591 | 18434 |
| 1-Month SOFR Average + 0.36%, |  |  |
| 4.90% <sup>(B)</sup>, 06/27/2036 | 9024 | 9117 |
| 5.06% <sup>(B)</sup>, 10/25/2042 | 7802 | 7921 |
| 6.00%, 08/25/2037 | 7752 | 8190 |
| 6.50%, 05/25/2044 | 20384 | 21105 |
| 7.00%, 03/25/2031 - 11/25/2031 | 30366 | 31686 |
| &nbsp;&nbsp; (2.75) \* 1-Month SOFR Average + <br> 16.19%,<br>|  |  |
| 5.53% <sup>(B)</sup>, 05/25/2034 | 2290 | 2464 |
| &nbsp;&nbsp; (1.67) \* 1-Month SOFR Average + <br> 12.31%,<br>|  |  |
| 5.85% <sup>(B)</sup>, 09/25/2033 | 2102 | 2208 |
| &nbsp;&nbsp; (2.00) \* 1-Month SOFR Average + <br> 13.77%,<br>|  |  |
| 6.02% <sup>(B)</sup>, 03/25/2038 | 2240 | 2222 |
| &nbsp;&nbsp; (1.83) \* 1-Month SOFR Average + <br> 14.27%,<br>|  |  |
| 7.17% <sup>(B)</sup>, 12/25/2032 | 1309 | 1354 |
| &nbsp;&nbsp; (2.00) \* 1-Month SOFR Average + <br> 15.27%,<br>|  |  |
| 7.40% <sup>(B)</sup>, 11/25/2031 | 4874 | 5115 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Federal National Mortgage Association <br> REMICS (continued)<br>|  |  |
| &nbsp;&nbsp; (2.50) \* 1-Month SOFR Average + <br> 17.09%,<br>|  |  |
| 7.40% <sup>(B)</sup>, 07/25/2035 | $17913 | $19805 |
| &nbsp;&nbsp; (4.00) \* 1-Month SOFR Average + <br> 23.54%,<br>|  |  |
| 8.05% <sup>(B)</sup>, 05/25/2034 | 2130 | 2290 |
| &nbsp;&nbsp; (2.75) \* 1-Month SOFR Average + <br> 19.21%,<br>|  |  |
| 8.56% <sup>(B)</sup>, 04/25/2034 - 05/25/2034 | 20046 | 22107 |
| &nbsp;&nbsp; (3.67) \* 1-Month SOFR Average + <br> 24.15%,<br>|  |  |
| 9.94% <sup>(B)</sup>, 03/25/2036 | 6105 | 7243 |
| &nbsp;&nbsp; (6.67) \* 1-Month SOFR Average + <br> 53.24%,<br>|  |  |
| 10.00% <sup>(B)</sup>, 03/25/2032 | 486 | 508 |
| &nbsp;&nbsp; (4.00) \* 1-Month SOFR Average + <br> 25.74%,<br>|  |  |
| 10.25% <sup>(B)</sup>, 10/25/2036 | 1784 | 2239 |
| &nbsp;&nbsp; (4.00) \* 1-Month SOFR Average + <br> 26.10%,<br>|  |  |
| 10.61% <sup>(B)</sup>, 12/25/2036 | 1019 | 1144 |
| &nbsp;&nbsp; (3.25) \* 1-Month SOFR Average + <br> 24.82%,<br>|  |  |
| 12.22% <sup>(B)</sup>, 02/25/2032 | 805 | 955 |
| Federal National Mortgage Association <br> REMICS, Interest Only STRIPS |  |  |
| 0.90% <sup>(B)</sup>, 08/25/2042 | 104724 | 4299 |
| 1.37% <sup>(B)</sup>, 01/25/2038 | 8735 | 529 |
| 1.84% <sup>(B)</sup>, 04/25/2041 | 11734 | 879 |
| 6.50%, 05/25/2033 | 5650 | 725 |
| 7.00%, 06/25/2033 | 7686 | 883 |
| (1.00) \* 1-Month SOFR Average + 5.74%, |  |  |
| 1.86% <sup>(B)</sup>, 09/25/2038 | 42070 | 3288 |
| (1.00) \* 1-Month SOFR Average + 5.80%, |  |  |
| 1.92% <sup>(B)</sup>, 02/25/2038 | 20585 | 1645 |
| (1.00) \* 1-Month SOFR Average + 5.99%, |  |  |
| 2.11% <sup>(B)</sup>, 06/25/2037 | 12443 | 1039 |
| (1.00) \* 1-Month SOFR Average + 6.07%, |  |  |
| 2.19% <sup>(B)</sup>, 12/25/2039 | 3459 | 263 |
| (1.00) \* 1-Month SOFR Average + 6.09%, |  |  |
| 2.21% <sup>(B)</sup>, 03/25/2038 | 4507 | 359 |
| (1.00) \* 1-Month SOFR Average + 6.31%, |  |  |
| 2.43% <sup>(B)</sup>, 04/25/2040 | 5229 | 346 |
| (1.00) \* 1-Month SOFR Average + 6.42%, |  |  |
| 2.54% <sup>(B)</sup>, 01/25/2041 | 87929 | 9848 |
| (1.00) \* 1-Month SOFR Average + 6.43%, |  |  |
| 2.55% <sup>(B)</sup>, 09/25/2037 | 13782 | 1131 |
| (1.00) \* 1-Month SOFR Average + 6.44%, |  |  |
| 2.56% <sup>(B)</sup>, 02/25/2039 | 7312 | 591 |
| (1.00) \* 1-Month SOFR Average + 6.47%, |  |  |
| 2.59% <sup>(B)</sup>, 06/25/2036 | 8055 | 635 |
| (1.00) \* 1-Month SOFR Average + 6.59%, |  |  |
| 2.71% <sup>(B)</sup>, 03/25/2036 | 158732 | 15088 |
| (1.00) \* 1-Month SOFR Average + 7.04%, |  |  |
| 3.16% <sup>(B)</sup>, 07/25/2037 | 24002 | 3205 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Aegon Core Bond 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)** |
| Federal National Mortgage Association <br> REMICS, Principal Only STRIPS |  |  |
| 12/25/2032 - 10/25/2043 | $288374 | $233231 |
| Federal National Mortgage Association <br> Whole Loan |  |  |
| 1-Month SOFR Average + 0.37%, |  |  |
| 4.25% <sup>(B)</sup>, 11/25/2046 | 28438 | 28205 |
| Federal National Mortgage Association, <br> Principal Only STRIPS |  |  |
| 08/25/2032 - 01/25/2033 | 9546 | 8823 |
| Government National Mortgage <br> Association REMICS |  |  |
| 1.65%, 01/20/2063 | 13 | 11 |
| 1-Month Term SOFR + 0.41%, |  |  |
| 4.41% <sup>(B)</sup>, 08/20/2060 | 30 | 29 |
| 1-Month Term SOFR + 0.54%, |  |  |
| 4.54% <sup>(B)</sup>, 04/20/2060 | 203 | 203 |
| 1-Month Term SOFR + 0.56%, |  |  |
| 4.56% <sup>(B)</sup>, 03/20/2060 | 3665 | 3650 |
| 1-Month Term SOFR + 0.63%, |  |  |
| 4.63% <sup>(B)</sup>, 10/20/2062 | 12139 | 12144 |
| 1-Month Term SOFR + 0.66%, |  |  |
| 4.66% <sup>(B)</sup>, 07/20/2062 | 452 | 452 |
| 1-Month Term SOFR + 0.69%, |  |  |
| 4.69% <sup>(B)</sup>, 09/20/2062 | 436 | 436 |
| 1-Month Term SOFR + 0.81%, |  |  |
| 4.81% <sup>(B)</sup>, 05/20/2061 | 54 | 54 |
| (2.00) \* 1-Month Term SOFR + 13.17%, |  |  |
| 5.70% <sup>(B)</sup>, 10/20/2037 | 7066 | 7076 |
| (2.41) \* 1-Month Term SOFR + 16.16%, |  |  |
| 7.16% <sup>(B)</sup>, 06/17/2035 | 2227 | 2453 |
| (2.20) \* 1-Month Term SOFR + 16.47%, |  |  |
| 8.25% <sup>(B)</sup>, 05/18/2034 | 28 | 30 |
| (3.00) \* 1-Month Term SOFR + 19.86%, |  |  |
| 8.66% <sup>(B)</sup>, 09/20/2037 | 2934 | 3207 |
| (2.75) \* 1-Month Term SOFR + 19.35%, |  |  |
| 9.08% <sup>(B)</sup>, 04/16/2034 | 8844 | 9778 |
| (3.50) \* 1-Month Term SOFR + 22.87%, |  |  |
| 9.81% <sup>(B)</sup>, 04/20/2037 | 9174 | 9940 |
| (4.91) \* 1-Month Term SOFR + 28.90%, |  |  |
| 10.57% <sup>(B)</sup>, 09/20/2034 | 4889 | 5345 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Interest Only <br>STRIPS |  |  |
| (1.00) \* 1-Month Term SOFR + 5.59%, |  |  |
| 1.85% <sup>(B)</sup>, 12/20/2038 | 13171 | 745 |
| (1.00) \* 1-Month Term SOFR + 5.72%, |  |  |
| 1.98% <sup>(B)</sup>, 02/20/2038 | 20736 | 98 |
| (1.00) \* 1-Month Term SOFR + 5.89%, |  |  |
| 2.15% <sup>(B)</sup>, 11/20/2037 | 19734 | 94 |
| (1.00) \* 1-Month Term SOFR + 5.97%, |  |  |
| 2.23% <sup>(B)</sup>, 06/20/2039 | 12167 | 1003 |
| (1.00) \* 1-Month Term SOFR + 5.99%, |  |  |
| 2.25% <sup>(B)</sup>, 10/20/2034 | 21969 | 1050 |
| 2.25% <sup>(B)</sup>, 02/16/2039 | 7044 | 33 |
| (1.00) \* 1-Month Term SOFR + 6.09%, |  |  |
| 2.35% <sup>(B)</sup>, 03/20/2037 - 06/20/2038 | 44082 | 1527 |
| (1.00) \* 1-Month Term SOFR + 6.16%, |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **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, Interest Only <br> STRIPS (continued)<br>|  |  |
| 2.42% <sup>(B)</sup>, 04/20/2039 | $12448 | $965 |
| (1.00) \* 1-Month Term SOFR + 6.19%, |  |  |
| 2.45% <sup>(B)</sup>, 09/20/2035 - 03/20/2039 | 38347 | 3222 |
| (1.00) \* 1-Month Term SOFR + 6.29%, |  |  |
| 2.55% <sup>(B)</sup>, 05/16/2038 | 32298 | 1624 |
| (1.00) \* 1-Month Term SOFR + 6.36%, |  |  |
| 2.62% <sup>(B)</sup>, 06/16/2037 | 13463 | 76 |
| (1.00) \* 1-Month Term SOFR + 6.44%, |  |  |
| 2.70% <sup>(B)</sup>, 11/20/2037 - 12/20/2037 | 18053 | 97 |
| (1.00) \* 1-Month Term SOFR + 6.64%, |  |  |
| 2.90% <sup>(B)</sup>, 07/20/2037 | 33436 | 1130 |
| (1.00) \* 1-Month Term SOFR + 6.70%, |  |  |
| 2.96% <sup>(B)</sup>, 04/16/2037 | 11259 | 859 |
| 6.50%, 03/20/2039 | 9498 | 527 |
| &nbsp;&nbsp; Government National Mortgage <br> Association REMICS, Principal Only <br>STRIPS |  |  |
| 06/16/2033 - 01/20/2038 | 20418 | 17647 |
| KGS-Alpha SBA COOF Trust, Interest Only <br> STRIPS |  |  |
| 0.91% <sup>(B)</sup>, 08/25/2038 <sup>(A)</sup> <br>| 88694 | 1349 |
| 1.57% <sup>(B)</sup>, 03/25/2039 <sup>(A)</sup> <br>| 84687 | 2155 |
| 2.49% <sup>(B)</sup>, 04/25/2040 <sup>(A)</sup> <br>| 24305 | 1391 |
| Tennessee Valley Authority |  |  |
| 5.88%, 04/01/2036 | 1459000 | 1629503 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 2.00%, 01/01/2040 - 01/01/2055 <sup>(D)</sup> <br>| 26481000 | 22155873 |
| 2.50%, 01/01/2041 - 01/01/2055 <sup>(D)</sup> <br>| 66606000 | 56729295 |
| 3.00%, 01/01/2041 - 01/01/2056 <sup>(D)</sup> <br>| 50012000 | 44544005 |
| 3.50%, 01/01/2040 - 01/01/2056 <sup>(D)</sup> <br>| 22548000 | 21155224 |
| 4.00%, 01/01/2056 <sup>(D)</sup> <br>| 28378000 | 26914392 |
| 4.50%, 01/01/2055 <sup>(D)</sup> <br>| 27603000 | 26944452 |
| 5.00%, 01/01/2055 <sup>(D)</sup> <br>| 28534000 | 28453748 |
| 5.50%, 01/01/2055 <sup>(D)</sup> <br>| 43437000 | 44044362 |
| 6.00%, 01/01/2055 <sup>(D)</sup> <br>| 25063000 | 25732871 |
| Vendee Mortgage Trust |  |  |
| 7.50%, 02/15/2027 | 15186 | 15379 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $326,550,219)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $326,550,219)** | 325343859 |
| **U.S. GOVERNMENT OBLIGATIONS - 23.5%**  | **U.S. GOVERNMENT OBLIGATIONS - 23.5%**  | **U.S. GOVERNMENT OBLIGATIONS - 23.5%**  |
| **U.S. Treasury - 21.5%**  | **U.S. Treasury - 21.5%**  | **U.S. Treasury - 21.5%**  |
| U.S. Treasury Bonds |  |  |
| 1.25%, 05/15/2050 | 7528000 | 3603442 |
| 1.38%, 11/15/2040 | 2302000 | 1494142 |
| 1.88%, 02/15/2051 - 11/15/2051 | 6485800 | 3606344 |
| 2.00%, 02/15/2050 | 11294500 | 6620518 |
| 2.25%, 05/15/2041 - 02/15/2052 | 9803900 | 6318210 |
| 2.38%, 05/15/2051 | 2728300 | 1719362 |
| 2.50%, 02/15/2045 - 05/15/2046 | 4168000 | 2915504 |
| 2.75%, 08/15/2047 - 11/15/2047 | 3635600 | 2595025 |
| 2.88%, 08/15/2045 - 05/15/2049 | 13786500 | 10060289 |
| 3.00%, 08/15/2048 - 08/15/2052 | 14456800 | 10629538 |
| 3.13%, 05/15/2048 | 2660000 | 2020249 |
| 3.50%, 02/15/2039 | 1395000 | 1271085 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** | **U.S. GOVERNMENT OBLIGATIONS (continued)** |
| **U.S. Treasury (continued)** | **U.S. Treasury (continued)** | **U.S. Treasury (continued)** |
| U.S. Treasury Bonds (continued) |  |  |
| 3.63%, 02/15/2044 - 05/15/2053 | $1706100 | $1411500 |
| 3.88%, 02/15/2043 | 2731000 | 2456833 |
| 4.00%, 11/15/2052 | 1172000 | 1016298 |
| 4.13%, 08/15/2044 - 08/15/2053 | 1604000 | 1443832 |
| 4.25%, 02/15/2054 - 08/15/2054 | 1762200 | 1593212 |
| 4.50%, 11/15/2054 | 382000 | 360304 |
| 4.63%, 05/15/2044 - 11/15/2055 | 38222000 | 37042050 |
| 4.75%, 11/15/2043 - 08/15/2055 | 12899300 | 12705322 |
| 5.00%, 05/15/2045 | 3219000 | 3304505 |
| 5.25%, 02/15/2029 | 3076800 | 3235928 |
| U.S. Treasury Notes |  |  |
| 0.63%, 05/15/2030 - 08/15/2030 | 30027000 | 26200489 |
| 1.25%, 11/30/2026 - 12/31/2026 | 3139000 | 3071491 |
| 1.38%, 11/15/2031 | 2544000 | 2215963 |
| 1.50%, 01/31/2027 - 02/15/2030 | 3250500 | 3042746 |
| 1.63%, 08/15/2029 - 05/15/2031 | 2159200 | 1973212 |
| 1.88%, 02/15/2032 | 2897000 | 2583649 |
| 2.25%, 11/15/2027 | 9647700 | 9433642 |
| 2.63%, 02/15/2029 | 529000 | 514370 |
| 2.75%, 02/15/2028 - 08/15/2032 | 8518000 | 8152243 |
| 3.13%, 08/31/2027 | 5265000 | 5234767 |
| 3.38%, 05/15/2033 | 1284000 | 1234395 |
| 3.63%, 05/31/2028 | 1286000 | 1289366 |
| 3.75%, 12/31/2030 - 08/31/2031 | 41341000 | 41345544 |
| 3.88%, 11/30/2027 - 08/15/2034 | 19936000 | 20064926 |
| 4.00%, 06/30/2028 - 11/15/2035 | 7663000 | 7631421 |
| 4.13%, 09/30/2027 - 11/15/2032 | 10861300 | 10982076 |
| 4.25%, 02/28/2031 - 08/15/2035 | 19802400 | 20214767 |
| 4.63%, 04/30/2029 | 755000 | 779390 |
|  |  | 283387949 |
| **U.S. Treasury Inflation-Protected Securities - 2.0%**  | **U.S. Treasury Inflation-Protected Securities - 2.0%**  | **U.S. Treasury Inflation-Protected Securities - 2.0%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.50%, 02/15/2053 | 6593646 | 5139201 |
| 2.50%, 01/15/2029 | 12964415 | 13380176 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 0.13%, 07/15/2030 | 8593075 | 8109129 |
|  |  | 26628506 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $313,125,597)**<br>|  | 310016455 |
| **MORTGAGE-BACKED SECURITIES - 7.1%**  | **MORTGAGE-BACKED SECURITIES - 7.1%**  | **MORTGAGE-BACKED SECURITIES - 7.1%**  |
| Alternative Loan Trust |  |  |
| &nbsp;&nbsp; Series 2004-2CB, Class 1A9, <br>5.75%, 03/25/2034<br>| 60286 | 61610 |
| &nbsp;&nbsp; Series 2005-28CB, Class 1A4, <br>5.50%, 08/25/2035<br>| 56942 | 48630 |
| &nbsp;&nbsp; Series 2005-54CB, Class 1A11, <br>5.50%, 11/25/2035<br>| 16318 | 12453 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Alternative Loan Trust, Interest Only <br> STRIPS |  |  |
| &nbsp;&nbsp; Series 2005-20CB, Class 3A8, <br>(1.00) \* 1-Month Term SOFR + 4.64%, <br>0.90% <sup>(B)</sup>, 07/25/2035<br>| $104856 | $5689 |
| &nbsp;&nbsp; Series 2005-22T1, Class A2, <br>(1.00) \* 1-Month Term SOFR + 4.96%, <br>1.22% <sup>(B)</sup>, 06/25/2035<br>| 303153 | 25390 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-1, Class A1, <br>5.69% <sup>(B)</sup>, 01/25/2070 <sup>(A)</sup> <br>| 1871184 | 1892044 |
| BAMLL Commercial Mortgage Securities <br> Trust |  |  |
| &nbsp;&nbsp; Series 2014-520M, Class C, <br>4.21% <sup>(B)</sup>, 08/15/2046 <sup>(A)</sup> <br>| 200000 | 138529 |
| Banc of America Funding Trust, Principal <br> Only STRIPS |  |  |
| &nbsp;&nbsp; Series 2004-1, <br>03/25/2034<br>| 4961 | 3555 |
| &nbsp;&nbsp; Series 2005-7, Class 30, <br>11/25/2035<br>| 4888 | 4885 |
| &nbsp;&nbsp; Series 2005-8, Class 30, <br>01/25/2036<br>| 1537 | 1009 |
| Bank5 |  |  |
| &nbsp;&nbsp; Series 2025-5YR19, Class A3, <br>5.27%, 12/15/2058<br>| 2240000 | 2315078 |
| Bear Stearns ARM Trust |  |  |
| &nbsp;&nbsp; Series 2006-1, Class A1, <br>1-Year CMT + 2.25%, <br>5.95% <sup>(B)</sup>, 02/25/2036<br>| 9327 | 9039 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-V18, Class A3, <br>5.18%, 10/15/2058<br>| 6620000 | 6817298 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp; Series 2024-NQM2, Class A1, <br>6.29% <sup>(B)</sup>, 02/25/2064 <sup>(A)</sup> <br>| 350939 | 354065 |
| &nbsp;&nbsp; Series 2024-NQM3, Class A1, <br>6.19% <sup>(B)</sup>, 03/25/2064 <sup>(A)</sup> <br>| 598155 | 604012 |
| &nbsp;&nbsp; Series 2024-NQM7, Class A1, <br>5.55% <sup>(B)</sup>, 10/27/2064 <sup>(A)</sup> <br>| 1357766 | 1367354 |
| &nbsp;&nbsp; Series 2025-NQM1, Class A1, <br>5.60% <sup>(B)</sup>, 12/25/2064 <sup>(A)</sup> <br>| 468021 | 471944 |
| &nbsp;&nbsp; Series 2025-NQM6, Class A1, <br>5.33% <sup>(B)</sup>, 06/25/2065 <sup>(A)</sup> <br>| 4291030 | 4317536 |
| BX Trust |  |  |
| &nbsp;&nbsp; Series 2025-ARIA, Class A, <br>5.03% <sup>(B)</sup>, 12/13/2042 <sup>(A)</sup> <br>| 2869000 | 2895007 |
| Chase Mortgage Finance Trust |  |  |
| &nbsp;&nbsp; Series 2007-A1, Class 1A3, <br>6.73% <sup>(B)</sup>, 02/25/2037<br>| 5833 | 5855 |
| &nbsp;&nbsp; Series 2007-A2, Class 2A1, <br>6.16% <sup>(B)</sup>, 06/25/2035<br>| 5308 | 5321 |
| CHL Mortgage Pass-Through Trust |  |  |
| &nbsp;&nbsp; Series 2004-3, Class A26, <br>5.50%, 04/25/2034<br>| 17737 | 17774 |
| &nbsp;&nbsp; Series 2004-3, Class A4, <br>5.75%, 04/25/2034<br>| 10642 | 10622 |
| &nbsp;&nbsp; Series 2004-7, Class 2A1, <br>5.24% <sup>(B)</sup>, 06/25/2034<br>| 5466 | 5027 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; CHL Mortgage Pass-Through <br> Trust (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2004-HYB1, Class 2A, <br>5.11% <sup>(B)</sup>, 05/20/2034<br>| $4536 | $4352 |
| &nbsp;&nbsp; Series 2005-22, Class 2A1, <br>4.79% <sup>(B)</sup>, 11/25/2035<br>| 38787 | 31954 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp; Series 2003-1, Class 2A5, <br>5.25%, 10/25/2033<br>| 1709 | 1648 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2024-2, Class A1, <br>6.13% <sup>(B)</sup>, 04/25/2069 <sup>(A)</sup> <br>| 792200 | 799739 |
| Credit Suisse First Boston Mortgage <br> Securities Corp. |  |  |
| &nbsp;&nbsp; Series 2003-21, Class 1A4, <br>5.25%, 09/25/2033<br>| 4709 | 4716 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-H10, Class A1, <br>4.97% <sup>(B)</sup>, 01/25/2071 <sup>(A)</sup> <br>| 4700000 | 4704022 |
| &nbsp;&nbsp; Series 2025-H7, Class A1, <br>4.93% <sup>(B)</sup>, 09/25/2070 <sup>(A)</sup> <br>| 3743793 | 3745937 |
| &nbsp;&nbsp; Series 2025-H8, Class A1, <br>5.00% <sup>(B)</sup>, 11/25/2070 <sup>(A)</sup> <br>| 2412900 | 2417568 |
| CSMC Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL2, Class A1A, <br>1.11% <sup>(B)</sup>, 01/25/2060 <sup>(A)</sup> <br>| 2744196 | 2344045 |
| ELP Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-ELP, Class A, <br>4.60% <sup>(B)</sup>, 11/13/2042 <sup>(A)</sup> <br>| 1686000 | 1684387 |
| FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2018-W5FX, Class BFX, <br>3.66% <sup>(B)</sup>, 04/25/2028 <sup>(A)</sup> <br>| 900000 | 863058 |
| GCAT Trust |  |  |
| &nbsp;&nbsp; Series 2025-NQM6, Class A1, <br>4.94% <sup>(B)</sup>, 10/25/2070 <sup>(A)</sup> <br>| 3739281 | 3741734 |
| GSMPS Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2005-RP2, Class 1AF, <br>1-Month Term SOFR + 0.46%, <br>4.20% <sup>(B)</sup>, 03/25/2035 <sup>(A)</sup> <br>| 63810 | 59553 |
| &nbsp;&nbsp; Series 2005-RP3, Class 1AF, <br>1-Month Term SOFR + 0.46%, <br>4.20% <sup>(B)</sup>, 09/25/2035 <sup>(A)</sup> <br>| 45145 | 38806 |
| GSR Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2004-6F, Class 2A4, <br>5.50%, 05/25/2034<br>| 9105 | 9053 |
| &nbsp;&nbsp; Series 2004-8F, Class 2A3, <br>6.00%, 09/25/2034<br>| 4529 | 4528 |
| &nbsp;&nbsp; Series 2005-7F, Class 3A9, <br>6.00%, 09/25/2035<br>| 13792 | 13814 |
| &nbsp;&nbsp; Series 2006-1F, Class 2A4, <br>6.00%, 02/25/2036<br>| 31058 | 12563 |
| Hudson Yards Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-SPRL, Class A, <br>5.47% <sup>(B)</sup>, 01/13/2040 <sup>(A)</sup> <br>| 4900000 | 5080270 |
| Impac Secured Assets Trust |  |  |
| &nbsp;&nbsp; Series 2006-1, Class 2A1, <br>1-Month Term SOFR + 0.81%, <br>4.55% <sup>(B)</sup>, 05/25/2036<br>| 9421 | 8933 |
| JPMorgan Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2006-A2, Class 5A3, <br>6.31% <sup>(B)</sup>, 11/25/2033<br>| 2513 | 2498 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Ladder Capital Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2013-GCP, Class A2, <br>3.99%, 02/15/2036 <sup>(A)</sup> <br>| $154000 | $144937 |
| Manhattan West Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2020-1MW, Class A, <br>2.13%, 09/10/2039 <sup>(A)</sup> <br>| 2780000 | 2674753 |
| &nbsp;&nbsp; Series 2020-1MW, Class B, <br>2.34% <sup>(B)</sup>, 09/10/2039 <sup>(A)</sup> <br>| 826000 | 794795 |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| &nbsp;&nbsp; Series 2004-13, Class 2A1, <br>6.29% <sup>(B)</sup>, 04/21/2034<br>| 6801 | 6693 |
| &nbsp;&nbsp; Series 2004-13, Class 3A7, <br>5.63% <sup>(B)</sup>, 11/21/2034<br>| 3611 | 3585 |
| &nbsp;&nbsp; Series 2004-3, Class 4A2, <br>4.24% <sup>(B)</sup>, 04/25/2034<br>| 4325 | 3908 |
| MASTR Resecuritization Trust, Principal <br> Only STRIPS |  |  |
| &nbsp;&nbsp; Series 2005, Class 3, <br>05/28/2035 <sup>(A)</sup> <br>| 3123 | 2467 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| &nbsp;&nbsp; Series 2003-E, Class A1, <br>1-Month Term SOFR + 0.73%, <br>4.47% <sup>(B)</sup>, 10/25/2028<br>| 34105 | 32507 |
| &nbsp;&nbsp; Series 2004-1, Class 2A1, <br>5.22% <sup>(B)</sup>, 12/25/2034<br>| 10134 | 9498 |
| &nbsp;&nbsp; Series 2004-A, Class A1, <br>1-Month Term SOFR + 0.57%, <br>4.31% <sup>(B)</sup>, 04/25/2029<br>| 25358 | 23693 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp; Series 2019-1A, Class A1A, <br>3.75% <sup>(B)</sup>, 04/25/2058 <sup>(A)</sup> <br>| 440148 | 435784 |
| MFA Trust |  |  |
| &nbsp;&nbsp; Series 2021-RPL1, Class A1, <br>1.13% <sup>(B)</sup>, 07/25/2060 <sup>(A)</sup> <br>| 2690196 | 2478319 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A1, <br>4.00% <sup>(B)</sup>, 02/25/2057 <sup>(A)</sup> <br>| 1177049 | 1149920 |
| &nbsp;&nbsp; Series 2017-3A, Class A1, <br>4.00% <sup>(B)</sup>, 04/25/2057 <sup>(A)</sup> <br>| 254933 | 247502 |
| &nbsp;&nbsp; Series 2019-5A, Class A1B, <br>3.50% <sup>(B)</sup>, 08/25/2059 <sup>(A)</sup> <br>| 207466 | 196922 |
| Nomura Asset Acceptance Corp. <br> Alternative Loan Trust |  |  |
| &nbsp;&nbsp; Series 2003-A1, Class A2, <br>6.00%, 05/25/2033<br>| 1803 | 1835 |
| &nbsp;&nbsp; Series 2003-A1, Class A5, <br>7.00%, 04/25/2033<br>| 9586 | 9676 |
| OBX Trust |  |  |
| &nbsp;&nbsp; Series 2023-NQM4, Class A1, <br>6.11% <sup>(B)</sup>, 03/25/2063 <sup>(A)</sup> <br>| 552582 | 553264 |
| &nbsp;&nbsp; Series 2024-NQM4, Class A1, <br>6.07% <sup>(B)</sup>, 01/25/2064 <sup>(A)</sup> <br>| 234355 | 236356 |
| &nbsp;&nbsp; Series 2024-NQM6, Class A1, <br>6.45% <sup>(B)</sup>, 02/25/2064 <sup>(A)</sup> <br>| 202494 | 205179 |
| &nbsp;&nbsp; Series 2025-NQM13, Class A1, <br>5.44% <sup>(B)</sup>, 05/25/2065 <sup>(A)</sup> <br>| 2606516 | 2629199 |
| &nbsp;&nbsp; Series 2025-NQM18, Class A1, <br>5.06% <sup>(B)</sup>, 09/25/2065 <sup>(A)</sup> <br>| 6799233 | 6820718 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| OBX Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2025-NQM2, Class A1, <br>5.60% <sup>(B)</sup>, 11/25/2064 <sup>(A)</sup> <br>| $517837 | $522448 |
| &nbsp;&nbsp; Series 2025-NQM23, Class A1, <br>4.87% <sup>(B)</sup>, 10/25/2065 <sup>(A)</sup> <br>| 14000000 | 14002082 |
| PHH Alternative Mortgage Trust, Interest <br> Only STRIPS |  |  |
| &nbsp;&nbsp; Series 2007-2, Class 2X, <br>6.00%, 05/25/2037<br>| 41290 | 8267 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2025-5, Class A2, <br>5.50% <sup>(B)</sup>, 11/25/2055 <sup>(A)</sup> <br>| 1989487 | 2002154 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2003-1, Class 1A, <br>1-Month Term SOFR + 0.87%, <br>4.61% <sup>(B)</sup>, 04/20/2033<br>| 19357 | 18264 |
| &nbsp;&nbsp; Series 2004-11, Class A1, <br>1-Month Term SOFR + 0.71%, <br>4.45% <sup>(B)</sup>, 12/20/2034<br>| 8706 | 8064 |
| &nbsp;&nbsp; Series 2004-8, Class A1, <br>1-Month Term SOFR + 0.81%, <br>4.55% <sup>(B)</sup>, 09/20/2034<br>| 60143 | 53097 |
| &nbsp;&nbsp; Series 2004-9, Class A1, <br>1-Month Term SOFR + 0.79%, <br>4.53% <sup>(B)</sup>, 10/20/2034<br>| 33083 | 30494 |
| Structured Adjustable Rate Mortgage Loan <br> Trust |  |  |
| &nbsp;&nbsp; Series 2004-1, Class 4A4, <br>6.30% <sup>(B)</sup>, 02/25/2034<br>| 36836 | 35596 |
| Structured Asset Mortgage Investments II <br> Trust |  |  |
| &nbsp;&nbsp; Series 2003-AR4, Class A1, <br>1-Month Term SOFR + 0.81%, <br>4.55% <sup>(B)</sup>, 01/19/2034<br>| 56237 | 54132 |
| &nbsp;&nbsp; Series 2004-AR1, Class 1A1, <br>1-Month Term SOFR + 0.81%, <br>4.55% <sup>(B)</sup>, 03/19/2034<br>| 50035 | 47414 |
| &nbsp;&nbsp; Series 2004-AR5, Class 1A1, <br>1-Month Term SOFR + 0.77%, <br>4.51% <sup>(B)</sup>, 10/19/2034<br>| 7333 | 7102 |
| &nbsp;&nbsp; Series 2005-AR5, Class A3, <br>1-Month Term SOFR + 0.61%, <br>4.35% <sup>(B)</sup>, 07/19/2035<br>| 20952 | 20757 |
| Thornburg Mortgage Securities Trust |  |  |
| &nbsp;&nbsp; Series 2004-4, Class 3A, <br>5.28% <sup>(B)</sup>, 12/25/2044<br>| 15046 | 14778 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75% <sup>(B)</sup>, 06/25/2057 <sup>(A)</sup> <br>| 667643 | 656230 |
| &nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75% <sup>(B)</sup>, 10/25/2057 <sup>(A)</sup> <br>| 319556 | 315399 |
| &nbsp;&nbsp; Series 2018-1, Class A1, <br>3.00% <sup>(B)</sup>, 01/25/2058 <sup>(A)</sup> <br>| 269265 | 267637 |
| &nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00% <sup>(B)</sup>, 06/25/2058 <sup>(A)</sup> <br>| 1322051 | 1260371 |
| &nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90% <sup>(B)</sup>, 10/25/2059 <sup>(A)</sup> <br>| 1141489 | 1101165 |
| &nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75%, 10/25/2060 <sup>(A)</sup> <br>| 2663355 | 2440365 |
| &nbsp;&nbsp; Series 2021-1, Class A1, <br>2.25% <sup>(B)</sup>, 11/25/2061 <sup>(A)</sup> <br>| 1669493 | 1573783 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** | **MORTGAGE-BACKED SECURITIES (continued)** |
| Towd Point Mortgage Trust (continued) |  |  |
| &nbsp;&nbsp; Series 2021-R1, Class A1, <br>2.92% <sup>(B)</sup>, 11/30/2060 <sup>(A)</sup> <br>| $1231570 | $1118554 |
| &nbsp;&nbsp; Series 2022-1, Class A1, <br>3.75% <sup>(B)</sup>, 07/25/2062 <sup>(A)</sup> <br>| 525741 | 505123 |
| &nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75%, 01/25/2063 <sup>(A)</sup> <br>| 995189 | 967519 |
| Wachovia Bank Commercial Mortgage <br> Trust, Interest Only STRIPS |  |  |
| &nbsp;&nbsp; Series 2006-C24, Class XC, <br>0.00%, 03/15/2045 <sup>(A)</sup><sup>(E)</sup> <br>| 1136 | 0 |
| WaMu Mortgage Pass-Through Certificates <br> Trust |  |  |
| &nbsp;&nbsp; Series 2003-AR11, Class A6, <br>5.83% <sup>(B)</sup>, 10/25/2033<br>| 18311 | 17270 |
| &nbsp;&nbsp; Series 2003-AR6, Class A1, <br>6.17% <sup>(B)</sup>, 06/25/2033<br>| 3657 | 3599 |
| &nbsp;&nbsp; Series 2003-S3, Class 1A4, <br>5.50%, 06/25/2033<br>| 14823 | 14679 |
| &nbsp;&nbsp; Series 2003-S9, Class A8, <br>5.25%, 10/25/2033<br>| 12150 | 12077 |
| &nbsp;&nbsp; Series 2004-AR3, Class A2, <br>5.36% <sup>(B)</sup>, 06/25/2034<br>| 3139 | 3000 |
| Washington Mutual Mortgage Pass-<br> Through Certificates Trust |  |  |
| &nbsp;&nbsp; Series 2005-4, Class CB7, <br>5.50%, 06/25/2035<br>| 41339 | 38322 |
| &nbsp;&nbsp; Washington Mutual Mortgage Pass-<br> Through Certificates Trust, Interest Only <br>STRIPS |  |  |
| &nbsp;&nbsp; Series 2005-2, Class 1A4, <br>(1.00) \* 1-Month Term SOFR + 4.94%, <br>1.20% <sup>(B)</sup>, 04/25/2035<br>| 148451 | 7783 |
| &nbsp;&nbsp; Series 2005-3, Class CX, <br>5.50%, 05/25/2035<br>| 56670 | 8660 |
| &nbsp;&nbsp; Washington Mutual MSC Mortgage Pass-<br> Through Certificates Trust, Principal Only <br>STRIPS |  |  |
| &nbsp;&nbsp; Series 2003-MS7, Class P, <br>03/25/2033<br>| 94 | 77 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2016-C35, Class A4, <br>2.93%, 07/15/2048<br>| 1103000 | 1094078 |
| &nbsp;&nbsp; **Total Mortgage-Backed Securities** <br>**(Cost $93,676,857)**<br>|  | 93854754 |
| **ASSET-BACKED SECURITIES - 5.1%**  | **ASSET-BACKED SECURITIES - 5.1%**  | **ASSET-BACKED SECURITIES - 5.1%**  |
| 321 Henderson Receivables VI LLC |  |  |
| &nbsp;&nbsp; Series 2010-1A, Class A, <br>5.56%, 07/15/2059 <sup>(A)</sup> <br>| 303283 | 305226 |
| Accelerated LLC |  |  |
| &nbsp;&nbsp; Series 2021-1H, Class A, <br>1.35%, 10/20/2040 <sup>(A)</sup> <br>| 54423 | 51072 |
| &nbsp;&nbsp; Series 2021-1H, Class B, <br>1.90%, 10/20/2040 <sup>(A)</sup> <br>| 415259 | 389981 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>4.68%, 08/22/2044 <sup>(A)</sup> <br>| 4253722 | 4263118 |
| Avis Budget Rental Car Funding <br> AESOP LLC |  |  |
| &nbsp;&nbsp; Series 2023-5A, Class A, <br>5.78%, 04/20/2028 <sup>(A)</sup> <br>| 1250000 | 1271717 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp; Avis Budget Rental Car Funding <br> AESOP LLC (continued)<br>|  |  |
| &nbsp;&nbsp; Series 2023-7A, Class A, <br>5.90%, 08/21/2028 <sup>(A)</sup> <br>| $1080000 | $1105935 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.36%, 06/20/2030 <sup>(A)</sup> <br>| 3500000 | 3608775 |
| Barings Equipment Finance LLC |  |  |
| &nbsp;&nbsp; Series 2025-B, Class A3, <br>4.13%, 10/13/2032 <sup>(A)</sup> <br>| 3010000 | 3016172 |
| Benefit Street Partners CLO X Ltd. |  |  |
| &nbsp;&nbsp; Series 2016-10A, Class A1R3, <br>3-Month Term SOFR + 1.30%, <br>5.18% <sup>(B)</sup>, 07/20/2038 <sup>(A)</sup> <br>| 1210000 | 1212398 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-A, Class A, <br>5.77%, 11/15/2038 <sup>(A)</sup> <br>| 472516 | 481927 |
| Chase Funding Trust |  |  |
| &nbsp;&nbsp; Series 2003-6, Class 1A7, <br>4.85% <sup>(B)</sup>, 11/25/2034<br>| 10782 | 10720 |
| Chase Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A, <br>5.16%, 09/15/2028<br>| 3565000 | 3598549 |
| Diameter Capital CLO 1 Ltd. |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A1R, <br>3-Month Term SOFR + 1.39%, <br>5.29% <sup>(B)</sup>, 10/15/2037 <sup>(A)</sup> <br>| 6725000 | 6741429 |
| First National Master Note Trust |  |  |
| &nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029<br>| 2075000 | 2081734 |
| &nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029<br>| 1740000 | 1762141 |
| GM Financial Revolving Receivables Trust |  |  |
| &nbsp;&nbsp; Series 2021-1, Class A, <br>1.17%, 06/12/2034 <sup>(A)</sup> <br>| 2739000 | 2687362 |
| Goodgreen Trust |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A, <br>3.74%, 10/15/2052 <sup>(A)</sup> <br>| 56555 | 52393 |
| GreatAmerica Leasing Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2025-2, Class A3, <br>4.14%, 12/17/2029 <sup>(A)</sup> <br>| 5762000 | 5782502 |
| Hero Funding Trust |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A2, <br>4.46%, 09/20/2047 <sup>(A)</sup> <br>| 146266 | 139625 |
| &nbsp;&nbsp; Series 2017-3A, Class A2, <br>3.95%, 09/20/2048 <sup>(A)</sup> <br>| 160668 | 150874 |
| Hertz Vehicle Financing III LLC |  |  |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>5.94%, 02/25/2028 <sup>(A)</sup> <br>| 1955000 | 1984258 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp; Series 2024-1B, Class A, <br>5.75%, 09/15/2039 <sup>(A)</sup> <br>| 172476 | 176598 |
| &nbsp;&nbsp; Series 2024-2A, Class A, <br>5.50%, 03/25/2038 <sup>(A)</sup> <br>| 187548 | 191603 |
| &nbsp;&nbsp; Series 2024-3A, Class A, <br>4.98%, 08/27/2040 <sup>(A)</sup> <br>| 2430616 | 2458751 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.54%, 05/25/2044 <sup>(A)</sup> <br>| 774380 | 777590 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
| HINNT LLC |  |  |
| &nbsp;&nbsp; Series 2024-A, Class A, <br>5.49%, 03/15/2043 <sup>(A)</sup> <br>| $203470 | $207369 |
| &nbsp;&nbsp; Series 2025-B, Class A, <br>4.51%, 05/15/2045 <sup>(A)</sup> <br>| 1769115 | 1771270 |
| ICG U.S. CLO Ltd. |  |  |
| &nbsp;&nbsp; Series 2014-1A, Class A1A2, <br>3-Month Term SOFR + 1.46%, <br>5.35% <sup>(B)</sup>, 10/20/2034 <sup>(A)</sup> <br>| 1500000 | 1501497 |
| MVW LLC |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>4.93%, 10/20/2040 <sup>(A)</sup> <br>| 433311 | 438233 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.32%, 02/20/2043 <sup>(A)</sup> <br>| 3876375 | 3951604 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.48%, 10/20/2044 <sup>(A)</sup> <br>| 2292783 | 2296048 |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.44%, 05/25/2055 <sup>(A)</sup> <br>| 3372000 | 3394927 |
| Renew Financial |  |  |
| &nbsp;&nbsp; Series 2017-1A, Class A, <br>3.67%, 09/20/2052 <sup>(A)</sup> <br>| 77501 | 72166 |
| SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A3, <br>5.11%, 11/21/2033 <sup>(A)</sup> <br>| 2509000 | 2561174 |
| Securitized Asset-Backed Receivables LLC <br> Trust |  |  |
| &nbsp;&nbsp; Series 2006-CB1, Class AF2, <br>2.80% <sup>(B)</sup>, 01/25/2036<br>| 12018 | 10352 |
| Sierra Timeshare Receivables <br> Funding LLC |  |  |
| &nbsp;&nbsp; Series 2023-1A, Class A, <br>5.20%, 01/20/2040 <sup>(A)</sup> <br>| 492316 | 499346 |
| &nbsp;&nbsp; Series 2023-2A, Class A, <br>5.80%, 04/20/2040 <sup>(A)</sup> <br>| 177750 | 182565 |
| &nbsp;&nbsp; Series 2023-3A, Class A, <br>6.10%, 09/20/2040 <sup>(A)</sup> <br>| 195574 | 202469 |
| &nbsp;&nbsp; Series 2024-1A, Class A, <br>5.15%, 01/20/2043 <sup>(A)</sup> <br>| 384511 | 389139 |
| &nbsp;&nbsp; Series 2025-1A, Class A, <br>4.81%, 01/21/2042 <sup>(A)</sup> <br>| 594776 | 598867 |
| &nbsp;&nbsp; Series 2025-2A, Class A, <br>4.72%, 04/20/2044 <sup>(A)</sup> <br>| 531307 | 533805 |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp; Series 2025-1A, Class A2, <br>5.13%, 08/15/2055 <sup>(A)</sup> <br>| 4770000 | 4714457 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $67,463,376)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $67,463,376)** | 67627738 |
| **FOREIGN GOVERNMENT OBLIGATIONS - 0.7%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.7%**  | **FOREIGN GOVERNMENT OBLIGATIONS - 0.7%**  |
| **Colombia - 0.1%**  | **Colombia - 0.1%**  | **Colombia - 0.1%**  |
| Colombia Government International Bonds |  |  |
| 7.75%, 11/07/2036 | 1802000 | 1877954 |
| **Dominican Republic - 0.2%**  | **Dominican Republic - 0.2%**  | **Dominican Republic - 0.2%**  |
| Dominican Republic International Bonds |  |  |
| 6.60%, 06/01/2036 <sup>(A)</sup> <br>| 2887000 | 3038423 |
| **Mexico - 0.3%**  | **Mexico - 0.3%**  | **Mexico - 0.3%**  |
| Mexico Government International Bonds |  |  |
| 3.75%, 01/11/2028 | 3548000 | 3512520 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Peru - 0.1%**  | **Peru - 0.1%**  | **Peru - 0.1%**  |
| Corporacion Financiera de Desarrollo SA |  |  |
| 5.50%, 05/06/2030 <sup>(A)</sup> <br>| $1321000 | $1363550 |
| &nbsp;&nbsp; **Total Foreign Government Obligations** <br>**(Cost $9,705,857)**<br>|  | 9792447 |
| **COMMERCIAL PAPER - 21.1%**  | **COMMERCIAL PAPER - 21.1%**  | **COMMERCIAL PAPER - 21.1%**  |
| **Banks - 4.0%**  | **Banks - 4.0%**  | **Banks - 4.0%**  |
| Credit Agricole Corporate & Investment <br> Bank SA |  |  |
| 3.89% <sup>(F)</sup>, 03/12/2026 | 10050000 | 9976650 |
| DNB Bank ASA |  |  |
| 3.73% <sup>(F)</sup>, 02/13/2026 <sup>(A)</sup> <br>| 10000000 | 9955917 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| 3.90% <sup>(F)</sup>, 03/13/2026 <sup>(A)</sup> <br>| 10000000 | 9925271 |
| Sheffield Receivables Co. LLC |  |  |
| 4.10% <sup>(F)</sup>, 02/19/2026 <sup>(A)</sup> <br>| 8400000 | 8356095 |
| Societe Generale SA |  |  |
| 3.88% <sup>(F)</sup>, 03/12/2026 <sup>(A)</sup> <br>| 10000000 | 9925744 |
| Toronto-Dominion Bank |  |  |
| 3.91% <sup>(F)</sup>, 03/19/2026 <sup>(A)</sup> <br>| 5000000 | 4959101 |
|  |  | 53098778 |
| **Capital Markets - 2.1%**  | **Capital Markets - 2.1%**  | **Capital Markets - 2.1%**  |
| Lexington Parker Capital Co. LLC |  |  |
| 4.13% <sup>(F)</sup>, 01/26/2026 <sup>(A)</sup> <br>| 9000000 | 8975311 |
| Ridgefield Funding Co. LLC |  |  |
| 3.92% <sup>(F)</sup>, 03/11/2026 <sup>(A)</sup> <br>| 2000000 | 1985339 |
| 3.92% <sup>(F)</sup>, 03/18/2026 <sup>(A)</sup> <br>| 7200000 | 7141834 |
| Verto Capital I Compartment |  |  |
| 4.06% <sup>(F)</sup>, 03/04/2026 <sup>(A)</sup> <br>| 2500000 | 2482981 |
| Verto Capital I Compartment A |  |  |
| 4.12% <sup>(F)</sup>, 02/11/2026 <sup>(A)</sup> <br>| 7500000 | 7466016 |
|  |  | 28051481 |
| **Chemicals - 0.5%**  | **Chemicals - 0.5%**  | **Chemicals - 0.5%**  |
| Air Liquide U.S. LLC |  |  |
| 3.81% <sup>(F)</sup>, 03/09/2026 <sup>(A)</sup> <br>| 6000000 | 5957726 |
| **Electrical Equipment - 0.7%**  | **Electrical Equipment - 0.7%**  | **Electrical Equipment - 0.7%**  |
| Emerson Electric Co. |  |  |
| 3.92% <sup>(F)</sup>, 03/23/2026 <sup>(A)</sup> <br>| 4000000 | 3966422 |
| 4.07% <sup>(F)</sup>, 01/29/2026 <sup>(A)</sup> <br>| 5700000 | 5683234 |
|  |  | 9649656 |
| **Financial Services - 13.4%**  | **Financial Services - 13.4%**  | **Financial Services - 13.4%**  |
| Alinghi Funding Co. LLC |  |  |
| 4.09% <sup>(F)</sup>, 01/30/2026 <sup>(A)</sup> <br>| 10000000 | 9968500 |
| Anglesea Funding LLC |  |  |
| 4.02% <sup>(F)</sup>, 02/10/2026 <sup>(A)</sup> <br>| 8100000 | 8065372 |
| Bedford Row Funding Corp. |  |  |
| 3.97% <sup>(F)</sup>, 01/26/2026 <sup>(A)</sup> <br>| 5000000 | 4986501 |
| Britannia Funding Co. LLC |  |  |
| 4.09% <sup>(F)</sup>, 03/12/2026 <sup>(A)</sup> <br>| 2500000 | 2481345 |
| 4.16% <sup>(F)</sup>, 01/08/2026 <sup>(A)</sup> <br>| 7500000 | 7493750 |
| Cancara Asset Securitisation LLC |  |  |
| 4.03% <sup>(F)</sup>, 02/19/2026 | 3000000 | 2984347 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** | **COMMERCIAL PAPER (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Chariot Funding LLC |  |  |
| 4.04% <sup>(F)</sup>, 02/09/2026 <sup>(A)</sup> <br>| $6240000 | $6213977 |
| Columbia Funding Co. LLC |  |  |
| 4.04% <sup>(F)</sup>, 02/02/2026 <sup>(A)</sup> <br>| 3600000 | 3587622 |
| 4.11% <sup>(F)</sup>, 03/17/2026 <sup>(A)</sup> <br>| 4000000 | 3968204 |
| Concord Minutemen Capital Co. LLC |  |  |
| 4.07% <sup>(F)</sup>, 03/11/2026 <sup>(A)</sup> <br>| 7000000 | 6948051 |
| Glencove Funding LLC |  |  |
| 4.00% <sup>(F)</sup>, 03/03/2026 <sup>(A)</sup> <br>| 10265000 | 10198517 |
| Gotham Funding Corp. |  |  |
| 4.13% <sup>(F)</sup>, 01/02/2026 <sup>(A)</sup> <br>| 6000000 | 5998750 |
| GTA Funding LLC |  |  |
| 3.97% <sup>(F)</sup>, 04/01/2026 <sup>(A)</sup> <br>| 5000000 | 4952225 |
| 4.05% <sup>(F)</sup>, 02/06/2026 <sup>(A)</sup> <br>| 2000000 | 1992287 |
| 4.09% <sup>(F)</sup>, 02/18/2026 <sup>(A)</sup> <br>| 3750000 | 3730827 |
| Liberty Street Funding LLC |  |  |
| 4.02% <sup>(F)</sup>, 03/02/2026 <sup>(A)</sup> <br>| 3410000 | 3388328 |
| 4.03% <sup>(F)</sup>, 02/09/2026 <sup>(A)</sup> <br>| 2160000 | 2150992 |
| LMA-Americas LLC |  |  |
| 3.92% <sup>(F)</sup>, 01/27/2026 <sup>(A)</sup> <br>| 4250000 | 4237998 |
| 4.09% <sup>(F)</sup>, 02/19/2026 <sup>(A)</sup> <br>| 5500000 | 5471201 |
| Longship Funding LLC |  |  |
| 3.94% <sup>(F)</sup>, 03/10/2026 <sup>(A)</sup> <br>| 10000000 | 9928125 |
| Mackinac Funding Co. LLC |  |  |
| 3.95% <sup>(F)</sup>, 01/26/2026 <sup>(A)</sup> <br>| 10000000 | 9972793 |
| Mainbeach Funding LLC |  |  |
| 4.03% <sup>(F)</sup>, 03/05/2026 <sup>(A)</sup> <br>| 10000000 | 9932599 |
| Manhattan Asset Funding Co. LLC |  |  |
| 3.89% <sup>(F)</sup>, 03/12/2026 <sup>(A)</sup> <br>| 2700000 | 2679925 |
| 3.94% <sup>(F)</sup>, 03/03/2026 <sup>(A)</sup> <br>| 7000000 | 6954550 |
| Mont Blanc Capital Corp. |  |  |
| 3.86% <sup>(F)</sup>, 03/16/2026 <sup>(A)</sup> <br>| 7000000 | 6945093 |
| 3.92% <sup>(F)</sup>, 03/16/2026 <sup>(A)</sup> <br>| 2700000 | 2678822 |
| MUFG Securities Canada Ltd. |  |  |
| 4.15% <sup>(F)</sup>, 03/19/2026 <sup>(A)</sup> <br>| 7500000 | 7438250 |
| Nieuw Amsterdam Receivables Corp. BV |  |  |
| 4.06% <sup>(F)</sup>, 02/23/2026 <sup>(A)</sup> <br>| 7500000 | 7457925 |
| Versailles Commercial Paper LLC |  |  |
| 3.85% <sup>(F)</sup>, 04/06/2026 | 7000000 | 6928843 |
| 3.87% <sup>(F)</sup>, 04/06/2026 | 5700000 | 5642058 |
| Victory Receivables Corp. |  |  |
| 4.10% <sup>(F)</sup>, 01/14/2026 <sup>(A)</sup> <br>| 1355000 | 1353018 |
|  |  | 176730795 |
| **Water Utilities - 0.4%**  | **Water Utilities - 0.4%**  | **Water Utilities - 0.4%**  |
| American Water Capital Corp. |  |  |
| 3.93% <sup>(F)</sup>, 01/12/2026 <sup>(A)</sup> <br>| 5000000 | 4993603 |
| &nbsp;&nbsp; **Total Commercial Paper** <br>**(Cost $278,462,583)**<br>|  | 278482039 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.9%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.9%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.9%**  |
| U.S. Treasury Bills |  |  |
| 3.59% <sup>(F)</sup>, 02/26/2026 | 12000000 | 11934207 |

---

***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 Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)** |
| U.S. Treasury Bills (continued) |  |  |
| 3.63% <sup>(F)</sup>, 03/19/2026 | $15000000 | $14888323 |
| 3.96% <sup>(F)</sup>, 01/15/2026 | 11025000 | 11010909 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $37,827,765)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $37,827,765)** | 37833439 |

---

&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>(F)</sup> <br>| 224988 | 224988 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $224,988)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $224,988)** | 224988 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 3.3%**  | **REPURCHASE AGREEMENT - 3.3%**  | **REPURCHASE AGREEMENT - 3.3%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(F)</sup>, dated 12/31/2025, to be <br> repurchased at $44,163,880 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 $45,043,874.<br>| $44160568 | $44160568 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $44,160,568)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $44,160,568)** | 44160568 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,641,965,727)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,641,965,727)** | 1640502240 |
| **Net Other Assets (Liabilities) - (24.1)%** | **Net Other Assets (Liabilities) - (24.1)%** | (318809997) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1321692243** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $473165953 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $473165953 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 325343859 | &nbsp;&nbsp; — | &nbsp;&nbsp; 325343859 |
| U.S. Government Obligations |  | &nbsp;&nbsp; 310016455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 310016455 |
| Mortgage-Backed Securities |  | &nbsp;&nbsp; 93854754 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93854754 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 67627738 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67627738 |
| Foreign Government Obligations |  | &nbsp;&nbsp; 9792447 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9792447 |
| Commercial Paper |  | &nbsp;&nbsp; 278482039 | &nbsp;&nbsp; — | &nbsp;&nbsp; 278482039 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 37833439 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37833439 |
| Other Investment Company | 224988 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 224988 |
| Repurchase Agreement |  | &nbsp;&nbsp; 44160568 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44160568 |
| **Total Investments** | **$224988** | &nbsp;&nbsp; **$1640277252** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1640502240** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<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 $520,070,616, representing 39.3% of* *the Portfolio's net assets.* 

<sup>(B)</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>(C)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $220,397, collateralized by cash collateral of $224,988. 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> *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> *Rounds to less than $1 or $(1).*

<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 15**

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**Transamerica Aegon Core Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**PORTFOLIO ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *CMT* | *Constant Maturity Treasury* |
| *MTA* | *Month Treasury Average* |
| *REIT* | *Real Estate Investment Trust* |
| *RFUCC* | *Refinitiv USD IBOR Consumer Cash Fallbacks* |
| *SOFR* | *Secured Overnight Financing Rate* |
| *STRIPS* | *Separate Trading of Registered Interest and Principal of Securities* |
| *TBA* | *To Be Announced* |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Aegon Core Bond VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $1,597,805,159) (including <br> securities loaned of $220,397)<br>| &nbsp;&nbsp; $1596341672 |
| Repurchase agreement, at value (cost $44,160,568) | &nbsp;&nbsp; 44160568 |
| Cash | &nbsp;&nbsp; 730158 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 3709 |
| Net income from securities lending | &nbsp;&nbsp; 12829 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 9455 |
| Interest | &nbsp;&nbsp; 9951331 |
| Total assets | &nbsp;&nbsp; 1651209722 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 224988 |
| Cash collateral at broker for: |  |
| TBA commitments | &nbsp;&nbsp; 462281 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 29680 |
| When-issued, delayed-delivery, forward and TBA <br> commitments purchased<br>| &nbsp;&nbsp; 297100808 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 31102433 |
| Investment management fees | &nbsp;&nbsp; 434063 |
| Distribution and service fees | &nbsp;&nbsp; 52983 |
| Transfer agent costs | &nbsp;&nbsp; 743 |
| Trustee and CCO fees | &nbsp;&nbsp; 243 |
| Audit and tax fees  | &nbsp;&nbsp; 44752 |
| Custody fees | &nbsp;&nbsp; 28027 |
| Legal fees | &nbsp;&nbsp; 2632 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 24582 |
| Other accrued expenses | &nbsp;&nbsp; 9264 |
| Total liabilities | &nbsp;&nbsp; 329517479 |
| **Net assets**  | &nbsp;&nbsp; $1321692243 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $1187855 |
| Additional paid-in capital | &nbsp;&nbsp; 1362086422 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (41582034)<br>|
| **Net assets** | &nbsp;&nbsp; $1321692243 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $1088798602 |
| Service Class | &nbsp;&nbsp; 232893641 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 99347906 |
| Service Class | &nbsp;&nbsp; 19437617 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $10.96 |
| Service Class | 11.98 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $25578962 |
| Net income from securities lending | &nbsp;&nbsp; 16711 |
| Total investment income  | &nbsp;&nbsp; 25595673 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 2303674 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 602693 |
| Transfer agent costs | &nbsp;&nbsp; 5806 |
| Trustee and CCO fees | &nbsp;&nbsp; 32436 |
| Audit and tax fees | &nbsp;&nbsp; 47992 |
| Custody fees | &nbsp;&nbsp; 106941 |
| Legal fees | &nbsp;&nbsp; 43837 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 83743 |
| Other | &nbsp;&nbsp; 44594 |
| Total expenses | &nbsp;&nbsp; 3271716 |
| **Net investment income (loss)** | &nbsp;&nbsp; 22323957 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 2684715 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 7960952 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 10645667 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $32969624 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Aegon Core Bond 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; $22323957 | &nbsp;&nbsp; $17603530 |
| Net realized gain (loss) | &nbsp;&nbsp; 2684715 | &nbsp;&nbsp; (2904384)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 7960952 | &nbsp;&nbsp; (12318857)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 32969624 | &nbsp;&nbsp; 2380289 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (12656577)<br>| &nbsp;&nbsp; (8395460)<br>|
| Service Class | &nbsp;&nbsp; (5103704)<br>| &nbsp;&nbsp; (12261090)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (17760281)<br>| &nbsp;&nbsp; (20656550)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 1055306047 | &nbsp;&nbsp; 92548153 |
| Service Class | &nbsp;&nbsp; 8752482 | &nbsp;&nbsp; 20416770 |
|  | &nbsp;&nbsp; 1064058529 | &nbsp;&nbsp; 112964923 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 12656577 | &nbsp;&nbsp; 8395460 |
| Service Class | &nbsp;&nbsp; 5103704 | &nbsp;&nbsp; 12261090 |
|  | &nbsp;&nbsp; 17760281 | &nbsp;&nbsp; 20656550 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (103345483)<br>| &nbsp;&nbsp; (185913535)<br>|
| Service Class | &nbsp;&nbsp; (45104148)<br>| &nbsp;&nbsp; (34871282)<br>|
|  | &nbsp;&nbsp; (148449631)<br>| &nbsp;&nbsp; (220784817)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 933369179 | &nbsp;&nbsp; (87163344)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 948578522 | &nbsp;&nbsp; (105439605)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 373113721 | &nbsp;&nbsp; 478553326 |
| End of year | &nbsp;&nbsp; $1321692243 | &nbsp;&nbsp; $373113721 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 96343897 | &nbsp;&nbsp; 8477840 |
| Service Class | &nbsp;&nbsp; 744279 | &nbsp;&nbsp; 1749136 |
|  | &nbsp;&nbsp; 97088176 | &nbsp;&nbsp; 10226976 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 1176262 | &nbsp;&nbsp; 782429 |
| Service Class | &nbsp;&nbsp; 433620 | &nbsp;&nbsp; 1047062 |
|  | &nbsp;&nbsp; 1609882 | &nbsp;&nbsp; 1829491 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (9530669)<br>| &nbsp;&nbsp; (17374280)<br>|
| Service Class | &nbsp;&nbsp; (3842612)<br>| &nbsp;&nbsp; (2959565)<br>|
|  | &nbsp;&nbsp; (13373281)<br>| &nbsp;&nbsp; (20333845)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 87989490 | &nbsp;&nbsp; (8114011)<br>|
| Service Class | &nbsp;&nbsp; (2664713)<br>| &nbsp;&nbsp; (163367)<br>|
|  | &nbsp;&nbsp; 85324777 | &nbsp;&nbsp; (8277378)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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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; $10.52 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $13.65 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.44 | 0.48 | 0.48 | 0.31 | 0.27 |
| Net realized and unrealized gain (loss) | 0.29 | &nbsp;&nbsp; (0.32)<br>| 0.15 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.40)<br>|
| Total investment operations | 0.73 | 0.16 | 0.63 | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.38)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.51)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.89)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $12.63 |
| **Total return**<sup>(B)</sup> <br>| 6.99<br> %<br>| 1.38<br> %<br>| 6.04<br> %<br>| &nbsp;&nbsp; (12.77)%<br>| &nbsp;&nbsp; (1.03)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $1088798 | &nbsp;&nbsp; $119508 | &nbsp;&nbsp; $213566 | &nbsp;&nbsp; $117521 | &nbsp;&nbsp; $146690 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.48<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.52<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.48<br> %<br>| 0.51 %<sup>(C)</sup><br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.52<br> %<br>|
| Net investment income (loss) to average net assets | 4.13<br> %<br>| 4.45<br> %<br>| 4.49<br> %<br>| 2.70<br> %<br>| 2.08<br> %<br>|
| Portfolio turnover rate<sup>(D)</sup> <br>| &nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp; 116<br> %<br>| &nbsp;&nbsp; 27<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%.*

<sup>(D)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 310%, 289%, 325%, 168% and 59%,* *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 19**

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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; $11.47 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $11.51 | &nbsp;&nbsp; $13.62 | &nbsp;&nbsp; $14.65 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.47 | 0.50 | 0.49 | 0.30 | 0.26 |
| Net realized and unrealized gain (loss) | 0.30 | &nbsp;&nbsp; (0.35)<br>| 0.16 | &nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp; (0.44)<br>|
| Total investment operations | 0.77 | 0.15 | 0.65 | &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.18)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.34)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.51)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.85)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $11.47 | &nbsp;&nbsp; $11.90 | &nbsp;&nbsp; $11.51 | &nbsp;&nbsp; $13.62 |
| **Total return**<sup>(B)</sup> <br>| 6.73<br> %<br>| 1.18<br> %<br>| 5.78<br> %<br>| &nbsp;&nbsp; (12.99)%<br>| &nbsp;&nbsp; (1.27)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $232894 | &nbsp;&nbsp; $253606 | &nbsp;&nbsp; $264987 | &nbsp;&nbsp; $276136 | &nbsp;&nbsp; $360914 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.74<br> %<br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.74<br> %<br>| 0.76 %<sup>(C)</sup><br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.77<br> %<br>|
| Net investment income (loss) to average net assets | 3.97<br> %<br>| 4.21<br> %<br>| 4.25<br> %<br>| 2.41<br> %<br>| 1.83<br> %<br>|
| Portfolio turnover rate<sup>(D)</sup> <br>| &nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp; 116<br> %<br>| &nbsp;&nbsp; 27<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%.*

<sup>(D)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 310%, 289%, 325%, 168% and 59%,* *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 20**

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**Transamerica Aegon Core Bond 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 Aegon Core Bond VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the 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 21**

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**Transamerica Aegon Core Bond 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.

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.

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Aegon Core Bond 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)**

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.

*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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Aegon Core Bond 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)**

*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.

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica Aegon Core Bond VP**

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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)**

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 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Aegon Core Bond 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)**

**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 | $224988 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $224988 |
| **Total Borrowings** | **$224988** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$224988** |

---

**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.

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Aegon Core Bond 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)**

disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

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

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Portfolio. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Portfolio's assets can decline as can the value of the Portfolio's distributions.

**Liquidity risk:** The Portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Portfolio to sell. This may prevent the Portfolio from limiting losses.

**Counterparty risk:** The Portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Portfolio do not fulfill their contractual obligations. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Portfolio has more contractual exposure to a counterparty.

**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

**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;

**6. RISK FACTORS (continued)**

loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Portfolio. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Portfolio's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Portfolio. In certain cases, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Portfolio to certain operational and legal risks. The Portfolio may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on portfolios using derivatives. Rule 18f-4 could have an adverse impact on the Portfolio's performance and its ability to implement its investment strategies and may increase costs related to the Portfolio's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Portfolio invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

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

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

**Transamerica 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;

**7. 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, AUIM, TFS and TCL are affiliates of Aegon Ltd.

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.420<br> % <br>|
| Over $1 billion up to $2 billion | 0.380 |
| Over $2 billion up to $3.5 billion | 0.365 |
| Over $3.5 billion up to $5 billion | 0.360 |
| Over $5 billion | 0.355 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.54<br> % <br>| May 1, 2026 |
| Service Class | 0.79 | May 1, 2026 |

---

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

**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;

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

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** |
| $598975305 | &nbsp;&nbsp; $568172514 | &nbsp;&nbsp; $132846311 | &nbsp;&nbsp; $358613903 |

---

**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, premium amortization adjustments 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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**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>|
| $1642452949 | &nbsp;&nbsp; $5440952 | &nbsp;&nbsp; $(7391661)<br>| &nbsp;&nbsp; $(1950709)<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; $13724096 | &nbsp;&nbsp;&nbsp;&nbsp; $48358062 |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $2,684,979.

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>|
| $17760281 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $20656550 | &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>|
| $22452350 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(62082158)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1517)<br>| &nbsp;&nbsp; $(1950709)<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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 31**

------

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Aegon Core Bond 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. ![](g768862imgc1248fb83.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**

------

**Transamerica Aegon Core Bond 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 33**

------

**Transamerica Aegon Core Bond 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 34**

------

**Transamerica Aegon Core Bond 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 35**

------

**Transamerica Aegon Core Bond 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 36**

------

**Transamerica Aegon Core Bond 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 37**

------

**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img30ef834f4.gif)

Visit **transamerica.com**

![](g768862imgdc9d88615.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img9e4625626.gif)

------

![](g768862imge30a55601.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Aegon High Yield Bond VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img0169e3aa2.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_333b4cc1-3fa7-4220-a760-d25622fa927b_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_SOI-RunningFooter-241_1) | 2 |
| [Statement of Assets and Liabilities](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_FS-RunningFooter-241_1) | 11 |
| [Statement of Operations](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_FS-RunningFooter-241_1) | 11 |
| [Statement of Changes in Net Assets](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_FS-RunningFooter-241_2) | 12 |
| [Financial Highlights](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_FS-RunningFooter-241_3) | 13 |
| [Notes to Financial Statements](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_NTF-RunningFooter-241_1) | 14 |
| **[Report of Independent Registered Public Accounting Firm](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_AUD-RunningFooter-241_1)** | 26 |
| **[Supplemental Information](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_STI-RunningFooter-241_1)** | 27 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_DWA-RunningFooter-241_1)**<br> **[Companies](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_DWA-RunningFooter-241_1)**<br>| 28 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_PD-RunningFooter-241_1)** | 29 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_DTO-RunningFooter-241_1)**<br> **[Companies](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_DTO-RunningFooter-241_1)**<br>| 30 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_333b4cc1-3fa7-4220-a760-d25622fa927b_Mgmtagmt-RunningFooter-241_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 Aegon High Yield Bond VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES - 93.2%**  | **CORPORATE DEBT SECURITIES - 93.2%**  | **CORPORATE DEBT SECURITIES - 93.2%**  |
| **Aerospace & Defense - 0.8%**  | **Aerospace & Defense - 0.8%**  | **Aerospace & Defense - 0.8%**  |
| TransDigm, Inc. |  |  |
| 4.88%, 05/01/2029 | $937000 | $934566 |
| 6.38%, 03/01/2029 <sup>(A)</sup> <br>| 274000 | 282568 |
| 6.75%, 01/31/2034 <sup>(A)</sup> <br>| 182000 | 189586 |
| 6.88%, 12/15/2030 <sup>(A)</sup> <br>| 385000 | 402905 |
| 7.13%, 12/01/2031 <sup>(A)</sup> <br>| 85000 | 89332 |
|  |  | 1898957 |
| **Automobile Components - 2.3%**  | **Automobile Components - 2.3%**  | **Automobile Components - 2.3%**  |
| American Axle & Manufacturing, Inc. |  |  |
| 6.38%, 10/15/2032 <sup>(A)</sup> <br>| 488000 | 497008 |
| 7.75%, 10/15/2033 <sup>(A)</sup> <br>| 484000 | 492992 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |
| 6.75%, 05/15/2028 <sup>(A)</sup><sup>(B)</sup> <br>| 329000 | 337348 |
| 6.75%, 02/15/2030 - 09/15/2032 <sup>(A)</sup> <br>| 707000 | 736065 |
| Goodyear Tire & Rubber Co. |  |  |
| 4.88%, 03/15/2027 | 361000 | 361593 |
| 5.00%, 07/15/2029 | 434000 | 428816 |
| 5.63%, 04/30/2033 <sup>(B)</sup> <br>| 945000 | 895102 |
| Phinia, Inc. |  |  |
| 6.63%, 10/15/2032 <sup>(A)</sup> <br>| 676000 | 699961 |
| ZF North America Capital, Inc. |  |  |
| 6.75%, 04/23/2030 <sup>(A)</sup> <br>| 530000 | 523731 |
| 6.88%, 04/14/2028 <sup>(A)</sup> <br>| 435000 | 443876 |
| 7.13%, 04/14/2030 <sup>(A)</sup> <br>| 303000 | 305342 |
|  |  | 5721834 |
| **Automobiles - 1.1%**  | **Automobiles - 1.1%**  | **Automobiles - 1.1%**  |
| Ford Motor Co. |  |  |
| 6.10%, 08/19/2032 | 140000 | 144251 |
| Ford Motor Credit Co. LLC |  |  |
| 2.70%, 08/10/2026 | 245000 | 242623 |
| 4.00%, 11/13/2030 | 625000 | 589809 |
| 6.95%, 03/06/2026 | 541000 | 542220 |
| 7.35%, 11/04/2027 - 03/06/2030 | 973000 | 1035326 |
|  |  | 2554229 |
| **Banks - 1.0%**  | **Banks - 1.0%**  | **Banks - 1.0%**  |
| Credit Suisse Group AG |  |  |
| &nbsp;&nbsp; Fixed until 02/11/2027 <sup>(C)</sup>, <br>5.25% <sup>(A)</sup><sup>(D)</sup><sup>(E)</sup><sup>(F)</sup> <br>| 200000 | 52000 |
| &nbsp;&nbsp; Fixed until 08/21/2026 <sup>(C)</sup>, <br>6.38% <sup>(A)</sup><sup>(D)</sup><sup>(E)</sup><sup>(F)</sup> <br>| 387000 | 100620 |
| &nbsp;&nbsp; Fixed until 09/12/2025 <sup>(C)</sup>, <br>7.25% <sup>(A)</sup><sup>(D)</sup><sup>(E)</sup><sup>(F)</sup> <br>| 465000 | 120900 |
| Intesa Sanpaolo SpA |  |  |
| 5.71%, 01/15/2026 <sup>(A)</sup> <br>| 651000 | 651313 |
| &nbsp;&nbsp; Fixed until 11/21/2032, <br>8.25% <sup>(F)</sup>, 11/21/2033 <sup>(A)</sup> <br>| 411000 | 485215 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp; Fixed until 09/27/2035 <sup>(C)</sup>, <br>6.63% <sup>(B)</sup><sup>(F)</sup> <br>| 965000 | 963402 |
|  |  | 2373450 |
| **Beverages - 0.6%**  | **Beverages - 0.6%**  | **Beverages - 0.6%**  |
| Primo Water Holdings, Inc./Triton Water <br> Holdings, Inc. |  |  |
| 4.38%, 04/30/2029 <sup>(A)</sup> <br>| 1412000 | 1373712 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Biotechnology - 0.7%**  | **Biotechnology - 0.7%**  | **Biotechnology - 0.7%**  |
| Genmab AS/Genmab Finance LLC |  |  |
| 6.25%, 12/15/2032 <sup>(A)</sup> <br>| $541000 | $554442 |
| 7.25%, 12/15/2033 <sup>(A)</sup> <br>| 1074000 | 1128142 |
|  |  | 1682584 |
| **Building Products - 3.0%**  | **Building Products - 3.0%**  | **Building Products - 3.0%**  |
| Boise Cascade Co. |  |  |
| 4.88%, 07/01/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 758000 | 750219 |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 02/01/2032 <sup>(A)</sup> <br>| 786000 | 748438 |
| 5.00%, 03/01/2030 <sup>(A)</sup> <br>| 137000 | 136598 |
| 6.38%, 06/15/2032 <sup>(A)</sup> <br>| 461000 | 477658 |
| 6.75%, 05/15/2035 <sup>(A)</sup> <br>| 145000 | 151600 |
| Camelot Return Merger Sub, Inc. |  |  |
| 8.75%, 08/01/2028 <sup>(A)</sup> <br>| 116000 | 89888 |
| Cornerstone Building Brands, Inc. |  |  |
| 6.13%, 01/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 448000 | 224405 |
| 9.50%, 08/15/2029 <sup>(A)</sup> <br>| 344000 | 254560 |
| EMRLD Borrower LP/Emerald Co-Issuer, <br> Inc. |  |  |
| 6.63%, 12/15/2030 <sup>(A)</sup> <br>| 1878000 | 1955960 |
| 6.75%, 07/15/2031 <sup>(A)</sup> <br>| 179000 | 188668 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/2032 <sup>(A)</sup> <br>| 810000 | 843113 |
| 6.75%, 03/01/2033 <sup>(A)</sup> <br>| 228000 | 238098 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 8.88%, 11/15/2031 <sup>(A)</sup> <br>| 1286000 | 1375548 |
|  |  | 7434753 |
| **Chemicals - 2.8%**  | **Chemicals - 2.8%**  | **Chemicals - 2.8%**  |
| ASP Unifrax Holdings, Inc. |  |  |
| 5.25%, 09/30/2028 <sup>(A)</sup> <br>| 368000 | 27600 |
| Celanese U.S. Holdings LLC |  |  |
| 7.05%, 11/15/2030 | 705000 | 742842 |
| Inversion Escrow Issuer LLC |  |  |
| 6.75%, 08/01/2032 <sup>(A)</sup> <br>| 826000 | 822809 |
| NOVA Chemicals Corp. |  |  |
| 7.00%, 12/01/2031 <sup>(A)</sup> <br>| 1133000 | 1206769 |
| 8.50%, 11/15/2028 <sup>(A)</sup> <br>| 561000 | 586551 |
| 9.00%, 02/15/2030 <sup>(A)</sup> <br>| 553000 | 590474 |
| Olin Corp. |  |  |
| 6.63%, 04/01/2033 <sup>(A)</sup> <br>| 928000 | 921011 |
| Olympus Water U.S. Holding Corp. |  |  |
| 7.25%, 06/15/2031 - 02/15/2033 <sup>(A)</sup> <br>| 1926000 | 1943195 |
|  |  | 6841251 |
| **Commercial Services & Supplies - 5.9%**  | **Commercial Services & Supplies - 5.9%**  | **Commercial Services & Supplies - 5.9%**  |
| Allied Universal Holdco LLC |  |  |
| 7.88%, 02/15/2031 <sup>(A)</sup> <br>| 1420000 | 1496508 |
| Avient Corp. |  |  |
| 6.25%, 11/01/2031 <sup>(A)</sup> <br>| 147000 | 151095 |
| 7.13%, 08/01/2030 <sup>(A)</sup> <br>| 943000 | 970926 |
| Avis Budget Car Rental LLC/Avis Budget <br> Finance, Inc. |  |  |
| 5.75%, 07/15/2027 <sup>(A)</sup> <br>| 562000 | 562848 |
| 8.00%, 02/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 1250000 | 1284641 |
| 8.38%, 06/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 70000 | 72282 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Aegon High Yield Bond 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)** |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/2030 <sup>(A)</sup> <br>| $125000 | $129043 |
| 6.25%, 03/15/2033 <sup>(A)</sup> <br>| 1050000 | 1092343 |
| Enviri Corp. |  |  |
| 5.75%, 07/31/2027 <sup>(A)</sup> <br>| 1363000 | 1363732 |
| Herc Holdings, Inc. |  |  |
| 6.00%, 03/15/2034 <sup>(A)</sup> <br>| 605000 | 613063 |
| 6.63%, 06/15/2029 <sup>(A)</sup> <br>| 798000 | 828403 |
| 7.00%, 06/15/2030 <sup>(A)</sup> <br>| 328000 | 345197 |
| 7.25%, 06/15/2033 <sup>(A)</sup> <br>| 344000 | 364772 |
| Hertz Corp. |  |  |
| 4.63%, 12/01/2026 <sup>(A)</sup> <br>| 81000 | 77592 |
| 12.63%, 07/15/2029 <sup>(A)</sup> <br>| 1075000 | 1084315 |
| ION Platform Finance U.S., Inc. |  |  |
| 7.88%, 09/30/2032 <sup>(A)</sup> <br>| 1238000 | 1174685 |
| Madison IAQ LLC |  |  |
| 5.88%, 06/30/2029 <sup>(A)</sup> <br>| 1031000 | 1024736 |
| United Rentals North America, Inc. |  |  |
| 3.75%, 01/15/2032 | 395000 | 370585 |
| 4.00%, 07/15/2030 | 622000 | 602953 |
| 6.00%, 12/15/2029 <sup>(A)</sup> <br>| 802000 | 823945 |
|  |  | 14433664 |
| **Communications Equipment - 5.1%**  | **Communications Equipment - 5.1%**  | **Communications Equipment - 5.1%**  |
| Altice Financing SA |  |  |
| 9.63%, 07/15/2027 <sup>(A)</sup> <br>| 504000 | 388080 |
| CommScope LLC |  |  |
| 8.25%, 03/01/2027 <sup>(A)</sup> <br>| 609000 | 613726 |
| 9.50%, 12/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 1007000 | 1017111 |
| EchoStar Corp. |  |  |
| 10.75%, 11/30/2029 | 900000 | 995221 |
| GoTo Group, Inc. |  |  |
| 5.50%, 05/01/2028 <sup>(A)</sup> <br>| 1295617 | 860669 |
| Iliad Holding SAS |  |  |
| 7.00%, 10/15/2028 - 04/15/2032 <sup>(A)</sup> <br>| 1145000 | 1170369 |
| 8.50%, 04/15/2031 <sup>(A)</sup> <br>| 728000 | 783509 |
| Level 3 Financing, Inc. |  |  |
| 3.63%, 01/15/2029 <sup>(A)</sup> <br>| 418000 | 385776 |
| 3.75%, 07/15/2029 <sup>(A)</sup> <br>| 1226000 | 1116285 |
| 6.88%, 06/30/2033 <sup>(A)</sup> <br>| 855000 | 874903 |
| 7.00%, 03/31/2034 <sup>(A)</sup> <br>| 915000 | 942973 |
| 8.50%, 01/15/2036 <sup>(A)</sup> <br>| 497500 | 509431 |
| Vmed O2 U.K. Financing I PLC |  |  |
| 4.75%, 07/15/2031 <sup>(A)</sup> <br>| 1029000 | 949987 |
| 6.75%, 01/15/2033 <sup>(A)</sup> <br>| 774000 | 767061 |
| 7.75%, 04/15/2032 <sup>(A)</sup> <br>| 926000 | 964985 |
|  |  | 12340086 |
| **Construction & Engineering - 0.9%**  | **Construction & Engineering - 0.9%**  | **Construction & Engineering - 0.9%**  |
| Century Communities, Inc. |  |  |
| 6.63%, 09/15/2033 <sup>(A)</sup> <br>| 1208000 | 1221528 |
| KB Home |  |  |
| 7.25%, 07/15/2030 | 966000 | 997898 |
|  |  | 2219426 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Consumer Staples Distribution & Retail - 1.0%**  | **Consumer Staples Distribution & Retail - 1.0%**  | **Consumer Staples Distribution & Retail - 1.0%**  |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |
| 3.88%, 01/15/2028 <sup>(A)</sup> <br>| $204000 | $201093 |
| 4.00%, 10/15/2030 <sup>(A)</sup> <br>| 636000 | 605729 |
| Bath & Body Works, Inc. |  |  |
| 6.63%, 10/01/2030 <sup>(A)</sup> <br>| 171000 | 174830 |
| 6.75%, 07/01/2036 | 497000 | 493328 |
| 6.88%, 11/01/2035 | 455000 | 460309 |
| 7.50%, 06/15/2029 | 549000 | 562559 |
|  |  | 2497848 |
| **Containers & Packaging - 5.0%**  | **Containers & Packaging - 5.0%**  | **Containers & Packaging - 5.0%**  |
| Ardagh Group SA |  |  |
| 9.50%, 12/01/2030 <sup>(A)</sup> <br>| 912343 | 989544 |
| &nbsp;&nbsp; PIK Rate 6.50%, Cash Rate 5.50%, <br>12/01/2030 <sup>(A)</sup><sup>(G)</sup> <br>| 1147000 | 1048071 |
| Ball Corp. |  |  |
| 2.88%, 08/15/2030 | 1447000 | 1337905 |
| 6.00%, 06/15/2029 | 57000 | 58590 |
| Cascades, Inc./Cascades USA, Inc. |  |  |
| 5.38%, 01/15/2028 <sup>(A)</sup> <br>| 751000 | 749074 |
| 6.75%, 07/15/2030 <sup>(A)</sup> <br>| 1204000 | 1250655 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/2029 <sup>(A)</sup> <br>| 178000 | 181106 |
| 6.75%, 04/15/2032 <sup>(A)</sup> <br>| 457000 | 469921 |
| Graphic Packaging International LLC |  |  |
| 3.50%, 03/15/2028 - 03/01/2029 <sup>(A)</sup> <br>| 997000 | 963006 |
| 3.75%, 02/01/2030 <sup>(A)</sup><sup>(B)</sup> <br>| 404000 | 381896 |
| 6.38%, 07/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 674000 | 686585 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 04/15/2030 <sup>(A)</sup> <br>| 1837000 | 1822507 |
| 9.25%, 04/15/2027 <sup>(A)</sup> <br>| 148000 | 139096 |
| OI European Group BV |  |  |
| 4.75%, 02/15/2030 <sup>(A)</sup> <br>| 303000 | 293188 |
| Owens-Brockway Glass Container, Inc. |  |  |
| 7.25%, 05/15/2031 <sup>(A)</sup> <br>| 439000 | 448121 |
| 7.38%, 06/01/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 440000 | 446386 |
| Sealed Air Corp. |  |  |
| 6.50%, 07/15/2032 <sup>(A)</sup> <br>| 136000 | 141083 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |
| 6.13%, 02/01/2028 <sup>(A)</sup> <br>| 364000 | 370047 |
| Trivium Packaging Finance BV |  |  |
| 8.25%, 07/15/2030 <sup>(A)</sup> <br>| 182000 | 195101 |
| 12.25%, 01/15/2031 <sup>(A)</sup> <br>| 239000 | 259324 |
|  |  | 12231206 |
| **Electric Utilities - 3.5%**  | **Electric Utilities - 3.5%**  | **Electric Utilities - 3.5%**  |
| Alpha Generation LLC |  |  |
| 6.25%, 01/15/2034 <sup>(A)</sup> <br>| 1730000 | 1745530 |
| Calpine Corp. |  |  |
| 3.75%, 03/01/2031 <sup>(A)</sup><sup>(H)</sup> <br>| 531000 | 512602 |
| 5.00%, 02/01/2031 <sup>(A)</sup><sup>(H)</sup> <br>| 140000 | 142184 |
| 5.13%, 03/15/2028 <sup>(A)</sup> <br>| 1157000 | 1158297 |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 02/15/2031 <sup>(A)</sup> <br>| 320000 | 298844 |
| 4.75%, 03/15/2028 <sup>(A)</sup> <br>| 583000 | 581730 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Aegon High Yield Bond 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. |  |  |
| 5.75%, 01/15/2028 | $268000 | $269024 |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 729000 | 743434 |
| Talen Energy Supply LLC |  |  |
| 6.25%, 02/01/2034 <sup>(A)</sup> <br>| 321000 | 327392 |
| 6.50%, 02/01/2036 <sup>(A)</sup> <br>| 321000 | 331943 |
| Vistra Operations Co. LLC |  |  |
| 5.00%, 07/31/2027 <sup>(A)</sup> <br>| 771000 | 772774 |
| 5.63%, 02/15/2027 <sup>(A)</sup> <br>| 176000 | 176076 |
| 6.88%, 04/15/2032 <sup>(A)</sup> <br>| 1376000 | 1449506 |
|  |  | 8509336 |
| **Electrical Equipment - 1.0%**  | **Electrical Equipment - 1.0%**  | **Electrical Equipment - 1.0%**  |
| Energizer Holdings, Inc. |  |  |
| 4.38%, 03/31/2029 <sup>(A)</sup> <br>| 865000 | 826512 |
| 6.00%, 09/15/2033 <sup>(A)</sup> <br>| 478000 | 458500 |
| WESCO Distribution, Inc. |  |  |
| 6.38%, 03/15/2029 - 03/15/2033 <sup>(A)</sup> <br>| 650000 | 672661 |
| 6.63%, 03/15/2032 <sup>(A)</sup> <br>| 195000 | 203612 |
| 7.25%, 06/15/2028 <sup>(A)</sup> <br>| 219000 | 222179 |
|  |  | 2383464 |
| **Electronic Equipment, Instruments & Components - 0.4%**  | **Electronic Equipment, Instruments & Components - 0.4%**  | **Electronic Equipment, Instruments & Components - 0.4%**  |
| Sensata Technologies BV |  |  |
| 4.00%, 04/15/2029 <sup>(A)</sup> <br>| 255000 | 248802 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/2030 <sup>(A)</sup> <br>| 301000 | 293986 |
| 6.63%, 07/15/2032 <sup>(A)</sup> <br>| 428000 | 448147 |
|  |  | 990935 |
| **Energy Equipment & Services - 0.9%**  | **Energy Equipment & Services - 0.9%**  | **Energy Equipment & Services - 0.9%**  |
| Archrock Partners LP/Archrock Partners <br> Finance Corp. |  |  |
| 6.25%, 04/01/2028 <sup>(A)</sup> <br>| 754000 | 758327 |
| 6.63%, 09/01/2032 <sup>(A)</sup> <br>| 885000 | 912749 |
| Kodiak Gas Services LLC |  |  |
| 6.50%, 10/01/2033 <sup>(A)</sup> <br>| 502000 | 512649 |
|  |  | 2183725 |
| **Financial Services - 3.1%**  | **Financial Services - 3.1%**  | **Financial Services - 3.1%**  |
| Azorra Finance Ltd. |  |  |
| 7.25%, 01/15/2031 <sup>(A)</sup> <br>| 1225000 | 1283595 |
| ILFC E-Capital Trust I |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 0.00%, <br>6.35% <sup>(F)</sup>, 12/21/2065 <sup>(A)</sup><sup>(B)</sup> <br>| 2208000 | 1846055 |
| ILFC E-Capital Trust II |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 0.00%, <br>6.60% <sup>(F)</sup>, 12/21/2065 <sup>(A)</sup> <br>| 684000 | 587870 |
| PennyMac Financial Services, Inc. |  |  |
| 6.75%, 02/15/2034 <sup>(A)</sup> <br>| 817000 | 844555 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 08/01/2030 <sup>(A)</sup> <br>| 1368000 | 1414073 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 04/15/2029 <sup>(A)</sup> <br>| 291000 | 288914 |
| 5.75%, 06/15/2027 <sup>(A)</sup> <br>| 398000 | 399061 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| UWM Holdings LLC |  |  |
| 6.63%, 02/01/2030 <sup>(A)</sup> <br>| $813000 | $823227 |
|  |  | 7487350 |
| **Food Products - 2.7%**  | **Food Products - 2.7%**  | **Food Products - 2.7%**  |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP |  |  |
| 3.50%, 03/15/2029 <sup>(A)</sup> <br>| 387000 | 371672 |
| 4.63%, 01/15/2027 <sup>(A)</sup> <br>| 791000 | 790238 |
| 5.50%, 03/31/2031 <sup>(A)</sup> <br>| 55000 | 55580 |
| 6.50%, 02/15/2028 <sup>(A)</sup> <br>| 858000 | 876375 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| 7.63%, 07/01/2029 <sup>(A)</sup> <br>| 768000 | 801118 |
| Darling Ingredients, Inc. |  |  |
| 5.25%, 04/15/2027 <sup>(A)</sup> <br>| 210000 | 209783 |
| 6.00%, 06/15/2030 <sup>(A)</sup> <br>| 613000 | 623011 |
| Post Holdings, Inc. |  |  |
| 4.50%, 09/15/2031 <sup>(A)</sup> <br>| 339000 | 321388 |
| 4.63%, 04/15/2030 <sup>(A)</sup> <br>| 713000 | 694294 |
| 6.25%, 02/15/2032 - 10/15/2034 <sup>(A)</sup> <br>| 443000 | 452715 |
| 6.38%, 03/01/2033 <sup>(A)</sup> <br>| 779000 | 786790 |
| 6.50%, 03/15/2036 <sup>(A)</sup> <br>| 700000 | 700946 |
|  |  | 6683910 |
| **Health Care Equipment & Supplies - 0.6%**  | **Health Care Equipment & Supplies - 0.6%**  | **Health Care Equipment & Supplies - 0.6%**  |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/2029 <sup>(A)</sup> <br>| 1030000 | 1005599 |
| Medline Borrower LP/Medline Co-Issuer, <br> Inc. |  |  |
| 6.25%, 04/01/2029 <sup>(A)</sup> <br>| 443000 | 457956 |
|  |  | 1463555 |
| **Health Care Providers & Services - 4.7%**  | **Health Care Providers & Services - 4.7%**  | **Health Care Providers & Services - 4.7%**  |
| CHS/Community Health Systems, Inc. |  |  |
| 5.25%, 05/15/2030 <sup>(A)</sup> <br>| 853000 | 801131 |
| 6.88%, 04/15/2029 <sup>(A)</sup> <br>| 63000 | 56070 |
| 10.88%, 01/15/2032 <sup>(A)</sup> <br>| 835000 | 911352 |
| DaVita, Inc. |  |  |
| 3.75%, 02/15/2031 <sup>(A)</sup> <br>| 1232000 | 1138212 |
| 4.63%, 06/01/2030 <sup>(A)</sup> <br>| 400000 | 388956 |
| Encompass Health Corp. |  |  |
| 4.50%, 02/01/2028 | 553000 | 552041 |
| 4.63%, 04/01/2031 | 60000 | 58761 |
| 4.75%, 02/01/2030 | 218000 | 217278 |
| IQVIA, Inc. |  |  |
| 6.25%, 06/01/2032 <sup>(A)</sup> <br>| 1269000 | 1326001 |
| Kedrion SpA |  |  |
| 6.50%, 09/01/2029 <sup>(A)</sup> <br>| 776000 | 761283 |
| LifePoint Health, Inc. |  |  |
| 11.00%, 10/15/2030 <sup>(A)</sup> <br>| 660000 | 723779 |
| Sotera Health Holdings LLC |  |  |
| 7.38%, 06/01/2031 <sup>(A)</sup> <br>| 1068000 | 1120141 |
| Tenet Healthcare Corp. |  |  |
| 4.25%, 06/01/2029 | 672000 | 661964 |
| 4.63%, 06/15/2028 | 28000 | 28052 |
| 5.13%, 11/01/2027 | 647000 | 648447 |
| 5.50%, 11/15/2032 <sup>(A)</sup> <br>| 620000 | 628501 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Aegon High Yield Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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)** |
| Tenet Healthcare Corp. (continued) |  |  |
| 6.00%, 11/15/2033 <sup>(A)</sup> <br>| $197000 | $202830 |
| 6.13%, 10/01/2028 - 06/15/2030 | 1292000 | 1306266 |
|  |  | 11531065 |
| **Health Care REITs - 0.5%**  | **Health Care REITs - 0.5%**  | **Health Care REITs - 0.5%**  |
| MPT Operating Partnership LP/MPT <br> Finance Corp. |  |  |
| 3.50%, 03/15/2031 | 737000 | 535867 |
| 5.00%, 10/15/2027 <sup>(B)</sup> <br>| 534000 | 515514 |
| 8.50%, 02/15/2032 <sup>(A)</sup> <br>| 233000 | 248828 |
|  |  | 1300209 |
| **Hotel & Resort REITs - 0.9%**  | **Hotel & Resort REITs - 0.9%**  | **Hotel & Resort REITs - 0.9%**  |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK <br> Domestic Property LLC/PK Finance <br>Co-Issuer |  |  |
| 5.88%, 10/01/2028 <sup>(A)</sup> <br>| 375000 | 375300 |
| 7.00%, 02/01/2030 <sup>(A)</sup> <br>| 1064000 | 1092079 |
| Pebblebrook Hotel LP/PEB Finance Corp. |  |  |
| 6.38%, 10/15/2029 <sup>(A)</sup> <br>| 624000 | 638693 |
|  |  | 2106072 |
| **Hotels, Restaurants & Leisure - 8.5%**  | **Hotels, Restaurants & Leisure - 8.5%**  | **Hotels, Restaurants & Leisure - 8.5%**  |
| Boyne USA, Inc. |  |  |
| 4.75%, 05/15/2029 <sup>(A)</sup> <br>| 1082000 | 1067204 |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/2029 <sup>(A)</sup> <br>| 601000 | 576502 |
| 6.50%, 02/15/2032 <sup>(A)</sup> <br>| 335000 | 343182 |
| 7.00%, 02/15/2030 <sup>(A)</sup> <br>| 77000 | 79746 |
| Carnival Corp. |  |  |
| 5.13%, 05/01/2029 <sup>(A)</sup> <br>| 353000 | 356915 |
| 5.75%, 08/01/2032 <sup>(A)</sup> <br>| 557000 | 571639 |
| 6.13%, 02/15/2033 <sup>(A)</sup> <br>| 366000 | 377928 |
| Churchill Downs, Inc. |  |  |
| 5.75%, 04/01/2030 <sup>(A)</sup> <br>| 842000 | 850200 |
| 6.75%, 05/01/2031 <sup>(A)</sup> <br>| 669000 | 693704 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 4.88%, 01/15/2030 | 595000 | 597007 |
| 5.88%, 04/01/2029 <sup>(A)</sup> <br>| 81000 | 82927 |
| &nbsp;&nbsp; Hilton Grand Vacations <br> Borrower LLC/Hilton Grand Vacations <br>Borrower, Inc. |  |  |
| 4.88%, 07/01/2031 <sup>(A)</sup> <br>| 903000 | 842969 |
| 5.00%, 06/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 433000 | 420585 |
| Kingpin Intermediate Holdings LLC |  |  |
| 7.25%, 10/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 502000 | 474566 |
| Marriott Ownership Resorts, Inc. |  |  |
| 6.50%, 10/01/2033 <sup>(A)</sup> <br>| 855000 | 820206 |
| MGM Resorts International |  |  |
| 4.75%, 10/15/2028 | 633000 | 631479 |
| 5.50%, 04/15/2027 | 514000 | 518576 |
| 6.13%, 09/15/2029 | 667000 | 685456 |
| 6.50%, 04/15/2032 | 899000 | 926244 |
| NCL Corp. Ltd. |  |  |
| 6.25%, 09/15/2033 <sup>(A)</sup> <br>| 551000 | 550768 |
| 6.75%, 02/01/2032 <sup>(A)</sup> <br>| 712000 | 729033 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Rivers Enterprise Lender LLC/Rivers <br> Enterprise Lender Corp. |  |  |
| 6.25%, 10/15/2030 <sup>(A)</sup> <br>| $659000 | $672660 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.38%, 07/15/2027 <sup>(A)</sup> <br>| 450000 | 453410 |
| 6.00%, 02/01/2033 <sup>(A)</sup> <br>| 332000 | 341112 |
| 6.25%, 03/15/2032 <sup>(A)</sup> <br>| 171000 | 176943 |
| Station Casinos LLC |  |  |
| 4.50%, 02/15/2028 <sup>(A)</sup> <br>| 1416000 | 1404301 |
| 6.63%, 03/15/2032 <sup>(A)</sup> <br>| 404000 | 413560 |
| Travel & Leisure Co. |  |  |
| 4.50%, 12/01/2029 <sup>(A)</sup> <br>| 392000 | 383677 |
| 6.00%, 04/01/2027 | 926000 | 940001 |
| 6.13%, 09/01/2033 <sup>(A)</sup> <br>| 40000 | 40602 |
| Vail Resorts, Inc. |  |  |
| 6.50%, 05/15/2032 <sup>(A)</sup> <br>| 534000 | 554157 |
| Viking Cruises Ltd. |  |  |
| 5.88%, 10/15/2033 <sup>(A)</sup> <br>| 849000 | 862128 |
| 7.00%, 02/15/2029 <sup>(A)</sup> <br>| 710000 | 714114 |
| 9.13%, 07/15/2031 <sup>(A)</sup> <br>| 346000 | 370511 |
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp. |  |  |
| 7.13%, 02/15/2031 <sup>(A)</sup> <br>| 1105000 | 1195707 |
|  |  | 20719719 |
| **Household Durables - 1.1%**  | **Household Durables - 1.1%**  | **Household Durables - 1.1%**  |
| Newell Brands, Inc. |  |  |
| 6.63%, 05/15/2032 <sup>(B)</sup> <br>| 1325000 | 1285464 |
| 8.50%, 06/01/2028 <sup>(A)</sup> <br>| 245000 | 256895 |
| Whirlpool Corp. |  |  |
| 6.50%, 06/15/2033 | 1236000 | 1198557 |
|  |  | 2740916 |
| **Insurance - 3.2%**  | **Insurance - 3.2%**  | **Insurance - 3.2%**  |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| 6.75%, 07/01/2032 <sup>(A)</sup> <br>| 738000 | 760220 |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer |  |  |
| 6.50%, 10/01/2031 <sup>(A)</sup> <br>| 1062000 | 1094589 |
| 6.75%, 10/15/2027 <sup>(A)</sup> <br>| 367000 | 369156 |
| Constellation Insurance, Inc. |  |  |
| 6.80%, 01/24/2030 <sup>(A)</sup> <br>| 1978000 | 1991591 |
| Hartford Insurance Group, Inc. |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 2.39%, <br>6.24% <sup>(F)</sup>, 02/12/2067 <sup>(A)</sup> <br>| 1116000 | 1055987 |
| HUB International Ltd. |  |  |
| 7.25%, 06/15/2030 <sup>(A)</sup> <br>| 1426000 | 1497193 |
| 7.38%, 01/31/2032 <sup>(A)</sup> <br>| 274000 | 287578 |
| Lincoln National Corp. |  |  |
| &nbsp;&nbsp; 3-Month Term SOFR + 2.62%, <br>6.47% <sup>(F)</sup>, 05/17/2066<br>| 840000 | 727178 |
|  |  | 7783492 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Aegon High Yield Bond 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 - 0.9%**  | **Internet & Catalog Retail - 0.9%**  | **Internet & Catalog Retail - 0.9%**  |
| ION Platform Finance U.S., Inc./ION <br> Platform Finance SARL |  |  |
| 8.75%, 05/01/2029 <sup>(A)</sup> <br>| $1140000 | $1154947 |
| 9.50%, 05/30/2029 <sup>(A)</sup> <br>| 1133000 | 1147387 |
|  |  | 2302334 |
| **IT Services - 1.0%**  | **IT Services - 1.0%**  | **IT Services - 1.0%**  |
| Crowdstrike Holdings, Inc. |  |  |
| 3.00%, 02/15/2029 | 793000 | 760952 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/01/2028 <sup>(A)</sup> <br>| 1250000 | 1241091 |
| 5.13%, 04/15/2029 <sup>(A)</sup> <br>| 341000 | 338600 |
|  |  | 2340643 |
| **Machinery - 1.4%**  | **Machinery - 1.4%**  | **Machinery - 1.4%**  |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/2030 <sup>(A)</sup> <br>| 1193000 | 1243399 |
| GrafTech Finance, Inc. |  |  |
| 4.63%, 12/23/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 377000 | 279922 |
| GrafTech Global Enterprises, Inc. |  |  |
| 9.88%, 12/23/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 239000 | 207930 |
| SPX Flow, Inc. |  |  |
| 8.75%, 04/01/2030 <sup>(A)</sup> <br>| 1658000 | 1710487 |
|  |  | 3441738 |
| **Media - 7.9%**  | **Media - 7.9%**  | **Media - 7.9%**  |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp. |  |  |
| 4.50%, 08/15/2030 <sup>(A)</sup> <br>| 378000 | 355891 |
| 4.50%, 05/01/2032 | 848000 | 761112 |
| 4.75%, 03/01/2030 <sup>(A)</sup> <br>| 985000 | 940723 |
| 5.00%, 02/01/2028 <sup>(A)</sup> <br>| 423000 | 419653 |
| 5.38%, 06/01/2029 <sup>(A)</sup> <br>| 461000 | 455800 |
| 5.50%, 05/01/2026 <sup>(A)</sup> <br>| 348000 | 348576 |
| 7.38%, 03/01/2031 <sup>(A)</sup> <br>| 221000 | 225528 |
| &nbsp;&nbsp; Charter Communications <br> Operating LLC/Charter Communications <br>Operating Capital |  |  |
| 6.48%, 10/23/2045 | 1532000 | 1440335 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.13%, 02/15/2031 <sup>(A)</sup> <br>| 530000 | 554986 |
| 7.50%, 03/15/2033 <sup>(A)</sup> <br>| 185000 | 195414 |
| 7.88%, 04/01/2030 <sup>(A)</sup> <br>| 270000 | 284362 |
| CSC Holdings LLC |  |  |
| 4.13%, 12/01/2030 <sup>(A)</sup> <br>| 248000 | 152074 |
| 4.50%, 11/15/2031 <sup>(A)</sup> <br>| 662000 | 403820 |
| 5.00%, 11/15/2031 <sup>(A)</sup> <br>| 263000 | 92845 |
| 5.75%, 01/15/2030 <sup>(A)</sup> <br>| 2670000 | 987178 |
| 6.50%, 02/01/2029 <sup>(A)</sup> <br>| 893000 | 591810 |
| 11.75%, 01/31/2029 <sup>(A)</sup> <br>| 600000 | 445768 |
| Directv Financing LLC |  |  |
| 8.88%, 02/01/2030 <sup>(A)</sup> <br>| 1231000 | 1245518 |
| DISH DBS Corp. |  |  |
| 7.75%, 07/01/2026 | 218000 | 215347 |
| DISH Network Corp. |  |  |
| 11.75%, 11/15/2027 <sup>(A)</sup> <br>| 662000 | 688996 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Gray Media, Inc. |  |  |
| 4.75%, 10/15/2030 <sup>(A)</sup><sup>(B)</sup> <br>| $587000 | $455303 |
| 5.38%, 11/15/2031 <sup>(A)</sup> <br>| 704000 | 527909 |
| iHeartCommunications, Inc. |  |  |
| 7.75%, 08/15/2030 <sup>(A)</sup> <br>| 1171118 | 1024728 |
| 9.13%, 05/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 440250 | 424009 |
| LCPR Senior Secured Financing DAC |  |  |
| 6.75%, 10/15/2027 <sup>(A)</sup> <br>| 1578000 | 1102943 |
| Univision Communications, Inc. |  |  |
| 8.00%, 08/15/2028 <sup>(A)</sup> <br>| 465000 | 481589 |
| 9.38%, 08/01/2032 <sup>(A)</sup> <br>| 454000 | 487965 |
| Virgin Media Finance PLC |  |  |
| 5.00%, 07/15/2030 <sup>(A)</sup> <br>| 983000 | 866620 |
| Virgin Media Secured Finance PLC |  |  |
| 5.50%, 05/15/2029 <sup>(A)</sup> <br>| 724000 | 713253 |
| VZ Secured Financing BV |  |  |
| 5.00%, 01/15/2032 <sup>(A)</sup> <br>| 2115000 | 1913976 |
| 7.50%, 01/15/2033 <sup>(A)</sup><sup>(B)</sup> <br>| 547000 | 554126 |
|  |  | 19358157 |
| **Metals & Mining - 3.0%**  | **Metals & Mining - 3.0%**  | **Metals & Mining - 3.0%**  |
| Advanced Drainage Systems, Inc. |  |  |
| 5.00%, 09/30/2027 <sup>(A)</sup> <br>| 198000 | 198098 |
| 6.38%, 06/15/2030 <sup>(A)</sup> <br>| 238000 | 243372 |
| Big River Steel LLC/BRS Finance Corp. |  |  |
| 6.63%, 01/31/2029 <sup>(A)</sup> <br>| 1475000 | 1485700 |
| Constellium SE |  |  |
| 5.63%, 06/15/2028 <sup>(A)</sup> <br>| 1301000 | 1300813 |
| Fortescue Treasury Pty. Ltd. |  |  |
| 5.88%, 04/15/2030 <sup>(A)</sup> <br>| 329000 | 338330 |
| 6.13%, 04/15/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 698000 | 728352 |
| Kaiser Aluminum Corp. |  |  |
| 5.88%, 03/01/2034 <sup>(A)</sup> <br>| 495000 | 496553 |
| Mineral Resources Ltd. |  |  |
| 9.25%, 10/01/2028 <sup>(A)</sup> <br>| 99000 | 103900 |
| Novelis Corp. |  |  |
| 4.75%, 01/30/2030 <sup>(A)</sup> <br>| 1125000 | 1086750 |
| 6.38%, 08/15/2033 <sup>(A)</sup> <br>| 591000 | 599139 |
| 6.88%, 01/30/2030 <sup>(A)</sup> <br>| 714000 | 741383 |
|  |  | 7322390 |
| **Mortgage Real Estate Investment Trusts - 1.0%**  | **Mortgage Real Estate Investment Trusts - 1.0%**  | **Mortgage Real Estate Investment Trusts - 1.0%**  |
| &nbsp;&nbsp; Ladder Capital Finance <br> Holdings LLLP/Ladder Capital Finance <br>Corp. |  |  |
| 4.25%, 02/01/2027 <sup>(A)</sup> <br>| 364000 | 361571 |
| 7.00%, 07/15/2031 <sup>(A)</sup> <br>| 576000 | 610706 |
| Starwood Property Trust, Inc. |  |  |
| 5.25%, 10/15/2028 <sup>(A)</sup> <br>| 146000 | 147061 |
| 6.00%, 04/15/2030 <sup>(A)</sup> <br>| 793000 | 813937 |
| 6.50%, 07/01/2030 <sup>(A)</sup> <br>| 388000 | 404726 |
|  |  | 2338001 |
| **Oil, Gas & Consumable Fuels - 10.7%**  | **Oil, Gas & Consumable Fuels - 10.7%**  | **Oil, Gas & Consumable Fuels - 10.7%**  |
| Aethon United BR LP/Aethon United <br> Finance Corp. |  |  |
| 7.50%, 10/01/2029 <sup>(A)</sup> <br>| 642000 | 672608 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica Aegon High Yield Bond 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)** |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp. |  |  |
| 5.38%, 06/15/2029 <sup>(A)</sup> <br>| $643000 | $643017 |
| 6.63%, 02/01/2032 <sup>(A)</sup> <br>| 393000 | 406788 |
| Civitas Resources, Inc. |  |  |
| 5.00%, 10/15/2026 <sup>(A)</sup> <br>| 364000 | 362931 |
| 8.63%, 11/01/2030 <sup>(A)</sup> <br>| 28000 | 29346 |
| 8.75%, 07/01/2031 <sup>(A)</sup> <br>| 940000 | 975157 |
| 9.63%, 06/15/2033 <sup>(A)</sup> <br>| 478000 | 516058 |
| Comstock Resources, Inc. |  |  |
| 5.88%, 01/15/2030 <sup>(A)</sup> <br>| 592000 | 575812 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/2034 <sup>(A)</sup> <br>| 573000 | 569184 |
| EQT Corp. |  |  |
| 6.38%, 04/01/2029 | 735000 | 760564 |
| Expand Energy Corp. |  |  |
| 4.75%, 02/01/2032 | 273000 | 269316 |
| 5.38%, 03/15/2030 | 517000 | 524025 |
| Genesis Energy LP/Genesis Energy <br> Finance Corp. |  |  |
| 7.88%, 05/15/2032 | 154000 | 160531 |
| 8.00%, 05/15/2033 | 675000 | 700719 |
| 8.88%, 04/15/2030 | 407000 | 428295 |
| Harvest Midstream I LP |  |  |
| 7.50%, 05/15/2032 <sup>(A)</sup> <br>| 851000 | 887069 |
| Hess Midstream Operations LP |  |  |
| 5.13%, 06/15/2028 <sup>(A)</sup> <br>| 628000 | 630535 |
| 6.50%, 06/01/2029 <sup>(A)</sup> <br>| 178000 | 183821 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 7.25%, 02/15/2035 <sup>(A)</sup> <br>| 996000 | 946571 |
| Matador Resources Co. |  |  |
| 6.25%, 04/15/2033 <sup>(A)</sup> <br>| 558000 | 558742 |
| 6.50%, 04/15/2032 <sup>(A)</sup> <br>| 184000 | 186606 |
| Murphy Oil Corp. |  |  |
| 6.00%, 10/01/2032 <sup>(B)</sup> <br>| 555000 | 554433 |
| NuStar Logistics LP |  |  |
| 5.63%, 04/28/2027 | 742000 | 750031 |
| Occidental Petroleum Corp. |  |  |
| 6.45%, 09/15/2036 | 1194000 | 1272476 |
| 6.63%, 09/01/2030 | 632000 | 680388 |
| 7.15%, 05/15/2028 | 433000 | 459716 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| 7.88%, 09/15/2030 <sup>(A)</sup> <br>| 657000 | 632716 |
| Permian Resources Operating LLC |  |  |
| 6.25%, 02/01/2033 <sup>(A)</sup> <br>| 426000 | 436976 |
| 7.00%, 01/15/2032 <sup>(A)</sup> <br>| 936000 | 975627 |
| SM Energy Co. |  |  |
| 6.50%, 07/15/2028 <sup>(B)</sup> <br>| 77000 | 77833 |
| 6.63%, 01/15/2027 | 832000 | 834435 |
| 6.75%, 09/15/2026 | 152000 | 152221 |
| 7.00%, 08/01/2032 <sup>(A)</sup> <br>| 657000 | 645876 |
| Summit Midstream Holdings LLC |  |  |
| 8.63%, 10/31/2029 <sup>(A)</sup> <br>| 285000 | 295530 |
| Sunoco LP |  |  |
| 4.50%, 10/01/2029 <sup>(A)</sup> <br>| 341000 | 332358 |
| 4.63%, 05/01/2030 <sup>(A)</sup> <br>| 77000 | 74804 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Sunoco LP (continued) |  |  |
| 5.88%, 07/15/2027 <sup>(A)</sup> <br>| $531000 | $532329 |
| 6.25%, 07/01/2033 <sup>(A)</sup> <br>| 244000 | 249933 |
| 6.63%, 08/15/2032 <sup>(A)</sup> <br>| 24000 | 24668 |
| Targa Resources Partners LP/Targa <br> Resources Partners Finance Corp. |  |  |
| 4.88%, 02/01/2031 | 145000 | 145886 |
| 5.00%, 01/15/2028 | 150000 | 150037 |
| 5.50%, 03/01/2030 | 666000 | 676260 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/2029 <sup>(A)</sup> <br>| 959000 | 993981 |
| 9.88%, 02/01/2032 <sup>(A)</sup><sup>(B)</sup> <br>| 1090000 | 1126049 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.13%, 12/15/2030 <sup>(A)</sup> <br>| 183000 | 186357 |
| 6.50%, 01/15/2034 <sup>(A)</sup> <br>| 267000 | 273472 |
| 7.50%, 05/01/2033 <sup>(A)</sup> <br>| 142000 | 153431 |
| 7.75%, 05/01/2035 <sup>(A)</sup> <br>| 227000 | 248554 |
| Vital Energy, Inc. |  |  |
| 9.75%, 10/15/2030 <sup>(H)</sup> <br>| 991000 | 1039980 |
| Western Midstream Operating LP |  |  |
| 5.30%, 03/01/2048 | 1122000 | 967427 |
| 5.45%, 04/01/2044 | 251000 | 228676 |
|  |  | 26160155 |
| **Paper & Forest Products - 1.0%**  | **Paper & Forest Products - 1.0%**  | **Paper & Forest Products - 1.0%**  |
| Domtar Corp. |  |  |
| 6.75%, 10/01/2028 <sup>(A)</sup> <br>| 928000 | 780275 |
| Magnera Corp. |  |  |
| 4.75%, 11/15/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 1465000 | 1354511 |
| 7.25%, 11/15/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 388000 | 380884 |
|  |  | 2515670 |
| **Pharmaceuticals - 2.0%**  | **Pharmaceuticals - 2.0%**  | **Pharmaceuticals - 2.0%**  |
| 1261229 BC Ltd. |  |  |
| 10.00%, 04/15/2032 <sup>(A)</sup> <br>| 389000 | 404567 |
| AdaptHealth LLC |  |  |
| 4.63%, 08/01/2029 <sup>(A)</sup><sup>(B)</sup> <br>| 66000 | 63963 |
| 5.13%, 03/01/2030 <sup>(A)</sup> <br>| 150000 | 146281 |
| 6.13%, 08/01/2028 <sup>(A)</sup> <br>| 582000 | 586353 |
| Bausch Health Americas, Inc. |  |  |
| 8.50%, 01/31/2027 <sup>(A)</sup> <br>| 532000 | 526698 |
| Bausch Health Cos., Inc. |  |  |
| 5.25%, 01/30/2030 - 02/15/2031 <sup>(A)</sup> <br>| 456000 | 311400 |
| 7.00%, 01/15/2028 <sup>(A)</sup> <br>| 161000 | 145705 |
| 11.00%, 09/30/2028 <sup>(A)</sup><sup>(B)</sup> <br>| 586000 | 607002 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp; Fixed until 09/10/2034, <br>6.75% <sup>(F)</sup>, 12/10/2054<br>| 857000 | 895025 |
| &nbsp;&nbsp; Fixed until 12/10/2029, <br>7.00% <sup>(F)</sup>, 03/10/2055<br>| 565000 | 592712 |
| Organon & Co./Organon Foreign Debt Co-<br> Issuer BV |  |  |
| 5.13%, 04/30/2031 <sup>(A)</sup><sup>(B)</sup> <br>| 453000 | 375172 |
| 6.75%, 05/15/2034 <sup>(A)</sup> <br>| 359000 | 322913 |
|  |  | 4977791 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica Aegon High Yield Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Real Estate Management & Development - 0.8%**  | **Real Estate Management & Development - 0.8%**  | **Real Estate Management & Development - 0.8%**  |
| Cushman & Wakefield U.S. Borrower LLC |  |  |
| 6.75%, 05/15/2028 <sup>(A)</sup> <br>| $1603000 | $1611510 |
| 8.88%, 09/01/2031 <sup>(A)</sup> <br>| 399000 | 426170 |
|  |  | 2037680 |
| **Semiconductors & Semiconductor Equipment - 0.5%**  | **Semiconductors & Semiconductor Equipment - 0.5%**  | **Semiconductors & Semiconductor Equipment - 0.5%**  |
| Kioxia Holdings Corp. |  |  |
| 6.25%, 07/24/2030 <sup>(A)</sup> <br>| 636000 | 654340 |
| 6.63%, 07/24/2033 <sup>(A)</sup> <br>| 592000 | 615606 |
|  |  | 1269946 |
| **Software - 0.2%**  | **Software - 0.2%**  | **Software - 0.2%**  |
| Rackspace Finance LLC |  |  |
| 3.50%, 05/15/2028 <sup>(A)</sup> <br>| 426685 | 155740 |
| UKG, Inc. |  |  |
| 6.88%, 02/01/2031 <sup>(A)</sup> <br>| 362000 | 371851 |
|  |  | 527591 |
| **Specialized REITs - 0.7%**  | **Specialized REITs - 0.7%**  | **Specialized REITs - 0.7%**  |
| Iron Mountain, Inc. |  |  |
| 4.50%, 02/15/2031 <sup>(A)</sup> <br>| 83000 | 79120 |
| 5.25%, 03/15/2028 <sup>(A)</sup> <br>| 994000 | 996241 |
| 6.25%, 01/15/2033 <sup>(A)</sup> <br>| 329000 | 331753 |
| 7.00%, 02/15/2029 <sup>(A)</sup> <br>| 346000 | 355415 |
|  |  | 1762529 |
| **Textiles, Apparel & Luxury Goods - 0.8%**  | **Textiles, Apparel & Luxury Goods - 0.8%**  | **Textiles, Apparel & Luxury Goods - 0.8%**  |
| Under Armour, Inc. |  |  |
| 7.25%, 07/15/2030 <sup>(A)</sup> <br>| 673000 | 673654 |
| William Carter Co. |  |  |
| 7.38%, 02/15/2031 <sup>(A)</sup> <br>| 1222000 | 1263428 |
|  |  | 1937082 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $226,250,665)**<br>|  | 227778455 |
| **LOAN ASSIGNMENTS - 2.8%**  | **LOAN ASSIGNMENTS - 2.8%**  | **LOAN ASSIGNMENTS - 2.8%**  |
| **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  | **Automobile Components - 0.2%**  |
| &nbsp;&nbsp; Clarios Global LP <br>Term Loan B, <br>1-Month Term SOFR + 2.50%, <br>6.22% <sup>(F)</sup>, 05/06/2030<br>| 430561 | 431207 |
| **Commercial Services & Supplies - 0.9%**  | **Commercial Services & Supplies - 0.9%**  | **Commercial Services & Supplies - 0.9%**  |
| &nbsp;&nbsp; Garda World Security Corp. <br>Term Loan B, <br>1-Month Term SOFR + 3.00%, <br>6.75% <sup>(F)</sup>, 02/01/2029<br>| 879360 | 882107 |
| &nbsp;&nbsp; Madison IAQ LLC <br>Term Loan, <br>6-Month Term SOFR + 2.50%, <br>6.70% <sup>(F)</sup>, 06/21/2028<br>| 967409 | 971339 |
| &nbsp;&nbsp; WW International, Inc. <br>Takeback Term Loan, <br>3-Month Term SOFR + 6.80%, <br>10.49% <sup>(F)</sup>, 06/24/2030<br>| 447802 | 392387 |
|  |  | 2245833 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** | **LOAN ASSIGNMENTS (continued)** |
| **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  | **Containers & Packaging - 0.4%**  |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. <br>Term Loan B, <br>1-Month Term SOFR + 3.18%, <br>6.89% <sup>(F)</sup>, 04/13/2029<br>| $850000 | $850580 |
| **Hotels, Restaurants & Leisure - 0.3%**  | **Hotels, Restaurants & Leisure - 0.3%**  | **Hotels, Restaurants & Leisure - 0.3%**  |
| &nbsp;&nbsp; Caesars Entertainment, Inc. <br>Term Loan B1, <br>1-Month Term SOFR + 2.25%, <br>5.97% <sup>(F)</sup>, 02/06/2031<br>| 761437 | 753823 |
| **Media - 0.2%**  | **Media - 0.2%**  | **Media - 0.2%**  |
| &nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. <br>Term Loan, <br>1-Month Term SOFR + 4.00%, <br>7.83% <sup>(F)</sup>, 08/23/2028<br>| 500000 | 500312 |
| **Software - 0.8%**  | **Software - 0.8%**  | **Software - 0.8%**  |
| Rackspace Finance LLC |  |  |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 2.75%, <br>6.61% <sup>(F)</sup>, 05/15/2028 <sup>(I)</sup> <br>| 1252409 | 446842 |
| &nbsp;&nbsp; 1st Lien Term Loan, <br>1-Month Term SOFR + 6.25%, <br>10.11% <sup>(F)</sup>, 05/15/2028<br>| 229542 | 233558 |
| &nbsp;&nbsp; UKG, Inc. <br>Term Loan B, <br>3-Month Term SOFR + 2.50%, <br>6.34% <sup>(F)</sup>, 02/10/2031<br>| 1285172 | 1285842 |
|  |  | 1966242 |
| &nbsp;&nbsp; **Total Loan Assignments** <br>**(Cost $7,107,130)**<br>|  | 6747997 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 0.2%**  | **COMMON STOCKS - 0.2%**  | **COMMON STOCKS - 0.2%**  |
| **Diversified Consumer Services - 0.0% \*** | **Diversified Consumer Services - 0.0% \*** | **Diversified Consumer Services - 0.0% \*** |
| WW International, Inc. <sup>(B)(E)</sup> <br>| 4917 | 143650 |
| **Oil, Gas & Consumable Fuels - 0.0%**  | **Oil, Gas & Consumable Fuels - 0.0%**  | **Oil, Gas & Consumable Fuels - 0.0%**  |
| Ultra Resources, Inc. <sup>(E)(J)(K)(L)</sup> <br>| 123 | 0 |
| **Software - 0.2%**  | **Software - 0.2%**  | **Software - 0.2%**  |
| Avaya Holdings Corp. <sup>(E)</sup><sup>(J)</sup> <br>| 33145 | 439171 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $399,163)**<br>|  | 582821 |
| **OTHER INVESTMENT COMPANY - 6.1%**  | **OTHER INVESTMENT COMPANY - 6.1%**  | **OTHER INVESTMENT COMPANY - 6.1%**  |
| **Securities Lending Collateral - 6.1%**  | **Securities Lending Collateral - 6.1%**  | **Securities Lending Collateral - 6.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(M)</sup> <br>| 14835108 | 14835108 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $14,835,108)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $14,835,108)** | 14835108 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

------

**Transamerica Aegon High Yield Bond VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.2%**  | **REPURCHASE AGREEMENT - 2.2%**  | **REPURCHASE AGREEMENT - 2.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(M)</sup>, dated 12/31/2025, to be <br> repurchased at $5,530,548 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 $5,640,870.<br>| $5530133 | $5530133 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $5,530,133)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $5,530,133)** | 5530133 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $254,122,199)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $254,122,199)** | 255474514 |
| **Net Other Assets (Liabilities) - (4.5)%** | **Net Other Assets (Liabilities) - (4.5)%** | (11103155) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$244371359** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(N)</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>(O)</sup> <br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Corporate Debt Securities | $— | &nbsp;&nbsp; $227778455 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $227778455 |
| Loan Assignments |  | &nbsp;&nbsp; 6747997 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6747997 |
| Common Stocks | 143650 | &nbsp;&nbsp; 439171 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 582821 |
| Other Investment Company | 14835108 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14835108 |
| Repurchase Agreement |  | &nbsp;&nbsp; 5530133 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5530133 |
| **Total Investments** | **$14978758** | &nbsp;&nbsp; **$240495756** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$255474514** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<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 $187,216,649, representing 76.6% of* *the Portfolio's net assets.* 

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $14,594,158, collateralized by cash collateral of $14,835,108 and* *non-cash collateral, such as U.S. government securities of $65,650. 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> *Perpetual maturity. The date displayed is the next call date.*

<sup>(D)</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 $273,520, representing 0.1% of the Portfolio's net assets.* 

<sup>(E)</sup> *Non-income producing security.*

<sup>(F)</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>(G)</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.* 

***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 Aegon High Yield Bond VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

<sup>(H)</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>|
| Corporate Debt <br> Securities<br>| Calpine Corp. <br>3.75%, 03/01/2031<br>| 12/02/2020 | &nbsp;&nbsp; $531000 | &nbsp;&nbsp; $512602 | 0.2<br> %<br>|
| Corporate Debt <br> Securities<br>| Calpine Corp. <br>5.00%, 02/01/2031<br>| 07/27/2020 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 142184 | 0.1 |
| Corporate Debt <br> Securities<br>| Vital Energy, Inc. <br>9.75%, 10/15/2030<br>| 09/18/2023 - 05/01/2025 | &nbsp;&nbsp; 1001038 | &nbsp;&nbsp; 1039980 | 0.4 |
|  |  |  | &nbsp;&nbsp; **$1672038** | &nbsp;&nbsp; **$1694766** | **0.7%**<br>|

---

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

<sup>(I)</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>(J)</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 $439,171,* *representing 0.2% of the Portfolio's net assets.* 

<sup>(K)</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>(L)</sup> *Security deemed worthless.*

<sup>(M)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(N)</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>(O)</sup> *Level 3 security was not considered significant to the Portfolio.*

**PORTFOLIO ABBREVIATION(S):** 

*REIT* *Real Estate Investment Trust* <br> *SOFR* *Secured Overnight Financing Rate*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica Aegon High Yield Bond VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $248,592,066) (including <br> securities loaned of $14,594,158)<br>| &nbsp;&nbsp; $249944381 |
| Repurchase agreement, at value (cost $5,530,133) | &nbsp;&nbsp; 5530133 |
| Cash | &nbsp;&nbsp; 32417 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 5548 |
| Net income from securities lending | &nbsp;&nbsp; 13540 |
| Interest | &nbsp;&nbsp; 4052897 |
| Total assets | &nbsp;&nbsp; 259578916 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 14835108 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 1373 |
| When-issued, delayed-delivery, forward and TBA <br> commitments purchased<br>| &nbsp;&nbsp; 130546 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 19420 |
| Investment management fees | &nbsp;&nbsp; 121696 |
| Distribution and service fees | &nbsp;&nbsp; 25753 |
| Transfer agent costs | &nbsp;&nbsp; 243 |
| Trustee and CCO fees | &nbsp;&nbsp; 80 |
| Audit and tax fees  | &nbsp;&nbsp; 37281 |
| Custody fees | &nbsp;&nbsp; 14114 |
| Legal fees | &nbsp;&nbsp; 1901 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 13020 |
| Other accrued expenses | &nbsp;&nbsp; 7022 |
| Total liabilities | &nbsp;&nbsp; 15207557 |
| **Net assets**  | &nbsp;&nbsp; $244371359 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $342640 |
| Additional paid-in capital | &nbsp;&nbsp; 259453996 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (15425277)<br>|
| **Net assets** | &nbsp;&nbsp; $244371359 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $129954055 |
| Service Class | &nbsp;&nbsp; 114417304 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 18432551 |
| Service Class | &nbsp;&nbsp; 15831462 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $7.05 |
| Service Class | 7.23 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $17277666 |
| Net income from securities lending | &nbsp;&nbsp; 234684 |
| Total investment income  | &nbsp;&nbsp; 17512350 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1367686 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 285142 |
| Transfer agent costs | &nbsp;&nbsp; 2730 |
| Trustee and CCO fees | &nbsp;&nbsp; 12694 |
| Audit and tax fees | &nbsp;&nbsp; 40567 |
| Custody fees | &nbsp;&nbsp; 59071 |
| Legal fees | &nbsp;&nbsp; 22921 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 42999 |
| Other | &nbsp;&nbsp; 21172 |
| Total expenses | &nbsp;&nbsp; 1854982 |
| **Net investment income (loss)** | &nbsp;&nbsp; 15657368 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; (3291758)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 7136431 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 3844673 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $19502041 |

---

***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 Aegon High Yield Bond 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; $15657368 | &nbsp;&nbsp; $16184501 |
| Net realized gain (loss) | &nbsp;&nbsp; (3291758)<br>| &nbsp;&nbsp; (4568960)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 7136431 | &nbsp;&nbsp; 6213173 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 19502041 | &nbsp;&nbsp; 17828714 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (8828250)<br>| &nbsp;&nbsp; (7050701)<br>|
| Service Class | &nbsp;&nbsp; (7384606)<br>| &nbsp;&nbsp; (5530239)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (16212856)<br>| &nbsp;&nbsp; (12580940)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 4775252 | &nbsp;&nbsp; 5352872 |
| Service Class | &nbsp;&nbsp; 5939383 | &nbsp;&nbsp; 5493475 |
|  | &nbsp;&nbsp; 10714635 | &nbsp;&nbsp; 10846347 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 8828250 | &nbsp;&nbsp; 7050701 |
| Service Class | &nbsp;&nbsp; 7384606 | &nbsp;&nbsp; 5530239 |
|  | &nbsp;&nbsp; 16212856 | &nbsp;&nbsp; 12580940 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (26267368)<br>| &nbsp;&nbsp; (11063104)<br>|
| Service Class | &nbsp;&nbsp; (16750110)<br>| &nbsp;&nbsp; (18505487)<br>|
|  | &nbsp;&nbsp; (43017478)<br>| &nbsp;&nbsp; (29568591)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (16089987)<br>| &nbsp;&nbsp; (6141304)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (12800802)<br>| &nbsp;&nbsp; (893530)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 257172161 | &nbsp;&nbsp; 258065691 |
| End of year | &nbsp;&nbsp; $244371359 | &nbsp;&nbsp; $257172161 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 674826 | &nbsp;&nbsp; 774148 |
| Service Class | &nbsp;&nbsp; 821855 | &nbsp;&nbsp; 776312 |
|  | &nbsp;&nbsp; 1496681 | &nbsp;&nbsp; 1550460 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 1281313 | &nbsp;&nbsp; 1027799 |
| Service Class | &nbsp;&nbsp; 1044499 | &nbsp;&nbsp; 787783 |
|  | &nbsp;&nbsp; 2325812 | &nbsp;&nbsp; 1815582 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (3726372)<br>| &nbsp;&nbsp; (1597482)<br>|
| Service Class | &nbsp;&nbsp; (2324212)<br>| &nbsp;&nbsp; (2614243)<br>|
|  | &nbsp;&nbsp; (6050584)<br>| &nbsp;&nbsp; (4211725)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (1770233)<br>| &nbsp;&nbsp; 204465 |
| Service Class | &nbsp;&nbsp; (457858)<br>| &nbsp;&nbsp; (1050148)<br>|
|  | &nbsp;&nbsp; (2228091)<br>| &nbsp;&nbsp; (845683)<br>|

---

***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 Aegon High Yield Bond VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $6.98 | &nbsp;&nbsp; $6.84 | &nbsp;&nbsp; $6.45 | &nbsp;&nbsp; $7.72 | &nbsp;&nbsp; $7.65 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.46 | 0.45 | 0.40 | 0.37 | 0.36 |
| Net realized and unrealized gain (loss) | 0.12 | 0.05 | 0.30 | &nbsp;&nbsp; (1.22)<br>| 0.13 |
| Total investment operations | 0.58 | 0.50 | 0.70 | &nbsp;&nbsp; (0.85)<br>| 0.49 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $7.05 | &nbsp;&nbsp; $6.98 | &nbsp;&nbsp; $6.84 | &nbsp;&nbsp; $6.45 | &nbsp;&nbsp; $7.72 |
| **Total return**<sup>(B)</sup> <br>| 8.46<br> %<br>| 7.43<br> %<br>| 11.11<br> %<br>| &nbsp;&nbsp; (11.12)%<br>| 6.35<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $129954 | &nbsp;&nbsp; $140918 | &nbsp;&nbsp; $136822 | &nbsp;&nbsp; $66793 | &nbsp;&nbsp; $83291 |
| Expenses to average net assets | 0.64<br> %<br>| 0.63<br> %<br>| 0.65<br> %<br>| 0.62<br> %<br>| 0.62<br> %<br>|
| Net investment income (loss) to average net assets | 6.46<br> %<br>| 6.42<br> %<br>| 6.02<br> %<br>| 5.35<br> %<br>| 4.68<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 36<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; $7.14 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $6.58 | &nbsp;&nbsp; $7.87 | &nbsp;&nbsp; $7.78 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.45 | 0.44 | 0.39 | 0.36 | 0.35 |
| Net realized and unrealized gain (loss) | 0.13 | 0.05 | 0.31 | &nbsp;&nbsp; (1.25)<br>| 0.14 |
| Total investment operations | 0.58 | 0.49 | 0.70 | &nbsp;&nbsp; (0.89)<br>| 0.49 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.40)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $7.23 | &nbsp;&nbsp; $7.14 | &nbsp;&nbsp; $6.99 | &nbsp;&nbsp; $6.58 | &nbsp;&nbsp; $7.87 |
| **Total return**<sup>(B)</sup> <br>| 8.27<br> %<br>| 7.15<br> %<br>| 10.87<br> %<br>| &nbsp;&nbsp; (11.45)%<br>| 6.25<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $114417 | &nbsp;&nbsp; $116254 | &nbsp;&nbsp; $121244 | &nbsp;&nbsp; $119435 | &nbsp;&nbsp; $160658 |
| Expenses to average net assets | 0.89<br> %<br>| 0.88<br> %<br>| 0.90<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>|
| Net investment income (loss) to average net assets | 6.21<br> %<br>| 6.17<br> %<br>| 5.74<br> %<br>| 5.09<br> %<br>| 4.42<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 36<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 13**

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**Transamerica Aegon High Yield Bond 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 Aegon High Yield Bond VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio 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 14**

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**Transamerica Aegon High Yield Bond 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.

**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.

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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:

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

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

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

*Loan assignments:* Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

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

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

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

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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**

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

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

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

The Portfolio held no unfunded loan participations at December 31, 2025. Open funded loan participations and assignments at December 31, 2025, if any, are included within the Schedule of Investments.

**Payment in-kind ("PIK") securities:** PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a "dirty price") and require a pro-rata adjustment from Total distributable earnings (loss) to Interest within the Statement of Assets and Liabilities.

PIKs held at 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 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.

**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.

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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)**

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 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.

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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:** 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 |  |  |  |  |  |
| Common Stocks | $23877 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23877 |
| Corporate Debt Securities | 14811231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14811231 |
| Total Securities Lending Transactions | $14835108 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14835108 |
| **Total Borrowings** | **$14835108** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$14835108** |

---

**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

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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)**

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.

**High-yield debt securities risk:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the Portfolio.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

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

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

**Liquidity risk:** The Portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the Portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Portfolio to sell. This may prevent the Portfolio from limiting losses.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**6. RISK FACTORS (continued)**

**Inflation risk:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Portfolio's assets can decline as can the value of the Portfolio's distributions.

**Distressed or defaulted securities risk:** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers' continuing ability to make principal and interest payments. The Portfolio may incur costs to protect its investment, and the Portfolio could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Counterparty risk:** The Portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Portfolio do not fulfill their contractual obligations. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Portfolio has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused investing risk:** To the extent the Portfolio invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Portfolio could receive for any particular portfolio investment may differ from the Portfolio's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect portfolio investments more broadly during periods of market volatility. Investors who purchase or redeem portfolio shares on days when the Portfolio is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Portfolio had not fair-valued securities or had used a different valuation methodology. The Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

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

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1.25 billion | 0.554<br> % <br>|
| Over $1.25 billion up to $2 billion | 0.544 |
| Over $2 billion | 0.520 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.70<br> % <br>| May 1, 2026 |
| Service Class | 0.95 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica Aegon High Yield Bond 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, 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.

**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** |
| $90752131 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116411180 | &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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 23**

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**Transamerica Aegon High Yield Bond 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)**

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, defaulted bonds 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>|
| $254281155 | &nbsp;&nbsp; $6301866 | &nbsp;&nbsp; $(5108507)<br>| &nbsp;&nbsp; $1193359 |

---

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; $— | &nbsp;&nbsp;&nbsp;&nbsp; $32324134 |

---

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>|
| $16212856 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12580940 | &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>|
| $15716596 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(32324134)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11098)<br>| &nbsp;&nbsp; $1193359 |

---

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 24**

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**Transamerica Aegon High Yield Bond VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**10. 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 25**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Aegon High Yield Bond VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Aegon High Yield Bond 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. ![](g768862imgd24d79e73.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**

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**Transamerica Aegon High Yield Bond 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 27**

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**Transamerica Aegon High Yield Bond 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 28**

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**Transamerica Aegon High Yield Bond 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 29**

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**Transamerica Aegon High Yield Bond 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 30**

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**Transamerica Aegon High Yield Bond 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 31**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img70e29a5a4.gif)

Visit **transamerica.com**

![](g768862img2e61892b5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img257771566.gif)

------

![](g768862img1511f42c1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Aegon Sustainable Equity Income VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img2748486c2.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_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_SOI-RunningFooter-224_1) | 2 |
| [Statement of Assets and Liabilities](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_FS-RunningFooter-224_1) | 4 |
| [Statement of Operations](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_FS-RunningFooter-224_1) | 4 |
| [Statement of Changes in Net Assets](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_FS-RunningFooter-224_2) | 5 |
| [Financial Highlights](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_SCF-RunningFooter-224_1) | 6 |
| [Notes to Financial Statements](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_NTF-RunningFooter-224_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_AUD-RunningFooter-224_1)** | 16 |
| **[Supplemental Information](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_STI-RunningFooter-224_1)** | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_DWA-RunningFooter-224_1)**<br> **[Companies](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_DWA-RunningFooter-224_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_PD-RunningFooter-224_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_DTO-RunningFooter-224_1)**<br> **[Companies](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_DTO-RunningFooter-224_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_49ed5db8-43e4-4ee7-b0e6-298c833ae23d_Mgmtagmt-RunningFooter-224_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 Aegon Sustainable Equity Income VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.4%**  | **COMMON STOCKS - 99.4%**  | **COMMON STOCKS - 99.4%**  |
| **Banks - 8.0%**  | **Banks - 8.0%**  | **Banks - 8.0%**  |
| Bank of America Corp. | 313005 | $17215275 |
| Citizens Financial Group, Inc. | 205709 | 12015463 |
| U.S. Bancorp | 165705 | 8842019 |
|  |  | 38072757 |
| **Biotechnology - 3.6%**  | **Biotechnology - 3.6%**  | **Biotechnology - 3.6%**  |
| Gilead Sciences, Inc. | 139826 | 17162243 |
| **Capital Markets - 8.7%**  | **Capital Markets - 8.7%**  | **Capital Markets - 8.7%**  |
| CME Group, Inc. | 56736 | 15493467 |
| Moody's Corp. | 16101 | 8225196 |
| Morgan Stanley | 99229 | 17616124 |
|  |  | 41334787 |
| **Chemicals - 2.2%**  | **Chemicals - 2.2%**  | **Chemicals - 2.2%**  |
| Linde PLC | 24613 | 10494737 |
| **Commercial Services & Supplies - 2.0%**  | **Commercial Services & Supplies - 2.0%**  | **Commercial Services & Supplies - 2.0%**  |
| Republic Services, Inc. | 44969 | 9530280 |
| **Communications Equipment - 4.5%**  | **Communications Equipment - 4.5%**  | **Communications Equipment - 4.5%**  |
| Cisco Systems, Inc. | 278857 | 21480355 |
| **Consumer Staples Distribution & Retail - 1.3%**  | **Consumer Staples Distribution & Retail - 1.3%**  | **Consumer Staples Distribution & Retail - 1.3%**  |
| Costco Wholesale Corp. | 6979 | 6018271 |
| **Containers & Packaging - 1.5%**  | **Containers & Packaging - 1.5%**  | **Containers & Packaging - 1.5%**  |
| Packaging Corp. of America | 34391 | 7092456 |
| **Electrical Equipment - 2.3%**  | **Electrical Equipment - 2.3%**  | **Electrical Equipment - 2.3%**  |
| Schneider Electric SE, ADR | 197318 | 10839566 |
| **Ground Transportation - 1.1%**  | **Ground Transportation - 1.1%**  | **Ground Transportation - 1.1%**  |
| Union Pacific Corp. | 23196 | 5365699 |
| **Health Care Equipment & Supplies - 3.8%**  | **Health Care Equipment & Supplies - 3.8%**  | **Health Care Equipment & Supplies - 3.8%**  |
| Medtronic PLC | 100563 | 9660082 |
| Stryker Corp. | 23339 | 8202958 |
|  |  | 17863040 |
| **Health Care Providers & Services - 1.8%**  | **Health Care Providers & Services - 1.8%**  | **Health Care Providers & Services - 1.8%**  |
| Quest Diagnostics, Inc. | 49444 | 8580017 |
| **Household Durables - 1.2%**  | **Household Durables - 1.2%**  | **Household Durables - 1.2%**  |
| D.R. Horton, Inc. | 40445 | 5825293 |
| **Household Products - 3.6%**  | **Household Products - 3.6%**  | **Household Products - 3.6%**  |
| Colgate-Palmolive Co. | 126942 | 10030957 |
| Kimberly-Clark Corp. | 68026 | 6863143 |
|  |  | 16894100 |
| **Industrial REITs - 1.3%**  | **Industrial REITs - 1.3%**  | **Industrial REITs - 1.3%**  |
| Prologis, Inc. | 48620 | 6206829 |
| **Insurance - 6.7%**  | **Insurance - 6.7%**  | **Insurance - 6.7%**  |
| Cincinnati Financial Corp. | 65031 | 10620863 |
| MetLife, Inc. | 187717 | 14818380 |
| Progressive Corp. | 27596 | 6284161 |
|  |  | 31723404 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Interactive Media & Services - 3.9%**  | **Interactive Media & Services - 3.9%**  | **Interactive Media & Services - 3.9%**  |
| Alphabet, Inc., Class A | 59869 | $18738997 |
| **Life Sciences Tools & Services - 1.5%**  | **Life Sciences Tools & Services - 1.5%**  | **Life Sciences Tools & Services - 1.5%**  |
| Danaher Corp. | 31733 | 7264318 |
| **Machinery - 3.9%**  | **Machinery - 3.9%**  | **Machinery - 3.9%**  |
| IDEX Corp. | 43336 | 7711208 |
| Xylem, Inc. | 78529 | 10694079 |
|  |  | 18405287 |
| **Media - 1.1%**  | **Media - 1.1%**  | **Media - 1.1%**  |
| Omnicom Group, Inc. | 64403 | 5200542 |
| **Metals & Mining - 2.8%**  | **Metals & Mining - 2.8%**  | **Metals & Mining - 2.8%**  |
| Steel Dynamics, Inc. | 79441 | 13461277 |
| **Oil, Gas & Consumable Fuels - 1.3%**  | **Oil, Gas & Consumable Fuels - 1.3%**  | **Oil, Gas & Consumable Fuels - 1.3%**  |
| ONEOK, Inc. | 81645 | 6000908 |
| **Pharmaceuticals - 3.6%**  | **Pharmaceuticals - 3.6%**  | **Pharmaceuticals - 3.6%**  |
| Bristol-Myers Squibb Co. | 144381 | 7787911 |
| Merck & Co., Inc. | 87750 | 9236565 |
|  |  | 17024476 |
| **Professional Services - 2.3%**  | **Professional Services - 2.3%**  | **Professional Services - 2.3%**  |
| Automatic Data Processing, Inc. | 41743 | 10737552 |
| **Semiconductors & Semiconductor Equipment - 10.8%**  | **Semiconductors & Semiconductor Equipment - 10.8%**  | **Semiconductors & Semiconductor Equipment - 10.8%**  |
| Broadcom, Inc. | 37582 | 13007130 |
| KLA Corp. | 5486 | 6665929 |
| Micron Technology, Inc. | 25917 | 7396971 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 59440 | 18063222 |
| Texas Instruments, Inc. | 35629 | 6181275 |
|  |  | 51314527 |
| **Software - 3.0%**  | **Software - 3.0%**  | **Software - 3.0%**  |
| Microsoft Corp. | 29968 | 14493124 |
| **Specialized REITs - 2.6%**  | **Specialized REITs - 2.6%**  | **Specialized REITs - 2.6%**  |
| American Tower Corp. | 35546 | 6240811 |
| Digital Realty Trust, Inc. | 39359 | 6089231 |
|  |  | 12330042 |
| **Specialty Retail - 2.4%**  | **Specialty Retail - 2.4%**  | **Specialty Retail - 2.4%**  |
| Home Depot, Inc. | 33576 | 11553502 |
| **Trading Companies & Distributors - 5.4%**  | **Trading Companies & Distributors - 5.4%**  | **Trading Companies & Distributors - 5.4%**  |
| United Rentals, Inc. | 12920 | 10456415 |
| Watsco, Inc. | 14838 | 4999664 |
| WESCO International, Inc. | 40855 | 9994767 |
|  |  | 25450846 |
| **Water Utilities - 1.2%**  | **Water Utilities - 1.2%**  | **Water Utilities - 1.2%**  |
| Essential Utilities, Inc. | 144690 | 5550308 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $359,771,076)**<br>|  | 472009540 |

---

***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 Aegon Sustainable Equity Income VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

&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>(A)</sup>, dated 12/31/2025, to be <br> repurchased at $2,578,344 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 $2,629,906.<br>| $2578151 | $2578151 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,578,151)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,578,151)** | 2578151 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $362,349,227)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $362,349,227)** | 474587691 |
| **Net Other Assets (Liabilities) - 0.1%** | **Net Other Assets (Liabilities) - 0.1%** | 499271 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$475086962** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(B)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Common Stocks | $472009540 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $472009540 |
| Repurchase Agreement |  | &nbsp;&nbsp; 2578151 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2578151 |
| **Total Investments** | **$472009540** | &nbsp;&nbsp; **$2578151** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$474587691** |

---

**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.* 

**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 3**

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**Transamerica Aegon Sustainable Equity Income VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $359,771,076) | &nbsp;&nbsp; $472009540 |
| Repurchase agreement, at value (cost $2,578,151) | &nbsp;&nbsp; 2578151 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 187416 |
| Dividends  | &nbsp;&nbsp; 765252 |
| Interest | &nbsp;&nbsp; 96 |
| Total assets | &nbsp;&nbsp; 475540455 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 55425 |
| Investment management fees | &nbsp;&nbsp; 286847 |
| Distribution and service fees | &nbsp;&nbsp; 36514 |
| Transfer agent costs | &nbsp;&nbsp; 479 |
| Trustee and CCO fees | &nbsp;&nbsp; 157 |
| Audit and tax fees  | &nbsp;&nbsp; 19602 |
| Custody fees | &nbsp;&nbsp; 7087 |
| Legal fees | &nbsp;&nbsp; 3654 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 34033 |
| Other accrued expenses | &nbsp;&nbsp; 9695 |
| Total liabilities | &nbsp;&nbsp; 453493 |
| **Net assets**  | &nbsp;&nbsp; $475086962 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $209471 |
| Additional paid-in capital | &nbsp;&nbsp; 336545265 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 138332226 |
| **Net assets** | &nbsp;&nbsp; $475086962 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $315064247 |
| Service Class | &nbsp;&nbsp; 160022715 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 13905107 |
| Service Class | &nbsp;&nbsp; 7042007 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $22.66 |
| Service Class | 22.72 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $10672496 |
| Interest income | &nbsp;&nbsp; 49706 |
| Net income from securities lending | &nbsp;&nbsp; 6797 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (103986)<br>|
| Total investment income  | &nbsp;&nbsp; 10625013 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 3171032 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 405574 |
| Transfer agent costs | &nbsp;&nbsp; 5288 |
| Trustee and CCO fees | &nbsp;&nbsp; 24651 |
| Audit and tax fees | &nbsp;&nbsp; 24395 |
| Custody fees | &nbsp;&nbsp; 28509 |
| Legal fees | &nbsp;&nbsp; 44422 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 120390 |
| Other | &nbsp;&nbsp; 37552 |
| Total expenses | &nbsp;&nbsp; 3861813 |
| **Net investment income (loss)** | &nbsp;&nbsp; 6763200 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 19590798 |
| Foreign currency transactions | &nbsp;&nbsp; (1222)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 19589576 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 24064106 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 1430 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 24065536 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 43655112 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $50418312 |

---

***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 Aegon Sustainable Equity 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; $6763200 | &nbsp;&nbsp; $7541512 |
| Net realized gain (loss) | &nbsp;&nbsp; 19589576 | &nbsp;&nbsp; 35419292 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 24065536 | &nbsp;&nbsp; 33083812 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 50418312 | &nbsp;&nbsp; 76044616 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (8439073)<br>| &nbsp;&nbsp; (6655257)<br>|
| Service Class | &nbsp;&nbsp; (3909866)<br>| &nbsp;&nbsp; (3066788)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (12348939)<br>| &nbsp;&nbsp; (9722045)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 5350579 | &nbsp;&nbsp; 4222219 |
| Service Class | &nbsp;&nbsp; 6331870 | &nbsp;&nbsp; 4067106 |
|  | &nbsp;&nbsp; 11682449 | &nbsp;&nbsp; 8289325 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 8439073 | &nbsp;&nbsp; 6655257 |
| Service Class | &nbsp;&nbsp; 3909866 | &nbsp;&nbsp; 3066788 |
|  | &nbsp;&nbsp; 12348939 | &nbsp;&nbsp; 9722045 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (43795208)<br>| &nbsp;&nbsp; (39393278)<br>|
| Service Class | &nbsp;&nbsp; (27977428)<br>| &nbsp;&nbsp; (31145698)<br>|
|  | &nbsp;&nbsp; (71772636)<br>| &nbsp;&nbsp; (70538976)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (47741248)<br>| &nbsp;&nbsp; (52527606)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (9671875)<br>| &nbsp;&nbsp; 13794965 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 484758837 | &nbsp;&nbsp; 470963872 |
| End of year | &nbsp;&nbsp; $475086962 | &nbsp;&nbsp; $484758837 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 244965 | &nbsp;&nbsp; 213974 |
| Service Class | &nbsp;&nbsp; 290347 | &nbsp;&nbsp; 198585 |
|  | &nbsp;&nbsp; 535312 | &nbsp;&nbsp; 412559 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 382898 | &nbsp;&nbsp; 321355 |
| Service Class | &nbsp;&nbsp; 176757 | &nbsp;&nbsp; 147584 |
|  | &nbsp;&nbsp; 559655 | &nbsp;&nbsp; 468939 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (2016944)<br>| &nbsp;&nbsp; (1951711)<br>|
| Service Class | &nbsp;&nbsp; (1283807)<br>| &nbsp;&nbsp; (1538855)<br>|
|  | &nbsp;&nbsp; (3300751)<br>| &nbsp;&nbsp; (3490566)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (1389081)<br>| &nbsp;&nbsp; (1416382)<br>|
| Service Class | &nbsp;&nbsp; (816703)<br>| &nbsp;&nbsp; (1192686)<br>|
|  | &nbsp;&nbsp; (2205784)<br>| &nbsp;&nbsp; (2609068)<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 Aegon Sustainable Equity Income VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $20.92 | &nbsp;&nbsp; $18.26 | &nbsp;&nbsp; $17.57 | &nbsp;&nbsp; $21.11 | &nbsp;&nbsp; $17.60 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.33 | 0.33 | 0.36 | 0.34 | 0.34 |
| Net realized and unrealized gain (loss) | 2.01 | 2.76 | 0.72 | &nbsp;&nbsp; (2.80)<br>| 3.60 |
| Total investment operations | 2.34 | 3.09 | 1.08 | &nbsp;&nbsp; (2.46)<br>| 3.94 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.43)<br>|
| Net realized gains | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.43)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $22.66 | &nbsp;&nbsp; $20.92 | &nbsp;&nbsp; $18.26 | &nbsp;&nbsp; $17.57 | &nbsp;&nbsp; $21.11 |
| **Total return**<sup>(B)</sup> <br>| 11.26<br> %<br>| 16.93<br> %<br>| 6.28<br> %<br>| &nbsp;&nbsp; (11.63)%<br>| 22.42<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $315064 | &nbsp;&nbsp; $319923 | &nbsp;&nbsp; $305197 | &nbsp;&nbsp; $365350 | &nbsp;&nbsp; $448361 |
| Expenses to average net assets | 0.72<br> %<br>| 0.72<br> %<br>| 0.73<br> %<br>| 0.69<br> %<br>| 0.69<br> %<br>|
| Net investment income (loss) to average net assets | 1.50<br> %<br>| 1.62<br> %<br>| 2.07<br> %<br>| 1.86<br> %<br>| 1.70<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 23<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; $20.97 | &nbsp;&nbsp; $18.31 | &nbsp;&nbsp; $17.61 | &nbsp;&nbsp; $21.14 | &nbsp;&nbsp; $17.63 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.27 | 0.28 | 0.32 | 0.30 | 0.29 |
| Net realized and unrealized gain (loss) | 2.02 | 2.76 | 0.72 | &nbsp;&nbsp; (2.81)<br>| 3.60 |
| Total investment operations | 2.29 | 3.04 | 1.04 | &nbsp;&nbsp; (2.51)<br>| 3.89 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.38)<br>|
| Net realized gains | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.38)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $22.72 | &nbsp;&nbsp; $20.97 | &nbsp;&nbsp; $18.31 | &nbsp;&nbsp; $17.61 | &nbsp;&nbsp; $21.14 |
| **Total return**<sup>(B)</sup> <br>| 10.99<br> %<br>| 16.60<br> %<br>| 6.00<br> %<br>| &nbsp;&nbsp; (11.84)%<br>| 22.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $160023 | &nbsp;&nbsp; $164836 | &nbsp;&nbsp; $165767 | &nbsp;&nbsp; $178192 | &nbsp;&nbsp; $235078 |
| Expenses to average net assets | 0.97<br> %<br>| 0.97<br> %<br>| 0.98<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>|
| Net investment income (loss) to average net assets | 1.25<br> %<br>| 1.37<br> %<br>| 1.83<br> %<br>| 1.61<br> %<br>| 1.45<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 23<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 Aegon Sustainable Equity Income 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 Aegon Sustainable Equity Income VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio 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 Aegon Sustainable Equity Income 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 8**

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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.

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**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;

**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.

**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.

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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 FACTORS**

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

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

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

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

**Dividend paying stock risk:** There can be no assurance that the issuers of the stocks held by the Portfolio will pay dividends in the future or that, if dividends are paid, they will not decrease. The Portfolio's emphasis on dividend paying stocks could cause the Portfolio's share price and total return to fluctuate more than, or cause the Portfolio to underperform, similar Portfolios that invest without consideration of an issuer's track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks tend to go through cycles of over- or under-performing the stock market in general.

**Sustainability investing risk:** Applying sustainability criteria to the sub-adviser's investment analysis for the Portfolio may impact the sub-adviser's investment decisions as to securities of certain issuers and, therefore, the Portfolio may forgo some investment opportunities available to funds that do not apply sustainability investing principles or that apply different sustainability criteria. Applying sustainability criteria may impact the Portfolio's exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the Portfolio's investment performance. The relevance and weightings of sustainability criteria to the sub-adviser's investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies meeting the sub-adviser's sustainability criteria at the time of investment may shift into and out of favor depending on market and economic conditions, and a company's sustainability practices, or the sub-adviser's assessment of such practices, may change over time. The Portfolio's

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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)**

performance may at times be better or worse than the performance of similar funds that do not utilize sustainability investing principles or that apply different sustainability criteria. "Sustainability" is not a uniformly defined characteristic and applying sustainability criteria involves subjective assessments. There may be significant differences in views in what constitutes positive or negative sustainability characteristics of a company. The sub-adviser's sustainability assessment of a company may differ from that of other funds or investors. The Portfolio's investments may include securities of issuers that derive revenue from non-sustainable activities. Sustainability ratings and assessments of issuers can vary across third party data providers, and sustainability data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of sustainability investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of sustainability criteria could have a material adverse effect on the Portfolio's ability to invest in accordance with its sustainability strategy.

**Focused investing risk:** To the extent the Portfolio invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

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

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

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At 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.

With respect to the Portfolio TAM has entered into a sub-advisory agreement with Aegon Asset Management UK plc ("AAM UK"), a wholly-owned subsidiary of Aegon Ltd. AAM UK provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.663<br> % <br>|
| Over $500 million up to $1 billion | 0.580 |
| Over $1 billion up to $1.5 billion | 0.550 |
| Over $1.5 billion | 0.530 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.73<br> % <br>| May 1, 2026 |
| Service Class | 0.98 | May 1, 2026 |

---

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

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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;

**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** |
| $81301936 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $136577593 | &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 14**

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**Transamerica Aegon Sustainable Equity 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)**

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>|
| $362899711 | &nbsp;&nbsp; $130061474 | &nbsp;&nbsp; $(18373494)<br>| &nbsp;&nbsp; $111687980 |

---

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>|
| $7705400 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4643539 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9722045 | &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>|
| $6666428 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19977818 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $111687980 |

---

**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 15**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Aegon Sustainable Equity Income VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Aegon Sustainable Equity 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. ![](g768862imgb88ed9743.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 Aegon Sustainable Equity Income VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $4,643,539 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Aegon Sustainable Equity 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 18**

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**Transamerica Aegon Sustainable Equity Income 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 19**

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**Transamerica Aegon Sustainable Equity 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 20**

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**Transamerica Aegon Sustainable Equity 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 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img343afe7d4.gif)

Visit **transamerica.com**

![](g768862img5438b2445.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img2e30437c6.gif)

------

![](g768862img7ac12cd81.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica Aegon U.S. Government Securities VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img9f3e553e2.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_b8775593-e4fa-4cd3-9648-2910ddd9145f_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_SOI-RunningFooter-217_1) | 2 |
| [Statement of Assets and Liabilities](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_FS-RunningFooter-217_1) | 6 |
| [Statement of Operations](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_FS-RunningFooter-217_1) | 6 |
| [Statement of Changes in Net Assets](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_FS-RunningFooter-217_2) | 7 |
| [Financial Highlights](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_FS-RunningFooter-217_3) | 8 |
| [Notes to Financial Statements](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_NTF-RunningFooter-217_1) | 9 |
| **[Report of Independent Registered Public Accounting Firm](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_AUD-RunningFooter-217_1)** | 23 |
| **[Supplemental Information](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_STI-RunningFooter-217_1)** | 24 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_DWA-RunningFooter-217_1)**<br> **[Companies](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_DWA-RunningFooter-217_1)**<br>| 25 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_PD-RunningFooter-217_1)** | 26 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_DTO-RunningFooter-217_1)**<br> **[Companies](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_DTO-RunningFooter-217_1)**<br>| 27 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_b8775593-e4fa-4cd3-9648-2910ddd9145f_Mgmtagmt-RunningFooter-217_1)** | 28 |

---

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

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Aegon U.S. Government Securities VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 49.4%**  | **U.S. GOVERNMENT OBLIGATIONS - 49.4%**  | **U.S. GOVERNMENT OBLIGATIONS - 49.4%**  |
| **U.S. Treasury - 46.8%**  | **U.S. Treasury - 46.8%**  | **U.S. Treasury - 46.8%**  |
| U.S. Treasury Bonds |  |  |
| 1.13%, 05/15/2040 | $1861800 | $1181298 |
| 1.38%, 08/15/2050 | 1000000 | 491680 |
| 1.88%, 02/15/2051 | 1126600 | 629576 |
| 2.00%, 02/15/2050 | 1745800 | 1023339 |
| 2.25%, 02/15/2052 | 650900 | 394913 |
| 2.38%, 02/15/2042 - 11/15/2049 | 3508700 | 2441608 |
| 2.50%, 02/15/2045 - 05/15/2046 | 1692200 | 1187345 |
| 2.88%, 05/15/2043 - 05/15/2052 | 2718200 | 1975456 |
| 3.00%, 11/15/2045 - 02/15/2048 | 2252000 | 1690514 |
| 3.38%, 11/15/2048 | 958000 | 757980 |
| 3.63%, 08/15/2043 | 588000 | 507563 |
| 4.13%, 08/15/2053 | 392200 | 347189 |
| 4.25%, 08/15/2054 | 151500 | 136977 |
| 4.38%, 08/15/2043 | 744600 | 711238 |
| 4.50%, 02/15/2044 - 11/15/2054 | 1311500 | 1260975 |
| 4.63%, 05/15/2044 - 11/15/2055 | 1433000 | 1387967 |
| 4.75%, 02/15/2045 - 08/15/2055 | 4654700 | 4583260 |
| 4.88%, 08/15/2045 | 480000 | 484650 |
| 5.00%, 05/15/2045 | 1318800 | 1353831 |
| U.S. Treasury Notes |  |  |
| 0.63%, 12/31/2027 | 1226000 | 1158953 |
| 1.25%, 11/30/2026 | 978600 | 958563 |
| 1.75%, 01/31/2029 | 1828900 | 1732883 |
| 1.88%, 02/28/2027 - 02/15/2032 | 2620000 | 2430154 |
| 2.38%, 03/31/2029 | 1573600 | 1516065 |
| 2.50%, 03/31/2027 | 751000 | 741701 |
| 2.63%, 05/31/2027 | 2802000 | 2768507 |
| 2.88%, 05/15/2032 | 2199000 | 2073416 |
| 3.13%, 08/31/2027 | 3115000 | 3097113 |
| 3.25%, 06/30/2027 - 06/30/2029 | 3943000 | 3913556 |
| 3.38%, 09/15/2027 | 1821000 | 1817657 |
| 3.50%, 09/30/2026 - 01/31/2028 | 3768600 | 3768443 |
| 3.63%, 08/31/2029 - 09/30/2031 | 1935000 | 1925380 |
| 3.75%, 11/30/2032 | 461000 | 455670 |
| 3.88%, 10/15/2027 - 04/30/2030 | 8073200 | 8133870 |
| 4.00%, 12/15/2027 <sup>(A)</sup> <br>| 2397000 | 2420221 |
| 4.00%, 06/30/2028 - 11/15/2035 | 5590000 | 5637146 |
| 4.13%, 01/31/2027 - 11/15/2032 | 11272000 | 11414154 |
| 4.25%, 02/15/2028 - 08/15/2035 | 2456900 | 2490480 |
| 4.50%, 12/31/2031 | 758000 | 784412 |
| 4.63%, 09/30/2028 - 05/31/2031 | 3638000 | 3765846 |
|  |  | 85551549 |
| **U.S. Treasury Inflation-Protected Securities - 2.6%**  | **U.S. Treasury Inflation-Protected Securities - 2.6%**  | **U.S. Treasury Inflation-Protected Securities - 2.6%**  |
| U.S. Treasury Inflation-Protected Indexed <br> Bonds |  |  |
| 1.50%, 02/15/2053 | 2393209 | 1865308 |
| U.S. Treasury Inflation-Protected Indexed <br> Notes |  |  |
| 1.75%, 01/15/2034 | 2946611 | 2929715 |
|  |  | 4795023 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $92,226,410)**<br>|  | 90346572 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 40.5%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 40.5%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 40.5%**  |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 2.04%, 09/24/2029 | $10000000 | $9433533 |
| 4.25%, 02/24/2028 | 5000000 | 5075442 |
| Federal Home Loan Banks |  |  |
| 4.75%, 12/10/2032 | 5000000 | 5219971 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through <br>Certificates |  |  |
| 3.71% <sup>(B)</sup>, 09/25/2032 | 4000000 | 3865982 |
| Federal National Mortgage Association |  |  |
| 0.88%, 08/05/2030 <sup>(A)</sup> <br>| 8300000 | 7322976 |
| 1.90%, 01/25/2036 | 5000000 | 3908121 |
| Government National Mortgage <br> Association |  |  |
| 4.63% <sup>(B)</sup>, 07/20/2061 | 7203 | 7124 |
| 4.70% <sup>(B)</sup>, 10/20/2061 - 06/20/2062 | 49522 | 49570 |
| Resolution Funding Corp., Principal Only <br> STRIPS |  |  |
| 04/15/2030 | 5000000 | 4232713 |
| SLM Student Loan Trust |  |  |
| 3-Month SOFR Average + 0.43%, |  |  |
| 4.74% <sup>(B)</sup>, 01/25/2041 | 1788636 | 1745885 |
| Tennessee Valley Authority |  |  |
| 4.38%, 08/01/2034 <sup>(A)</sup> <br>| 5000000 | 5045885 |
| 4.88%, 05/15/2035 - 01/15/2048 | 10000000 | 9923319 |
| 5.25%, 02/01/2055 | 6000000 | 5936285 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| 3.50%, 01/01/2040 <sup>(C)</sup> <br>| 7602000 | 7389410 |
| 4.00%, 01/01/2040 <sup>(C)</sup> <br>| 4991000 | 4925289 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $75,490,399)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $75,490,399)** | 74081505 |
| **CORPORATE DEBT SECURITIES - 4.3%**  | **CORPORATE DEBT SECURITIES - 4.3%**  | **CORPORATE DEBT SECURITIES - 4.3%**  |
| **Automobiles - 0.6%**  | **Automobiles - 0.6%**  | **Automobiles - 0.6%**  |
| Hyundai Capital America |  |  |
| 4.90%, 06/23/2028 <sup>(D)</sup> <br>| 675000 | 685552 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 4.45%, 09/11/2027 <sup>(D)</sup> <br>| 450000 | 451300 |
|  |  | 1136852 |
| **Banks - 0.6%**  | **Banks - 0.6%**  | **Banks - 0.6%**  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp; Fixed until 02/13/2030, <br>2.50% <sup>(B)</sup>, 02/13/2031<br>| 713000 | 664113 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp; Fixed until 01/18/2034, <br>5.47% <sup>(B)</sup>, 01/18/2035<br>| 414000 | 430343 |
|  |  | 1094456 |
| **Electric Utilities - 0.2%**  | **Electric Utilities - 0.2%**  | **Electric Utilities - 0.2%**  |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, 09/01/2027 | 461000 | 466478 |
| **Food Products - 0.5%**  | **Food Products - 0.5%**  | **Food Products - 0.5%**  |
| Cargill, Inc. |  |  |
| 5.13%, 10/11/2032 <sup>(D)</sup> <br>| 511000 | 530620 |

---

***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 Aegon U.S. Government Securities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** | **CORPORATE DEBT SECURITIES (continued)** |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Philip Morris International, Inc. |  |  |
| 4.63%, 10/29/2035 | $437000 | $427509 |
|  |  | 958129 |
| **Health Care Providers & Services - 0.6%**  | **Health Care Providers & Services - 0.6%**  | **Health Care Providers & Services - 0.6%**  |
| Cigna Group |  |  |
| 5.25%, 01/15/2036 | 487000 | 495769 |
| Health Care Service Corp. A Mutual Legal <br> Reserve Co. |  |  |
| 5.45%, 06/15/2034 <sup>(D)</sup> <br>| 601000 | 615288 |
|  |  | 1111057 |
| **Internet & Catalog Retail - 0.3%**  | **Internet & Catalog Retail - 0.3%**  | **Internet & Catalog Retail - 0.3%**  |
| Alphabet, Inc. |  |  |
| 5.30%, 05/15/2065 | 500000 | 470242 |
| **Metals & Mining - 0.3%**  | **Metals & Mining - 0.3%**  | **Metals & Mining - 0.3%**  |
| Steel Dynamics, Inc. |  |  |
| 4.00%, 12/15/2028 | 475000 | 474454 |
| **Paper & Forest Products - 0.3%**  | **Paper & Forest Products - 0.3%**  | **Paper & Forest Products - 0.3%**  |
| Georgia-Pacific LLC |  |  |
| 4.40%, 06/30/2028 <sup>(D)</sup> <br>| 484000 | 489739 |
| **Pharmaceuticals - 0.4%**  | **Pharmaceuticals - 0.4%**  | **Pharmaceuticals - 0.4%**  |
| AbbVie, Inc. |  |  |
| 5.05%, 03/15/2034 | 281000 | 288780 |
| Takeda U.S. Financing, Inc. |  |  |
| 5.20%, 07/07/2035 | 500000 | 509264 |
|  |  | 798044 |
| **Semiconductors & Semiconductor Equipment - 0.3%**  | **Semiconductors & Semiconductor Equipment - 0.3%**  | **Semiconductors & Semiconductor Equipment - 0.3%**  |
| Foundry JV Holdco LLC |  |  |
| 6.15%, 01/25/2032 <sup>(D)</sup> <br>| 450000 | 476860 |
| **Software - 0.2%**  | **Software - 0.2%**  | **Software - 0.2%**  |
| Roper Technologies, Inc. |  |  |
| 4.25%, 09/15/2028 | 362000 | 363284 |
| &nbsp;&nbsp; **Total Corporate Debt Securities** <br>**(Cost $7,751,418)**<br>|  | 7839595 |
| **ASSET-BACKED SECURITIES - 1.2%**  | **ASSET-BACKED SECURITIES - 1.2%**  | **ASSET-BACKED SECURITIES - 1.2%**  |
| Chase Issuance Trust |  |  |
| &nbsp;&nbsp; Series 2023-A1, Class A, <br>5.16%, 09/15/2028<br>| 1000000 | 1009411 |
| Toyota Auto Loan Extended Note Trust |  |  |
| &nbsp;&nbsp; Series 2021-1A, Class A, <br>1.07%, 02/27/2034 <sup>(D)</sup> <br>| 1200000 | 1194748 |
| &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $2,174,226)** | &nbsp;&nbsp; **Total Asset-Backed Securities** <br>**(Cost $2,174,226)** | 2204159 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **MORTGAGE-BACKED SECURITY - 0.0% \*** | **MORTGAGE-BACKED SECURITY - 0.0% \*** | **MORTGAGE-BACKED SECURITY - 0.0% \*** |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp; Series 2012-CR4, Class A3, <br>2.85%, 10/15/2045<br>| $84389 | $82642 |
| &nbsp;&nbsp; **Total Mortgage-Backed Security** <br>**(Cost $82,692)**<br>|  | 82642 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 7.9%**  | **OTHER INVESTMENT COMPANY - 7.9%**  | **OTHER INVESTMENT COMPANY - 7.9%**  |
| **Securities Lending Collateral - 7.9%**  | **Securities Lending Collateral - 7.9%**  | **Securities Lending Collateral - 7.9%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(E)</sup> <br>| 14457736 | 14457736 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $14,457,736)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $14,457,736)** | 14457736 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS - 10.5%**  | **REPURCHASE AGREEMENTS - 10.5%**  | **REPURCHASE AGREEMENTS - 10.5%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(E)</sup>, dated 12/31/2025, to be <br> repurchased at $191,345 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 $195,214.<br>| $191331 | 191331 |
| &nbsp;&nbsp; Nomura Securities International, Inc., <br>3.81% <sup>(E)</sup>, dated 12/31/2025, to be <br> repurchased at $19,104,043 on 01/02/2026. <br> Collateralized by U.S. Government Agency <br> Obligations, 5.00% - 6.50%, <br> due 08/01/2052 - 11/15/2060, and with a <br> value of $19,397,509.<br>| 19100000 | 19100000 |
| &nbsp;&nbsp; **Total Repurchase Agreements** <br>**(Cost $19,291,331)** | &nbsp;&nbsp; **Total Repurchase Agreements** <br>**(Cost $19,291,331)** | 19291331 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $211,474,212)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $211,474,212)** | 208303540 |
| **Net Other Assets (Liabilities) - (13.8)%** | **Net Other Assets (Liabilities) - (13.8)%** | (25238456) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$183065084** |

---

***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 Aegon U.S. Government Securities 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 | 22 | &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; $4595298 | &nbsp;&nbsp;&nbsp; $4593359 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1939)<br>|
| 5-Year U.S. Treasury Notes | 55 | &nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp; 6034253 | &nbsp;&nbsp;&nbsp; 6011758 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22495)<br>|
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp; **$(24434)**<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 U.S. Treasury Ultra Notes | (23)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; $(2659961)<br>| &nbsp;&nbsp;&nbsp; $(2645359)<br>| &nbsp;&nbsp;&nbsp; $14602 | &nbsp;&nbsp;&nbsp; $— |
| U.S. Treasury Ultra Bonds | (42)<br>| &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; (5050325)<br>| &nbsp;&nbsp;&nbsp; (4956000)<br>| &nbsp;&nbsp;&nbsp; 94325 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$108927** | &nbsp;&nbsp;&nbsp; **$—** |
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$108927** | &nbsp;&nbsp;&nbsp; **$(24434)**<br>|

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(F)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| U.S. Government Obligations | $— | &nbsp;&nbsp; $90346572 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $90346572 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 74081505 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74081505 |
| Corporate Debt Securities |  | &nbsp;&nbsp; 7839595 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7839595 |
| Asset-Backed Securities |  | &nbsp;&nbsp; 2204159 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2204159 |
| Mortgage-Backed Security |  | &nbsp;&nbsp; 82642 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82642 |
| Other Investment Company | 14457736 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14457736 |
| Repurchase Agreements |  | &nbsp;&nbsp; 19291331 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19291331 |
| **Total Investments** | **$14457736** | &nbsp;&nbsp; **$193845804** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$208303540** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $108927 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108927 |
| **Total Other Financial Instruments** | **$108927** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$108927** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(G)</sup> <br>| $(24434)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24434)<br>|
| **Total Other Financial Instruments** | **$(24434)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(24434)**<br>|

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

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

<sup>(A)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $14,171,177, collateralized by cash collateral of $14,457,736. 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> *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>(C)</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>(D)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At December 31, 2025, the total value of 144A securities is $4,444,107, representing 2.4% of the* *Portfolio's net assets.* 

<sup>(E)</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 4**

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**Transamerica Aegon U.S. Government Securities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

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

<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):** 

---

| | |
|:---|:---|
| *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 5**

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**Transamerica Aegon U.S. Government Securities VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $192,182,881) (including <br> securities loaned of $14,171,177)<br>| &nbsp;&nbsp; $189012209 |
| Repurchase agreement, at value (cost $19,291,331) | &nbsp;&nbsp; 19291331 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | &nbsp;&nbsp; 233236 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 4887 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 15798 |
| Interest | &nbsp;&nbsp; 1475063 |
| Total assets | &nbsp;&nbsp; 210032524 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 14457736 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 157 |
| When-issued, delayed-delivery, forward and TBA <br> commitments purchased<br>| &nbsp;&nbsp; 12284387 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 37640 |
| Due to custodian  | &nbsp;&nbsp; 4296 |
| Investment management fees | &nbsp;&nbsp; 77199 |
| Distribution and service fees | &nbsp;&nbsp; 29326 |
| Transfer agent costs | &nbsp;&nbsp; 188 |
| Trustee and CCO fees | &nbsp;&nbsp; 61 |
| Audit and tax fees  | &nbsp;&nbsp; 31930 |
| Custody fees | &nbsp;&nbsp; 7674 |
| Legal fees | &nbsp;&nbsp; 1727 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 11669 |
| Other accrued expenses | &nbsp;&nbsp; 7332 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 16118 |
| Total liabilities | &nbsp;&nbsp; 26967440 |
| **Net assets**  | &nbsp;&nbsp; $183065084 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $197981 |
| Additional paid-in capital | &nbsp;&nbsp; 221805650 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (38938547)<br>|
| **Net assets** | &nbsp;&nbsp; $183065084 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $54882543 |
| Service Class | &nbsp;&nbsp; 128182541 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 6118581 |
| Service Class | &nbsp;&nbsp; 13679482 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $8.97 |
| Service Class | 9.37 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $8155072 |
| Net income from securities lending | &nbsp;&nbsp; 39454 |
| Total investment income  | &nbsp;&nbsp; 8194526 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1085414 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 385616 |
| Transfer agent costs | &nbsp;&nbsp; 2299 |
| Trustee and CCO fees | &nbsp;&nbsp; 10627 |
| Audit and tax fees | &nbsp;&nbsp; 33816 |
| Custody fees | &nbsp;&nbsp; 31833 |
| Legal fees | &nbsp;&nbsp; 19208 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 38423 |
| Other | &nbsp;&nbsp; 22061 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 1629297 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (16884)<br>|
| Service Class | &nbsp;&nbsp; (44322)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Initial Class | &nbsp;&nbsp; 18 |
| Net expenses | &nbsp;&nbsp; 1568109 |
| **Net investment income (loss)** | &nbsp;&nbsp; 6626417 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; (5754206)<br>|
| Futures contracts | &nbsp;&nbsp; 63395 |
| Net realized gain (loss) | &nbsp;&nbsp; (5690811)<br>|
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 10078608 |
| Futures contracts | &nbsp;&nbsp; 482143 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 10560751 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 4869940 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $11496357 |

---

***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 Aegon U.S. Government Securities 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; $6626417 | &nbsp;&nbsp; $7153814 |
| Net realized gain (loss) | &nbsp;&nbsp; (5690811)<br>| &nbsp;&nbsp; (10980255)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 10560751 | &nbsp;&nbsp; 4331479 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 11496357 | &nbsp;&nbsp; 505038 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (2192100)<br>| &nbsp;&nbsp; (2162451)<br>|
| Service Class | &nbsp;&nbsp; (4977605)<br>| &nbsp;&nbsp; (6108387)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (7169705)<br>| &nbsp;&nbsp; (8270838)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 4797965 | &nbsp;&nbsp; 9786035 |
| Service Class | &nbsp;&nbsp; 50290819 | &nbsp;&nbsp; 23826968 |
|  | &nbsp;&nbsp; 55088784 | &nbsp;&nbsp; 33613003 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 2192100 | &nbsp;&nbsp; 2162451 |
| Service Class | &nbsp;&nbsp; 4977605 | &nbsp;&nbsp; 6108387 |
|  | &nbsp;&nbsp; 7169705 | &nbsp;&nbsp; 8270838 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (10952299)<br>| &nbsp;&nbsp; (13792283)<br>|
| Service Class | &nbsp;&nbsp; (97115959)<br>| &nbsp;&nbsp; (106468741)<br>|
|  | &nbsp;&nbsp; (108068258)<br>| &nbsp;&nbsp; (120261024)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (45809769)<br>| &nbsp;&nbsp; (78377183)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (41483117)<br>| &nbsp;&nbsp; (86142983)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 224548201 | &nbsp;&nbsp; 310691184 |
| End of year | &nbsp;&nbsp; $183065084 | &nbsp;&nbsp; $224548201 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 534836 | &nbsp;&nbsp; 1081926 |
| Service Class | &nbsp;&nbsp; 5341004 | &nbsp;&nbsp; 2514747 |
|  | &nbsp;&nbsp; 5875840 | &nbsp;&nbsp; 3596673 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 247975 | &nbsp;&nbsp; 239209 |
| Service Class | &nbsp;&nbsp; 538702 | &nbsp;&nbsp; 648449 |
|  | &nbsp;&nbsp; 786677 | &nbsp;&nbsp; 887658 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (1219559)<br>| &nbsp;&nbsp; (1535384)<br>|
| Service Class | &nbsp;&nbsp; (10347274)<br>| &nbsp;&nbsp; (11300433)<br>|
|  | &nbsp;&nbsp; (11566833)<br>| &nbsp;&nbsp; (12835817)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (436748)<br>| &nbsp;&nbsp; (214249)<br>|
| Service Class | &nbsp;&nbsp; (4467568)<br>| &nbsp;&nbsp; (8137237)<br>|
|  | &nbsp;&nbsp; (4904316)<br>| &nbsp;&nbsp; (8351486)<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 Aegon U.S. Government Securities 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; $8.82 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $11.69 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.30 | 0.26 | 0.22 | 0.15 | 0.12 |
| Net realized and unrealized gain (loss) | 0.21 | &nbsp;&nbsp; (0.22)<br>| 0.13 | &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (0.39)<br>|
| Total investment operations | 0.51 | 0.04 | 0.35 | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.04)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $10.38 |
| **Total return**<sup>(B)</sup> <br>| 5.85<br> %<br>| 0.33<br> %<br>| 4.00<br> %<br>| &nbsp;&nbsp; (13.03)%<br>| &nbsp;&nbsp; (2.39)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $54883 | &nbsp;&nbsp; $57816 | &nbsp;&nbsp; $61715 | &nbsp;&nbsp; $63432 | &nbsp;&nbsp; $81905 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.59<br> %<br>| 0.58<br> %<br>| 0.61<br> %<br>| 0.59<br> %<br>| 0.60<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.56<br> %<br>| 0.56<br> %<br>| 0.60<br> %<br>| 0.59<br> %<br>| 0.60<br> %<br>|
| Net investment income (loss) to average net assets | 3.33<br> %<br>| 2.89<br> %<br>| 2.43<br> %<br>| 1.56<br> %<br>| 1.06<br> %<br>|
| Portfolio turnover rate<sup>(C)</sup> <br>| &nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 29<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 145%, 122%, 91%, 257% and 324%,* *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; $9.19 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $10.78 | &nbsp;&nbsp; $12.07 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.29 | 0.25 | 0.20 | 0.13 | 0.09 |
| Net realized and unrealized gain (loss) | 0.22 | &nbsp;&nbsp; (0.23)<br>| 0.14 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (0.39)<br>|
| Total investment operations | 0.51 | 0.02 | 0.34 | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.20)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.99)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $10.78 |
| **Total return**<sup>(B)</sup> <br>| 5.56<br> %<br>| 0.16<br> %<br>| 3.69<br> %<br>| &nbsp;&nbsp; (13.30)%<br>| &nbsp;&nbsp; (2.53)%<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $128182 | &nbsp;&nbsp; $166732 | &nbsp;&nbsp; $248976 | &nbsp;&nbsp; $313902 | &nbsp;&nbsp; $225327 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.84<br> %<br>| 0.83<br> %<br>| 0.86<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.81<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>|
| Net investment income (loss) to average net assets | 3.08<br> %<br>| 2.63<br> %<br>| 2.18<br> %<br>| 1.37<br> %<br>| 0.81<br> %<br>|
| Portfolio turnover rate<sup>(C)</sup> <br>| &nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 29<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 145%, 122%, 91%, 257% and 324%,* *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 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 Aegon U.S. Government Securities VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

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

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

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

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

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

**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.

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.

**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;

**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.

*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.

*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.

*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**

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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**

**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

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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. SECURITIES AND OTHER INVESTMENTS (continued)**

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 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**

**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)**

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 |  |  |  |  |  |
| U.S. Government Agency Obligations | $14457736 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14457736 |
| **Total Borrowings** | **$14457736** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$14457736** |

---

**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

**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)**

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>| $108927 | $— | $— | $— | $— | $108927 |
| **Total** | **$108927** | **$—** | **$—** | **$—** | **$—** | **$108927** |

---

&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>| $(24434)<br>| $— | $— | $— | $— | $(24434)<br>|
| **Total** | **$(24434)**<br>| **$—** | **$—** | **$—** | **$—** | **$(24434)**<br>|

---

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

<sup>(A)</sup> *May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.*

<sup>(B)</sup> *Included within unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day's variation* *margin is reported within the Statement of Assets and Liabilities.* 

**Transamerica Series Trust**

**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 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  | $63395 | $— | $— | $— | $— | $63395 |
| **Total** | **$63395** | **$—** | **$—** | **$—** | **$—** | **$63395** |

---

&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  | $482143 | $— | $— | $— | $— | $482143 |
| **Total** | **$482143** | **$—** | **$—** | **$—** | **$—** | **$482143** |

---

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 | $21249673 |
| Average notional value of contracts — short | (4160151)<br>|

---

*Collateral requirements:* Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolio may be required to pledge collateral on derivatives to a counterparty if the Portfolio is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by the Portfolio to cover obligations, if any, is reported in Cash collateral at broker within the Statement of Assets and Liabilities. Cash collateral that has been received by the Portfolio from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statement of Assets and Liabilities. Non-cash collateral pledged to the Portfolio, if any, is disclosed within the Schedule of Investments.

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

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

**7. RISK FACTORS**

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

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions

**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)**

or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

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

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

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

**U.S. government securities risk:** U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**Credit risk:** If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-related and asset-backed securities risk:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the Portfolio. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In 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

**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. RISK FACTORS (continued)**

assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase portfolio losses, increase costs, reduce opportunities for gains, increase portfolio volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Portfolio. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Portfolio's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Portfolio. In certain cases, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Portfolio to certain operational and legal risks. The Portfolio may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on portfolios using derivatives. Rule 18f-4 could have an adverse impact on the Portfolio's performance and its ability to implement its investment strategies and may increase costs related to the Portfolio's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Counterparty risk:** The Portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Portfolio do not fulfill their contractual obligations. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Portfolio has more contractual exposure to a counterparty.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or call risk:** Many issuers have a right to prepay their fixed-income securities. If this happens, the Portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**To Be Announced (TBA) transactions risk:** Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Portfolio may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the Portfolio to further losses.

**Dollar rolls risk:** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the Portfolio is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the Portfolio sells securities becomes insolvent, the Portfolio's ability to purchase or repurchase securities may be restricted.

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

**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.

**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;

**8. 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.

TAM has entered into a sub-advisory agreement with Aegon USA Investment Management, LLC ("AUIM"), an affiliate of TAM. AUIM provides day-to-day portfolio management services to the Portfolio, subject to the supervision of TAM. TAM is responsible for compensating the sub-adviser for its services.

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.515<br> % <br>|
| Over $250 million up to $500 million | 0.510 |
| Over $500 million up to $1 billion | 0.480 |
| Over $1 billion | 0.470 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.56<br> % <br>| May 1, 2026 |
| Service Class | 0.81 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 19**

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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)**

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 | $2830 | $12013 | $16884 | $31727 |
| Service Class | 13723 | 39964 | 44322 | 98009 |

---

**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** |
| $15124621 | &nbsp;&nbsp; $132965003 | &nbsp;&nbsp; $12650995 | &nbsp;&nbsp; $182874698 |

---

**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.

**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;

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

Management has evaluated the Portfolio's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolio's financial statements. If applicable, the Portfolio recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Portfolio identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Portfolio makes significant investments; however, the Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, futures contracts mark-to-market and 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>|
| $212382832 | &nbsp;&nbsp; $1495169 | &nbsp;&nbsp; $(5574461)<br>| &nbsp;&nbsp; $(4079292)<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; $21008676 | &nbsp;&nbsp;&nbsp;&nbsp; $20105298 |

---

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>|
| $7169705 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8270838 | &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>|
| $6624592 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(41113974)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(369873)<br>| &nbsp;&nbsp; $(4079292)<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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica Aegon U.S. Government Securities 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)**

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 22**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Aegon U.S. Government Securities VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Aegon U.S. Government Securities 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. ![](g768862imgbd4a30443.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 23**

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**Transamerica Aegon U.S. Government Securities 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 24**

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**Transamerica Aegon U.S. Government Securities VP** 

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

**(unaudited)**

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 25**

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**Transamerica Aegon U.S. Government Securities VP** 

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

**(unaudited)**

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 26**

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**Transamerica Aegon U.S. Government Securities VP** 

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

**(unaudited)**

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 27**

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**Transamerica Aegon U.S. Government Securities VP** 

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

**(unaudited)**

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 28**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img82080c614.gif)

Visit **transamerica.com**

![](g768862img2c87e4d35.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img9ae6f6bb6.gif)

------

![](g768862img6d7d8d0d1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica American Funds Managed Risk VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgea64a0622.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_cdac8637-2396-4db9-8b92-a9a38ae248a2_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_SOI-RunningFooter-203_1) | 2 |
| [Statement of Assets and Liabilities](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_FS-RunningFooter-203_1) | 4 |
| [Statement of Operations](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_FS-RunningFooter-203_1) | 4 |
| [Statement of Changes in Net Assets](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_sSOC-RunningFooter-203_1) | 5 |
| [Financial Highlights](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_SCF-RunningFooter-203_1) | 6 |
| [Notes to Financial Statements](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_NTF-RunningFooter-203_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_AUD-RunningFooter-203_1)** | 19 |
| **[Supplemental Information](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_STI-RunningFooter-203_1)** | 20 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_DWA-RunningFooter-203_1)**<br> **[Companies](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_DWA-RunningFooter-203_1)**<br>| 21 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_PD-RunningFooter-203_1)** | 22 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_DTO-RunningFooter-203_1)**<br> **[Companies](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_DTO-RunningFooter-203_1)**<br>| 23 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_cdac8637-2396-4db9-8b92-a9a38ae248a2_Mgmtagmt-RunningFooter-203_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 American Funds Managed Risk VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANY - 96.9%**  | **INVESTMENT COMPANY - 96.9%**  | **INVESTMENT COMPANY - 96.9%**  |
| **U.S. Mixed Allocation Fund - 96.9%**  | **U.S. Mixed Allocation Fund - 96.9%**  | **U.S. Mixed Allocation Fund - 96.9%**  |
| &nbsp;&nbsp; American Funds Insurance Series - Asset <br> Allocation Fund<br>| 28422539 | $781904056 |
| &nbsp;&nbsp; **Total Investment Company** <br>**(Cost $674,780,563)**<br>|  | 781904056 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.8%**  | **REPURCHASE AGREEMENT - 1.8%**  | **REPURCHASE AGREEMENT - 1.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(A)</sup>, dated 12/31/2025, to be <br> repurchased at $14,088,716 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 $14,369,471.<br>| $14087660 | 14087660 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $14,087,660)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $14,087,660)** | 14087660 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $688,868,223)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $688,868,223)** | 795991716 |
| **Net Other Assets (Liabilities) - 1.3%** | **Net Other Assets (Liabilities) - 1.3%** | 10848494 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$806840210** |

---

**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 | 4 | &nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp; $589400 | &nbsp;&nbsp;&nbsp; $589000 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(400)<br>|
| EURO STOXX 50<sup>®</sup> Index | 9 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 611141 | &nbsp;&nbsp;&nbsp; 617791 | &nbsp;&nbsp;&nbsp; 6650 | &nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index | 27 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 1894405 | &nbsp;&nbsp;&nbsp; 1905390 | &nbsp;&nbsp;&nbsp; 10985 | &nbsp;&nbsp;&nbsp; — |
| S&P 500<sup>®</sup> E-Mini Index | 96 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 33294915 | &nbsp;&nbsp;&nbsp; 33084000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (210915)<br>|
| S&P Midcap 400<sup>®</sup> E-Mini Index | 13 | &nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp; 4385147 | &nbsp;&nbsp;&nbsp; 4322760 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (62387)<br>|
| **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | &nbsp;&nbsp;&nbsp; **$17635** | &nbsp;&nbsp;&nbsp; **$(273702)**<br>|

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(B)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Company | $781904056 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $781904056 |
| Repurchase Agreement |  | &nbsp;&nbsp; 14087660 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14087660 |
| **Total Investments** | **$781904056** | &nbsp;&nbsp; **$14087660** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$795991716** |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(C)</sup> <br>| $17635 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17635 |
| **Total Other Financial Instruments** | **$17635** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$17635** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts <sup>(C)</sup> <br>| $(273702)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(273702)<br>|
| **Total Other Financial Instruments** | **$(273702)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(273702)**<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 American Funds Managed Risk VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**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).*

**CURRENCY ABBREVIATION(S):** 

*EUR* *Euro*

**PORTFOLIO ABBREVIATION(S):** 

*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 American Funds Managed Risk VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $674,780,563) | &nbsp;&nbsp; $781904056 |
| Repurchase agreement, at value (cost $14,087,660) | &nbsp;&nbsp; 14087660 |
| Cash | &nbsp;&nbsp; 9610981 |
| Cash collateral pledged at broker for: |  |
| Futures contracts | &nbsp;&nbsp; 2516852 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 30757 |
| Interest | &nbsp;&nbsp; 528 |
| Total assets | &nbsp;&nbsp; 808150834 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 232058 |
| Investment management fees | &nbsp;&nbsp; 389613 |
| Distribution and service fees | &nbsp;&nbsp; 183780 |
| Transfer agent costs | &nbsp;&nbsp; 825 |
| Trustee and CCO fees | &nbsp;&nbsp; 270 |
| Audit and tax fees  | &nbsp;&nbsp; 20199 |
| Custody fees | &nbsp;&nbsp; 6567 |
| Legal fees | &nbsp;&nbsp; 6427 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 154453 |
| Other accrued expenses | &nbsp;&nbsp; 10544 |
| Variation margin payable on futures contracts | &nbsp;&nbsp; 305888 |
| Total liabilities | &nbsp;&nbsp; 1310624 |
| **Net assets**  | &nbsp;&nbsp; $806840210 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $654228 |
| Additional paid-in capital | &nbsp;&nbsp; 633026908 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 173159074 |
| **Net assets** | &nbsp;&nbsp; $806840210 |
| **Shares outstanding** | &nbsp;&nbsp; 65422786 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $12.33 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $21941404 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 505381 |
| Total investment income  | &nbsp;&nbsp; 22446785 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 4407343 |
| Distribution and service fees | &nbsp;&nbsp; 2078935 |
| Transfer agent costs | &nbsp;&nbsp; 9195 |
| Trustee and CCO fees | &nbsp;&nbsp; 42630 |
| Audit and tax fees | &nbsp;&nbsp; 26373 |
| Custody fees | &nbsp;&nbsp; 50909 |
| Legal fees | &nbsp;&nbsp; 78236 |
| Other | &nbsp;&nbsp; 47306 |
| Total expenses | &nbsp;&nbsp; 6740927 |
| **Net investment income (loss)** | &nbsp;&nbsp; 15705858 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 24417545 |
| Capital gain distributions received from unaffiliated <br> investment companies<br>| &nbsp;&nbsp; 51132438 |
| Futures contracts | &nbsp;&nbsp; (20546579)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 55003404 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 19796541 |
| Futures contracts | &nbsp;&nbsp; (1027296)<br>|
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 386 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 18769631 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 73773035 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $89478893 |

---

***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 American Funds Managed Risk 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; $15705858 | &nbsp;&nbsp; $13294558 |
| Net realized gain (loss) | &nbsp;&nbsp; 55003404 | &nbsp;&nbsp; 45772454 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 18769631 | &nbsp;&nbsp; 61757082 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 89478893 | &nbsp;&nbsp; 120824094 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (59837429)<br>| &nbsp;&nbsp; (27395397)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (59837429)<br>| &nbsp;&nbsp; (27395397)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1671491 | &nbsp;&nbsp; 4716953 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 59837429 | &nbsp;&nbsp; 27395397 |
| Cost of shares redeemed | &nbsp;&nbsp; (155947680)<br>| &nbsp;&nbsp; (141972248)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (94438760)<br>| &nbsp;&nbsp; (109859898)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (64797296)<br>| &nbsp;&nbsp; (16431201)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 871637506 | &nbsp;&nbsp; 888068707 |
| End of year | &nbsp;&nbsp; $806840210 | &nbsp;&nbsp; $871637506 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 138599 | &nbsp;&nbsp; 415821 |
| Shares reinvested | &nbsp;&nbsp; 5062388 | &nbsp;&nbsp; 2361672 |
| Shares redeemed | &nbsp;&nbsp; (12893194)<br>| &nbsp;&nbsp; (12287039)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (7692207)<br>| &nbsp;&nbsp; (9509546)<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 American Funds Managed Risk VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $11.92 | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $13.34 | &nbsp;&nbsp; $11.90 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.23 | 0.17 | 0.18 | 0.24 | 0.17 |
| Net realized and unrealized gain (loss) | 1.09 | 1.37 | 0.92 | &nbsp;&nbsp; (1.77)<br>| 1.38 |
| Total investment operations | 1.32 | 1.54 | 1.10 | &nbsp;&nbsp; (1.53)<br>| 1.55 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized gains | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $12.33 | &nbsp;&nbsp; $11.92 | &nbsp;&nbsp; $10.75 | &nbsp;&nbsp; $11.58 | &nbsp;&nbsp; $13.34 |
| **Total return**<sup>(B)</sup> <br>| 11.48<br> %<br>| 14.37<br> %<br>| 10.39<br> %<br>| &nbsp;&nbsp; (11.42)%<br>| 13.08<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $806840 | &nbsp;&nbsp; $871638 | &nbsp;&nbsp; $888069 | &nbsp;&nbsp; $900545 | &nbsp;&nbsp; $1106790 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.81<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>| 0.81<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | 1.89<br> %<br>| 1.48<br> %<br>| 1.60<br> %<br>| 1.99<br> %<br>| 1.32<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 4<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> *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 American Funds Managed Risk 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 American Funds Managed Risk VP (the "Portfolio") is a series of TST and is classified as non-diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in the American Funds Insurance Series Asset Allocation Fund<sup>SM</sup> (hereafter referred to as "Underlying Portfolio"). The shareholder reports of the Underlying Portfolio, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Portfolio's shareholder reports are not covered by this report.

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

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

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

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica American Funds Managed Risk VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica American Funds Managed Risk VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At 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.

*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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica American Funds Managed Risk VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At 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. 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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**Transamerica American Funds Managed Risk 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.

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>| $— | $— | $17635 | $— | $— | $17635 |
| **Total** | **$—** | **$—** | **$17635** | **$—** | **$—** | **$17635** |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica American Funds Managed Risk 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>| $— | $(400)<br>| $(273302)<br>| $— | $— | $(273702)<br>|
| **Total** | **$—** | **$(400)**<br>| **$(273302)**<br>| **$—** | **$—** | **$(273702)**<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  | $— | $(220775)<br>| $(20325804)<br>| $— | $— | $(20546579)<br>|
| **Total** | **$—** | **$(220775)**<br>| **$(20325804)**<br>| **$—** | **$—** | **$(20546579)**<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  | $— | $(8136)<br>| $(1019160)<br>| $— | $— | $(1027296)<br>|
| **Total** | **$—** | **$(8136)**<br>| **$(1019160)**<br>| **$—** | **$—** | **$(1027296)**<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 | $9770120 |
| Average notional value of contracts — short | (31418849)<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 12**

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**Transamerica American Funds Managed Risk 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.

**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 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 13**

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**Transamerica American Funds Managed Risk 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)**

**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.

**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,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica American Funds Managed Risk 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)**

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>|
| American Funds Insurance Series – Asset Allocation Fund | 96.75<br> % <br>|

---

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $2 billion | 0.53<br> % <br>|
| Over $2 billion up to $4 billion | 0.52 |
| Over $4 billion up to $6 billion | 0.50 |
| Over $6 billion up to $8 billion | 0.49 |
| Over $8 billion up to $10 billion | 0.48 |
| Over $10 billion | 0.46 |

---

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**

**Page 15**

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**Transamerica American Funds Managed Risk 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)**

assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.85<br> % <br>| May 1, 2026 |

---

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

**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** | **Sales of Securities** |
| $35238000 | &nbsp;&nbsp; $215004791 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica American Funds Managed Risk 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**

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>|
| $692473731 | &nbsp;&nbsp; $103517985 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103517985 |

---

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>|
| $13294313 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $46543116 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14073596 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13321801 | &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>|
| $15671941 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53969155 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $103517978 |

---

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica American Funds Managed Risk 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)**

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 American Funds Managed Risk VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica American Funds Managed Risk 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. ![](g768862img33fd2cd13.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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**Transamerica American Funds Managed Risk VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $46,543,116 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica American Funds Managed Risk 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 21**

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**Transamerica American Funds Managed Risk 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**

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**Transamerica American Funds Managed Risk 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 23**

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**Transamerica American Funds Managed Risk 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 24**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img5efa12d14.gif)

Visit **transamerica.com**

![](g768862img3e87f5cf5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img98aeb3036.gif)

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![](g768862img74d13bf31.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica BlackRock Government Money Market VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img4aca50332.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_SOI-RunningFooter-221_1) | 2 |
| [Statement of Assets and Liabilities](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_FS-RunningFooter-221_1) | 5 |
| [Statement of Operations](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_FS-RunningFooter-221_1) | 5 |
| [Statement of Changes in Net Assets](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_FS-RunningFooter-221_2) | 6 |
| [Financial Highlights](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_FS-RunningFooter-221_3) | 7 |
| [Notes to Financial Statements](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_NTF-RunningFooter-221_1) | 9 |
| **[Report of Independent Registered Public Accounting Firm](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_AUD-RunningFooter-221_1)** | 18 |
| **[Supplemental Information](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_STI-RunningFooter-221_1)** | 19 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_DWA-RunningFooter-221_1)**<br> **[Companies](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_DWA-RunningFooter-221_1)**<br>| 20 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_PD-RunningFooter-221_1)** | 21 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_DTO-RunningFooter-221_1)**<br> **[Companies](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_DTO-RunningFooter-221_1)**<br>| 22 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_8061f1f1-a642-4a86-8ea2-c0bd2703cf92_Mgmtagmt-RunningFooter-221_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 BlackRock Government Money Market VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS - 11.4%**  | **U.S. GOVERNMENT OBLIGATIONS - 11.4%**  | **U.S. GOVERNMENT OBLIGATIONS - 11.4%**  |
| **U.S. Treasury - 11.4%**  | **U.S. Treasury - 11.4%**  | **U.S. Treasury - 11.4%**  |
| U.S. Treasury Floating Rate Notes |  |  |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.10%, 3.70% <sup>(A)</sup>, 01/31/2027<br>| $15275000 | $15274559 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.15%, 3.75% <sup>(A)</sup>, 04/30/2026<br>| 11100000 | 11100226 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.16%, 3.76% <sup>(A)</sup>, 07/31/2027<br>| 5610000 | 5606795 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.18%, 3.78% <sup>(A)</sup>, 07/31/2026<br>| 7085000 | 7082838 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.19%, 3.79% <sup>(A)</sup>, 10/31/2027<br>| 11953000 | 11960941 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.21%, 3.81% <sup>(A)</sup>, 10/31/2026<br>| 12890000 | 12890000 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.25%, 3.85% <sup>(A)</sup>, 01/31/2026<br>| 7625000 | 7625000 |
| U.S. Treasury Notes |  |  |
| 0.38%, 01/31/2026 | 145000 | 144555 |
| 0.50%, 02/28/2026 | 500000 | 497215 |
| 0.88%, 06/30/2026 | 350000 | 344515 |
| 2.38%, 04/30/2026 | 390000 | 387890 |
| 4.13%, 10/31/2026 | 318000 | 319017 |
| 4.25%, 11/30/2026 | 243000 | 244249 |
| 4.63%, 02/28/2026 | 600000 | 600466 |
| 4.63%, 06/30/2026 | 2475000 | 2480567 |
| &nbsp;&nbsp; **Total U.S. Government Obligations** <br>**(Cost $76,558,833)**<br>|  | 76558833 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS - 7.8%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 7.8%**  | **U.S. GOVERNMENT AGENCY OBLIGATIONS - 7.8%**  |
| Federal Farm Credit Banks Funding Corp. |  |  |
| 3-Month SOFR + 0.04%, |  |  |
| 3.75% <sup>(A)</sup>, 01/20/2027 | 1865000 | 1865000 |
| 3-Month SOFR + 0.05%, |  |  |
| 3.76% <sup>(A)</sup>, 04/19/2027 - 05/24/2027 | 1140000 | 1140000 |
| 3-Month SOFR + 0.07%, |  |  |
| 3.78% <sup>(A)</sup>, 03/05/2027 - 03/26/2027 | 3690000 | 3690000 |
| 3-Month SOFR + 0.08%, |  |  |
| 3.79% <sup>(A)</sup>, 02/01/2027 - 11/23/2027 | 1905000 | 1905000 |
| 3-Month SOFR + 0.09%, |  |  |
| 3.80% <sup>(A)</sup>, 01/27/2027 | 645000 | 645000 |
| 3-Month SOFR + 0.10%, |  |  |
| 3.81% <sup>(A)</sup>, 06/24/2026 - 06/26/2026 | 1695000 | 1695000 |
| 3-Month SOFR + 0.11%, |  |  |
| 3.82% <sup>(A)</sup>, 11/19/2027 | 675000 | 675000 |
| 3-Month SOFR + 0.14%, |  |  |
| 3.85% <sup>(A)</sup>, 10/15/2026 - 12/23/2026 | 6700000 | 6699731 |
| &nbsp;&nbsp; 3-Month Treasury Money Market Yield + <br> 0.27%,<br>|  |  |
| 3.87% <sup>(A)</sup>, 10/16/2026 | 3500000 | 3500000 |
| Federal Home Loan Banks |  |  |
| 3.50%, 01/11/2027 | 4650000 | 4642294 |
| 3-Month SOFR + 0.07%, |  |  |
| 3.78% <sup>(A)</sup>, 03/25/2027 | 1520000 | 1520000 |
| 3-Month SOFR + 0.10%, |  |  |
| 3.81% <sup>(A)</sup>, 02/25/2027 - 03/18/2027 | 3515000 | 3515000 |
| Federal Home Loan Mortgage Corp. |  |  |
| 3-Month SOFR + 0.12%, |  |  |
| 3.83% <sup>(A)</sup>, 05/05/2027 | 1200000 | 1200000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp; Federal Home Loan Mortgage <br> Corp. (continued)<br>|  |  |
| 3-Month SOFR + 0.14%, |  |  |
| 3.85% <sup>(A)</sup>, 09/23/2026 - 10/16/2026 | $3700000 | $3700000 |
| Federal National Mortgage Association |  |  |
| 3-Month SOFR + 0.12%, |  |  |
| 3.83% <sup>(A)</sup>, 07/29/2026 | 6540000 | 6540000 |
| 3-Month SOFR + 0.14%, |  |  |
| 3.85% <sup>(A)</sup>, 08/21/2026 - 12/11/2026 | 9845000 | 9845000 |
| &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $52,777,025)** | &nbsp;&nbsp; **Total U.S. Government Agency Obligations** <br>**(Cost $52,777,025)** | 52777025 |
| **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.8%**  | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.8%**  | **SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.8%**  |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| &nbsp;&nbsp; 3-Month SOFR + 0.04%, 3.75% <sup>(A)</sup>, <br> 11/19/2026<br>| 256000 | 256000 |
| &nbsp;&nbsp; 3-Month SOFR + 0.05%, 3.78% <sup>(A)</sup>, <br> 11/06/2026<br>| 1265000 | 1265000 |
| Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
| 3.64% <sup>(B)</sup>, 04/17/2026 | 2970000 | 2938955 |
| 3.65% <sup>(B)</sup>, 03/03/2026 - 03/12/2026 | 7900000 | 7847893 |
| 3.89% <sup>(B)</sup>, 02/13/2026 | 808000 | 804332 |
| 4.07% <sup>(B)</sup>, 02/03/2026 | 1358000 | 1353083 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 3.71% <sup>(B)</sup>, 01/13/2026 - 06/25/2026 | 9860000 | 9860000 |
| &nbsp;&nbsp; 3-Month SOFR + 0.01%, 3.72% <sup>(A)</sup>, <br> 02/17/2026 - 08/24/2026<br>| 18600000 | 18600000 |
| &nbsp;&nbsp; 3-Month SOFR + 0.02%, 3.73% <sup>(A)</sup>, <br> 06/18/2026 - 07/17/2026<br>| 3210000 | 3210000 |
| &nbsp;&nbsp; 3-Month SOFR + 0.03%, 3.74% <sup>(A)</sup>, <br> 04/17/2026 - 07/02/2026<br>| 6755000 | 6755000 |
| 3.75% <sup>(B)</sup>, 02/26/2026 | 6970000 | 6966354 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Agency Obligations** <br>**(Cost $59,856,617)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Agency Obligations** <br>**(Cost $59,856,617)** | 59856617 |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 35.1%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 35.1%**  | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 35.1%**  |
| U.S. Treasury Bills |  |  |
| 3.55% <sup>(B)</sup>, 12/24/2026 | 4746000 | 4586932 |
| 3.59% <sup>(B)</sup>, 06/25/2026 | 524000 | 515129 |
| 3.60% <sup>(B)</sup>, 06/25/2026 | 11757600 | 11558415 |
| 3.61% <sup>(B)</sup>, 06/18/2026 - 07/02/2026 | 3698000 | 3636965 |
| 3.63% <sup>(B)</sup>, 04/21/2026 | 3050000 | 3017009 |
| 3.64% <sup>(B)</sup>, 03/19/2026 | 1109000 | 1100567 |
| 3.66% <sup>(B)</sup>, 02/17/2026 | 9100000 | 9057408 |
| 3.67% <sup>(B)</sup>, 02/10/2026 | 2365000 | 2355540 |
| 3.69% <sup>(B)</sup>, 06/11/2026 | 562000 | 553017 |
| 3.70% <sup>(B)</sup>, 06/11/2026 | 540000 | 531354 |
| 3.71% <sup>(B)</sup>, 01/22/2026 - 04/07/2026 | 4197000 | 4160642 |
| 3.72% <sup>(B)</sup>, 03/05/2026 - 03/12/2026 | 1239000 | 1230627 |
| 3.75% <sup>(B)</sup>, 02/24/2026 - 06/04/2026 | 17226000 | 16986063 |
| 3.76% <sup>(B)</sup>, 04/30/2026 | 12810000 | 12655867 |
| 3.77% <sup>(B)</sup>, 05/28/2026 | 2446000 | 2409529 |
| 3.78% <sup>(B)</sup>, 02/19/2026 - 05/28/2026 | 8933000 | 8835983 |
| 3.79% <sup>(B)</sup>, 05/28/2026 | 7690000 | 7574759 |
| 3.80% <sup>(B)</sup>, 04/16/2026 | 1070000 | 1058515 |
| 3.81% <sup>(B)</sup>, 03/17/2026 - 04/16/2026 | 7247000 | 7169825 |
| 3.82% <sup>(B)</sup>, 04/09/2026 | 4198000 | 4155754 |
| 3.83% <sup>(B)</sup>, 03/24/2026 - 04/02/2026 | 2367000 | 2345454 |

---

***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 BlackRock Government Money Market VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)** | **SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)** |
| U.S. Treasury Bills (continued) |  |  |
| 3.84% <sup>(B)</sup>, 03/10/2026 - 04/02/2026 | $16327000 | $16186711 |
| 3.85% <sup>(B)</sup>, 02/26/2026 - 09/03/2026 | 14984000 | 14648310 |
| 3.87% <sup>(B)</sup>, 02/10/2026 - 03/10/2026 | 8729700 | 8671005 |
| 3.88% <sup>(B)</sup>, 02/10/2026 | 6594600 | 6566939 |
| 3.89% <sup>(B)</sup>, 02/03/2026 | 11013000 | 10974790 |
| 3.91% <sup>(B)</sup>, 02/17/2026 | 1192000 | 1186071 |
| 3.93% <sup>(B)</sup>, 02/10/2026 | 542000 | 539697 |
| 3.95% <sup>(B)</sup>, 03/05/2026 | 10395000 | 10325418 |
| 3.96% <sup>(B)</sup>, 08/06/2026 | 645000 | 630391 |
| 4.01% <sup>(B)</sup>, 03/05/2026 | 11336000 | 11259043 |
| 4.04% <sup>(B)</sup>, 02/26/2026 | 2800000 | 2782970 |
| 4.05% <sup>(B)</sup>, 02/26/2026 | 2073000 | 2060376 |
| 4.11% <sup>(B)</sup>, 02/12/2026 | 16580000 | 16503207 |
| 4.12% <sup>(B)</sup>, 02/05/2026 | 9064000 | 9028927 |
| 4.15% <sup>(B)</sup>, 05/14/2026 | 6041100 | 5953388 |
| 4.16% <sup>(B)</sup>, 06/11/2026 | 5325300 | 5231466 |
| 4.26% <sup>(B)</sup>, 01/02/2026 - 01/22/2026 | 7485000 | 7482545 |
| 4.27% <sup>(B)</sup>, 01/29/2026 | 1400000 | 1395514 |
| &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $236,922,122)** | &nbsp;&nbsp; **Total Short-Term U.S. Government Obligations** <br>**(Cost $236,922,122)** | 236922122 |
| **REPURCHASE AGREEMENTS - 37.0%**  | **REPURCHASE AGREEMENTS - 37.0%**  | **REPURCHASE AGREEMENTS - 37.0%**  |
| &nbsp;&nbsp; Barclays Capital, Inc., <br>3.82% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $40,008,489 on 01/02/2026. <br> Collateralized by U.S. Government <br> Obligations, 0.63% - 4.25%, <br> due 06/30/2031 - 02/15/2055 and with a <br> total value of $40,800,030.<br>| 40000000 | 40000000 |
| &nbsp;&nbsp; BNP Paribas SA, <br>3.82% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $32,006,791 on 01/02/2026. <br> Collateralized by U.S. Government <br> Obligations, 0.00% - 4.50%, <br> due 07/15/2026 - 11/15/2050, and with a <br> total value of $32,640,030.<br>| 32000000 | 32000000 |
| &nbsp;&nbsp; BNP Paribas SA, <br>3.83% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $5,001,064 on 01/02/2026. <br> Collateralized by U.S. Government Agency <br> Obligations, 2.00% - 8.00%, <br> due 03/01/2032 - 02/20/2065, and with a <br> total value of $5,102,002.<br>| 5000000 | 5000000 |
| &nbsp;&nbsp; Citigroup Global Markets, Inc., <br>3.82% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $25,005,306 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 2.38%, due 04/30/2026, and <br> with a value of $25,500,006.<br>| 25000000 | 25000000 |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $628,679 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 $641,388.<br>| 628632 | 628632 |
| &nbsp;&nbsp; Goldman Sachs & Co., <br>3.83% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $25,005,319 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.63%, due 12/31/2030, and <br> with a value of $25,500,040.<br>| 25000000 | 25000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| &nbsp;&nbsp; Goldman Sachs & Co., <br>3.84% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $17,003,627 on 01/02/2026. <br> Collateralized by U.S. Government Agency <br> Obligations, 2.50% - 6.50%, <br> due 08/20/2032 - 08/15/2064 and with a <br> total value of $17,340,000.<br>| $17000000 | $17000000 |
| &nbsp;&nbsp; JPMorgan Chase & Co., <br>3.82% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $25,005,306 on 01/02/2026. <br> Collateralized by U.S. Government <br> Obligations, 0.38% - 2.50%, <br> due 03/31/2027 - 07/15/2027, and with a <br> total value of $25,500,096.<br>| 25000000 | 25000000 |
| &nbsp;&nbsp; JPMorgan Chase & Co., <br>3.83% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $15,003,192 on 01/02/2026. <br> Collateralized by U.S. Government Agency <br> Obligations, 3.50% - 6.50%, <br> due 08/20/2040 - 10/20/2055 and with a <br> total value of $15,300,001.<br>| 15000000 | 15000000 |
| &nbsp;&nbsp; Merrill Lynch & Co., Inc., <br>3.82% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $10,002,122 on 01/02/2026. <br> Collateralized by U.S. Government <br> Obligations, 0.00% - 3.88%, <br> due 11/15/2027 - 08/15/2054, and with a <br> total value of $10,200,000.<br>| 10000000 | 10000000 |
| &nbsp;&nbsp; Merrill Lynch & Co., Inc., <br>3.85% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $20,004,278 on 01/02/2026. <br> Collateralized by U.S. Government Agency <br> Obligations, 3.00% - 6.50%, <br> due 03/20/2026 - 12/20/2055, and with a <br> total value of $20,400,000.<br>| 20000000 | 20000000 |
| &nbsp;&nbsp; Toronto-Dominion Bank, <br>3.82% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $20,004,244 on 01/02/2026. <br> Collateralized by a U.S. Government <br> Obligation, 3.88%, due 12/31/2029, and <br> with a value of $20,400,081.<br>| 20000000 | 20000000 |
| &nbsp;&nbsp; Toronto-Dominion Bank, <br>3.83% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $15,003,192 on 01/02/2026. <br> Collateralized by U.S. Government Agency <br> Obligations, 4.38% - 4.63%, due <br> 09/30/2030- 11/30/2030, and with a total <br> value of $15,300,003.<br>| 15000000 | 15000000 |
| &nbsp;&nbsp; **Total Repurchase Agreements** <br>**(Cost $249,628,632)** | &nbsp;&nbsp; **Total Repurchase Agreements** <br>**(Cost $249,628,632)** | 249628632 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $675,743,229)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $675,743,229)** | 675743229 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (556453) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$675186776** |

---

***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 BlackRock Government Money Market 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** |  |  |  |  |
| U.S. Government Obligations | $— | &nbsp;&nbsp; $76558833 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76558833 |
| U.S. Government Agency Obligations |  | &nbsp;&nbsp; 52777025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52777025 |
| Short-Term U.S. Government Agency Obligations |  | &nbsp;&nbsp; 59856617 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59856617 |
| Short-Term U.S. Government Obligations |  | &nbsp;&nbsp; 236922122 | &nbsp;&nbsp; — | &nbsp;&nbsp; 236922122 |
| Repurchase Agreements |  | &nbsp;&nbsp; 249628632 | &nbsp;&nbsp; — | &nbsp;&nbsp; 249628632 |
| **Total Investments** | **$—** | &nbsp;&nbsp; **$675743229** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$675743229** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<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> *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):** 

*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 4**

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**Transamerica BlackRock Government Money Market VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $426,114,597) | &nbsp;&nbsp; $426114597 |
| Repurchase agreement, at value (cost $249,628,632) | &nbsp;&nbsp; 249628632 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 145347 |
| Interest | &nbsp;&nbsp; 1054405 |
| Due from transfer agent | &nbsp;&nbsp; 661 |
| Total assets | &nbsp;&nbsp; 676943642 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 550145 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 858967 |
| Investment management fees | &nbsp;&nbsp; 148410 |
| Distribution and service fees | &nbsp;&nbsp; 106094 |
| Transfer agent costs | &nbsp;&nbsp; 700 |
| Trustee and CCO fees | &nbsp;&nbsp; 229 |
| Audit and tax fees  | &nbsp;&nbsp; 18190 |
| Custody fees | &nbsp;&nbsp; 27582 |
| Legal fees | &nbsp;&nbsp; 5579 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 24212 |
| Other accrued expenses | &nbsp;&nbsp; 16758 |
| Total liabilities | &nbsp;&nbsp; 1756866 |
| **Net assets**  | &nbsp;&nbsp; $675186776 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $6751861 |
| Additional paid-in capital | &nbsp;&nbsp; 668433156 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 1759 |
| **Net assets** | &nbsp;&nbsp; $675186776 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $215367743 |
| Service Class | &nbsp;&nbsp; 459819033 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 215368445 |
| Service Class | &nbsp;&nbsp; 459817654 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $1.00 |
| Service Class | 1.00 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $30737409 |
| Total investment income  | &nbsp;&nbsp; 30737409 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1719935 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 1275337 |
| Transfer agent costs | &nbsp;&nbsp; 7879 |
| Trustee and CCO fees | &nbsp;&nbsp; 36414 |
| Audit and tax fees | &nbsp;&nbsp; 23761 |
| Custody fees | &nbsp;&nbsp; 108749 |
| Legal fees | &nbsp;&nbsp; 65879 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 84109 |
| Other | &nbsp;&nbsp; 60296 |
| Total expenses | &nbsp;&nbsp; 3382359 |
| **Net investment income (loss)** | &nbsp;&nbsp; 27355050 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 1377 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 1377 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $27356427 |

---

***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 BlackRock Government Money Market 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; $27355050 | &nbsp;&nbsp; $37691754 |
| Net realized gain (loss) | &nbsp;&nbsp; 1377 | &nbsp;&nbsp; — |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 27356427 | &nbsp;&nbsp; 37691754 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (8243092)<br>| &nbsp;&nbsp; (10374255)<br>|
| Service Class | &nbsp;&nbsp; (19111958)<br>| &nbsp;&nbsp; (27317499)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (27355050)<br>| &nbsp;&nbsp; (37691754)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 78403257 | &nbsp;&nbsp; 62405267 |
| Service Class | &nbsp;&nbsp; 190646224 | &nbsp;&nbsp; 165466688 |
|  | &nbsp;&nbsp; 269049481 | &nbsp;&nbsp; 227871955 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 8243524 | &nbsp;&nbsp; 10374333 |
| Service Class | &nbsp;&nbsp; 19118176 | &nbsp;&nbsp; 27318184 |
|  | &nbsp;&nbsp; 27361700 | &nbsp;&nbsp; 37692517 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (81219758)<br>| &nbsp;&nbsp; (75367301)<br>|
| Service Class | &nbsp;&nbsp; (281843189)<br>| &nbsp;&nbsp; (286920320)<br>|
|  | &nbsp;&nbsp; (363062947)<br>| &nbsp;&nbsp; (362287621)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (66651766)<br>| &nbsp;&nbsp; (96723149)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (66650389)<br>| &nbsp;&nbsp; (96723149)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 741837165 | &nbsp;&nbsp; 838560314 |
| End of year | &nbsp;&nbsp; $675186776 | &nbsp;&nbsp; $741837165 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 78403257 | &nbsp;&nbsp; 62405267 |
| Service Class | &nbsp;&nbsp; 190646224 | &nbsp;&nbsp; 165466688 |
|  | &nbsp;&nbsp; 269049481 | &nbsp;&nbsp; 227871955 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 8243524 | &nbsp;&nbsp; 10374333 |
| Service Class | &nbsp;&nbsp; 19118176 | &nbsp;&nbsp; 27318184 |
|  | &nbsp;&nbsp; 27361700 | &nbsp;&nbsp; 37692517 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (81219758)<br>| &nbsp;&nbsp; (75367301)<br>|
| Service Class | &nbsp;&nbsp; (281843189)<br>| &nbsp;&nbsp; (286920320)<br>|
|  | &nbsp;&nbsp; (363062947)<br>| &nbsp;&nbsp; (362287621)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 5427023 | &nbsp;&nbsp; (2587701)<br>|
| Service Class | &nbsp;&nbsp; (72078789)<br>| &nbsp;&nbsp; (94135448)<br>|
|  | &nbsp;&nbsp; (66651766)<br>| &nbsp;&nbsp; (96723149)<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 BlackRock Government Money Market VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.04 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.00 <br><sup>(B)</sup><br>| &nbsp;&nbsp; — | 0.00 <br><sup>(B)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total investment operations | 0.04 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>(B)</sup><br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total return**<sup>(C)</sup> <br>| 4.07<br> %<br>| 5.03<br> %<br>| 4.87<br> %<br>| 1.39<br> %<br>| 0.00<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $215368 | &nbsp;&nbsp; $209940 | &nbsp;&nbsp; $212528 | &nbsp;&nbsp; $218990 | &nbsp;&nbsp; $197487 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.29<br> %<br>| 0.29<br> %<br>| 0.29<br> %<br>| 0.28<br> %<br>| 0.29<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.29<br> %<br>| 0.29<br> %<br>| 0.29 %<sup>(D)</sup><br>| 0.24 %<sup>(D)</sup><br>| 0.07 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.99<br> %<br>| 4.93<br> %<br>| 4.75<br> %<br>| 1.42<br> %<br>| 0.00 %<sup>(E)</sup><br>|

---

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

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

<sup>(B)</sup> *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> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class for competitive* *reasons such as to maintain the expense ratio, or when appropriate, to maintain the yield from becoming negative. Any such voluntary waiver or* *expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset* *Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long* *as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses* *exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements* *for more information.* 

<sup>(E)</sup> *Rounds to less than 0.01% or (0.01)%.*

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock Government Money Market VP**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.04 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 0.00 <br><sup>(B)</sup><br>| &nbsp;&nbsp; — | 0.00 <br><sup>(B)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total investment operations | 0.04 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>(B)</sup><br>|
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>(B)</sup><br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| **Total return**<sup>(C)</sup> <br>| 3.81<br> %<br>| 4.76<br> %<br>| 4.67<br> %<br>| 1.39<br> %<br>| 0.00<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $459819 | &nbsp;&nbsp; $531897 | &nbsp;&nbsp; $626032 | &nbsp;&nbsp; $670946 | &nbsp;&nbsp; $552199 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.54<br> %<br>| 0.54<br> %<br>| 0.54<br> %<br>| 0.53<br> %<br>| 0.54<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.54<br> %<br>| 0.54<br> %<br>| 0.48 %<sup>(D)</sup><br>| 0.24 %<sup>(D)</sup><br>| 0.07 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 3.75<br> %<br>| 4.68<br> %<br>| 4.56<br> %<br>| 1.47<br> %<br>| 0.00 %<sup>(E)</sup><br>|

---

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

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

<sup>(B)</sup> *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> *Transamerica Asset Management, Inc. or any of its affiliates may voluntarily waive fees and/or reimburse expenses of the class for competitive* *reasons such as to maintain the expense ratio, or when appropriate, to maintain the yield from becoming negative. Any such voluntary waiver or* *expense reimbursement may be discontinued by Transamerica Asset Management, Inc. or its affiliates at any time. Transamerica Asset* *Management, Inc. is entitled to reimbursement by the class of amounts voluntarily waived and/or reimbursed during the previous 36 months so long* *as the reimbursement does not result in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses* *exceeding the contractual expense cap for the class. See the Fees and Other Affiliated Transactions section of the Notes to Financial Statements* *for more information.* 

<sup>(E)</sup> *Rounds to less than 0.01% or (0.01)%.*

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock Government Money Market VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At 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 BlackRock Government Money Market VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

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

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

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

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

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

**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**

In accordance with Rule 2a-7 under the 1940 Act, money market instruments are valued at amortized cost, which approximates market value. This method involves valuing portfolio securities at their cost and thereafter assuming a constant amortization to maturity of any discount or premium. The Portfolio's use of amortized cost is subject to its compliance with certain conditions as specified by Rule 2a-7 under the 1940 Act.

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

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

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock Government Money Market VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**3. INVESTMENT VALUATION (continued)**

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

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

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

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

*Short-term notes:* The Portfolio values all security positions using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock Government Money Market VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

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.

**5. RISK FACTORS**

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

**Market risk:** Factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, lack of liquidity or other disruptions in the bond markets, or other adverse market events and conditions could cause the value of your investment in the Portfolio, or its yield, to decline. While the Portfolio seeks to maintain a $1.00 share price, when market prices fall, the value of your investment in the Portfolio could go down.

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

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments and the Portfolio's ability to preserve the value of your investment at $1.00 per share, and generally for economies and markets in the U.S. and elsewhere.

**Government money market fund risk:** The Portfolio operates as a "government" money market portfolio under applicable federal regulations and invests in U.S. government securities. Circumstances could arise that would prevent the payment of interest or principal on U.S. government securities, which could adversely affect their value and the Portfolio's ability to preserve the value of your investment at $1.00 per share. Changes in the rules governing money market funds are likely to result in an increased demand for U.S. government securities, which could affect the availability of such instruments for investment and the Portfolio's ability to pursue its investment strategies. The Portfolio does not currently intend to avail itself of the ability to impose "liquidity fees" on portfolio redemptions, as permitted under Rule 2a-7. However, the Board reserves the right, with notice to shareholders, to change this policy.

**Interest rate risk:** The interest rates on short-term obligations held in the Portfolio will vary, rising or falling with short-term interest rates generally. The Portfolio's yield will tend to lag behind general changes in interest rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the Portfolio. The U.S. Federal Reserve has raised interest rates from historically low levels. Any

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica BlackRock Government Money Market VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. RISK FACTORS (continued)**

additional interest rate increases in the future may cause the value of fixed-income securities to decrease. During periods of extremely low or negative short-term interest rates, the Portfolio may not be able to maintain a positive yield or total return or be able to preserve the value of your investment at $1.00 per share.

**U.S. government securities risk:** U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

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

**Credit risk:** An issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the Portfolio or a counterparty to a financial contract with the Portfolio may be unable or unwilling to meet its financial obligations or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) to be less creditworthy, or the value of assets underlying a security may decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Counterparty risk:** The Portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the Portfolio do not fulfill their contractual obligations. In addition, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the Portfolio has more contractual exposure to a counterparty.

**Repurchase agreements risk:** In a repurchase agreement, the Portfolio purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the Portfolio at a later date, and at a specified price. The securities purchased serve as the Portfolio's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the Portfolio is entitled to sell the securities, but the Portfolio may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the Portfolio will not have a right to the securities, or the immediate right to sell the securities.

**Extension risk:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Management risk:** The Portfolio is subject to the risk that the investment manager's or sub-adviser's judgments and decisions may be incorrect or otherwise may not produce the desired results. The sub-adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry or sector, or about the economy or interest rates, may be incorrect. The Portfolio is also subject to the risk of imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by the sub-adviser, if such tools, resources, information or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the sub-adviser's investment style fails to produce the desired results. Any of these things could cause the Portfolio to lag relevant benchmarks or other funds with similar objectives.

**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.

**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. 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 $1 billion | 0.24<br> % <br>|
| Over $1 billion up to $3 billion | 0.22 |
| Over $3 billion | 0.21 |

---

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

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.38<br> % <br>| May 1, 2026 |
| Service Class | 0.63 | May 1, 2026 |

---

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

Additionally, TAM or any of its affiliates may voluntarily waive fees and/or reimburse expenses of one or more classes of the Portfolio to such level(s) as the Trust's officers may reasonably determine from time to time in an effort to prevent the Portfolio's yield from falling below zero. Any such voluntary waiver or expense reimbursement is in addition to any contractual expense limitation arrangements in effect from time to time and may be discontinued by TAM or its affiliates at any time. TAM is entitled to reimbursement by the applicable class(es) of the Portfolio of amounts voluntarily waived and/or reimbursed during the previous 36 months so long as the reimbursement does not result

**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;

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

in the class's effective daily yield being negative. Any such reimbursement may result in the class's expenses exceeding the contractual expense cap for the class. TAM or its affiliates may request that financial intermediaries reduce or waive amounts payable to those intermediaries with respect to services rendered to the Portfolio or its shareholders, and those reductions or waivers may reduce the amounts waived and/or reimbursed by TAM under the contractual and/or voluntary waiver arrangements with respect to the Portfolio. There can be no assurance that the Portfolio will be able to prevent a negative yield.

Voluntarily waived and/or reimbursed expenses related to the maintenance of the yield are included in Expenses waived and/or reimbursed, and amounts recaptured by TAM under the voluntary yield waiver are included in Recapture of previously waived and/or reimbursed fees, in each case included in the Statement of Operations included in this shareholder report. The actual expense ratio of each class of the Portfolio, including any amounts waived and/or reimbursed and any amounts recaptured under the voluntary yield waiver, are shown in the "Ratio and supplemental data" section in the Portfolio's Financial Highlights in this shareholder report.

For the 36-month period ended December 31, 2025, there are no amounts waived by TAM due to the maintenance of the Portfolio's yield.

As of December 31, 2025, there are no balances available for recapture by TAM due to the maintenance of the Portfolio's yield.

For the 36-month period ended December 31, 2025, the amounts waived from financial intermediaries are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** | **Amounts Waived** |
|  | **2023** <sup>(A)</sup> <br>| **2024** | **2025** | **Total** |
| Service Class | $411092 | $— | $— | $411092 |

---

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

<sup>(A)</sup> *Not subject to recapture.*

For the 36-month period ended December 31, 2025, there are no amounts waived by TAM due to the operating expense limitation.

As of December 31, 2025, there are no amounts available for recapture by TAM due to the operating expense limitation.

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

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

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to 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 15**

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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)**

**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. 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. 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>|
| $675743229 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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>|
| $27355050 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $37691394 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $360 | &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>|
| $1588 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $171 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

**8. 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica BlackRock Government Money Market VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**8. OPERATING SEGMENTS (continued)**

("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 BlackRock Government Money Market VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock Government Money Market 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. ![](g768862img5d1723773.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 BlackRock Government Money Market 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 19**

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**Transamerica BlackRock Government Money Market 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 20**

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**Transamerica BlackRock Government Money Market 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 21**

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**Transamerica BlackRock Government Money Market VP** 

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

**(unaudited)**

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 22**

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**Transamerica BlackRock Government Money Market VP** 

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

**(unaudited)**

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

![](g768862img03b4431c4.gif)

Visit **transamerica.com**

![](g768862imge6713aea5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img982ab7776.gif)

------

![](g768862img698b5a871.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica BlackRock iShares Active Asset Allocation -Conservative

VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img9850b52e2.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_07d3e15b-cd3f-47bb-93ec-8de911c99d97_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_SOI-RunningFooter-193_1) | 2 |
| [Statement of Assets and Liabilities](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_FS-RunningFooter-193_1) | 3 |
| [Statement of Operations](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_FS-RunningFooter-193_1) | 3 |
| [Statement of Changes in Net Assets](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_FS-RunningFooter-193_2) | 4 |
| [Financial Highlights](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_FS-RunningFooter-193_3) | 5 |
| [Notes to Financial Statements](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_NTF-RunningFooter-193_1) | 6 |
| **[Report of Independent Registered Public Accounting Firm](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_AUD-RunningFooter-193_1)** | 15 |
| **[Supplemental Information](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_STI-RunningFooter-193_1)** | 16 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_DWA-RunningFooter-193_1)**<br> **[Companies](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_DWA-RunningFooter-193_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_PD-RunningFooter-193_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_DTO-RunningFooter-193_1)**<br> **[Companies](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_DTO-RunningFooter-193_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_07d3e15b-cd3f-47bb-93ec-8de911c99d97_Mgmtagmt-RunningFooter-193_1)** | 20 |

---

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

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 95.9%**  | **EXCHANGE-TRADED FUNDS - 95.9%**  | **EXCHANGE-TRADED FUNDS - 95.9%**  |
| **International Equity Funds - 14.3%**  | **International Equity Funds - 14.3%**  | **International Equity Funds - 14.3%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 26328 | $2355303 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 198506 | 19062531 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 68663 | 5543851 |
|  |  | 26961685 |
| **U.S. Equity Funds - 24.0%**  | **U.S. Equity Funds - 24.0%**  | **U.S. Equity Funds - 24.0%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 55014 | 37681289 |
| iShares Russell 2000 ETF <sup>(A)</sup> <br>| 31166 | 7671823 |
|  |  | 45353112 |
| **U.S. Fixed Income Funds - 57.6%**  | **U.S. Fixed Income Funds - 57.6%**  | **U.S. Fixed Income Funds - 57.6%**  |
| iShares 0-1 Year Treasury Bond ETF <sup>(A)</sup> <br>| 195413 | 21524742 |
| iShares 7-10 Year Treasury Bond ETF <sup>(A)</sup> <br>| 122146 | 11745559 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 626051 | 62529974 |
| &nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF <sup>(A)</sup> <br>| 80445 | 8864234 |
| iShares U.S. Treasury Bond ETF <sup>(A)</sup> <br>| 182317 | 4197849 |
|  |  | 108862358 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $178,045,176)**<br>|  | 181177155 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.2%**  | **REPURCHASE AGREEMENT - 4.2%**  | **REPURCHASE AGREEMENT - 4.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $7,862,272 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 $8,019,047.<br>| $7861683 | $7861683 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $7,861,683)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $7,861,683)** | 7861683 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $185,906,859)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $185,906,859)** | 189038838 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (105944) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$188932894** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $181177155 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $181177155 |
| Repurchase Agreement |  | &nbsp;&nbsp; 7861683 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7861683 |
| **Total Investments** | **$181177155** | &nbsp;&nbsp; **$7861683** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$189038838** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $203,223, collateralized by non-cash collateral, such as U.S.* *government securities of $207,653. 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 2**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $178,045,176) <br> (including securities loaned of $203,223)<br>| &nbsp;&nbsp; $181177155 |
| Repurchase agreement, at value (cost $7,861,683) | &nbsp;&nbsp; 7861683 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 3511 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 57832 |
| Interest | &nbsp;&nbsp; 295 |
| Total assets | &nbsp;&nbsp; 189100476 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 6102 |
| Investment management fees | &nbsp;&nbsp; 77001 |
| Distribution and service fees | &nbsp;&nbsp; 41972 |
| Transfer agent costs | &nbsp;&nbsp; 192 |
| Trustee and CCO fees | &nbsp;&nbsp; 63 |
| Audit and tax fees  | &nbsp;&nbsp; 18114 |
| Custody fees | &nbsp;&nbsp; 1281 |
| Legal fees | &nbsp;&nbsp; 1508 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 11039 |
| Other accrued expenses | &nbsp;&nbsp; 10310 |
| Total liabilities | &nbsp;&nbsp; 167582 |
| **Net assets**  | &nbsp;&nbsp; $188932894 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $191152 |
| Additional paid-in capital | &nbsp;&nbsp; 196235845 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (7494103)<br>|
| **Net assets** | &nbsp;&nbsp; $188932894 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $4302759 |
| Service Class | &nbsp;&nbsp; 184630135 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 432565 |
| Service Class | &nbsp;&nbsp; 18682647 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $9.95 |
| Service Class | 9.88 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $6221242 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 80459 |
| Net income from securities lending | &nbsp;&nbsp; 45023 |
| Total investment income  | &nbsp;&nbsp; 6346724 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 971690 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 475222 |
| Transfer agent costs | &nbsp;&nbsp; 2142 |
| Trustee and CCO fees | &nbsp;&nbsp; 9958 |
| Audit and tax fees | &nbsp;&nbsp; 19868 |
| Custody fees | &nbsp;&nbsp; 5417 |
| Legal fees | &nbsp;&nbsp; 17864 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 34948 |
| Other | &nbsp;&nbsp; 29014 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 1566123 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (2194)<br>|
| Service Class | &nbsp;&nbsp; (98132)<br>|
| Net expenses | &nbsp;&nbsp; 1465797 |
| **Net investment income (loss)** | &nbsp;&nbsp; 4880927 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 4668647 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 6455352 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 11123999 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $16004926 |

---

***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 BlackRock iShares Active 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; $4880927 | &nbsp;&nbsp; $4914909 |
| Net realized gain (loss) | &nbsp;&nbsp; 4668647 | &nbsp;&nbsp; 5269944 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 6455352 | &nbsp;&nbsp; 3786114 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 16004926 | &nbsp;&nbsp; 13970967 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (123291)<br>| &nbsp;&nbsp; (105896)<br>|
| Service Class | &nbsp;&nbsp; (4791493)<br>| &nbsp;&nbsp; (4741892)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (4914784)<br>| &nbsp;&nbsp; (4847788)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 382860 | &nbsp;&nbsp; 325300 |
| Service Class | &nbsp;&nbsp; 2937086 | &nbsp;&nbsp; 3454632 |
|  | &nbsp;&nbsp; 3319946 | &nbsp;&nbsp; 3779932 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 123291 | &nbsp;&nbsp; 105896 |
| Service Class | &nbsp;&nbsp; 4791493 | &nbsp;&nbsp; 4741892 |
|  | &nbsp;&nbsp; 4914784 | &nbsp;&nbsp; 4847788 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (690999)<br>| &nbsp;&nbsp; (553029)<br>|
| Service Class | &nbsp;&nbsp; (35588989)<br>| &nbsp;&nbsp; (40280762)<br>|
|  | &nbsp;&nbsp; (36279988)<br>| &nbsp;&nbsp; (40833791)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (28045258)<br>| &nbsp;&nbsp; (32206071)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (16955116)<br>| &nbsp;&nbsp; (23082892)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 205888010 | &nbsp;&nbsp; 228970902 |
| End of year | &nbsp;&nbsp; $188932894 | &nbsp;&nbsp; $205888010 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 39675 | &nbsp;&nbsp; 35288 |
| Service Class | &nbsp;&nbsp; 305181 | &nbsp;&nbsp; 373287 |
|  | &nbsp;&nbsp; 344856 | &nbsp;&nbsp; 408575 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 12790 | &nbsp;&nbsp; 11170 |
| Service Class | &nbsp;&nbsp; 499634 | &nbsp;&nbsp; 503386 |
|  | &nbsp;&nbsp; 512424 | &nbsp;&nbsp; 514556 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (71754)<br>| &nbsp;&nbsp; (59555)<br>|
| Service Class | &nbsp;&nbsp; (3732549)<br>| &nbsp;&nbsp; (4354731)<br>|
|  | &nbsp;&nbsp; (3804303)<br>| &nbsp;&nbsp; (4414286)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (19289)<br>| &nbsp;&nbsp; (13097)<br>|
| Service Class | &nbsp;&nbsp; (2927734)<br>| &nbsp;&nbsp; (3478058)<br>|
|  | &nbsp;&nbsp; (2947023)<br>| &nbsp;&nbsp; (3491155)<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 BlackRock iShares Active 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; $9.39 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $8.33 | &nbsp;&nbsp; $11.56 | &nbsp;&nbsp; $11.23 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.27 | 0.23 | 0.20 | 0.15 | 0.15 |
| Net realized and unrealized gain (loss) | 0.57 | 0.38 | 0.64 | &nbsp;&nbsp; (1.84)<br>| 0.52 |
| Total investment operations | 0.84 | 0.61 | 0.84 | &nbsp;&nbsp; (1.69)<br>| 0.67 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.95 | &nbsp;&nbsp; $9.39 | &nbsp;&nbsp; $9.02 | &nbsp;&nbsp; $8.33 | &nbsp;&nbsp; $11.56 |
| **Total return**<sup>(B)</sup> <br>| 9.02<br> %<br>| 6.71<br> %<br>| 10.21<br> %<br>| &nbsp;&nbsp; (15.06)%<br>| 5.98<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $4303 | &nbsp;&nbsp; $4245 | &nbsp;&nbsp; $4194 | &nbsp;&nbsp; $3956 | &nbsp;&nbsp; $5046 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.56<br> %<br>| 0.55<br> %<br>| 0.56<br> %<br>| 0.54<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and recapture<sup>(D)</sup> <br>| 0.51<br> %<br>| 0.50<br> %<br>| 0.51<br> %<br>| 0.49<br> %<br>| 0.57<br> %<br>|
| Net investment income (loss) to average net assets | 2.77<br> %<br>| 2.51<br> %<br>| 2.34<br> %<br>| 1.52<br> %<br>| 1.31<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp; 145<br> %<br>| &nbsp;&nbsp; 146<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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; $9.33 | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp; $8.27 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $11.15 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.24 | 0.21 | 0.18 | 0.12 | 0.12 |
| Net realized and unrealized gain (loss) | 0.56 | 0.37 | 0.64 | &nbsp;&nbsp; (1.83)<br>| 0.52 |
| Total investment operations | 0.80 | 0.58 | 0.82 | &nbsp;&nbsp; (1.71)<br>| 0.64 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $9.33 | &nbsp;&nbsp; $8.96 | &nbsp;&nbsp; $8.27 | &nbsp;&nbsp; $11.48 |
| **Total return**<sup>(B)</sup> <br>| 8.65<br> %<br>| 6.47<br> %<br>| 9.96<br> %<br>| &nbsp;&nbsp; (15.29)%<br>| 5.74<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $184630 | &nbsp;&nbsp; $201643 | &nbsp;&nbsp; $224777 | &nbsp;&nbsp; $235739 | &nbsp;&nbsp; $319876 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.80<br> %<br>| 0.81<br> %<br>| 0.79<br> %<br>| 0.83<br> %<br>|
| Including waiver and/or reimbursement and recapture<sup>(D)</sup> <br>| 0.76<br> %<br>| 0.75<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | 2.51<br> %<br>| 2.23<br> %<br>| 2.07<br> %<br>| 1.26<br> %<br>| 1.03<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp; 145<br> %<br>| &nbsp;&nbsp; 146<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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Active 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 BlackRock iShares Active Asset Allocation - Conservative VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock iShares Active 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;

**1. ORGANIZATION (continued)**

state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the 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. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

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

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

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock iShares Active 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)**

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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the 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 8**

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**Transamerica BlackRock iShares Active 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;

**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.

**5. RISK FACTORS**

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

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

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

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

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

**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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. RISK FACTORS (continued)**

disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

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

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Tactical and strategic asset allocation risk:** The Portfolio's tactical asset allocation strategy involves making short-term adjustments to the Portfolio's asset mix, utilizing the sub-adviser's research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. The Portfolio's strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. RISK FACTORS (continued)**

may result in higher transaction costs. These strategies may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management strategies.

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

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.55<br> % <br>| May 1, 2026 |
| Service Class | 0.80 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 12**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**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** | **Sales of Securities** |
| $172492705 | &nbsp;&nbsp; $202672477 |

---

**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. 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>|
| $190124466 | &nbsp;&nbsp; $4947226 | &nbsp;&nbsp; $(6032854)<br>| &nbsp;&nbsp; $(1085628)<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; $3932621 | &nbsp;&nbsp;&nbsp;&nbsp; $7325215 |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $4,621,240.

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>|
| $4914784 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4847788 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Conservative 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)**

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>|
| $4849361 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11257836)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1085628)<br>|

---

**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 14**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Active Asset Allocation – Conservative VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Active 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. ![](g768862imgdee022b63.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 15**

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**Transamerica BlackRock iShares Active 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** |
| $698001 | $51907 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica BlackRock iShares Active 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 17**

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**Transamerica BlackRock iShares Active 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 18**

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**Transamerica BlackRock iShares Active 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 19**

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**Transamerica BlackRock iShares Active 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 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imgdc2f78e34.gif)

Visit **transamerica.com**

![](g768862img1d9b67595.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imgf577fb086.gif)

------

![](g768862imga0e09e6f1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica BlackRock iShares Active Asset Allocation -Moderate

Growth VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img3880e4e42.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_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_SOI-RunningFooter-194_1) | 2 |
| [Statement of Assets and Liabilities](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_FS-RunningFooter-194_1) | 3 |
| [Statement of Operations](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_FS-RunningFooter-194_1) | 3 |
| [Statement of Changes in Net Assets](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_FS-RunningFooter-194_2) | 4 |
| [Financial Highlights](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_FS-RunningFooter-194_3) | 5 |
| [Notes to Financial Statements](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_NTF-RunningFooter-194_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_AUD-RunningFooter-194_1)** | 16 |
| **[Supplemental Information](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_STI-RunningFooter-194_1)** | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_DWA-RunningFooter-194_1)**<br> **[Companies](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_DWA-RunningFooter-194_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_PD-RunningFooter-194_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_DTO-RunningFooter-194_1)**<br> **[Companies](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_DTO-RunningFooter-194_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_7404a2c4-d5fe-4bd6-8b6c-4f0296b51961_Mgmtagmt-RunningFooter-194_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 BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 93.7%**  | **EXCHANGE-TRADED FUNDS - 93.7%**  | **EXCHANGE-TRADED FUNDS - 93.7%**  |
| **International Equity Funds - 23.9%**  | **International Equity Funds - 23.9%**  | **International Equity Funds - 23.9%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 181592 | $16245220 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 514597 | 49416750 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 147533 | 11911815 |
|  |  | 77573785 |
| **U.S. Equity Funds - 49.4%**  | **U.S. Equity Funds - 49.4%**  | **U.S. Equity Funds - 49.4%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 200808 | 137541432 |
| iShares Russell 2000 ETF <sup>(A)</sup> <br>| 94220 | 23193195 |
|  |  | 160734627 |
| **U.S. Fixed Income Funds - 20.4%**  | **U.S. Fixed Income Funds - 20.4%**  | **U.S. Fixed Income Funds - 20.4%**  |
| iShares 0-1 Year Treasury Bond ETF <sup>(A)</sup> <br>| 403657 | 44462818 |
| iShares 7-10 Year Treasury Bond ETF <sup>(A)</sup> <br>| 87553 | 8419096 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 75350 | 7525958 |
| &nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF <sup>(A)</sup> <br>| 54345 | 5988276 |
|  |  | 66396148 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $273,102,976)**<br>|  | 304704560 |
| **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  |
| **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(C)</sup> <br>| 387750 | 387750 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $387,750)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $387,750)** | 387750 |

---

&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 $19,422,588 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 $19,809,658.<br>| $19421131 | $19421131 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $19,421,131)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $19,421,131)** | 19421131 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $292,911,857)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $292,911,857)** | 324513441 |
| **Net Other Assets (Liabilities) - 0.2%** | **Net Other Assets (Liabilities) - 0.2%** | 583653 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$325097094** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $304704560 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $304704560 |
| Other Investment Company | 387750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 387750 |
| Repurchase Agreement |  | &nbsp;&nbsp; 19421131 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19421131 |
| **Total Investments** | **$305092310** | &nbsp;&nbsp; **$19421131** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$324513441** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $6,522,419, collateralized by cash collateral of $387,750 and* *non-cash collateral, such as U.S. government securities of $6,276,848. 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 2**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $273,490,726) <br> (including securities loaned of $6,522,419)<br>| &nbsp;&nbsp; $305092310 |
| Repurchase agreement, at value (cost $19,421,131) | &nbsp;&nbsp; 19421131 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 1301437 |
| Net income from securities lending | &nbsp;&nbsp; 7914 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 431 |
| Interest | &nbsp;&nbsp; 728 |
| Total assets | &nbsp;&nbsp; 325823951 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 387750 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 85064 |
| Investment management fees | &nbsp;&nbsp; 132545 |
| Distribution and service fees | &nbsp;&nbsp; 67981 |
| Transfer agent costs | &nbsp;&nbsp; 331 |
| Trustee and CCO fees | &nbsp;&nbsp; 108 |
| Audit and tax fees  | &nbsp;&nbsp; 18548 |
| Custody fees | &nbsp;&nbsp; 2051 |
| Legal fees | &nbsp;&nbsp; 2548 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 18708 |
| Other accrued expenses | &nbsp;&nbsp; 11223 |
| Total liabilities | &nbsp;&nbsp; 726857 |
| **Net assets**  | &nbsp;&nbsp; $325097094 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $262322 |
| Additional paid-in capital | &nbsp;&nbsp; 291352151 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 33482621 |
| **Net assets** | &nbsp;&nbsp; $325097094 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $26224792 |
| Service Class | &nbsp;&nbsp; 298872302 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 2102253 |
| Service Class | &nbsp;&nbsp; 24129948 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $12.47 |
| Service Class | 12.39 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $8214242 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 211739 |
| Net income from securities lending | &nbsp;&nbsp; 72179 |
| Total investment income  | &nbsp;&nbsp; 8498160 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1652928 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 762244 |
| Transfer agent costs | &nbsp;&nbsp; 3649 |
| Trustee and CCO fees | &nbsp;&nbsp; 16968 |
| Audit and tax fees | &nbsp;&nbsp; 21181 |
| Custody fees | &nbsp;&nbsp; 8520 |
| Legal fees | &nbsp;&nbsp; 30467 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 60996 |
| Other | &nbsp;&nbsp; 34922 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 2591875 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (13266)<br>|
| Service Class | &nbsp;&nbsp; (157392)<br>|
| Net expenses | &nbsp;&nbsp; 2421217 |
| **Net investment income (loss)** | &nbsp;&nbsp; 6076943 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 49572454 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; (22533367)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 27039087 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $33116030 |

---

***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 BlackRock iShares Active 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; $6076943 | &nbsp;&nbsp; $5907870 |
| Net realized gain (loss) | &nbsp;&nbsp; 49572454 | &nbsp;&nbsp; 17610228 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (22533367)<br>| &nbsp;&nbsp; 19622831 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 33116030 | &nbsp;&nbsp; 43140929 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (525087)<br>| &nbsp;&nbsp; (466398)<br>|
| Service Class | &nbsp;&nbsp; (5383611)<br>| &nbsp;&nbsp; (5251293)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (5908698)<br>| &nbsp;&nbsp; (5717691)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 513962 | &nbsp;&nbsp; 949466 |
| Service Class | &nbsp;&nbsp; 2802319 | &nbsp;&nbsp; 7908542 |
|  | &nbsp;&nbsp; 3316281 | &nbsp;&nbsp; 8858008 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 525087 | &nbsp;&nbsp; 466398 |
| Service Class | &nbsp;&nbsp; 5383611 | &nbsp;&nbsp; 5251293 |
|  | &nbsp;&nbsp; 5908698 | &nbsp;&nbsp; 5717691 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (3138837)<br>| &nbsp;&nbsp; (2216812)<br>|
| Service Class | &nbsp;&nbsp; (58157339)<br>| &nbsp;&nbsp; (63971610)<br>|
|  | &nbsp;&nbsp; (61296176)<br>| &nbsp;&nbsp; (66188422)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (52071197)<br>| &nbsp;&nbsp; (51612723)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (24863865)<br>| &nbsp;&nbsp; (14189485)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 349960959 | &nbsp;&nbsp; 364150444 |
| End of year | &nbsp;&nbsp; $325097094 | &nbsp;&nbsp; $349960959 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 43573 | &nbsp;&nbsp; 86398 |
| Service Class | &nbsp;&nbsp; 240115 | &nbsp;&nbsp; 717504 |
|  | &nbsp;&nbsp; 283688 | &nbsp;&nbsp; 803902 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 44014 | &nbsp;&nbsp; 40805 |
| Service Class | &nbsp;&nbsp; 453930 | &nbsp;&nbsp; 462669 |
|  | &nbsp;&nbsp; 497944 | &nbsp;&nbsp; 503474 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (267148)<br>| &nbsp;&nbsp; (200078)<br>|
| Service Class | &nbsp;&nbsp; (4974304)<br>| &nbsp;&nbsp; (5783203)<br>|
|  | &nbsp;&nbsp; (5241452)<br>| &nbsp;&nbsp; (5983281)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (179561)<br>| &nbsp;&nbsp; (72875)<br>|
| Service Class | &nbsp;&nbsp; (4280259)<br>| &nbsp;&nbsp; (4603030)<br>|
|  | &nbsp;&nbsp; (4459820)<br>| &nbsp;&nbsp; (4675905)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $11.48 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $10.86 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.25 | 0.21 | 0.18 | 0.15 | 0.14 |
| Net realized and unrealized gain (loss) | 0.99 | 1.11 | 1.41 | &nbsp;&nbsp; (2.24)<br>| 0.72 |
| Total investment operations | 1.24 | 1.32 | 1.59 | &nbsp;&nbsp; (2.09)<br>| 0.86 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.09)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $12.47 | &nbsp;&nbsp; $11.48 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $8.93 | &nbsp;&nbsp; $11.63 |
| **Total return**<sup>(B)</sup> <br>| 10.87<br> %<br>| 12.79<br> %<br>| 17.94<br> %<br>| &nbsp;&nbsp; (18.16)%<br>| 7.94<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $26225 | &nbsp;&nbsp; $26194 | &nbsp;&nbsp; $24404 | &nbsp;&nbsp; $21899 | &nbsp;&nbsp; $27300 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.55<br> %<br>| 0.54<br> %<br>| 0.56<br> %<br>| 0.53<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and recapture<sup>(D)</sup> <br>| 0.50<br> %<br>| 0.49<br> %<br>| 0.51<br> %<br>| 0.48<br> %<br>| 0.57<br> %<br>|
| Net investment income (loss) to average net assets | 2.09<br> %<br>| 1.88<br> %<br>| 1.87<br> %<br>| 1.52<br> %<br>| 1.29<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 143<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 309<br> %<br>| &nbsp;&nbsp; 268<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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**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; $11.40 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $10.78 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.21 | 0.18 | 0.15 | 0.12 | 0.11 |
| Net realized and unrealized gain (loss) | 0.99 | 1.11 | 1.41 | &nbsp;&nbsp; (2.21)<br>| 0.71 |
| Total investment operations | 1.20 | 1.29 | 1.56 | &nbsp;&nbsp; (2.09)<br>| 0.82 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.06)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $12.39 | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $8.87 | &nbsp;&nbsp; $11.54 |
| **Total return**<sup>(B)</sup> <br>| 10.64<br> %<br>| 12.51<br> %<br>| 17.62<br> %<br>| &nbsp;&nbsp; (18.31)%<br>| 7.62<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $298872 | &nbsp;&nbsp; $323767 | &nbsp;&nbsp; $339746 | &nbsp;&nbsp; $321870 | &nbsp;&nbsp; $456616 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.80<br> %<br>| 0.79<br> %<br>| 0.81<br> %<br>| 0.78<br> %<br>| 0.83<br> %<br>|
| Including waiver and/or reimbursement and recapture<sup>(D)</sup> <br>| 0.75<br> %<br>| 0.74<br> %<br>| 0.76<br> %<br>| 0.73<br> %<br>| 0.82<br> %<br>|
| Net investment income (loss) to average net assets | 1.82<br> %<br>| 1.60<br> %<br>| 1.61<br> %<br>| 1.24<br> %<br>| 1.00<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 143<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 309<br> %<br>| &nbsp;&nbsp; 268<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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate 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 BlackRock iShares Active Asset Allocation - Moderate Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the 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. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

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

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

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At 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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at 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 |  |  |  |  |  |
| Exchange-Traded Funds | $387750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $387750 |
| **Total Borrowings** | **$387750** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$387750** |

---

**5. RISK FACTORS**

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

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. RISK FACTORS (continued)**

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

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

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

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

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. RISK FACTORS (continued)**

sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Tactical and strategic asset allocation risk:** The Portfolio's tactical asset allocation strategy involves making short-term adjustments to the Portfolio's asset mix, utilizing the sub-adviser's research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. The Portfolio's strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which may result in higher transaction costs. These strategies may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management strategies.

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

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica BlackRock iShares Active 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. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.55<br> % <br>| May 1, 2026 |
| Service Class | 0.80 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 BlackRock iShares Active 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. 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** | **Sales of Securities** |
| $453736424 | &nbsp;&nbsp; $515819013 |

---

**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. 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>|
| $296009825 | &nbsp;&nbsp; $29987038 | &nbsp;&nbsp; $(1483422)<br>| &nbsp;&nbsp; $28503616 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica BlackRock iShares Active 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. 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; $1064262 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $33,100,560.

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>|
| $5908698 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5717691 | &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>|
| $6043267 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1064262)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28503616 |

---

**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**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Active 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. ![](g768862img96534dfe3.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 BlackRock iShares Active Asset Allocation -** 

**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** |
| $1994704 | $145040 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate 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 18**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**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 19**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**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 20**

------

**Transamerica BlackRock iShares Active 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 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img7a2a69bf4.gif)

Visit **transamerica.com**

![](g768862imgdc1b1f615.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imgaa78a66c6.gif)

------

![](g768862img8cab703d1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica BlackRock iShares Active Asset Allocation -Moderate

VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img9bccd10b2.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_7122ceca-0636-48d7-b122-4bfc35f4b7b6_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_SOI-RunningFooter-195_1) | 2 |
| [Statement of Assets and Liabilities](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_FS-RunningFooter-195_1) | 3 |
| [Statement of Operations](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_FS-RunningFooter-195_1) | 3 |
| [Statement of Changes in Net Assets](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_FS-RunningFooter-195_2) | 4 |
| [Financial Highlights](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_FS-RunningFooter-195_3) | 5 |
| [Notes to Financial Statements](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_NTF-RunningFooter-195_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_AUD-RunningFooter-195_1)** | 16 |
| **[Supplemental Information](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_STI-RunningFooter-195_1)** | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_DWA-RunningFooter-195_1)**<br> **[Companies](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_DWA-RunningFooter-195_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_PD-RunningFooter-195_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_DTO-RunningFooter-195_1)**<br> **[Companies](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_DTO-RunningFooter-195_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_7122ceca-0636-48d7-b122-4bfc35f4b7b6_Mgmtagmt-RunningFooter-195_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 BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 95.1%**  | **EXCHANGE-TRADED FUNDS - 95.1%**  | **EXCHANGE-TRADED FUNDS - 95.1%**  |
| **International Equity Funds - 19.1%**  | **International Equity Funds - 19.1%**  | **International Equity Funds - 19.1%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 98587 | $8819593 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 1217862 | 116951288 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 379155 | 30612974 |
|  |  | 156383855 |
| **U.S. Equity Funds - 34.8%**  | **U.S. Equity Funds - 34.8%**  | **U.S. Equity Funds - 34.8%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 355149 | 243255756 |
| iShares Russell 2000 ETF <sup>(A)</sup> <br>| 170498 | 41969788 |
|  |  | 285225544 |
| **U.S. Fixed Income Funds - 41.2%**  | **U.S. Fixed Income Funds - 41.2%**  | **U.S. Fixed Income Funds - 41.2%**  |
| iShares 0-1 Year Treasury Bond ETF <sup>(A)</sup> <br>| 1045744 | 115188701 |
| iShares 7-10 Year Treasury Bond ETF <sup>(A)</sup> <br>| 213723 | 20551604 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 1754694 | 175258837 |
| &nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF <sup>(A)(B)</sup> <br>| 247256 | 27245139 |
|  |  | 338244281 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $730,035,887)**<br>|  | 779853680 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 5.4%**  | **REPURCHASE AGREEMENT - 5.4%**  | **REPURCHASE AGREEMENT - 5.4%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $44,296,371 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 $45,178,954.<br>| $44293049 | $44293049 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $44,293,049)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $44,293,049)** | 44293049 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $774,328,936)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $774,328,936)** | 824146729 |
| **Net Other Assets (Liabilities) - (0.5)%** | **Net Other Assets (Liabilities) - (0.5)%** | (3909847) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$820236882** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $779853680 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $779853680 |
| Repurchase Agreement |  | &nbsp;&nbsp; 44293049 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44293049 |
| **Total Investments** | **$779853680** | &nbsp;&nbsp; **$44293049** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$824146729** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $35,304,314, collateralized by non-cash collateral, such as U.S.* *government securities of $36,059,670. 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 2**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $730,035,887) <br> (including securities loaned of $35,304,314)<br>| &nbsp;&nbsp; $779853680 |
| Repurchase agreement, at value (cost $44,293,049) | &nbsp;&nbsp; 44293049 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 25099 |
| Interest | &nbsp;&nbsp; 1661 |
| Total assets | &nbsp;&nbsp; 824173489 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 3017017 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 327191 |
| Investment management fees | &nbsp;&nbsp; 332098 |
| Distribution and service fees | &nbsp;&nbsp; 186271 |
| Transfer agent costs | &nbsp;&nbsp; 840 |
| Trustee and CCO fees | &nbsp;&nbsp; 275 |
| Audit and tax fees  | &nbsp;&nbsp; 20204 |
| Custody fees | &nbsp;&nbsp; 4791 |
| Legal fees | &nbsp;&nbsp; 6585 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 26619 |
| Other accrued expenses | &nbsp;&nbsp; 14716 |
| Total liabilities | &nbsp;&nbsp; 3936607 |
| **Net assets**  | &nbsp;&nbsp; $820236882 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $726406 |
| Additional paid-in capital | &nbsp;&nbsp; 797135785 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 22374691 |
| **Net assets** | &nbsp;&nbsp; $820236882 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $2676762 |
| Service Class | &nbsp;&nbsp; 817560120 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 234717 |
| Service Class | &nbsp;&nbsp; 72405885 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $11.40 |
| Service Class | 11.29 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $24617720 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 475617 |
| Net income from securities lending | &nbsp;&nbsp; 234021 |
| Total investment income  | &nbsp;&nbsp; 25327358 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 4207912 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 2114951 |
| Transfer agent costs | &nbsp;&nbsp; 9372 |
| Trustee and CCO fees | &nbsp;&nbsp; 43510 |
| Audit and tax fees | &nbsp;&nbsp; 26706 |
| Custody fees | &nbsp;&nbsp; 19520 |
| Legal fees | &nbsp;&nbsp; 78380 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 81777 |
| Other | &nbsp;&nbsp; 57685 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 6639813 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (1329)<br>|
| Service Class | &nbsp;&nbsp; (436726)<br>|
| Net expenses | &nbsp;&nbsp; 6201758 |
| **Net investment income (loss)** | &nbsp;&nbsp; 19125600 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 63465830 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; (6760528)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 56705302 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $75830902 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate 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; $19125600 | &nbsp;&nbsp; $18398081 |
| Net realized gain (loss) | &nbsp;&nbsp; 63465830 | &nbsp;&nbsp; 34510388 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (6760528)<br>| &nbsp;&nbsp; 29389367 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 75830902 | &nbsp;&nbsp; 82297836 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (64064)<br>| &nbsp;&nbsp; (47885)<br>|
| Service Class | &nbsp;&nbsp; (18333371)<br>| &nbsp;&nbsp; (16825304)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (18397435)<br>| &nbsp;&nbsp; (16873189)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 132008 | &nbsp;&nbsp; 311226 |
| Service Class | &nbsp;&nbsp; 2255848 | &nbsp;&nbsp; 5539502 |
|  | &nbsp;&nbsp; 2387856 | &nbsp;&nbsp; 5850728 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 64064 | &nbsp;&nbsp; 47885 |
| Service Class | &nbsp;&nbsp; 18333371 | &nbsp;&nbsp; 16825304 |
|  | &nbsp;&nbsp; 18397435 | &nbsp;&nbsp; 16873189 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (228267)<br>| &nbsp;&nbsp; (273343)<br>|
| Service Class | &nbsp;&nbsp; (151960991)<br>| &nbsp;&nbsp; (139482970)<br>|
|  | &nbsp;&nbsp; (152189258)<br>| &nbsp;&nbsp; (139756313)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (131403967)<br>| &nbsp;&nbsp; (117032396)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (73970500)<br>| &nbsp;&nbsp; (51607749)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 894207382 | &nbsp;&nbsp; 945815131 |
| End of year | &nbsp;&nbsp; $820236882 | &nbsp;&nbsp; $894207382 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 11997 | &nbsp;&nbsp; 29691 |
| Service Class | &nbsp;&nbsp; 209093 | &nbsp;&nbsp; 535712 |
|  | &nbsp;&nbsp; 221090 | &nbsp;&nbsp; 565403 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 5830 | &nbsp;&nbsp; 4484 |
| Service Class | &nbsp;&nbsp; 1683505 | &nbsp;&nbsp; 1588792 |
|  | &nbsp;&nbsp; 1689335 | &nbsp;&nbsp; 1593276 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (20744)<br>| &nbsp;&nbsp; (26384)<br>|
| Service Class | &nbsp;&nbsp; (14047247)<br>| &nbsp;&nbsp; (13485277)<br>|
|  | &nbsp;&nbsp; (14067991)<br>| &nbsp;&nbsp; (13511661)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (2917)<br>| &nbsp;&nbsp; 7791 |
| Service Class | &nbsp;&nbsp; (12154649)<br>| &nbsp;&nbsp; (11360773)<br>|
|  | &nbsp;&nbsp; (12157566)<br>| &nbsp;&nbsp; (11352982)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate 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; $10.65 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $11.61 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.28 | 0.24 | 0.20 | 0.16 | 0.16 |
| Net realized and unrealized gain (loss) | 0.74 | 0.70 | 1.00 | &nbsp;&nbsp; (2.21)<br>| 0.83 |
| Total investment operations | 1.02 | 0.94 | 1.20 | &nbsp;&nbsp; (2.05)<br>| 0.99 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $10.65 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $8.90 | &nbsp;&nbsp; $12.46 |
| **Total return**<sup>(B)</sup> <br>| 9.70<br> %<br>| 9.44<br> %<br>| 13.55<br> %<br>| &nbsp;&nbsp; (16.86)%<br>| 8.52<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $2677 | &nbsp;&nbsp; $2531 | &nbsp;&nbsp; $2283 | &nbsp;&nbsp; $2042 | &nbsp;&nbsp; $2732 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.53<br> %<br>| 0.53<br> %<br>| 0.53<br> %<br>| 0.52<br> %<br>| 0.56<br> %<br>|
| Including waiver and/or reimbursement and recapture<sup>(D)</sup> <br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.48<br> %<br>| 0.47<br> %<br>| 0.55<br> %<br>|
| Net investment income (loss) to average net assets | 2.54<br> %<br>| 2.25<br> %<br>| 2.11<br> %<br>| 1.56<br> %<br>| 1.32<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 245<br> %<br>| &nbsp;&nbsp; 196<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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate 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; $10.54 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $12.35 | &nbsp;&nbsp; $11.50 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.24 | 0.20 | 0.17 | 0.13 | 0.12 |
| Net realized and unrealized gain (loss) | 0.75 | 0.69 | 1.00 | &nbsp;&nbsp; (2.20)<br>| 0.84 |
| Total investment operations | 0.99 | 0.89 | 1.17 | &nbsp;&nbsp; (2.07)<br>| 0.96 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.29 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $12.35 |
| **Total return**<sup>(B)</sup> <br>| 9.50<br> %<br>| 9.06<br> %<br>| 13.37<br> %<br>| &nbsp;&nbsp; (17.14)%<br>| 8.33<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $817560 | &nbsp;&nbsp; $891676 | &nbsp;&nbsp; $943532 | &nbsp;&nbsp; $912302 | &nbsp;&nbsp; $1250394 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.78<br> %<br>| 0.78<br> %<br>| 0.78<br> %<br>| 0.77<br> %<br>| 0.81<br> %<br>|
| Including waiver and/or reimbursement and recapture<sup>(D)</sup> <br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.72<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) to average net assets | 2.25<br> %<br>| 1.97<br> %<br>| 1.85<br> %<br>| 1.31<br> %<br>| 1.04<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 245<br> %<br>| &nbsp;&nbsp; 196<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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate 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 BlackRock iShares Active Asset Allocation - Moderate VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the 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. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

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

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

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the 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 9**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**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.

**5. RISK FACTORS**

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

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

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

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

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

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. RISK FACTORS (continued)**

wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

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

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Tactical and strategic asset allocation risk:** The Portfolio's tactical asset allocation strategy involves making short-term adjustments to the Portfolio's asset mix, utilizing the sub-adviser's research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. The Portfolio's strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. RISK FACTORS (continued)**

may result in higher transaction costs. These strategies may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management strategies.

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

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.55<br> % <br>| May 1, 2026 |
| Service Class | 0.80 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**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** | **Sales of Securities** |
| $962569505 | &nbsp;&nbsp; $1091167954 |

---

**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. 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>|
| $793740726 | &nbsp;&nbsp; $38199662 | &nbsp;&nbsp; $(7793659)<br>| &nbsp;&nbsp; $30406003 |

---

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; $27122494 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $47,170,988.

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>|
| $18397435 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16873189 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate 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)**

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>|
| $19091182 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27122494)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30406003 |

---

**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 BlackRock iShares Active Asset Allocation – Moderate VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Active 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. ![](g768862img03a408333.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 BlackRock iShares Active Asset Allocation -** 

**Moderate 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** |
| $4008092 | $297054 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock iShares Active 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 18**

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**Transamerica BlackRock iShares Active 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 19**

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**Transamerica BlackRock iShares Active 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 20**

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**Transamerica BlackRock iShares Active Asset Allocation -** 

**Moderate 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 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img1281ec544.gif)

Visit **transamerica.com**

![](g768862img24e3b7e45.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img990b56e66.gif)

------

![](g768862img6f39f9161.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica BlackRock iShares Dynamic Allocation -Balanced

VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgcfc508f32.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_055af87d-5f22-4318-8a11-2db5ec59071c_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_SOI-RunningFooter-197_1) | 2 |
| [Statement of Assets and Liabilities](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_FS-RunningFooter-197_1) | 3 |
| [Statement of Operations](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_FS-RunningFooter-197_1) | 3 |
| [Statement of Changes in Net Assets](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_FS-RunningFooter-197_2) | 4 |
| [Financial Highlights](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_sFIHI1-RunningFooter-197_1) | 5 |
| [Notes to Financial Statements](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_NTF-RunningFooter-197_1) | 6 |
| **[Report of Independent Registered Public Accounting Firm](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_AUD-RunningFooter-197_1)** | 15 |
| **[Supplemental Information](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_STI-RunningFooter-197_1)** | 16 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_DWA-RunningFooter-197_1)**<br> **[Companies](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_DWA-RunningFooter-197_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_PD-RunningFooter-197_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_DTO-RunningFooter-197_1)**<br> **[Companies](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_DTO-RunningFooter-197_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_055af87d-5f22-4318-8a11-2db5ec59071c_Mgmtagmt-RunningFooter-197_1)** | 20 |

---

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

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.5%**  | **EXCHANGE-TRADED FUNDS - 99.5%**  | **EXCHANGE-TRADED FUNDS - 99.5%**  |
| **International Equity Funds - 17.3%**  | **International Equity Funds - 17.3%**  | **International Equity Funds - 17.3%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 177 | $15835 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 924378 | 88768019 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 221175 | 17857670 |
|  |  | 106641524 |
| **U.S. Equity Fund - 33.2%**  | **U.S. Equity Fund - 33.2%**  | **U.S. Equity Fund - 33.2%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 298319 | 204330616 |
| **U.S. Fixed Income Funds - 49.0%**  | **U.S. Fixed Income Funds - 49.0%**  | **U.S. Fixed Income Funds - 49.0%**  |
| iShares 0-1 Year Treasury Bond ETF <sup>(A)</sup> <br>| 956500 | 105358475 |
| iShares 7-10 Year Treasury Bond ETF <sup>(A)</sup> <br>| 839074 | 80685356 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 1005395 | 100418852 |
| &nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF <sup>(A)(B)</sup> <br>| 136835 | 15077849 |
|  |  | 301540532 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $568,827,713)**<br>|  | 612512672 |
| **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  | **OTHER INVESTMENT COMPANY - 0.1%**  |
| **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  | **Securities Lending Collateral - 0.1%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(C)</sup> <br>| 701250 | 701250 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $701,250)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $701,250)** | 701250 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.6%**  | **REPURCHASE AGREEMENT - 0.6%**  | **REPURCHASE AGREEMENT - 0.6%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $3,553,905 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 $3,624,735.<br>| $3553638 | $3553638 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,553,638)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $3,553,638)** | 3553638 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $573,082,601)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $573,082,601)** | 616767560 |
| **Net Other Assets (Liabilities) - (0.2)%** | **Net Other Assets (Liabilities) - (0.2)%** | (1263565) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$615503995** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $612512672 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $612512672 |
| Other Investment Company | 701250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 701250 |
| Repurchase Agreement |  | &nbsp;&nbsp; 3553638 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3553638 |
| **Total Investments** | **$613213922** | &nbsp;&nbsp; **$3553638** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$616767560** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $22,627,738, collateralized by cash collateral of $701,250 and* *non-cash collateral, such as U.S. government securities of $22,407,278. 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 2**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $569,528,963) <br> (including securities loaned of $22,627,738)<br>| &nbsp;&nbsp; $613213922 |
| Repurchase agreement, at value (cost $3,553,638) | &nbsp;&nbsp; 3553638 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 8363 |
| Interest | &nbsp;&nbsp; 133 |
| Total assets | &nbsp;&nbsp; 616776056 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 701250 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 109863 |
| Investment management fees | &nbsp;&nbsp; 250334 |
| Distribution and service fees | &nbsp;&nbsp; 140232 |
| Transfer agent costs | &nbsp;&nbsp; 632 |
| Trustee and CCO fees | &nbsp;&nbsp; 207 |
| Audit and tax fees  | &nbsp;&nbsp; 17839 |
| Custody fees | &nbsp;&nbsp; 8869 |
| Legal fees | &nbsp;&nbsp; 4975 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 23825 |
| Other accrued expenses | &nbsp;&nbsp; 14035 |
| Total liabilities | &nbsp;&nbsp; 1272061 |
| **Net assets**  | &nbsp;&nbsp; $615503995 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $513289 |
| Additional paid-in capital | &nbsp;&nbsp; 576175049 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 38815657 |
| **Net assets** | &nbsp;&nbsp; $615503995 |
| **Shares outstanding** | &nbsp;&nbsp; 51328893 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $11.99 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $19091346 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 350865 |
| Net income from securities lending | &nbsp;&nbsp; 79794 |
| Total investment income  | &nbsp;&nbsp; 19522005 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 3183519 |
| Distribution and service fees | &nbsp;&nbsp; 1598734 |
| Transfer agent costs | &nbsp;&nbsp; 7059 |
| Trustee and CCO fees | &nbsp;&nbsp; 32775 |
| Audit and tax fees | &nbsp;&nbsp; 22629 |
| Custody fees | &nbsp;&nbsp; 35850 |
| Legal fees | &nbsp;&nbsp; 58955 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 75187 |
| Other | &nbsp;&nbsp; 46233 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 5060941 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (330131)<br>|
| Net expenses | &nbsp;&nbsp; 4730810 |
| **Net investment income (loss)** | &nbsp;&nbsp; 14791195 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 56073267 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; (13917363)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 42155904 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $56947099 |

---

***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 BlackRock iShares Dynamic Allocation -** 

**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; $14791195 | &nbsp;&nbsp; $14880861 |
| Net realized gain (loss) | &nbsp;&nbsp; 56073267 | &nbsp;&nbsp; 14573177 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (13917363)<br>| &nbsp;&nbsp; 31084563 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 56947099 | &nbsp;&nbsp; 60538601 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (14880694)<br>| &nbsp;&nbsp; (13855971)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (14880694)<br>| &nbsp;&nbsp; (13855971)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1654181 | &nbsp;&nbsp; 3781154 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 14880694 | &nbsp;&nbsp; 13855971 |
| Cost of shares redeemed | &nbsp;&nbsp; (118385912)<br>| &nbsp;&nbsp; (120210340)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (101851037)<br>| &nbsp;&nbsp; (102573215)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (59784632)<br>| &nbsp;&nbsp; (55890585)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 675288627 | &nbsp;&nbsp; 731179212 |
| End of year | &nbsp;&nbsp; $615503995 | &nbsp;&nbsp; $675288627 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 146788 | &nbsp;&nbsp; 346641 |
| Shares reinvested | &nbsp;&nbsp; 1285034 | &nbsp;&nbsp; 1229456 |
| Shares redeemed | &nbsp;&nbsp; (10269426)<br>| &nbsp;&nbsp; (10885780)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (8837604)<br>| &nbsp;&nbsp; (9309683)<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 BlackRock iShares Dynamic Allocation -** 

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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; $11.22 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp; $12.53 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.27 | 0.23 | 0.19 | 0.13 | 0.12 |
| Net realized and unrealized gain (loss) | 0.78 | 0.69 | 1.00 | &nbsp;&nbsp; (2.06)<br>| 1.00 |
| Total investment operations | 1.05 | 0.92 | 1.19 | &nbsp;&nbsp; (1.93)<br>| 1.12 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (1.24)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (1.31)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.99 | &nbsp;&nbsp; $11.22 | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $12.34 |
| **Total return**<sup>(B)</sup> <br>| 9.42<br> %<br>| 8.75<br> %<br>| 12.66<br> %<br>| &nbsp;&nbsp; (15.89)%<br>| 9.17<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $615504 | &nbsp;&nbsp; $675289 | &nbsp;&nbsp; $731179 | &nbsp;&nbsp; $751527 | &nbsp;&nbsp; $1011184 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.77<br> %<br>| 0.84<br> %<br>|
| Including waiver and/or reimbursement and recapture<sup>(D)</sup> <br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.74<br> %<br>| 0.72<br> %<br>| 0.83<br> %<br>|
| Net investment income (loss) to average net assets | 2.31<br> %<br>| 2.08<br> %<br>| 1.87<br> %<br>| 1.22<br> %<br>| 0.95<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 102<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 227<br> %<br>| &nbsp;&nbsp; 55<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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**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 BlackRock iShares Dynamic Allocation - Balanced VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**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)**

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.

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

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

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced 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)**

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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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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**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.

**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 |  |  |  |  |  |
| Exchange-Traded Funds | $701250 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $701250 |
| **Total Borrowings** | **$701250** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$701250** |

---

**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.

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

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

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

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to

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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)**

unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Tactical and strategic asset allocation risk:** The Portfolio's tactical asset allocation strategy involves making short-term adjustments to the Portfolio's asset mix, utilizing the sub-adviser's research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. The Portfolio's strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which may result in higher transaction costs. These strategies may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management strategies.

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

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

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

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.80<br> % <br>| May 1, 2026 |

---

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

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**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** | **Sales of Securities** |
| $635142217 | &nbsp;&nbsp; $722764933 |

---

**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 and 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>|
| $586936462 | &nbsp;&nbsp; $40002563 | &nbsp;&nbsp; $(10171465)<br>| &nbsp;&nbsp; $29831098 |

---

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; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3523749 |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $47,089,354.

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>|
| $14880694 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13855971 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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**Page 13**

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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 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>|
| $14758973 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3523749)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2250665)<br>| &nbsp;&nbsp; $29831098 |

---

**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 14**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Dynamic Allocation – Balanced VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Dynamic Allocation – 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. ![](g768862imgde15e9213.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 15**

------

**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced 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** |
| $2699911 | $197713 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced 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 17**

------

**Transamerica BlackRock iShares Dynamic Allocation -** 

**Balanced 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 18**

------

**Transamerica BlackRock iShares Dynamic Allocation -** 

**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 19**

------

**Transamerica BlackRock iShares Dynamic Allocation -** 

**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 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imge9828f614.gif)

Visit **transamerica.com**

![](g768862imgf00328365.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imgf89e749f6.gif)

------

![](g768862imgd383d1801.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica BlackRock iShares Dynamic Allocation –

Moderate Growth VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img228d47e12.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_4fbc163a-4641-41f9-996c-acd20c3899d1_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_SOI-RunningFooter-549_1) | 2 |
| [Statement of Assets and Liabilities](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_FS-RunningFooter-549_1) | 3 |
| [Statement of Operations](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_FS-RunningFooter-549_1) | 3 |
| [Statement of Changes in Net Assets](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_FS-RunningFooter-549_2) | 4 |
| [Financial Highlights](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_sFIHI1-RunningFooter-549_1) | 5 |
| [Notes to Financial Statements](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_NTF-RunningFooter-549_1) | 6 |
| **[Report of Independent Registered Public Accounting Firm](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_AUD-RunningFooter-549_1)** | 15 |
| **[Supplemental Information](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_STI-RunningFooter-549_1)** | 16 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_DWA-RunningFooter-549_1)**<br> **[Companies](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_DWA-RunningFooter-549_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_PD-RunningFooter-549_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_DTO-RunningFooter-549_1)**<br> **[Companies](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_DTO-RunningFooter-549_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_4fbc163a-4641-41f9-996c-acd20c3899d1_Mgmtagmt-RunningFooter-549_1)** | 20 |

---

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

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 98.8%**  | **EXCHANGE-TRADED FUNDS - 98.8%**  | **EXCHANGE-TRADED FUNDS - 98.8%**  |
| **International Equity Funds - 22.2%**  | **International Equity Funds - 22.2%**  | **International Equity Funds - 22.2%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 377500 | $33771150 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 221551 | 21275542 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 107958 | 8716529 |
|  |  | 63763221 |
| **U.S. Equity Fund - 48.1%**  | **U.S. Equity Fund - 48.1%**  | **U.S. Equity Fund - 48.1%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 201569 | 138062671 |
| **U.S. Fixed Income Funds - 28.5%**  | **U.S. Fixed Income Funds - 28.5%**  | **U.S. Fixed Income Funds - 28.5%**  |
| iShares 0-1 Year Treasury Bond ETF <sup>(A)</sup> <br>| 427666 | 47107410 |
| iShares 7-10 Year Treasury Bond ETF <sup>(A)(B)</sup> <br>| 89183 | 8575837 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 219434 | 21917068 |
| &nbsp;&nbsp; iShares iBoxx $ Investment Grade <br> Corporate Bond ETF <sup>(A)(B)</sup> <br>| 37505 | 4132676 |
|  |  | 81732991 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $244,056,155)**<br>|  | 283558883 |
| **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>(C)</sup> <br>| 817950 | 817950 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $817,950)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $817,950)** | 817950 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.8%**  | **REPURCHASE AGREEMENT - 0.8%**  | **REPURCHASE AGREEMENT - 0.8%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $2,184,154 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 $2,227,780.<br>| $2183991 | $2183991 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,183,991)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,183,991)** | 2183991 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $247,058,096)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $247,058,096)** | 286560824 |
| **Net Other Assets (Liabilities) - 0.1%** | **Net Other Assets (Liabilities) - 0.1%** | 381944 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$286942768** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $283558883 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $283558883 |
| Other Investment Company | 817950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 817950 |
| Repurchase Agreement |  | &nbsp;&nbsp; 2183991 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2183991 |
| **Total Investments** | **$284376833** | &nbsp;&nbsp; **$2183991** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$286560824** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $7,753,416, collateralized by cash collateral of $817,950 and* *non-cash collateral, such as U.S. government securities of $7,101,060. 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 2**

------

**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $244,874,105) <br> (including securities loaned of $7,753,416)<br>| &nbsp;&nbsp; $284376833 |
| Repurchase agreement, at value (cost $2,183,991) | &nbsp;&nbsp; 2183991 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 1562374 |
| Net income from securities lending | &nbsp;&nbsp; 5783 |
| Interest | &nbsp;&nbsp; 82 |
| Total assets | &nbsp;&nbsp; 288129063 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 817950 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 135809 |
| Investment management fees | &nbsp;&nbsp; 117271 |
| Distribution and service fees | &nbsp;&nbsp; 65409 |
| Transfer agent costs | &nbsp;&nbsp; 293 |
| Trustee and CCO fees | &nbsp;&nbsp; 96 |
| Audit and tax fees  | &nbsp;&nbsp; 19075 |
| Custody fees | &nbsp;&nbsp; 4243 |
| Legal fees | &nbsp;&nbsp; 2303 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 12126 |
| Other accrued expenses | &nbsp;&nbsp; 11720 |
| Total liabilities | &nbsp;&nbsp; 1186295 |
| **Net assets**  | &nbsp;&nbsp; $286942768 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $205352 |
| Additional paid-in capital | &nbsp;&nbsp; 226916415 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 59821001 |
| **Net assets** | &nbsp;&nbsp; $286942768 |
| **Shares outstanding** | &nbsp;&nbsp; 20535229 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $13.97 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $7723665 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 189862 |
| Net income from securities lending | &nbsp;&nbsp; 27379 |
| Total investment income  | &nbsp;&nbsp; 7940906 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1481678 |
| Distribution and service fees | &nbsp;&nbsp; 740839 |
| Transfer agent costs | &nbsp;&nbsp; 3268 |
| Trustee and CCO fees | &nbsp;&nbsp; 15185 |
| Audit and tax fees | &nbsp;&nbsp; 21241 |
| Custody fees | &nbsp;&nbsp; 17485 |
| Legal fees | &nbsp;&nbsp; 27318 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 37269 |
| Other | &nbsp;&nbsp; 31302 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 2375585 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (152976)<br>|
| Net expenses | &nbsp;&nbsp; 2222609 |
| **Net investment income (loss)** | &nbsp;&nbsp; 5718297 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 34963514 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; (11900228)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 23063286 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $28781583 |

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica BlackRock iShares Dynamic 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; $5718297 | &nbsp;&nbsp; $5693101 |
| Net realized gain (loss) | &nbsp;&nbsp; 34963514 | &nbsp;&nbsp; 15234254 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (11900228)<br>| &nbsp;&nbsp; 18668284 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 28781583 | &nbsp;&nbsp; 39595639 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (5693145)<br>| &nbsp;&nbsp; (5346149)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (5693145)<br>| &nbsp;&nbsp; (5346149)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1155751 | &nbsp;&nbsp; 3013802 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 5693145 | &nbsp;&nbsp; 5346149 |
| Cost of shares redeemed | &nbsp;&nbsp; (59103587)<br>| &nbsp;&nbsp; (61816895)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (52254691)<br>| &nbsp;&nbsp; (53456944)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (29166253)<br>| &nbsp;&nbsp; (19207454)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 316109021 | &nbsp;&nbsp; 335316475 |
| End of year | &nbsp;&nbsp; $286942768 | &nbsp;&nbsp; $316109021 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 86006 | &nbsp;&nbsp; 244509 |
| Shares reinvested | &nbsp;&nbsp; 424862 | &nbsp;&nbsp; 416367 |
| Shares redeemed | &nbsp;&nbsp; (4452902)<br>| &nbsp;&nbsp; (4933756)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (3942034)<br>| &nbsp;&nbsp; (4272880)<br>|

---

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth 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; $12.91 | &nbsp;&nbsp; $11.66 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $13.58 | &nbsp;&nbsp; $13.04 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.26 | 0.21 | 0.17 | 0.13 | 0.12 |
| Net realized and unrealized gain (loss) | 1.06 | 1.25 | 1.56 | &nbsp;&nbsp; (2.38)<br>| 1.72 |
| Total investment operations | 1.32 | 1.46 | 1.73 | &nbsp;&nbsp; (2.25)<br>| 1.84 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (1.26)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.30)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $13.97 | &nbsp;&nbsp; $12.91 | &nbsp;&nbsp; $11.66 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $13.58 |
| **Total return**<sup>(B)</sup> <br>| 10.35<br> %<br>| 12.51<br> %<br>| 17.28<br> %<br>| &nbsp;&nbsp; (16.92)%<br>| 14.41<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $286943 | &nbsp;&nbsp; $316109 | &nbsp;&nbsp; $335316 | &nbsp;&nbsp; $327562 | &nbsp;&nbsp; $452539 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.80<br> %<br>| 0.80<br> %<br>| 0.81<br> %<br>| 0.78<br> %<br>| 0.86<br> %<br>|
| Including waiver and/or reimbursement and recapture<sup>(D)</sup> <br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.73<br> %<br>| 0.85<br> %<br>|
| Net investment income (loss) to average net assets | 1.93<br> %<br>| 1.71<br> %<br>| 1.61<br> %<br>| 1.14<br> %<br>| 0.92<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 129<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 288<br> %<br>| &nbsp;&nbsp; 43<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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate 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 BlackRock iShares Dynamic Allocation – Moderate Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock iShares Dynamic 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;

**1. ORGANIZATION (continued)**

state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the 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. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

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

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

**3. INVESTMENT VALUATION**

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

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or

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**Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock iShares Dynamic 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;

**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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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 BlackRock iShares Dynamic 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;

**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.

**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 |  |  |  |  |  |
| Exchange-Traded Funds | $817950 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $817950 |
| **Total Borrowings** | **$817950** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$817950** |

---

**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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**Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock iShares Dynamic 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;

**5. RISK FACTORS (continued)**

failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

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

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

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

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**5. RISK FACTORS (continued)**

unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Tactical and strategic asset allocation risk:** The Portfolio's tactical asset allocation strategy involves making short-term adjustments to the Portfolio's asset mix, utilizing the sub-adviser's research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. The Portfolio's strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which may result in higher transaction costs. These strategies may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other portfolios using other asset management strategies.

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

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock iShares Dynamic 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. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.80<br> % <br>| May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 12**

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**Transamerica BlackRock iShares Dynamic 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. 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** | **Sales of Securities** |
| $369648058 | &nbsp;&nbsp; $418097671 |

---

**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, organizational expenses and 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>|
| $251606290 | &nbsp;&nbsp; $36017325 | &nbsp;&nbsp; $(1062791)<br>| &nbsp;&nbsp; $34954534 |

---

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 $7,768,282.

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>|
| $5693145 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5346149 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

------

**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate Growth 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)**

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>|
| $25629227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(762760)<br>| &nbsp;&nbsp; $34954534 |

---

**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 14**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Dynamic 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. ![](g768862img17c4a1863.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 15**

------

**Transamerica BlackRock iShares Dynamic Allocation –** 

**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** |
| $1679666 | $118825 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

------

**Transamerica BlackRock iShares Dynamic Allocation –** 

**Moderate 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 17**

------

**Transamerica BlackRock iShares Dynamic Allocation –** 

**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 18**

------

**Transamerica BlackRock iShares Dynamic Allocation –** 

**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 19**

------

**Transamerica BlackRock iShares Dynamic 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 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imgbc0142044.gif)

Visit **transamerica.com**

![](g768862imge4c125bd5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imgd8f6c4606.gif)

------

![](g768862imgd1d833e11.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica BlackRock iShares Edge 40 VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgb2f1835e2.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_48e480c4-d4aa-4a0b-8651-291ef1129121_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_SOI-RunningFooter-233_1) | 2 |
| [Statement of Assets and Liabilities](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_FS-RunningFooter-233_1) | 3 |
| [Statement of Operations](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_FS-RunningFooter-233_1) | 3 |
| [Statement of Changes in Net Assets](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_FS-RunningFooter-233_2) | 4 |
| [Financial Highlights](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_FS-RunningFooter-233_3) | 5 |
| [Notes to Financial Statements](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_NTF-RunningFooter-233_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_AUD-RunningFooter-233_1)** | 16 |
| **[Supplemental Information](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_STI-RunningFooter-233_1)** | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_DWA-RunningFooter-233_1)**<br> **[Companies](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_DWA-RunningFooter-233_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_PD-RunningFooter-233_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_DTO-RunningFooter-233_1)**<br> **[Companies](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_DTO-RunningFooter-233_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_48e480c4-d4aa-4a0b-8651-291ef1129121_Mgmtagmt-RunningFooter-233_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 BlackRock iShares Edge 40 VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 100.0%**  | **EXCHANGE-TRADED FUNDS - 100.0%**  | **EXCHANGE-TRADED FUNDS - 100.0%**  |
| **International Equity Funds - 10.2%**  | **International Equity Funds - 10.2%**  | **International Equity Funds - 10.2%**  |
| iShares MSCI EAFE Min Vol Factor ETF <sup>(A)</sup> <br>| 181361 | $15642386 |
| &nbsp;&nbsp; iShares MSCI Emerging Markets Min Vol <br> Factor ETF <sup>(A)</sup> <br>| 69956 | 4479982 |
|  |  | 20122368 |
| **U.S. Equity Funds - 30.2%**  | **U.S. Equity Funds - 30.2%**  | **U.S. Equity Funds - 30.2%**  |
| iShares MSCI USA Min Vol Factor ETF <sup>(A)(B)</sup> <br>| 133374 | 12558496 |
| &nbsp;&nbsp; iShares MSCI USA Momentum Factor <br> ETF <sup>(A)(B)</sup> <br>| 50529 | 12647914 |
| iShares MSCI USA Quality Factor ETF <sup>(A)</sup> <br>| 66285 | 13165527 |
| iShares MSCI USA Size Factor ETF <sup>(A)(B)</sup> <br>| 50301 | 8127133 |
| iShares MSCI USA Value Factor ETF <sup>(A)</sup> <br>| 97054 | 13270193 |
|  |  | 59769263 |
| **U.S. Fixed Income Funds - 59.6%**  | **U.S. Fixed Income Funds - 59.6%**  | **U.S. Fixed Income Funds - 59.6%**  |
| &nbsp;&nbsp; iShares Broad USD Investment Grade <br> Corporate Bond ETF <sup>(A)</sup> <br>| 370817 | 19197196 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 986496 | 98531221 |
|  |  | 117728417 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $173,727,537)**<br>|  | 197620048 |
| **OTHER INVESTMENT COMPANY - 7.7%**  | **OTHER INVESTMENT COMPANY - 7.7%**  | **OTHER INVESTMENT COMPANY - 7.7%**  |
| **Securities Lending Collateral - 7.7%**  | **Securities Lending Collateral - 7.7%**  | **Securities Lending Collateral - 7.7%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(C)</sup> <br>| 15170012 | 15170012 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $15,170,012)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $15,170,012)** | 15170012 |

---

&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>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $306,958 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 $313,177.<br>| $306935 | $306935 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $306,935)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $306,935)** | 306935 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $189,204,484)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $189,204,484)** | 213096995 |
| **Net Other Assets (Liabilities) - (7.8)%** | **Net Other Assets (Liabilities) - (7.8)%** | (15347157) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$197749838** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $197620048 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $197620048 |
| Other Investment Company | 15170012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15170012 |
| Repurchase Agreement |  | &nbsp;&nbsp; 306935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 306935 |
| **Total Investments** | **$212790060** | &nbsp;&nbsp; **$306935** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$213096995** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $14,875,228, collateralized by cash collateral of $15,170,012 and* *non-cash collateral, such as U.S. government securities of $16,500. 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 2**

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**Transamerica BlackRock iShares Edge 40 VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $188,897,549) <br> (including securities loaned of $14,875,228)<br>| &nbsp;&nbsp; $212790060 |
| Repurchase agreement, at value (cost $306,935) | &nbsp;&nbsp; 306935 |
| Cash | &nbsp;&nbsp; 907 |
| Foreign currency, at value (cost $711) | &nbsp;&nbsp; 758 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 10661 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 390 |
| Interest | &nbsp;&nbsp; 12 |
| Tax reclaims | &nbsp;&nbsp; 16874 |
| Total assets | &nbsp;&nbsp; 213126597 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 15170012 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 75273 |
| Investment management fees | &nbsp;&nbsp; 38567 |
| Distribution and service fees | &nbsp;&nbsp; 40686 |
| Transfer agent costs | &nbsp;&nbsp; 203 |
| Trustee and CCO fees | &nbsp;&nbsp; 67 |
| Audit and tax fees  | &nbsp;&nbsp; 25058 |
| Custody fees | &nbsp;&nbsp; 4723 |
| Legal fees | &nbsp;&nbsp; 1562 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 11305 |
| Other accrued expenses | &nbsp;&nbsp; 9303 |
| Total liabilities | &nbsp;&nbsp; 15376759 |
| **Net assets**  | &nbsp;&nbsp; $197749838 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $215950 |
| Additional paid-in capital | &nbsp;&nbsp; 163399978 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 34133910 |
| **Net assets** | &nbsp;&nbsp; $197749838 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $19680093 |
| Service Class | &nbsp;&nbsp; 178069745 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 2133458 |
| Service Class | &nbsp;&nbsp; 19461517 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $9.22 |
| Service Class | 9.15 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $6428120 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 2180 |
| Net income from securities lending | &nbsp;&nbsp; 118039 |
| Total investment income  | &nbsp;&nbsp; 6548339 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 609703 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 459493 |
| Transfer agent costs | &nbsp;&nbsp; 2244 |
| Trustee and CCO fees | &nbsp;&nbsp; 10425 |
| Audit and tax fees | &nbsp;&nbsp; 26865 |
| Custody fees | &nbsp;&nbsp; 19058 |
| Legal fees | &nbsp;&nbsp; 18669 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 36322 |
| Other | &nbsp;&nbsp; 22982 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 1205761 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (11314)<br>|
| Service Class | &nbsp;&nbsp; (106391)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Initial Class | &nbsp;&nbsp; 169 |
| Service Class | &nbsp;&nbsp; 1583 |
| Net expenses | &nbsp;&nbsp; 1089808 |
| **Net investment income (loss)** | &nbsp;&nbsp; 5458531 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 6416278 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 10064232 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 2065 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 10066297 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 16482575 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $21941106 |

---

***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 BlackRock iShares Edge 40 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; $5458531 | &nbsp;&nbsp; $5701166 |
| Net realized gain (loss) | &nbsp;&nbsp; 6416278 | &nbsp;&nbsp; 6613301 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 10066297 | &nbsp;&nbsp; 2130190 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 21941106 | &nbsp;&nbsp; 14444657 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (1294847)<br>| &nbsp;&nbsp; (838851)<br>|
| Service Class | &nbsp;&nbsp; (11611062)<br>| &nbsp;&nbsp; (8000408)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (12905909)<br>| &nbsp;&nbsp; (8839259)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 970264 | &nbsp;&nbsp; 1922020 |
| Service Class | &nbsp;&nbsp; 2107566 | &nbsp;&nbsp; 1346968 |
|  | &nbsp;&nbsp; 3077830 | &nbsp;&nbsp; 3268988 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 1294847 | &nbsp;&nbsp; 838851 |
| Service Class | &nbsp;&nbsp; 11611062 | &nbsp;&nbsp; 8000408 |
|  | &nbsp;&nbsp; 12905909 | &nbsp;&nbsp; 8839259 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (2655313)<br>| &nbsp;&nbsp; (4141929)<br>|
| Service Class | &nbsp;&nbsp; (34563880)<br>| &nbsp;&nbsp; (35725115)<br>|
|  | &nbsp;&nbsp; (37219193)<br>| &nbsp;&nbsp; (39867044)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (21235454)<br>| &nbsp;&nbsp; (27758797)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (12200257)<br>| &nbsp;&nbsp; (22153399)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 209950095 | &nbsp;&nbsp; 232103494 |
| End of year | &nbsp;&nbsp; $197749838 | &nbsp;&nbsp; $209950095 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 105929 | &nbsp;&nbsp; 215210 |
| Service Class | &nbsp;&nbsp; 233054 | &nbsp;&nbsp; 152526 |
|  | &nbsp;&nbsp; 338983 | &nbsp;&nbsp; 367736 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 144514 | &nbsp;&nbsp; 93726 |
| Service Class | &nbsp;&nbsp; 1306081 | &nbsp;&nbsp; 899933 |
|  | &nbsp;&nbsp; 1450595 | &nbsp;&nbsp; 993659 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (291261)<br>| &nbsp;&nbsp; (463626)<br>|
| Service Class | &nbsp;&nbsp; (3815298)<br>| &nbsp;&nbsp; (4046172)<br>|
|  | &nbsp;&nbsp; (4106559)<br>| &nbsp;&nbsp; (4509798)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (40818)<br>| &nbsp;&nbsp; (154690)<br>|
| Service Class | &nbsp;&nbsp; (2276163)<br>| &nbsp;&nbsp; (2993713)<br>|
|  | &nbsp;&nbsp; (2316981)<br>| &nbsp;&nbsp; (3148403)<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 BlackRock iShares Edge 40 VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $8.84 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $10.20 | &nbsp;&nbsp; $9.98 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.27 | 0.25 | 0.21 | 0.18 | 0.15 |
| Net realized and unrealized gain (loss) | 0.74 | 0.34 | 0.55 | &nbsp;&nbsp; (1.62)<br>| 0.45 |
| Total investment operations | 1.01 | 0.59 | 0.76 | &nbsp;&nbsp; (1.44)<br>| 0.60 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>|
| Net realized gains | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.20)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.38)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.22 | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $8.21 | &nbsp;&nbsp; $10.20 |
| **Total return**<sup>(B)</sup> <br>| 11.64<br> %<br>| 6.71<br> %<br>| 9.45<br> %<br>| &nbsp;&nbsp; (14.24)%<br>| 6.09<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $19680 | &nbsp;&nbsp; $19228 | &nbsp;&nbsp; $20118 | &nbsp;&nbsp; $19923 | &nbsp;&nbsp; $25371 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.37<br> %<br>| 0.36<br> %<br>| 0.37<br> %<br>| 0.35<br> %<br>| 0.34<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.31 %<sup>(D)</sup><br>| 0.31 %<sup>(D)</sup><br>| 0.31 %<sup>(D)</sup><br>| 0.30 %<sup>(D)</sup>(E)<br>| 0.29 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.93<br> %<br>| 2.79<br> %<br>| 2.56<br> %<br>| 1.97<br> %<br>| 1.50<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 6<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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(E)</sup> *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not* *subject to recapture by TAM.* 

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Edge 40 VP**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $8.77 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $8.15 | &nbsp;&nbsp; $10.12 | &nbsp;&nbsp; $9.91 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.24 | 0.22 | 0.19 | 0.15 | 0.13 |
| Net realized and unrealized gain (loss) | 0.75 | 0.34 | 0.53 | &nbsp;&nbsp; (1.59)<br>| 0.44 |
| Total investment operations | 0.99 | 0.56 | 0.72 | &nbsp;&nbsp; (1.44)<br>| 0.57 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.20)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.36)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $8.77 | &nbsp;&nbsp; $8.57 | &nbsp;&nbsp; $8.15 | &nbsp;&nbsp; $10.12 |
| **Total return**<sup>(B)</sup> <br>| 11.42<br> %<br>| 6.48<br> %<br>| 9.07<br> %<br>| &nbsp;&nbsp; (14.44)%<br>| 5.78<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $178070 | &nbsp;&nbsp; $190722 | &nbsp;&nbsp; $211985 | &nbsp;&nbsp; $225991 | &nbsp;&nbsp; $307762 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.62<br> %<br>| 0.61<br> %<br>| 0.62<br> %<br>| 0.60<br> %<br>| 0.59<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.56 %<sup>(D)</sup><br>| 0.56 %<sup>(D)</sup><br>| 0.56 %<sup>(D)</sup><br>| 0.55 %<sup>(D)</sup>(E)<br>| 0.54 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.66<br> %<br>| 2.52<br> %<br>| 2.30<br> %<br>| 1.71<br> %<br>| 1.26<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 6<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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(E)</sup> *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not* *subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock iShares Edge 40 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 BlackRock iShares Edge 40 VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by allocating substantially all of the Portfolio's assets to a mix of exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock iShares Edge 40 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)**

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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock iShares Edge 40 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.

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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock iShares Edge 40 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)**

**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.

**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 |  |  |  |  |  |
| Exchange-Traded Funds | $15170012 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15170012 |
| **Total Borrowings** | **$15170012** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$15170012** |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock iShares Edge 40 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**

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

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

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

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

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

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Factor-based investing risk:** Factor-based investment strategies seek to capture broad, consistent drivers of return and to out-perform traditional index strategies. These strategies may not work as intended. An underlying ETF pursuing a factor-based investment strategy may not achieve its objective and may not perform as well as other funds using other asset management strategies.

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

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

**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 FACTORS (continued)**

**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.

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

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

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

**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;

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

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

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

---

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

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.31<br> % <br>| May 1, 2026 |
| Service Class | 0.56 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 | $1483 | $364 | $1592 | $3439 |
| Service Class | 16257 | 3262 | 14497 | 34016 |

---

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

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

The fee on the Service Class shares is paid to the insurance companies for providing services and account maintenance for the policyholders who invest in the variable insurance products which invest in the Service Class shares. TCL has determined that it will not

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica BlackRock iShares Edge 40 VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

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

seek payment for the distribution expenses incurred by the Portfolio with respect to the Initial Class shares before May 1, 2026. Prior to TCL seeking distribution expenses on Initial Class shares, policy and contract owners will be notified in advance. The Portfolio will pay fees relating to Service Class shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Initial Class | 0.15<br> % <br>|
| Service Class | 0.25 |

---

**Transfer agent costs:** TFS provides transfer agency services under an intercompany agreement with TAM. TFS has outsourced the provision of certain sub-transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"). The Portfolio does not pay a separate transfer agent fee to TAM or TFS but does pay certain expenses to SS&C GIDS related to applicable sub-transfer agency services. For the 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** | **Sales of Securities** |
| $8691655 | &nbsp;&nbsp; $37472068 |

---

**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. 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;

**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>|
| $191087371 | &nbsp;&nbsp; $30650166 | &nbsp;&nbsp; $(8640542)<br>| &nbsp;&nbsp; $22009624 |

---

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>|
| $5703792 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7202117 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5482563 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3356696 | &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>|
| $5427255 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6697341 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22009314 |

---

**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 BlackRock iShares Edge 40 VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Edge 40 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. ![](g768862img25a96bdd3.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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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $7,202,117 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** |
| $618045 | $58411 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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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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**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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**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 BlackRock iShares Edge 40 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

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Visit **transamerica.com**

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Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

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![](g768862imgaa1a682b1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica BlackRock iShares Edge 50 VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgda7873a62.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_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_SOI-RunningFooter-207_1) | 2 |
| [Statement of Assets and Liabilities](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_FS-RunningFooter-207_1) | 3 |
| [Statement of Operations](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_FS-RunningFooter-207_1) | 3 |
| [Statement of Changes in Net Assets](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_FS-RunningFooter-207_2) | 4 |
| [Financial Highlights](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_sFIHI1-RunningFooter-207_1) | 5 |
| [Notes to Financial Statements](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_NTF-RunningFooter-207_1) | 6 |
| **[Report of Independent Registered Public Accounting Firm](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_AUD-RunningFooter-207_1)** | 14 |
| **[Supplemental Information](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_STI-RunningFooter-207_1)** | 15 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_DWA-RunningFooter-207_1)**<br> **[Companies](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_DWA-RunningFooter-207_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_PD-RunningFooter-207_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_DTO-RunningFooter-207_1)**<br> **[Companies](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_DTO-RunningFooter-207_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_1e39e7fd-fce1-4b9c-9e78-3a2a72590050_Mgmtagmt-RunningFooter-207_1)** | 19 |

---

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

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Edge 50 VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 100.0%**  | **EXCHANGE-TRADED FUNDS - 100.0%**  | **EXCHANGE-TRADED FUNDS - 100.0%**  |
| **International Equity Funds - 12.6%**  | **International Equity Funds - 12.6%**  | **International Equity Funds - 12.6%**  |
| &nbsp;&nbsp; iShares MSCI EAFE Min Vol Factor <br> ETF <sup>(A)(B)</sup> <br>| 467051 | $40283149 |
| &nbsp;&nbsp; iShares MSCI Emerging Markets Min Vol <br> Factor ETF <sup>(A)</sup> <br>| 168718 | 10804700 |
|  |  | 51087849 |
| **U.S. Equity Funds - 37.5%**  | **U.S. Equity Funds - 37.5%**  | **U.S. Equity Funds - 37.5%**  |
| iShares MSCI USA Min Vol Factor ETF <sup>(A)(B)</sup> <br>| 339986 | 32013082 |
| &nbsp;&nbsp; iShares MSCI USA Momentum Factor <br> ETF <sup>(A)(B)</sup> <br>| 130370 | 32632914 |
| iShares MSCI USA Quality Factor ETF <sup>(A)</sup> <br>| 167856 | 33339559 |
| iShares MSCI USA Size Factor ETF <sup>(A)(B)</sup> <br>| 126384 | 20419863 |
| iShares MSCI USA Value Factor ETF <sup>(A)(B)</sup> <br>| 247137 | 33791042 |
|  |  | 152196460 |
| **U.S. Fixed Income Fund - 49.9%**  | **U.S. Fixed Income Fund - 49.9%**  | **U.S. Fixed Income Fund - 49.9%**  |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 2024608 | 202217847 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $352,507,811)**<br>|  | 405502156 |
| **OTHER INVESTMENT COMPANY - 1.5%**  | **OTHER INVESTMENT COMPANY - 1.5%**  | **OTHER INVESTMENT COMPANY - 1.5%**  |
| **Securities Lending Collateral - 1.5%**  | **Securities Lending Collateral - 1.5%**  | **Securities Lending Collateral - 1.5%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(C)</sup> <br>| 6250624 | 6250624 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $6,250,624)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $6,250,624)** | 6250624 |

---

&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>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $372,709 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 $380,212.<br>| $372682 | $372682 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $372,682)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $372,682)** | 372682 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $359,131,117)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $359,131,117)** | 412125462 |
| **Net Other Assets (Liabilities) - (1.6)%** | **Net Other Assets (Liabilities) - (1.6)%** | (6511754) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$405613708** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $405502156 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $405502156 |
| Other Investment Company | 6250624 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6250624 |
| Repurchase Agreement |  | &nbsp;&nbsp; 372682 | &nbsp;&nbsp; — | &nbsp;&nbsp; 372682 |
| **Total Investments** | **$411752780** | &nbsp;&nbsp; **$372682** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$412125462** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $9,394,603, collateralized by cash collateral of $6,250,624 and* *non-cash collateral, such as U.S. government securities of $3,350,050. 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 2**

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**Transamerica BlackRock iShares Edge 50 VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $358,758,435) <br> (including securities loaned of $9,394,603)<br>| &nbsp;&nbsp; $411752780 |
| Repurchase agreement, at value (cost $372,682) | &nbsp;&nbsp; 372682 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 7438 |
| Interest | &nbsp;&nbsp; 14 |
| Total assets | &nbsp;&nbsp; 412132914 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 6250624 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 35838 |
| Investment management fees | &nbsp;&nbsp; 92404 |
| Distribution and service fees | &nbsp;&nbsp; 92404 |
| Transfer agent costs | &nbsp;&nbsp; 413 |
| Trustee and CCO fees | &nbsp;&nbsp; 135 |
| Audit and tax fees  | &nbsp;&nbsp; 19379 |
| Custody fees | &nbsp;&nbsp; 6166 |
| Legal fees | &nbsp;&nbsp; 3119 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 8996 |
| Other accrued expenses | &nbsp;&nbsp; 9728 |
| Total liabilities | &nbsp;&nbsp; 6519206 |
| **Net assets**  | &nbsp;&nbsp; $405613708 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $289660 |
| Additional paid-in capital | &nbsp;&nbsp; 336817289 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 68506759 |
| **Net assets** | &nbsp;&nbsp; $405613708 |
| **Shares outstanding** | &nbsp;&nbsp; 28966034 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $14.00 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $11950155 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 4982 |
| Net income from securities lending | &nbsp;&nbsp; 91641 |
| Total investment income  | &nbsp;&nbsp; 12046778 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1231958 |
| Distribution and service fees | &nbsp;&nbsp; 1026632 |
| Transfer agent costs | &nbsp;&nbsp; 4540 |
| Trustee and CCO fees | &nbsp;&nbsp; 21172 |
| Audit and tax fees | &nbsp;&nbsp; 22275 |
| Custody fees | &nbsp;&nbsp; 24326 |
| Legal fees | &nbsp;&nbsp; 37813 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 31050 |
| Other | &nbsp;&nbsp; 31339 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 2431105 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (205326)<br>|
| Net expenses | &nbsp;&nbsp; 2225779 |
| **Net investment income (loss)** | &nbsp;&nbsp; 9820999 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 9706683 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 28625774 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 38332457 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $48153456 |

---

***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 BlackRock iShares Edge 50 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; $9820999 | &nbsp;&nbsp; $9851907 |
| Net realized gain (loss) | &nbsp;&nbsp; 9706683 | &nbsp;&nbsp; 11404896 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 28625774 | &nbsp;&nbsp; 11504161 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 48153456 | &nbsp;&nbsp; 32760964 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (23182513)<br>| &nbsp;&nbsp; (15354801)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (23182513)<br>| &nbsp;&nbsp; (15354801)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 5439242 | &nbsp;&nbsp; 4541675 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 23182513 | &nbsp;&nbsp; 15354801 |
| Cost of shares redeemed | &nbsp;&nbsp; (58176841)<br>| &nbsp;&nbsp; (63233347)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (29555086)<br>| &nbsp;&nbsp; (43336871)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (4584143)<br>| &nbsp;&nbsp; (25930708)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 410197851 | &nbsp;&nbsp; 436128559 |
| End of year | &nbsp;&nbsp; $405613708 | &nbsp;&nbsp; $410197851 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 394573 | &nbsp;&nbsp; 343951 |
| Shares reinvested | &nbsp;&nbsp; 1707107 | &nbsp;&nbsp; 1151035 |
| Shares redeemed | &nbsp;&nbsp; (4222644)<br>| &nbsp;&nbsp; (4782291)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (2120964)<br>| &nbsp;&nbsp; (3287305)<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 BlackRock iShares Edge 50 VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $13.20 | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $11.85 | &nbsp;&nbsp; $14.40 | &nbsp;&nbsp; $13.70 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.33 | 0.30 | 0.26 | 0.20 | 0.17 |
| Net realized and unrealized gain (loss) | 1.27 | 0.69 | 0.88 | &nbsp;&nbsp; (2.27)<br>| 0.89 |
| Total investment operations | 1.60 | 0.99 | 1.14 | &nbsp;&nbsp; (2.07)<br>| 1.06 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.20)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.36)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $13.20 | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $11.85 | &nbsp;&nbsp; $14.40 |
| **Total return**<sup>(B)</sup> <br>| 12.35<br> %<br>| 7.79<br> %<br>| 9.79<br> %<br>| &nbsp;&nbsp; (14.48)%<br>| 7.74<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $405614 | &nbsp;&nbsp; $410198 | &nbsp;&nbsp; $436129 | &nbsp;&nbsp; $439027 | &nbsp;&nbsp; $540360 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.59<br> %<br>| 0.59<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.57<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.54 %<sup>(D)</sup><br>| 0.54 %<sup>(D)</sup><br>| 0.54 %<sup>(D)</sup><br>| 0.53 %<sup>(D)</sup>(E)<br>| 0.52 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 2.39<br> %<br>| 2.28<br> %<br>| 2.13<br> %<br>| 1.60<br> %<br>| 1.19<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 7<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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(E)</sup> *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not* *subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Edge 50 VP**

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**NOTES TO FINANCIAL STATEMENTS**

**At 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 BlackRock iShares Edge 50 VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by allocating substantially all of the Portfolio's assets to a mix of exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio 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 6**

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**Transamerica BlackRock iShares Edge 50 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. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

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

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

There were no commissions recaptured during the 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.

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

**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;

**3. INVESTMENT VALUATION (continued)**

in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

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

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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.

**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

**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;

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

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 |  |  |  |  |  |
| Exchange-Traded Funds | $6250624 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6250624 |
| **Total Borrowings** | **$6250624** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$6250624** |

---

**5. RISK FACTORS**

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

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

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

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

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

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Factor-based investing risk:** Factor-based investment strategies seek to capture broad, consistent drivers of return and to out-perform traditional index strategies. These strategies may not work as intended. An underlying ETF pursuing a factor-based investment strategy may not achieve its objective and may not perform as well as other funds using other asset management strategies.

**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. 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.

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

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

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

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

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

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

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

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

**Transamerica Series Trust**

**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;

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

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

---

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

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.56<br> % <br>| May 1, 2026 |

---

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

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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;

**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** | **Sales of Securities** |
| $21035539 | &nbsp;&nbsp; $64169024 |

---

**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. 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>|
| $365471174 | &nbsp;&nbsp; $68208733 | &nbsp;&nbsp; $(21554445)<br>| &nbsp;&nbsp; $46654288 |

---

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>|
| $9853144 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13329369 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9236996 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6117805 | &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>|
| $9790054 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12062417 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46654288 |

---

**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

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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;

**9. OPERATING SEGMENTS (continued)**

operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Portfolio's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Detailed financial information for the Portfolio is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Edge 50 VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Edge 50 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. ![](g768862img771c2bf93.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 14**

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**Transamerica BlackRock iShares Edge 50 VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $13,329,369 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** |
| $1567611 | $144916 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica BlackRock iShares Edge 50 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 16**

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**Transamerica BlackRock iShares Edge 50 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 17**

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**Transamerica BlackRock iShares Edge 50 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 18**

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**Transamerica BlackRock iShares Edge 50 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 19**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imge764741b4.gif)

Visit **transamerica.com**

![](g768862img04aac38d5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imgebca10d36.gif)

------

![](g768862img02363e771.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica BlackRock iShares Edge 75 VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img2535aacc2.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_b16f3ea6-5574-4ade-8780-6af521bdc4a3_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_SOI-RunningFooter-208_1) | 2 |
| [Statement of Assets and Liabilities](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_FS-RunningFooter-208_1) | 3 |
| [Statement of Operations](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_FS-RunningFooter-208_1) | 3 |
| [Statement of Changes in Net Assets](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_FS-RunningFooter-208_2) | 4 |
| [Financial Highlights](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_sFIHI1-RunningFooter-208_1) | 5 |
| [Notes to Financial Statements](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_NTF-RunningFooter-208_1) | 6 |
| **[Report of Independent Registered Public Accounting Firm](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_AUD-RunningFooter-208_1)** | 14 |
| **[Supplemental Information](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_STI-RunningFooter-208_1)** | 15 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_DWA-RunningFooter-208_1)**<br> **[Companies](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_DWA-RunningFooter-208_1)**<br>| 16 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_PD-RunningFooter-208_1)** | 17 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_DTO-RunningFooter-208_1)**<br> **[Companies](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_DTO-RunningFooter-208_1)**<br>| 18 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_b16f3ea6-5574-4ade-8780-6af521bdc4a3_Mgmtagmt-RunningFooter-208_1)** | 19 |

---

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

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica BlackRock iShares Edge 75 VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 100.0%**  | **EXCHANGE-TRADED FUNDS - 100.0%**  | **EXCHANGE-TRADED FUNDS - 100.0%**  |
| **International Equity Funds - 18.7%**  | **International Equity Funds - 18.7%**  | **International Equity Funds - 18.7%**  |
| iShares MSCI EAFE Min Vol Factor ETF <sup>(A)</sup> <br>| 256548 | $22127265 |
| &nbsp;&nbsp; iShares MSCI Emerging Markets Min Vol <br> Factor ETF <sup>(A)</sup> <br>| 93100 | 5962124 |
|  |  | 28089389 |
| **U.S. Equity Funds - 56.4%**  | **U.S. Equity Funds - 56.4%**  | **U.S. Equity Funds - 56.4%**  |
| iShares MSCI USA Min Vol Factor ETF <sup>(A)(B)</sup> <br>| 196440 | 18496790 |
| &nbsp;&nbsp; iShares MSCI USA Momentum Factor <br> ETF <sup>(A)</sup> <br>| 71462 | 17887653 |
| iShares MSCI USA Quality Factor ETF <sup>(A)</sup> <br>| 93875 | 18645453 |
| iShares MSCI USA Size Factor ETF <sup>(A)</sup> <br>| 67667 | 10932957 |
| iShares MSCI USA Value Factor ETF <sup>(A)</sup> <br>| 135960 | 18589811 |
|  |  | 84552664 |
| **U.S. Fixed Income Fund - 24.9%**  | **U.S. Fixed Income Fund - 24.9%**  | **U.S. Fixed Income Fund - 24.9%**  |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 373123 | 37267525 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $116,694,379)**<br>|  | 149909578 |
| **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>(C)</sup> <br>| 404250 | 404250 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $404,250)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $404,250)** | 404250 |

---

&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>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $245,823 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 $250,724. <sup>(C)</sup> <br>| $245805 | $245805 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $245,805)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $245,805)** | 245805 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $117,344,434)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $117,344,434)** | 150559633 |
| **Net Other Assets (Liabilities) - (0.4)%** | **Net Other Assets (Liabilities) - (0.4)%** | (594206) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$149965427** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $149909578 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $149909578 |
| Other Investment Company | 404250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 404250 |
| Repurchase Agreement |  | &nbsp;&nbsp; 245805 | &nbsp;&nbsp; — | &nbsp;&nbsp; 245805 |
| **Total Investments** | **$150313828** | &nbsp;&nbsp; **$245805** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$150559633** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $395,472, collateralized by cash collateral of $404,250. The amount* *on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall from the* *brokers.* 

<sup>(C)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(D)</sup> *There were no transfers in or out of Level 3 during the period 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 2**

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**Transamerica BlackRock iShares Edge 75 VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $117,098,629) <br> (including securities loaned of $395,472)<br>| &nbsp;&nbsp; $150313828 |
| Repurchase agreement, at value (cost $245,805) | &nbsp;&nbsp; 245805 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 1899 |
| Interest | &nbsp;&nbsp; 9 |
| Total assets | &nbsp;&nbsp; 150561541 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 404250 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 90490 |
| Investment management fees | &nbsp;&nbsp; 34009 |
| Distribution and service fees | &nbsp;&nbsp; 34009 |
| Transfer agent costs | &nbsp;&nbsp; 152 |
| Trustee and CCO fees | &nbsp;&nbsp; 50 |
| Audit and tax fees  | &nbsp;&nbsp; 18534 |
| Custody fees | &nbsp;&nbsp; 2602 |
| Legal fees | &nbsp;&nbsp; 1126 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 2940 |
| Other accrued expenses | &nbsp;&nbsp; 7952 |
| Total liabilities | &nbsp;&nbsp; 596114 |
| **Net assets**  | &nbsp;&nbsp; $149965427 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $94706 |
| Additional paid-in capital | &nbsp;&nbsp; 108909310 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 40961411 |
| **Net assets** | &nbsp;&nbsp; $149965427 |
| **Shares outstanding** | &nbsp;&nbsp; 9470561 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $15.83 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $3584904 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 1952 |
| Net income from securities lending | &nbsp;&nbsp; 61695 |
| Total investment income  | &nbsp;&nbsp; 3648551 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 448095 |
| Distribution and service fees | &nbsp;&nbsp; 373412 |
| Transfer agent costs | &nbsp;&nbsp; 1653 |
| Trustee and CCO fees | &nbsp;&nbsp; 7712 |
| Audit and tax fees | &nbsp;&nbsp; 19751 |
| Custody fees | &nbsp;&nbsp; 10206 |
| Legal fees | &nbsp;&nbsp; 13762 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 10192 |
| Other | &nbsp;&nbsp; 19843 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 904626 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (74682)<br>|
| Net expenses | &nbsp;&nbsp; 829944 |
| **Net investment income (loss)** | &nbsp;&nbsp; 2818607 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 6688815 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 11939535 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 18628350 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $21446957 |

---

***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 BlackRock iShares Edge 75 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; $2818607 | &nbsp;&nbsp; $2862791 |
| Net realized gain (loss) | &nbsp;&nbsp; 6688815 | &nbsp;&nbsp; 6287585 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 11939535 | &nbsp;&nbsp; 7280552 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 21446957 | &nbsp;&nbsp; 16430928 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (9912030)<br>| &nbsp;&nbsp; (7074859)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (9912030)<br>| &nbsp;&nbsp; (7074859)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 5505516 | &nbsp;&nbsp; 7683515 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 9912030 | &nbsp;&nbsp; 7074859 |
| Cost of shares redeemed | &nbsp;&nbsp; (25532553)<br>| &nbsp;&nbsp; (27665798)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (10115007)<br>| &nbsp;&nbsp; (12907424)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 1419920 | &nbsp;&nbsp; (3551355)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 148545507 | &nbsp;&nbsp; 152096862 |
| End of year | &nbsp;&nbsp; $149965427 | &nbsp;&nbsp; $148545507 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 358974 | &nbsp;&nbsp; 515758 |
| Shares reinvested | &nbsp;&nbsp; 649969 | &nbsp;&nbsp; 479002 |
| Shares redeemed | &nbsp;&nbsp; (1655273)<br>| &nbsp;&nbsp; (1889052)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (646330)<br>| &nbsp;&nbsp; (894292)<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 BlackRock iShares Edge 75 VP**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $14.68 | &nbsp;&nbsp; $13.81 | &nbsp;&nbsp; $12.96 | &nbsp;&nbsp; $16.20 | &nbsp;&nbsp; $14.79 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.29 | 0.28 | 0.24 | 0.21 | 0.18 |
| Net realized and unrealized gain (loss) | 1.94 | 1.29 | 1.29 | &nbsp;&nbsp; (2.62)<br>| 1.73 |
| Total investment operations | 2.23 | 1.57 | 1.53 | &nbsp;&nbsp; (2.41)<br>| 1.91 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.50)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $15.83 | &nbsp;&nbsp; $14.68 | &nbsp;&nbsp; $13.81 | &nbsp;&nbsp; $12.96 | &nbsp;&nbsp; $16.20 |
| **Total return**<sup>(B)</sup> <br>| 15.47<br> %<br>| 11.40<br> %<br>| 12.09<br> %<br>| &nbsp;&nbsp; (15.06)%<br>| 12.94<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $149965 | &nbsp;&nbsp; $148546 | &nbsp;&nbsp; $152097 | &nbsp;&nbsp; $158210 | &nbsp;&nbsp; $218989 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.56 %<sup>(D)</sup><br>| 0.56 %<sup>(D)</sup><br>| 0.55 %<sup>(D)</sup><br>| 0.54 %<sup>(D)</sup>(E)<br>| 0.53 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.89<br> %<br>| 1.88<br> %<br>| 1.84<br> %<br>| 1.50<br> %<br>| 1.16<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 14<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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(E)</sup> *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not* *subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Edge 75 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 BlackRock iShares Edge 75 VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by allocating substantially all of the Portfolio's assets to a mix of exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

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

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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)**

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.

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

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

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

There were no commissions recaptured during the 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.

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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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

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

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

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

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

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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

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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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 Days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| Securities Lending Transactions |  |  |  |  |  |
| Exchange-Traded Funds | $404250 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $404250 |
| **Total Borrowings** | **$404250** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$404250** |

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**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.

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

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Factor-based investing risk:** Factor-based investment strategies seek to capture broad, consistent drivers of return and to out-perform traditional index strategies. These strategies may not work as intended. An underlying ETF pursuing a factor-based investment strategy may not achieve its objective and may not perform as well as other funds using other asset management strategies.

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

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

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

**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:

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

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TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

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

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| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.56<br> % <br>| May 1, 2026 |

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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.

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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)**

**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.

**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:

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| | |
|:---|:---|
| **Purchases of Securities** | **Sales of Securities** |
| $12067180 | &nbsp;&nbsp; $28676575 |

---

**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. 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 12**

------

**Transamerica BlackRock iShares Edge 75 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)**

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>|
| $119833061 | &nbsp;&nbsp; $33849103 | &nbsp;&nbsp; $(3122531)<br>| &nbsp;&nbsp; $30726572 |

---

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>|
| $2863210 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7048820 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2837537 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4237322 | &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>|
| $2790211 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7444628 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30726572 |

---

**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 13**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Edge 75 VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Edge 75 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. ![](g768862imgccb82c783.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 14**

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**Transamerica BlackRock iShares Edge 75 VP**

------

**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $7,048,820 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** |
| $839533 | $78269 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 15**

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**Transamerica BlackRock iShares Edge 75 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 16**

------

**Transamerica BlackRock iShares Edge 75 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 17**

------

**Transamerica BlackRock iShares Edge 75 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 18**

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**Transamerica BlackRock iShares Edge 75 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 19**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imga5eb47054.gif)

Visit **transamerica.com**

![](g768862img2a3cc8df5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img89f5aeca6.gif)

------

![](g768862imgf7264acc1.gif)

Transamerica Series Trust Annual Financial Statements

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

Transamerica BlackRock iShares Edge 100 VP

December 31, 2025

**Transamerica Capital, LLC**

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

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgde0482432.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_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_SOI-RunningFooter-209_1) | 2 |
| [Statement of Assets and Liabilities](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_FS-RunningFooter-209_1) | 3 |
| [Statement of Operations](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_FS-RunningFooter-209_1) | 3 |
| [Statement of Changes in Net Assets](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_FS-RunningFooter-209_2) | 4 |
| [Financial Highlights](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_FS-RunningFooter-209_2) | 4 |
| [Notes to Financial Statements](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_NTF-RunningFooter-209_1) | 5 |
| **[Report of Independent Registered Public Accounting Firm](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_AUD-RunningFooter-209_1)** | 13 |
| **[Supplemental Information](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_STI-RunningFooter-209_1)** | 14 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_DWA-RunningFooter-209_1)**<br> **[Companies](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_DWA-RunningFooter-209_1)**<br>| 15 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_PD-RunningFooter-209_1)** | 16 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_DTO-RunningFooter-209_1)**<br> **[Companies](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_DTO-RunningFooter-209_1)**<br>| 17 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_9bd7344d-f99d-4916-ba80-ee9bd79c6dc2_Mgmtagmt-RunningFooter-209_1)** | 18 |

---

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

------

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

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica BlackRock iShares Edge 100 VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 100.0%**  | **EXCHANGE-TRADED FUNDS - 100.0%**  | **EXCHANGE-TRADED FUNDS - 100.0%**  |
| **International Equity Funds - 25.0%**  | **International Equity Funds - 25.0%**  | **International Equity Funds - 25.0%**  |
| iShares MSCI EAFE Min Vol Factor ETF <sup>(A)</sup> <br>| 180093 | $15533021 |
| &nbsp;&nbsp; iShares MSCI Emerging Markets Min Vol <br> Factor ETF <sup>(A)</sup> <br>| 68046 | 4357666 |
|  |  | 19890687 |
| **U.S. Equity Funds - 75.0%**  | **U.S. Equity Funds - 75.0%**  | **U.S. Equity Funds - 75.0%**  |
| iShares MSCI USA Min Vol Factor ETF <sup>(A)</sup> <br>| 136694 | 12871107 |
| &nbsp;&nbsp; iShares MSCI USA Momentum Factor <br> ETF <sup>(A)(B)</sup> <br>| 51245 | 12827136 |
| iShares MSCI USA Quality Factor ETF <sup>(A)</sup> <br>| 65511 | 13011795 |
| iShares MSCI USA Size Factor ETF <sup>(A)(B)</sup> <br>| 48721 | 7871852 |
| iShares MSCI USA Value Factor ETF <sup>(A)</sup> <br>| 95909 | 13113637 |
|  |  | 59695527 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $58,183,717)**<br>|  | 79586214 |
| **OTHER INVESTMENT COMPANY - 10.4%**  | **OTHER INVESTMENT COMPANY - 10.4%**  | **OTHER INVESTMENT COMPANY - 10.4%**  |
| **Securities Lending Collateral - 10.4%**  | **Securities Lending Collateral - 10.4%**  | **Securities Lending Collateral - 10.4%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(C)</sup> <br>| 8280828 | 8280828 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $8,280,828)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $8,280,828)** | 8280828 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.2%**  | **REPURCHASE AGREEMENT - 0.2%**  | **REPURCHASE AGREEMENT - 0.2%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $129,416 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 $132,157.<br>| $129407 | $129407 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $129,407)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $129,407)** | 129407 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $66,593,952)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $66,593,952)** | 87996449 |
| **Net Other Assets (Liabilities) - (10.6)%** | **Net Other Assets (Liabilities) - (10.6)%** | (8464392) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$79532057** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $79586214 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79586214 |
| Other Investment Company | 8280828 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8280828 |
| Repurchase Agreement |  | &nbsp;&nbsp; 129407 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129407 |
| **Total Investments** | **$87867042** | &nbsp;&nbsp; **$129407** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$87996449** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $8,112,047, collateralized by cash collateral of $8,280,828. 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 2**

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**Transamerica BlackRock iShares Edge 100 VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $66,464,545) <br> (including securities loaned of $8,112,047)<br>| &nbsp;&nbsp; $87867042 |
| Repurchase agreement, at value (cost $129,407) | &nbsp;&nbsp; 129407 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 7918 |
| Interest | &nbsp;&nbsp; 5 |
| Total assets | &nbsp;&nbsp; 88004372 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 8280828 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 129219 |
| Investment management fees | &nbsp;&nbsp; 14862 |
| Distribution and service fees | &nbsp;&nbsp; 17885 |
| Transfer agent costs | &nbsp;&nbsp; 77 |
| Trustee and CCO fees | &nbsp;&nbsp; 25 |
| Audit and tax fees  | &nbsp;&nbsp; 18300 |
| Custody fees | &nbsp;&nbsp; 1478 |
| Legal fees | &nbsp;&nbsp; 565 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 1621 |
| Other accrued expenses | &nbsp;&nbsp; 7455 |
| Total liabilities | &nbsp;&nbsp; 8472315 |
| **Net assets**  | &nbsp;&nbsp; $79532057 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $48124 |
| Additional paid-in capital | &nbsp;&nbsp; 51372243 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 28111690 |
| **Net assets** | &nbsp;&nbsp; $79532057 |
| **Shares outstanding** | &nbsp;&nbsp; 4812351 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $16.53 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $1455340 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 1605 |
| Net income from securities lending | &nbsp;&nbsp; 50134 |
| Total investment income  | &nbsp;&nbsp; 1507079 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 227982 |
| Distribution and service fees | &nbsp;&nbsp; 189985 |
| Transfer agent costs | &nbsp;&nbsp; 842 |
| Trustee and CCO fees | &nbsp;&nbsp; 3945 |
| Audit and tax fees | &nbsp;&nbsp; 19048 |
| Custody fees | &nbsp;&nbsp; 5798 |
| Legal fees | &nbsp;&nbsp; 7058 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 6050 |
| Other | &nbsp;&nbsp; 15727 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 476435 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (50794)<br>|
| Net expenses | &nbsp;&nbsp; 425641 |
| **Net investment income (loss)** | &nbsp;&nbsp; 1081438 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 5863335 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 5939782 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 11803117 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $12884555 |

---

***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 BlackRock iShares Edge 100 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; $1081438 | &nbsp;&nbsp; $1092793 |
| Net realized gain (loss) | &nbsp;&nbsp; 5863335 | &nbsp;&nbsp; 3191834 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 5939782 | &nbsp;&nbsp; 5507589 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 12884555 | &nbsp;&nbsp; 9792216 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (4344530)<br>| &nbsp;&nbsp; (2500186)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (4344530)<br>| &nbsp;&nbsp; (2500186)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 6827840 | &nbsp;&nbsp; 7554371 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 4344530 | &nbsp;&nbsp; 2500186 |
| Cost of shares redeemed | &nbsp;&nbsp; (13867626)<br>| &nbsp;&nbsp; (9884730)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (2695256)<br>| &nbsp;&nbsp; 169827 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 5844769 | &nbsp;&nbsp; 7461857 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 73687288 | &nbsp;&nbsp; 66225431 |
| End of year | &nbsp;&nbsp; $79532057 | &nbsp;&nbsp; $73687288 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 423481 | &nbsp;&nbsp; 518387 |
| Shares reinvested | &nbsp;&nbsp; 274623 | &nbsp;&nbsp; 168931 |
| Shares redeemed | &nbsp;&nbsp; (868703)<br>| &nbsp;&nbsp; (679130)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (170599)<br>| &nbsp;&nbsp; 8188 |

---

**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; $14.79 | &nbsp;&nbsp; $13.31 | &nbsp;&nbsp; $13.92 | &nbsp;&nbsp; $17.38 | &nbsp;&nbsp; $15.16 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.22 | 0.22 | 0.22 | 0.20 | 0.19 |
| Net realized and unrealized gain (loss) | 2.48 | 1.77 | 1.64 | &nbsp;&nbsp; (2.93)<br>| 2.58 |
| Total investment operations | 2.70 | 1.99 | 1.86 | &nbsp;&nbsp; (2.73)<br>| 2.77 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.39)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.55)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $16.53 | &nbsp;&nbsp; $14.79 | &nbsp;&nbsp; $13.31 | &nbsp;&nbsp; $13.92 | &nbsp;&nbsp; $17.38 |
| **Total return**<sup>(B)</sup> <br>| 18.54<br> %<br>| 14.99<br> %<br>| 14.47<br> %<br>| &nbsp;&nbsp; (15.76)%<br>| 18.36<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $79532 | &nbsp;&nbsp; $73687 | &nbsp;&nbsp; $66225 | &nbsp;&nbsp; $60526 | &nbsp;&nbsp; $105304 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.63<br> %<br>| 0.63<br> %<br>| 0.64<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.56 %<sup>(D)</sup><br>| 0.56 %<sup>(D)</sup><br>| 0.56 %<sup>(D)</sup><br>| 0.56 %<sup>(D)</sup>(E)<br>| 0.56 %<sup>(E)</sup><br>|
| Net investment income (loss) to average net assets | 1.42<br> %<br>| 1.51<br> %<br>| 1.61<br> %<br>| 1.35<br> %<br>| 1.12<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 9<br> %<br>|

---

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

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

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

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

<sup>(D)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(E)</sup> *TAM contractually agreed to waive 0.05% of the average daily net assets from its management fee through May 1, 2022. These amounts are not* *subject to recapture by TAM.* 

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

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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 BlackRock iShares Edge 100 VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by allocating substantially all of the Portfolio's assets to a mix of exchange-traded funds ("ETFs") advised by an affiliate of the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

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

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

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

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

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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

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

**1. ORGANIZATION (continued)**

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.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Commission recapture:** The sub-adviser(s), to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolio with broker/dealers with which TST has established a commission recapture program. A commission recapture program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolio. In no event will commissions, paid by the Portfolio, be used to pay expenses that would otherwise be borne by any other Portfolios within TST, or by any other party.

There were no commissions recaptured during the 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.

**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;

**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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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 7**

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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 |  |  |  |  |  |
| Exchange-Traded Funds | $8280828 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8280828 |
| **Total Borrowings** | **$8280828** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$8280828** |

---

**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

**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;

**5. RISK FACTORS (continued)**

failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Factor-based investing risk:** Factor-based investment strategies seek to capture broad, consistent drivers of return and to out-perform traditional index strategies. These strategies may not work as intended. An underlying ETF pursuing a factor-based investment strategy may not achieve its objective and may not perform as well as other funds using other asset management strategies.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Small and medium capitalization companies risk:** The Portfolio will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Emerging markets risk:** Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the Portfolio from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used,

**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. RISK FACTORS (continued)**

investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.30<br> % <br>|
| Over $1 billion | 0.28 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 0.56<br> % <br>| May 1, 2026 |

---

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**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock iShares Edge 100 VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Portfolio, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended December 31, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2023** | **2024** | **2025** | **Total** |
| Service Class | $16271 | $11664 | $12796 | $40731 |

---

**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.

**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** |
| $10612049 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16438615 | &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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock iShares Edge 100 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)**

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>|
| $66767002 | &nbsp;&nbsp; $21229447 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21229447 |

---

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>|
| $1094289 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3250241 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $988717 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1511469 | &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>|
| $1069910 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5812333 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21229447 |

---

**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 12**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Edge 100 VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Edge 100 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. ![](g768862imgc89ea68e3.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 13**

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**Transamerica BlackRock iShares Edge 100 VP**

------

**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $3,250,241 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** |
| $573938 | $53758 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica BlackRock iShares Edge 100 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 15**

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**Transamerica BlackRock iShares Edge 100 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 16**

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**Transamerica BlackRock iShares Edge 100 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 17**

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**Transamerica BlackRock iShares Edge 100 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 18**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img4e461c5b4.gif)

Visit **transamerica.com**

![](g768862imgecc0d5135.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imgec31a6646.gif)

------

![](g768862img07a47fa21.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Tactical - Balanced VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img5689f90e2.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_a4176520-5f69-4ffe-b7d7-140b0a423c2f_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_SOI-RunningFooter-237_1) | 2 |
| [Statement of Assets and Liabilities](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_FS-RunningFooter-237_1) | 3 |
| [Statement of Operations](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_FS-RunningFooter-237_1) | 3 |
| [Statement of Changes in Net Assets](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_FS-RunningFooter-237_2) | 4 |
| [Financial Highlights](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_FS-RunningFooter-237_3) | 5 |
| [Notes to Financial Statements](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_NTF-RunningFooter-237_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_AUD-RunningFooter-237_1)** | 16 |
| **[Supplemental Information](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_STI-RunningFooter-237_1)** | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_DWA-RunningFooter-237_1)**<br> **[Companies](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_DWA-RunningFooter-237_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_PD-RunningFooter-237_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_DTO-RunningFooter-237_1)**<br> **[Companies](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_DTO-RunningFooter-237_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_a4176520-5f69-4ffe-b7d7-140b0a423c2f_Mgmtagmt-RunningFooter-237_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 BlackRock iShares Tactical - Balanced VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 95.6%**  | **EXCHANGE-TRADED FUNDS - 95.6%**  | **EXCHANGE-TRADED FUNDS - 95.6%**  |
| **International Equity Funds - 21.0%**  | **International Equity Funds - 21.0%**  | **International Equity Funds - 21.0%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 204429 | $18288218 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets <br> ETF <sup>(A)</sup> <br>| 113023 | 7597406 |
| iShares MSCI Canada ETF <sup>(A)</sup> <br>| 91930 | 4957785 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 164118 | 15760252 |
| iShares MSCI Emerging Markets ETF <sup>(A)</sup> <br>| 174741 | 9560080 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 113215 | 9140979 |
|  |  | 65304720 |
| **U.S. Equity Funds - 30.0%**  | **U.S. Equity Funds - 30.0%**  | **U.S. Equity Funds - 30.0%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 49971 | 34227137 |
| &nbsp;&nbsp; iShares Core S&P Total U.S. Stock Market <br> ETF <sup>(A)</sup> <br>| 396667 | 58980416 |
|  |  | 93207553 |
| **U.S. Fixed Income Funds - 44.6%**  | **U.S. Fixed Income Funds - 44.6%**  | **U.S. Fixed Income Funds - 44.6%**  |
| iShares 0-1 Year Treasury Bond ETF <sup>(A)(B)</sup> <br>| 666541 | 73419491 |
| &nbsp;&nbsp; iShares Broad USD High Yield Corporate <br> Bond ETF <sup>(A)(B)</sup> <br>| 84925 | 3175770 |
| &nbsp;&nbsp; iShares Broad USD Investment Grade <br> Corporate Bond ETF <sup>(A)</sup> <br>| 368419 | 19073052 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 430326 | 42980961 |
|  |  | 138649274 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $261,570,693)**<br>|  | 297161547 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 7.9%**  | **OTHER INVESTMENT COMPANY - 7.9%**  | **OTHER INVESTMENT COMPANY - 7.9%**  |
| **Securities Lending Collateral - 7.9%**  | **Securities Lending Collateral - 7.9%**  | **Securities Lending Collateral - 7.9%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(C)</sup> <br>| 24492750 | $24492750 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $24,492,750)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $24,492,750)** | 24492750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.0%**  | **REPURCHASE AGREEMENT - 4.0%**  | **REPURCHASE AGREEMENT - 4.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $12,487,836 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 $12,736,693.<br>| $12486900 | 12486900 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $12,486,900)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $12,486,900)** | 12486900 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $298,550,343)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $298,550,343)** | 334141197 |
| **Net Other Assets (Liabilities) - (7.5)%** | **Net Other Assets (Liabilities) - (7.5)%** | (23435527) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$310705670** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $297161547 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $297161547 |
| Other Investment Company | 24492750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24492750 |
| Repurchase Agreement |  | &nbsp;&nbsp; 12486900 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12486900 |
| **Total Investments** | **$321654297** | &nbsp;&nbsp; **$12486900** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$334141197** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $32,143,784, collateralized by cash collateral of $24,492,750 and* *non-cash collateral, such as U.S. government securities of $8,341,475. 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 2**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $286,063,443) <br> (including securities loaned of $32,143,784)<br>| &nbsp;&nbsp; $321654297 |
| Repurchase agreement, at value (cost $12,486,900) | &nbsp;&nbsp; 12486900 |
| Foreign currency, at value (cost $128) | &nbsp;&nbsp; 136 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 1391097 |
| Net income from securities lending | &nbsp;&nbsp; 12477 |
| Interest | &nbsp;&nbsp; 468 |
| Total assets | &nbsp;&nbsp; 335545375 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 24492750 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 66390 |
| Investment management fees | &nbsp;&nbsp; 118116 |
| Distribution and service fees | &nbsp;&nbsp; 69274 |
| Transfer agent costs | &nbsp;&nbsp; 317 |
| Trustee and CCO fees | &nbsp;&nbsp; 104 |
| Audit and tax fees  | &nbsp;&nbsp; 44758 |
| Custody fees | &nbsp;&nbsp; 20188 |
| Legal fees | &nbsp;&nbsp; 2448 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 15271 |
| Other accrued expenses | &nbsp;&nbsp; 10089 |
| Total liabilities | &nbsp;&nbsp; 24839705 |
| **Net assets**  | &nbsp;&nbsp; $310705670 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $283417 |
| Additional paid-in capital | &nbsp;&nbsp; 328921754 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (18499501)<br>|
| **Net assets** | &nbsp;&nbsp; $310705670 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $5883283 |
| Service Class | &nbsp;&nbsp; 304822387 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 525617 |
| Service Class | &nbsp;&nbsp; 27816047 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $11.19 |
| Service Class | 10.96 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $9441043 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 150283 |
| Net income from securities lending | &nbsp;&nbsp; 88854 |
| Total investment income  | &nbsp;&nbsp; 9680180 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1591412 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 781639 |
| Transfer agent costs | &nbsp;&nbsp; 3515 |
| Trustee and CCO fees | &nbsp;&nbsp; 16351 |
| Audit and tax fees | &nbsp;&nbsp; 47314 |
| Legal fees | &nbsp;&nbsp; 29239 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 49953 |
| Other | &nbsp;&nbsp; 27811 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 2547234 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (3646)<br>|
| Service Class | &nbsp;&nbsp; (200393)<br>|
| Net expenses | &nbsp;&nbsp; 2343195 |
| **Net investment income (loss)** | &nbsp;&nbsp; 7336985 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 12133458 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 19169070 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 16 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 19169086 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 31302544 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $38639529 |

---

***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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**STATEMENT OF CHANGES IN NET ASSETS**

**For the years ended:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **From operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $7336985 | &nbsp;&nbsp; $10375266 |
| Net realized gain (loss) | &nbsp;&nbsp; 12133458 | &nbsp;&nbsp; (6011045)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 19169086 | &nbsp;&nbsp; 24971600 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 38639529 | &nbsp;&nbsp; 29335821 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (198223)<br>| &nbsp;&nbsp; (205022)<br>|
| Service Class | &nbsp;&nbsp; (10020988)<br>| &nbsp;&nbsp; (12265859)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (10219211)<br>| &nbsp;&nbsp; (12470881)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 440548 | &nbsp;&nbsp; 333394 |
| Service Class | &nbsp;&nbsp; 2013677 | &nbsp;&nbsp; 1383710 |
|  | &nbsp;&nbsp; 2454225 | &nbsp;&nbsp; 1717104 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 198223 | &nbsp;&nbsp; 205022 |
| Service Class | &nbsp;&nbsp; 10020988 | &nbsp;&nbsp; 12265859 |
|  | &nbsp;&nbsp; 10219211 | &nbsp;&nbsp; 12470881 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (694731)<br>| &nbsp;&nbsp; (537883)<br>|
| Service Class | &nbsp;&nbsp; (59659617)<br>| &nbsp;&nbsp; (63782161)<br>|
|  | &nbsp;&nbsp; (60354348)<br>| &nbsp;&nbsp; (64320044)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (47680912)<br>| &nbsp;&nbsp; (50132059)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (19260594)<br>| &nbsp;&nbsp; (33267119)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 329966264 | &nbsp;&nbsp; 363233383 |
| End of year | &nbsp;&nbsp; $310705670 | &nbsp;&nbsp; $329966264 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 41341 | &nbsp;&nbsp; 32840 |
| Service Class | &nbsp;&nbsp; 195212 | &nbsp;&nbsp; 138486 |
|  | &nbsp;&nbsp; 236553 | &nbsp;&nbsp; 171326 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 18405 | &nbsp;&nbsp; 20199 |
| Service Class | &nbsp;&nbsp; 949857 | &nbsp;&nbsp; 1232750 |
|  | &nbsp;&nbsp; 968262 | &nbsp;&nbsp; 1252949 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (64792)<br>| &nbsp;&nbsp; (53280)<br>|
| Service Class | &nbsp;&nbsp; (5714227)<br>| &nbsp;&nbsp; (6424728)<br>|
|  | &nbsp;&nbsp; (5779019)<br>| &nbsp;&nbsp; (6478008)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (5046)<br>| &nbsp;&nbsp; (241)<br>|
| Service Class | &nbsp;&nbsp; (4569158)<br>| &nbsp;&nbsp; (5053492)<br>|
|  | &nbsp;&nbsp; (4574204)<br>| &nbsp;&nbsp; (5053733)<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 BlackRock iShares Tactical - Balanced VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $10.23 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $12.31 | &nbsp;&nbsp; $12.46 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.28 | 0.32 | 0.34 | 0.15 | 0.08 |
| Net realized and unrealized gain (loss) | 1.06 | 0.55 | 0.63 | &nbsp;&nbsp; (2.48)<br>| 0.74 |
| Total investment operations | 1.34 | 0.87 | 0.97 | &nbsp;&nbsp; (2.33)<br>| 0.82 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.97)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.97)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $8.91 | &nbsp;&nbsp; $12.31 |
| **Total return**<sup>(B)</sup> <br>| 13.23<br> %<br>| 8.90<br> %<br>| 10.99<br> %<br>| &nbsp;&nbsp; (19.42)%<br>| 6.62<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $5883 | &nbsp;&nbsp; $5429 | &nbsp;&nbsp; $5180 | &nbsp;&nbsp; $5025 | &nbsp;&nbsp; $6616 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.56<br> %<br>| 0.69<br> %<br>| 0.89<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.49 %<sup>(D)</sup>(E)<br>| 0.65 %<sup>(D)</sup><br>| 0.89<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>|
| Net investment income (loss) to average net assets | 2.58<br> %<br>| 3.20<br> %<br>| 3.64<br> %<br>| 1.47<br> %<br>| 0.60<br> %<br>|
| Portfolio turnover rate<sup>(F)</sup> <br>| &nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp; 149<br> %<br>| &nbsp;&nbsp; 31 %<sup>(G)</sup><br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 38 %<sup>(G)</sup><br>|

---

&nbsp;&nbsp;&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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(E)</sup> *TAM has contractually agreed, through May 1, 2026, to waive an additional 0.03% of the Portfolio's management fee. This amount is not subject to* *recapture by TAM.* 

<sup>(F)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 41%, 220%, 278%, 225% and 156%,* *for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively.* 

<sup>(G)</sup> *Excludes sale-buyback transactions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $10.02 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $12.27 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.24 | 0.29 | 0.31 | 0.12 | 0.04 |
| Net realized and unrealized gain (loss) | 1.05 | 0.54 | 0.62 | &nbsp;&nbsp; (2.43)<br>| 0.74 |
| Total investment operations | 1.29 | 0.83 | 0.93 | &nbsp;&nbsp; (2.31)<br>| 0.78 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.97)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.97)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $8.73 | &nbsp;&nbsp; $12.08 |
| **Total return**<sup>(B)</sup> <br>| 13.00<br> %<br>| 8.69<br> %<br>| 10.66<br> %<br>| &nbsp;&nbsp; (19.65)%<br>| 6.39<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $304823 | &nbsp;&nbsp; $324537 | &nbsp;&nbsp; $358053 | &nbsp;&nbsp; $370773 | &nbsp;&nbsp; $525408 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.80<br> %<br>| 0.94<br> %<br>| 1.14<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.74 %<sup>(D)</sup>(E)<br>| 0.90 %<sup>(D)</sup><br>| 1.14<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>|
| Net investment income (loss) to average net assets | 2.30<br> %<br>| 2.96<br> %<br>| 3.39<br> %<br>| 1.21<br> %<br>| 0.36<br> %<br>|
| Portfolio turnover rate<sup>(F)</sup> <br>| &nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp; 149<br> %<br>| &nbsp;&nbsp; 31 %<sup>(G)</sup><br>| &nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp; 38 %<sup>(G)</sup><br>|

---

&nbsp;&nbsp;&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> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(E)</sup> *TAM has contractually agreed, through May 1, 2026, to waive an additional 0.03% of the Portfolio's management fee. This amount is not subject to* *recapture by TAM.* 

<sup>(F)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 41%, 220%, 278%, 225% and 156%,* *for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively.* 

<sup>(G)</sup> *Excludes sale-buyback transactions.*

***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 BlackRock iShares Tactical - 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 BlackRock iShares Tactical - Balanced VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by the Portfolio's sub-adviser or an affiliate (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the 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.

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At 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.

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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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.

**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 |  |  |  |  |  |
| Exchange-Traded Funds | $24492750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24492750 |
| **Total Borrowings** | **$24492750** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$24492750** |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock iShares Tactical - 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 FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Underlying exchange-traded funds risk:** To the extent the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock iShares Tactical - 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 FACTORS (continued)**

information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser, and to waive an additional 0.03% of the Portfolio's management fee. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.63<br> % <br>| May 1, 2026 |
| Service Class | 0.88 | May 1, 2026 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica BlackRock iShares Tactical - Balanced 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)**

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.

**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** |
| $127677030 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $187805380 | &nbsp;&nbsp; $— |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica BlackRock iShares Tactical - Balanced 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**

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>|
| $298788745 | &nbsp;&nbsp; $35405335 | &nbsp;&nbsp; $(52883)<br>| &nbsp;&nbsp; $35352452 |

---

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; $18631260 | &nbsp;&nbsp;&nbsp;&nbsp; $42527403 |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $12,371,860.

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>|
| $10219211 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12470881 | &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>|
| $7306702 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(61158663)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35352460 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica BlackRock iShares Tactical - Balanced VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 BlackRock iShares Tactical – Balanced VP

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Tactical – 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. ![](g768862img6d5698903.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 BlackRock iShares Tactical - Balanced 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.

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** |
| $1590468 | $149797 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock iShares Tactical - 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 18**

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**Transamerica BlackRock iShares Tactical - 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 19**

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**Transamerica BlackRock iShares Tactical - 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 20**

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**Transamerica BlackRock iShares Tactical - 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 21**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imge48e5e3f4.gif)

Visit **transamerica.com**

![](g768862img5302893c5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imgb90fcd8a6.gif)

------

![](g768862img56f3098b1.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Tactical - Conservative VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img34f62fc92.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_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_SOI-RunningFooter-236_1) | 2 |
| [Statement of Assets and Liabilities](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_FS-RunningFooter-236_1) | 3 |
| [Statement of Operations](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_FS-RunningFooter-236_1) | 3 |
| [Statement of Changes in Net Assets](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_FS-RunningFooter-236_2) | 4 |
| [Financial Highlights](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_FS-RunningFooter-236_3) | 5 |
| [Notes to Financial Statements](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_NTF-RunningFooter-236_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_AUD-RunningFooter-236_1)** | 16 |
| **[Supplemental Information](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_STI-RunningFooter-236_1)** | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_DWA-RunningFooter-236_1)**<br> **[Companies](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_DWA-RunningFooter-236_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_PD-RunningFooter-236_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_DTO-RunningFooter-236_1)**<br> **[Companies](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_DTO-RunningFooter-236_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_370d0b68-c7fa-4ebd-b4f1-0cd2f9b4810b_Mgmtagmt-RunningFooter-236_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 BlackRock iShares Tactical - Conservative VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 96.1%**  | **EXCHANGE-TRADED FUNDS - 96.1%**  | **EXCHANGE-TRADED FUNDS - 96.1%**  |
| **International Equity Funds - 15.9%**  | **International Equity Funds - 15.9%**  | **International Equity Funds - 15.9%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 71787 | $6422065 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets <br> ETF <sup>(A)</sup> <br>| 46529 | 3127679 |
| iShares MSCI Canada ETF <sup>(A)</sup> <br>| 35200 | 1898336 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 55909 | 5368941 |
| iShares MSCI Emerging Markets ETF <sup>(A)</sup> <br>| 49884 | 2729154 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 56364 | 4550829 |
|  |  | 24097004 |
| **U.S. Equity Funds - 20.6%**  | **U.S. Equity Funds - 20.6%**  | **U.S. Equity Funds - 20.6%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 15216 | 10422047 |
| &nbsp;&nbsp; iShares Core S&P Total U.S. Stock Market <br> ETF <sup>(A)</sup> <br>| 140872 | 20946258 |
|  |  | 31368305 |
| **U.S. Fixed Income Funds - 59.6%**  | **U.S. Fixed Income Funds - 59.6%**  | **U.S. Fixed Income Funds - 59.6%**  |
| iShares 0-1 Year Treasury Bond ETF <sup>(A)(B)</sup> <br>| 326962 | 36014864 |
| &nbsp;&nbsp; iShares Broad USD High Yield Corporate <br> Bond ETF <sup>(A)(B)</sup> <br>| 41860 | 1565355 |
| &nbsp;&nbsp; iShares Broad USD Investment Grade <br> Corporate Bond ETF <sup>(A)(B)</sup> <br>| 235556 | 12194734 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 408553 | 40806274 |
|  |  | 90581227 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $133,312,590)**<br>|  | 146046536 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 21.9%**  | **OTHER INVESTMENT COMPANY - 21.9%**  | **OTHER INVESTMENT COMPANY - 21.9%**  |
| **Securities Lending Collateral - 21.9%**  | **Securities Lending Collateral - 21.9%**  | **Securities Lending Collateral - 21.9%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(C)</sup> <br>| 33301500 | $33301500 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $33,301,500)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $33,301,500)** | 33301500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.1%**  | **REPURCHASE AGREEMENT - 4.1%**  | **REPURCHASE AGREEMENT - 4.1%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $6,208,574 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 $6,332,298.<br>| $6208108 | 6208108 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $6,208,108)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $6,208,108)** | 6208108 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $172,822,198)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $172,822,198)** | 185556144 |
| **Net Other Assets (Liabilities) - (22.1)%** | **Net Other Assets (Liabilities) - (22.1)%** | (33590264) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$151965880** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $146046536 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $146046536 |
| Other Investment Company | 33301500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33301500 |
| Repurchase Agreement |  | &nbsp;&nbsp; 6208108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6208108 |
| **Total Investments** | **$179348036** | &nbsp;&nbsp; **$6208108** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$185556144** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $39,099,939, collateralized by cash collateral of $33,301,500 and* *non-cash collateral, such as U.S. government securities of $6,639,208. 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 2**

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**Transamerica BlackRock iShares Tactical - Conservative VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $166,614,090) <br> (including securities loaned of $39,099,939)<br>| &nbsp;&nbsp; $179348036 |
| Repurchase agreement, at value (cost $6,208,108) | &nbsp;&nbsp; 6208108 |
| Foreign currency, at value (cost $224) | &nbsp;&nbsp; 243 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 5695 |
| Interest | &nbsp;&nbsp; 233 |
| Total assets | &nbsp;&nbsp; 185562315 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 33301500 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 117892 |
| Investment management fees | &nbsp;&nbsp; 56659 |
| Distribution and service fees | &nbsp;&nbsp; 32645 |
| Transfer agent costs | &nbsp;&nbsp; 156 |
| Trustee and CCO fees | &nbsp;&nbsp; 51 |
| Audit and tax fees  | &nbsp;&nbsp; 44239 |
| Custody fees | &nbsp;&nbsp; 24771 |
| Legal fees | &nbsp;&nbsp; 1205 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 8324 |
| Other accrued expenses | &nbsp;&nbsp; 8993 |
| Total liabilities | &nbsp;&nbsp; 33596435 |
| **Net assets**  | &nbsp;&nbsp; $151965880 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $145847 |
| Additional paid-in capital | &nbsp;&nbsp; 168788247 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (16968214)<br>|
| **Net assets** | &nbsp;&nbsp; $151965880 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $9074485 |
| Service Class | &nbsp;&nbsp; 142891395 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 859611 |
| Service Class | &nbsp;&nbsp; 13725110 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $10.56 |
| Service Class | 10.41 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $5154462 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 74283 |
| Net income from securities lending | &nbsp;&nbsp; 51095 |
| Total investment income  | &nbsp;&nbsp; 5279840 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 783412 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 369664 |
| Transfer agent costs | &nbsp;&nbsp; 1728 |
| Trustee and CCO fees | &nbsp;&nbsp; 8038 |
| Audit and tax fees | &nbsp;&nbsp; 45746 |
| Legal fees | &nbsp;&nbsp; 14354 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 27355 |
| Other | &nbsp;&nbsp; 20785 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 1271082 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (6081)<br>|
| Service Class | &nbsp;&nbsp; (100896)<br>|
| Net expenses | &nbsp;&nbsp; 1164105 |
| **Net investment income (loss)** | &nbsp;&nbsp; 4115735 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 5279148 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 6500797 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 28 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 6500825 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 11779973 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $15895708 |

---

***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 BlackRock iShares Tactical - Conservative 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; $4115735 | &nbsp;&nbsp; $5320223 |
| Net realized gain (loss) | &nbsp;&nbsp; 5279148 | &nbsp;&nbsp; (8347696)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 6500825 | &nbsp;&nbsp; 13632493 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 15895708 | &nbsp;&nbsp; 10605020 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (321813)<br>| &nbsp;&nbsp; (329927)<br>|
| Service Class | &nbsp;&nbsp; (4893403)<br>| &nbsp;&nbsp; (5981958)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (5215216)<br>| &nbsp;&nbsp; (6311885)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 589546 | &nbsp;&nbsp; 325117 |
| Service Class | &nbsp;&nbsp; 1416603 | &nbsp;&nbsp; 1362989 |
|  | &nbsp;&nbsp; 2006149 | &nbsp;&nbsp; 1688106 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 321813 | &nbsp;&nbsp; 329927 |
| Service Class | &nbsp;&nbsp; 4893403 | &nbsp;&nbsp; 5981958 |
|  | &nbsp;&nbsp; 5215216 | &nbsp;&nbsp; 6311885 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (1010085)<br>| &nbsp;&nbsp; (861190)<br>|
| Service Class | &nbsp;&nbsp; (28692580)<br>| &nbsp;&nbsp; (32125619)<br>|
|  | &nbsp;&nbsp; (29702665)<br>| &nbsp;&nbsp; (32986809)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (22481300)<br>| &nbsp;&nbsp; (24986818)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (11800808)<br>| &nbsp;&nbsp; (20693683)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 163766688 | &nbsp;&nbsp; 184460371 |
| End of year | &nbsp;&nbsp; $151965880 | &nbsp;&nbsp; $163766688 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 57125 | &nbsp;&nbsp; 32908 |
| Service Class | &nbsp;&nbsp; 139480 | &nbsp;&nbsp; 140719 |
|  | &nbsp;&nbsp; 196605 | &nbsp;&nbsp; 173627 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 31488 | &nbsp;&nbsp; 33529 |
| Service Class | &nbsp;&nbsp; 484976 | &nbsp;&nbsp; 615428 |
|  | &nbsp;&nbsp; 516464 | &nbsp;&nbsp; 648957 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (98374)<br>| &nbsp;&nbsp; (87909)<br>|
| Service Class | &nbsp;&nbsp; (2855203)<br>| &nbsp;&nbsp; (3308915)<br>|
|  | &nbsp;&nbsp; (2953577)<br>| &nbsp;&nbsp; (3396824)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (9761)<br>| &nbsp;&nbsp; (21472)<br>|
| Service Class | &nbsp;&nbsp; (2230747)<br>| &nbsp;&nbsp; (2552768)<br>|
|  | &nbsp;&nbsp; (2240508)<br>| &nbsp;&nbsp; (2574240)<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 BlackRock iShares Tactical - Conservative VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $9.86 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $11.84 | &nbsp;&nbsp; $12.47 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.30 | 0.32 | 0.33 | 0.17 | 0.13 |
| Net realized and unrealized gain (loss) | 0.78 | 0.30 | 0.35 | &nbsp;&nbsp; (2.17)<br>| 0.41 |
| Total investment operations | 1.08 | 0.62 | 0.68 | &nbsp;&nbsp; (2.00)<br>| 0.54 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.01)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (1.17)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp; $9.86 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $11.84 |
| **Total return**<sup>(B)</sup> <br>| 11.03<br> %<br>| 6.42<br> %<br>| 7.57<br> %<br>| &nbsp;&nbsp; (17.12)%<br>| 4.43<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $9075 | &nbsp;&nbsp; $8573 | &nbsp;&nbsp; $8580 | &nbsp;&nbsp; $8782 | &nbsp;&nbsp; $11199 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.58<br> %<br>| 0.72<br> %<br>| 0.90 %<sup>(D)</sup><br>| 0.87 %<sup>(D)</sup><br>| 0.87 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.51 %<sup>(E)</sup>(F)<br>| 0.69 %<sup>(E)</sup><br>| 0.90 %<sup>(D)</sup><br>| 0.87 %<sup>(D)</sup><br>| 0.87 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 2.89<br> %<br>| 3.27<br> %<br>| 3.58<br> %<br>| 1.69<br> %<br>| 1.03<br> %<br>|
| Portfolio turnover rate<sup>(G)</sup> <br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 162<br> %<br>| &nbsp;&nbsp; 28 %<sup>(H)</sup><br>| &nbsp;&nbsp; 34 %<sup>(H)</sup><br>| &nbsp;&nbsp; 60 %<sup>(H)</sup><br>|

---

&nbsp;&nbsp;&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> *Includes interest fee on sale-buyback transactions.*

<sup>(E)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive an additional 0.04% of the Portfolio's management fee. This amount is not subject to* *recapture by TAM.* 

<sup>(G)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 35%, 245%, 262%, 254% and 172%,* *for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively.* 

<sup>(H)</sup> *Excludes sale-buyback transactions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Tactical - Conservative 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; $9.73 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $11.68 | &nbsp;&nbsp; $12.31 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.26 | 0.29 | 0.31 | 0.14 | 0.09 |
| Net realized and unrealized gain (loss) | 0.77 | 0.30 | 0.33 | &nbsp;&nbsp; (2.13)<br>| 0.42 |
| Total investment operations | 1.03 | 0.59 | 0.64 | &nbsp;&nbsp; (1.99)<br>| 0.51 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (1.01)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (1.14)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.41 | &nbsp;&nbsp; $9.73 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $11.68 |
| **Total return**<sup>(B)</sup> <br>| 10.65<br> %<br>| 6.22<br> %<br>| 7.24<br> %<br>| &nbsp;&nbsp; (17.29)%<br>| 4.21<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $142891 | &nbsp;&nbsp; $155194 | &nbsp;&nbsp; $175880 | &nbsp;&nbsp; $187658 | &nbsp;&nbsp; $261941 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.83<br> %<br>| 0.97<br> %<br>| 1.15 %<sup>(D)</sup><br>| 1.12 %<sup>(D)</sup><br>| 1.12 %<sup>(D)</sup><br>|
| Including waiver and/or reimbursement and recapture | 0.76 %<sup>(E)</sup>(F)<br>| 0.94 %<sup>(E)</sup><br>| 1.15 %<sup>(D)</sup><br>| 1.12 %<sup>(D)</sup><br>| 1.12 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 2.61<br> %<br>| 3.01<br> %<br>| 3.33<br> %<br>| 1.42<br> %<br>| 0.78<br> %<br>|
| Portfolio turnover rate<sup>(G)</sup> <br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 162<br> %<br>| &nbsp;&nbsp; 28 %<sup>(H)</sup><br>| &nbsp;&nbsp; 34 %<sup>(H)</sup><br>| &nbsp;&nbsp; 60 %<sup>(H)</sup><br>|

---

&nbsp;&nbsp;&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> *Includes interest fee on sale-buyback transactions.*

<sup>(E)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(F)</sup> *TAM has contractually agreed, through May 1, 2026, to waive an additional 0.04% of the Portfolio's management fee. This amount is not subject to* *recapture by TAM.* 

<sup>(G)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 35%, 245%, 262%, 254% and 172%,* *for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively.* 

<sup>(H)</sup> *Excludes sale-buyback transactions.*

***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 BlackRock iShares Tactical - 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 BlackRock iShares Tactical - Conservative VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by the Portfolio's sub-adviser or an affiliate (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison

**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)**

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.

**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.

**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**

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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock iShares Tactical - Conservative 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)**

**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.

**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 |  |  |  |  |  |
| Exchange-Traded Funds | $33301500 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33301500 |
| **Total Borrowings** | **$33301500** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$33301500** |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock iShares Tactical - 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 FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Underlying exchange-traded funds risk:** To the extent the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock iShares Tactical - 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 FACTORS (continued)**

information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion  | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser, and to waive an additional 0.04% of the Portfolio's management fee. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.63<br> % <br>| May 1, 2026 |
| Service Class | 0.88 | May 1, 2026 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica BlackRock iShares Tactical - Conservative 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)**

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.

**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** |
| $54171072 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $81856137 | &nbsp;&nbsp; $— |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica BlackRock iShares Tactical - Conservative 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**

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>|
| $172857568 | &nbsp;&nbsp; $12717999 | &nbsp;&nbsp; $(19423)<br>| &nbsp;&nbsp; $12698576 |

---

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; $10031221 | &nbsp;&nbsp;&nbsp;&nbsp; $23734723 |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $5,300,205.

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>|
| $5215216 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6311885 | &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>|
| $4099135 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(33765944)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12698595 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica BlackRock iShares Tactical - Conservative VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 BlackRock iShares Tactical – Conservative VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Tactical – 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. ![](g768862img87089d6d3.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 BlackRock iShares Tactical - Conservative 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.

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** |
| $587819 | $55160 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock iShares Tactical - Conservative 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 BlackRock iShares Tactical - Conservative VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica BlackRock iShares Tactical - Conservative VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica BlackRock iShares Tactical - Conservative 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

![](g768862img078739f44.gif)

Visit **transamerica.com**

![](g768862img885689015.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img1f2906896.gif)

------

![](g768862img52aaed1b1.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock iShares Tactical - Growth VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img4c263e3e2.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_af5347a4-d90d-45d1-b44c-d92d0505bd93_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_SOI-RunningFooter-235_1) | 2 |
| [Statement of Assets and Liabilities](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_FS-RunningFooter-235_1) | 3 |
| [Statement of Operations](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_FS-RunningFooter-235_1) | 3 |
| [Statement of Changes in Net Assets](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_FS-RunningFooter-235_2) | 4 |
| [Financial Highlights](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_FS-RunningFooter-235_3) | 5 |
| [Notes to Financial Statements](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_NTF-RunningFooter-235_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_AUD-RunningFooter-235_1)** | 16 |
| **[Supplemental Information](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_STI-RunningFooter-235_1)** | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_DWA-RunningFooter-235_1)**<br> **[Companies](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_DWA-RunningFooter-235_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_PD-RunningFooter-235_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_DTO-RunningFooter-235_1)**<br> **[Companies](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_DTO-RunningFooter-235_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_af5347a4-d90d-45d1-b44c-d92d0505bd93_Mgmtagmt-RunningFooter-235_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 BlackRock iShares Tactical - Growth VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 96.0%**  | **EXCHANGE-TRADED FUNDS - 96.0%**  | **EXCHANGE-TRADED FUNDS - 96.0%**  |
| **International Equity Funds - 28.4%**  | **International Equity Funds - 28.4%**  | **International Equity Funds - 28.4%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 195243 | $17466439 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets <br> ETF <sup>(A)</sup> <br>| 124108 | 8342540 |
| iShares MSCI Canada ETF <sup>(A)</sup> <br>| 98299 | 5301265 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 189573 | 18204695 |
| iShares MSCI Emerging Markets ETF <sup>(A)</sup> <br>| 178435 | 9762179 |
| iShares MSCI Japan ETF <sup>(A)(B)</sup> <br>| 83721 | 6759633 |
|  |  | 65836751 |
| **U.S. Equity Funds - 43.1%**  | **U.S. Equity Funds - 43.1%**  | **U.S. Equity Funds - 43.1%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 60724 | 41592297 |
| &nbsp;&nbsp; iShares Core S&P Total U.S. Stock Market <br> ETF <sup>(A)</sup> <br>| 392660 | 58384615 |
|  |  | 99976912 |
| **U.S. Fixed Income Funds - 24.5%**  | **U.S. Fixed Income Funds - 24.5%**  | **U.S. Fixed Income Funds - 24.5%**  |
| iShares 0-1 Year Treasury Bond ETF <sup>(A)(B)</sup> <br>| 491368 | 54124185 |
| &nbsp;&nbsp; iShares Broad USD Investment Grade <br> Corporate Bond ETF <sup>(A)</sup> <br>| 26172 | 1354925 |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 14583 | 1456550 |
|  |  | 56935660 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $186,356,486)**<br>|  | 222749323 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 14.8%**  | **OTHER INVESTMENT COMPANY - 14.8%**  | **OTHER INVESTMENT COMPANY - 14.8%**  |
| **Securities Lending Collateral - 14.8%**  | **Securities Lending Collateral - 14.8%**  | **Securities Lending Collateral - 14.8%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(C)</sup> <br>| 34323750 | $34323750 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $34,323,750)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $34,323,750)** | 34323750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 4.1%**  | **REPURCHASE AGREEMENT - 4.1%**  | **REPURCHASE AGREEMENT - 4.1%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(C)</sup>, dated 12/31/2025, to be <br> repurchased at $9,597,267 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 $9,788,480.<br>| $9596547 | 9596547 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,596,547)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $9,596,547)** | 9596547 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $230,276,783)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $230,276,783)** | 266669620 |
| **Net Other Assets (Liabilities) - (14.9)%** | **Net Other Assets (Liabilities) - (14.9)%** | (34612294) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$232057326** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(D)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $222749323 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $222749323 |
| Other Investment Company | 34323750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34323750 |
| Repurchase Agreement |  | &nbsp;&nbsp; 9596547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9596547 |
| **Total Investments** | **$257073073** | &nbsp;&nbsp; **$9596547** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$266669620** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $40,145,332, collateralized by cash collateral of $34,323,750 and* *non-cash collateral, such as U.S. government securities of $6,681,098. 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 2**

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**Transamerica BlackRock iShares Tactical - Growth VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $220,680,236) <br> (including securities loaned of $40,145,332)<br>| &nbsp;&nbsp; $257073073 |
| Repurchase agreement, at value (cost $9,596,547) | &nbsp;&nbsp; 9596547 |
| Foreign currency, at value (cost $58) | &nbsp;&nbsp; 62 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 12818 |
| Interest | &nbsp;&nbsp; 360 |
| Total assets | &nbsp;&nbsp; 266682860 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 34323750 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 61058 |
| Investment management fees | &nbsp;&nbsp; 94570 |
| Distribution and service fees | &nbsp;&nbsp; 49822 |
| Transfer agent costs | &nbsp;&nbsp; 237 |
| Trustee and CCO fees | &nbsp;&nbsp; 78 |
| Audit and tax fees  | &nbsp;&nbsp; 43004 |
| Custody fees | &nbsp;&nbsp; 29419 |
| Legal fees | &nbsp;&nbsp; 1793 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 12268 |
| Other accrued expenses | &nbsp;&nbsp; 9535 |
| Total liabilities | &nbsp;&nbsp; 34625534 |
| **Net assets**  | &nbsp;&nbsp; $232057326 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $199624 |
| Additional paid-in capital | &nbsp;&nbsp; 217672789 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 14184913 |
| **Net assets** | &nbsp;&nbsp; $232057326 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $12967410 |
| Service Class | &nbsp;&nbsp; 219089916 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 1078604 |
| Service Class | &nbsp;&nbsp; 18883782 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $12.02 |
| Service Class | 11.60 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $5981963 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 68998 |
| Net income from securities lending | &nbsp;&nbsp; 65005 |
| Total investment income  | &nbsp;&nbsp; 6115966 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1175448 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 556966 |
| Transfer agent costs | &nbsp;&nbsp; 2599 |
| Trustee and CCO fees | &nbsp;&nbsp; 12103 |
| Audit and tax fees | &nbsp;&nbsp; 45021 |
| Legal fees | &nbsp;&nbsp; 21619 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 38086 |
| Other | &nbsp;&nbsp; 24174 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 1876016 |
| Expenses waived and/or reimbursed: |  |
| Initial Class | &nbsp;&nbsp; (6354)<br>|
| Service Class | &nbsp;&nbsp; (115012)<br>|
| Net expenses | &nbsp;&nbsp; 1754650 |
| **Net investment income (loss)** | &nbsp;&nbsp; 4361316 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 10340886 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments | &nbsp;&nbsp; 19332188 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 8 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 19332196 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 29673082 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $34034398 |

---

***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 BlackRock iShares Tactical - 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; $4361316 | &nbsp;&nbsp; $7057756 |
| Net realized gain (loss) | &nbsp;&nbsp; 10340886 | &nbsp;&nbsp; 3535569 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 19332196 | &nbsp;&nbsp; 17644681 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 34034398 | &nbsp;&nbsp; 28238006 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (389985)<br>| &nbsp;&nbsp; (439030)<br>|
| Service Class | &nbsp;&nbsp; (6577151)<br>| &nbsp;&nbsp; (8612520)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (6967136)<br>| &nbsp;&nbsp; (9051550)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 433021 | &nbsp;&nbsp; 520531 |
| Service Class | &nbsp;&nbsp; 4464729 | &nbsp;&nbsp; 5494633 |
|  | &nbsp;&nbsp; 4897750 | &nbsp;&nbsp; 6015164 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 389985 | &nbsp;&nbsp; 439030 |
| Service Class | &nbsp;&nbsp; 6577151 | &nbsp;&nbsp; 8612520 |
|  | &nbsp;&nbsp; 6967136 | &nbsp;&nbsp; 9051550 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (1437371)<br>| &nbsp;&nbsp; (1603194)<br>|
| Service Class | &nbsp;&nbsp; (47658460)<br>| &nbsp;&nbsp; (48337768)<br>|
|  | &nbsp;&nbsp; (49095831)<br>| &nbsp;&nbsp; (49940962)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (37230945)<br>| &nbsp;&nbsp; (34874248)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (10163683)<br>| &nbsp;&nbsp; (15687792)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 242221009 | &nbsp;&nbsp; 257908801 |
| End of year | &nbsp;&nbsp; $232057326 | &nbsp;&nbsp; $242221009 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 37885 | &nbsp;&nbsp; 49329 |
| Service Class | &nbsp;&nbsp; 414736 | &nbsp;&nbsp; 538993 |
|  | &nbsp;&nbsp; 452621 | &nbsp;&nbsp; 588322 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 41693 |
| Service Class | &nbsp;&nbsp; 593606 | &nbsp;&nbsp; 846024 |
|  | &nbsp;&nbsp; 627606 | &nbsp;&nbsp; 887717 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (128378)<br>| &nbsp;&nbsp; (154516)<br>|
| Service Class | &nbsp;&nbsp; (4373425)<br>| &nbsp;&nbsp; (4762459)<br>|
|  | &nbsp;&nbsp; (4501803)<br>| &nbsp;&nbsp; (4916975)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (56493)<br>| &nbsp;&nbsp; (63494)<br>|
| Service Class | &nbsp;&nbsp; (3365083)<br>| &nbsp;&nbsp; (3377442)<br>|
|  | &nbsp;&nbsp; (3421576)<br>| &nbsp;&nbsp; (3440936)<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 BlackRock iShares Tactical - 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; $10.71 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $12.11 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.24 | 0.32 | 0.35 | 0.11 | &nbsp;&nbsp; (0.00 )<sup>(B)</sup><br>|
| Net realized and unrealized gain (loss) | 1.44 | 0.86 | 0.90 | &nbsp;&nbsp; (2.23)<br>| 1.14 |
| Total investment operations | 1.68 | 1.18 | 1.25 | &nbsp;&nbsp; (2.12)<br>| 1.14 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.95)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.95)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $12.02 | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $12.30 |
| **Total return**<sup>(C)</sup> <br>| 15.81<br> %<br>| 11.95<br> %<br>| 14.25<br> %<br>| &nbsp;&nbsp; (17.80)%<br>| 9.51<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $12967 | &nbsp;&nbsp; $12152 | &nbsp;&nbsp; $11898 | &nbsp;&nbsp; $11305 | &nbsp;&nbsp; $13976 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.56<br> %<br>| 0.71<br> %<br>| 0.92<br> %<br>| 0.88<br> %<br>| 0.88<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.51 %<sup>(E)</sup><br>| 0.67 %<sup>(E)</sup><br>| 0.92<br> %<br>| 0.88<br> %<br>| 0.88<br> %<br>|
| Net investment income (loss) to average net assets | 2.13<br> %<br>| 3.03<br> %<br>| 3.73<br> %<br>| 1.11<br> %<br>| &nbsp;&nbsp; (0.00 )%<sup>(F)</sup><br>|
| Portfolio turnover rate<sup>(G)</sup> <br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp; 25 %<sup>(H)</sup><br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 38 %<sup>(H)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *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.*

<sup>(E)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(F)</sup> *Rounds to less than 0.01% or (0.01)%.*

<sup>(G)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 49%, 193%, 369%, 328% and 229%,* *for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively.* 

<sup>(H)</sup> *Excludes sale-buyback transactions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

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**Transamerica BlackRock iShares Tactical - Growth VP**

------

**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; $10.34 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $11.85 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.20 | 0.28 | 0.31 | 0.08 | &nbsp;&nbsp; (0.03)<br>|
| Net realized and unrealized gain (loss) | 1.40 | 0.83 | 0.87 | &nbsp;&nbsp; (2.17)<br>| 1.11 |
| Total investment operations | 1.60 | 1.11 | 1.18 | &nbsp;&nbsp; (2.09)<br>| 1.08 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.95)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.95)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp; $9.60 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $11.98 |
| **Total return**<sup>(B)</sup> <br>| 15.58<br> %<br>| 11.66<br> %<br>| 13.94<br> %<br>| &nbsp;&nbsp; (18.03)%<br>| 9.21<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $219090 | &nbsp;&nbsp; $230069 | &nbsp;&nbsp; $246011 | &nbsp;&nbsp; $249258 | &nbsp;&nbsp; $356629 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.81<br> %<br>| 0.96<br> %<br>| 1.17<br> %<br>| 1.13<br> %<br>| 1.13<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.76 %<sup>(D)</sup><br>| 0.93 %<sup>(D)</sup><br>| 1.17<br> %<br>| 1.13<br> %<br>| 1.13<br> %<br>|
| Net investment income (loss) to average net assets | 1.84<br> %<br>| 2.77<br> %<br>| 3.47<br> %<br>| 0.82<br> %<br>| &nbsp;&nbsp; (0.25)%<br>|
| Portfolio turnover rate<sup>(E)</sup> <br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 125<br> %<br>| &nbsp;&nbsp; 25 %<sup>(F)</sup><br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 38 %<sup>(F)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(D)</sup> *TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the* *Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.* 

<sup>(E)</sup> *Excluding TBA transactions. Had TBA transactions been included, the portfolio turnover rate would have been 49%, 193%, 369%, 328% and 229%,* *for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively.* 

<sup>(F)</sup> *Excludes sale-buyback transactions.*

***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 BlackRock iShares Tactical - 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 BlackRock iShares Tactical - Growth VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying exchange-traded funds ("ETFs") advised by the Portfolio's sub-adviser or an affiliate (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica BlackRock iShares Tactical - 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)**

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.

**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.

**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**

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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock iShares Tactical - 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)**

**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.

**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 |  |  |  |  |  |
| Exchange-Traded Funds | $34323750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34323750 |
| **Total Borrowings** | **$34323750** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$34323750** |

---

**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. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Underlying exchange-traded funds risk:** To the extent the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources,

**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 FACTORS (continued)**

information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $500 million | 0.5000<br> % <br>|
| Over $500 million up to $1 billion | 0.4900 |
| Over $1 billion up to $2.5 billion | 0.4725 |
| Over $2.5 billion up to $3.5 billion | 0.4650 |
| Over $3.5 billion up to $4.5 billion | 0.4525 |
| Over $4.5 billion | 0.4400 |

---

TAM has contractually agreed, through May 1, 2026, to waive from its management fees an amount equal to the sub-advisory fee waiver by the Portfolio's sub-adviser. These amounts are not subject to recapture by TAM.

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.63<br> % <br>| May 1, 2026 |
| Service Class | 0.88 | May 1, 2026 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica BlackRock iShares Tactical - Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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.

**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** |
| $113437784 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $161407577 | &nbsp;&nbsp; $— |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica BlackRock iShares Tactical - Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. 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>|
| $230352380 | &nbsp;&nbsp; $36413990 | &nbsp;&nbsp; $(96750)<br>| &nbsp;&nbsp; $36317240 |

---

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; $9134998 | &nbsp;&nbsp;&nbsp;&nbsp; $17328417 |

---

During the year ended December 31, 2025, the capital loss carryforwards utilized are $10,403,714.

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>|
| $6967136 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9051550 | &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>|
| $4331084 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(26463415)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36317244 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica BlackRock iShares Tactical - Growth VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica BlackRock iShares Tactical – Growth VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock iShares Tactical – 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. ![](g768862imgb625ffd73.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 BlackRock iShares Tactical - 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** |
| $1586623 | $149524 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock iShares Tactical - 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 18**

------

**Transamerica BlackRock iShares Tactical - 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 19**

------

**Transamerica BlackRock iShares Tactical - 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 20**

------

**Transamerica BlackRock iShares Tactical - 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 21**

------

**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862imgc854c0534.gif)

Visit **transamerica.com**

![](g768862imgbc13b1825.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imgdbd934096.gif)

------

![](g768862img016d219f1.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock Real Estate Securities VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img17a48cc72.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_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_SOI-RunningFooter-200_1) | 2 |
| [Statement of Assets and Liabilities](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_FS-RunningFooter-200_1) | 7 |
| [Statement of Operations](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_FS-RunningFooter-200_2) | 8 |
| [Statement of Changes in Net Assets](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_FS-RunningFooter-200_3) | 9 |
| [Financial Highlights](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_FS-RunningFooter-200_4) | 10 |
| [Notes to Financial Statements](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_NTF-RunningFooter-200_1) | 11 |
| **[Report of Independent Registered Public Accounting Firm](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_AUD-RunningFooter-200_1)** | 25 |
| **[Supplemental Information](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_STI-RunningFooter-200_1)** | 26 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_DWA-RunningFooter-200_1)**<br> **[Companies](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_DWA-RunningFooter-200_1)**<br>| 27 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_PD-RunningFooter-200_1)** | 28 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_DTO-RunningFooter-200_1)**<br> **[Companies](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_DTO-RunningFooter-200_1)**<br>| 29 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_ae280cd5-7dea-46dd-b120-0c1aeaf9abe3_Mgmtagmt-RunningFooter-200_1)** | 30 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica BlackRock Real Estate Securities VP**

------

**SCHEDULE OF INVESTMENTS**

**At 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 - 6.0%**  | **Australia - 6.0%**  | **Australia - 6.0%**  |
| DigiCo Infrastructure, REIT <sup>(A)</sup> <br>| 515117 | $943542 |
| Goodman Group, REIT | 202121 | 4159278 |
| GPT Group, REIT | 464724 | 1676994 |
| Lendlease Corp. Ltd. | 418412 | 1445727 |
| NEXTDC Ltd. <sup>(B)</sup> <br>| 138827 | 1155870 |
| Scentre Group, REIT | 334702 | 935621 |
| Stockland, REIT | 441465 | 1683179 |
|  |  | 12000211 |
| **Belgium - 1.4%**  | **Belgium - 1.4%**  | **Belgium - 1.4%**  |
| Aedifica SA, REIT | 19080 | 1510274 |
| VGP NV | 10415 | 1201541 |
|  |  | 2711815 |
| **Canada - 0.4%**  | **Canada - 0.4%**  | **Canada - 0.4%**  |
| Primaris Real Estate Investment Trust, REIT | 78939 | 896622 |
| **France - 1.8%**  | **France - 1.8%**  | **France - 1.8%**  |
| Carmila SA, REIT <sup>(B)</sup> <br>| 36520 | 728544 |
| Klepierre SA, REIT | 21984 | 869803 |
| Unibail-Rodamco-Westfield, REIT <sup>(B)</sup> <br>| 17673 | 1921883 |
|  |  | 3520230 |
| **Germany - 2.5%**  | **Germany - 2.5%**  | **Germany - 2.5%**  |
| LEG Immobilien SE | 20645 | 1505761 |
| Sirius Real Estate Ltd., REIT | 615619 | 799120 |
| TAG Immobilien AG | 72275 | 1119382 |
| Vonovia SE | 51328 | 1477187 |
|  |  | 4901450 |
| **Hong Kong - 4.1%**  | **Hong Kong - 4.1%**  | **Hong Kong - 4.1%**  |
| CK Asset Holdings Ltd. | 195000 | 986092 |
| Hang Lung Group Ltd. | 84000 | 164488 |
| Hang Lung Properties Ltd. | 174000 | 192674 |
| Hong Kong Land Holdings Ltd. | 99800 | 693283 |
| Link, REIT | 257419 | 1149381 |
| Sun Hung Kai Properties Ltd. | 246000 | 2995367 |
| Wharf Holdings Ltd. | 94000 | 262569 |
| Wharf Real Estate Investment Co. Ltd. | 528000 | 1668788 |
|  |  | 8112642 |
| **Italy - 0.4%**  | **Italy - 0.4%**  | **Italy - 0.4%**  |
| Infrastrutture Wireless Italiane SpA <sup>(A)(C)</sup> <br>| 89296 | 826362 |
| **Japan - 12.1%**  | **Japan - 12.1%**  | **Japan - 12.1%**  |
| Daito Trust Construction Co. Ltd. | 51800 | 986374 |
| Daiwa House Industry Co. Ltd. | 72400 | 2405042 |
| GLP J-REIT | 1221 | 1160667 |
| Invincible Investment Corp., REIT <sup>(A)</sup> <br>| 1936 | 794979 |
| Japan Prime Realty Investment Corp., REIT | 1884 | 1271194 |
| KDX Realty Investment Corp., REIT | 842 | 945022 |
| Mitsubishi Estate Co. Ltd. | 115900 | 2815803 |
| Mitsui Fudosan Co. Ltd. | 539300 | 6128751 |
| Mitsui Fudosan Logistics Park, Inc., REIT | 2510 | 1952596 |
| ORIX J-REIT, Inc. | 2021 | 1369921 |
| Tokyu Fudosan Holdings Corp. | 234200 | 2139417 |
| United Urban Investment Corp., REIT | 1784 | 2080611 |
|  |  | 24050377 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Singapore - 2.6%**  | **Singapore - 2.6%**  | **Singapore - 2.6%**  |
| &nbsp;&nbsp; CapitaLand Integrated Commercial Trust, <br> REIT<br>| 1130100 | $2097516 |
| CapitaLand Investment Ltd. <sup>(A)</sup> <br>| 243200 | 511821 |
| Centurion Accommodation REIT <sup>(B)</sup> <br>| 459900 | 396634 |
| &nbsp;&nbsp; Frasers Logistics & Commercial Trust, <br> REIT <sup>(D)</sup> <br>| 946600 | 731641 |
| Keppel DC, REIT | 774584 | 1354476 |
|  |  | 5092088 |
| **Spain - 1.7%**  | **Spain - 1.7%**  | **Spain - 1.7%**  |
| Merlin Properties Socimi SA, REIT <sup>(A)</sup> <br>| 144690 | 2106468 |
| Neinor Homes SA <sup>(C)</sup> <br>| 60816 | 1355184 |
|  |  | 3461652 |
| **Sweden - 1.9%**  | **Sweden - 1.9%**  | **Sweden - 1.9%**  |
| Castellum AB <sup>(A)</sup> <br>| 45715 | 526741 |
| Fastighets AB Balder, B Shares <sup>(A)(B)</sup> <br>| 238925 | 1763578 |
| Pandox AB | 65745 | 1449654 |
|  |  | 3739973 |
| **Switzerland - 0.6%**  | **Switzerland - 0.6%**  | **Switzerland - 0.6%**  |
| Swiss Prime Site AG | 7307 | 1134542 |
| **United Kingdom - 3.6%**  | **United Kingdom - 3.6%**  | **United Kingdom - 3.6%**  |
| Derwent London PLC, REIT | 55749 | 1300589 |
| Great Portland Estates PLC, REIT | 253747 | 1086425 |
| Tritax Big Box PLC, REIT | 1609975 | 3289890 |
| UNITE Group PLC, REIT | 185930 | 1399832 |
|  |  | 7076736 |
| **United States - 58.9%**  | **United States - 58.9%**  | **United States - 58.9%**  |
| Agree Realty Corp., REIT | 57843 | 4166431 |
| Alexandria Real Estate Equities, Inc., REIT | 46156 | 2258875 |
| American Healthcare, Inc., REIT | 89358 | 4205188 |
| Applied Digital Corp. <sup>(A)(B)</sup> <br>| 5930 | 145404 |
| AvalonBay Communities, Inc., REIT | 37185 | 6742012 |
| Broadstone Net Lease, Inc., REIT | 163524 | 2840412 |
| Brookdale Senior Living, Inc. <sup>(B)</sup> <br>| 336956 | 3635755 |
| BXP, Inc., REIT | 34033 | 2296547 |
| CareTrust, Inc., REIT | 79023 | 2857472 |
| Cipher Mining, Inc. <sup>(A)(B)</sup> <br>| 10403 | 153548 |
| Cleanspark, Inc. <sup>(A)(B)</sup> <br>| 13168 | 133260 |
| Core Scientific, Inc. <sup>(B)</sup> <br>| 18860 | 274602 |
| Cousins Properties, Inc., REIT | 78887 | 2033707 |
| EastGroup Properties, Inc., REIT | 16373 | 2916686 |
| Equinix, Inc., REIT | 12327 | 9444454 |
| Equity LifeStyle Properties, Inc., REIT | 51049 | 3094080 |
| Essential Properties Realty Trust, Inc., REIT | 83757 | 2484233 |
| Extra Space Storage, Inc., REIT | 21768 | 2834629 |
| Federal Realty Investment Trust, REIT | 17986 | 1812989 |
| Host Hotels & Resorts, Inc., REIT | 169859 | 3011600 |
| Hudson Pacific Properties, Inc., REIT <sup>(B)</sup> <br>| 64849 | 702315 |
| Hut 8 Corp. <sup>(B)</sup> <br>| 6009 | 276053 |
| InvenTrust Properties Corp., REIT | 60358 | 1702699 |
| Invitation Homes, Inc., REIT | 105911 | 2943267 |
| Iron Mountain, Inc., REIT | 53778 | 4460885 |
| Outfront Media, Inc., REIT | 96222 | 2318950 |
| Prologis, Inc., REIT | 104507 | 13341364 |

---

***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 BlackRock Real Estate Securities 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)** |
| Public Storage, REIT | 16014 | $4155633 |
| Realty Income Corp., REIT | 19221 | 1083488 |
| Regency Centers Corp., REIT | 38949 | 2688649 |
| Simon Property Group, Inc., REIT | 37336 | 6911267 |
| SL Green Realty Corp., REIT | 15850 | 727040 |
| Terawulf, Inc. <sup>(A)(B)</sup> <br>| 21403 | 245920 |
| UDR, Inc., REIT | 106678 | 3912949 |
| VICI Properties, Inc., REIT | 123378 | 3469389 |
| Welltower, Inc., REIT | 57389 | 10651972 |
|  |  | 116933724 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $186,730,149)**<br>|  | 194458424 |
| **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>(E)</sup> <br>| 955255 | 955255 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $955,255)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $955,255)** | 955255 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.4%**  | **REPURCHASE AGREEMENT - 1.4%**  | **REPURCHASE AGREEMENT - 1.4%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(E)</sup>, dated 12/31/2025, to be <br> repurchased at $2,817,407 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 $2,873,591.<br>| $2817195 | $2817195 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,817,195)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,817,195)** | 2817195 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $190,502,599)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $190,502,599)** | 198230874 |
| **Net Other Assets (Liabilities) - 0.1%** | **Net Other Assets (Liabilities) - 0.1%** | 128862 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$198359736** |

---

**FORWARD FOREIGN CURRENCY CONTRACTS:**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date**<br>| &nbsp;&nbsp; **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Purchased** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Currency** <br>**Sold** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| BNP | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 50172 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1219)<br>|
| BNP | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 8213 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20)<br>|
| BNP | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 58123 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 9070000 | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; — |
| BNP | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 565888 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 731000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3400)<br>|
| BOA | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 72978 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; — |
| BOA | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 70685 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; — |
| BOA | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 912596 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 7094000 | &nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; — |
| BOA | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 271235 | &nbsp;&nbsp;&nbsp; ILS | &nbsp;&nbsp; 883000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6021)<br>|
| BOA | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 453604 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 4277000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11335)<br>|
| BOA | 01/15/2026 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 2051000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1362915 | &nbsp;&nbsp;&nbsp; 5954 | &nbsp;&nbsp;&nbsp; — |
| BOA | 01/15/2026 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 1372000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1064398 | &nbsp;&nbsp;&nbsp; 4087 | &nbsp;&nbsp;&nbsp; — |
| CITI | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2163076 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 3330000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (59419)<br>|
| CITI | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 131315 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 196000 | &nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp; — |
| CITI | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 31672 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; — |
| CITI | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1233367 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 1057000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9722)<br>|
| CITI | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 110681 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2544)<br>|
| CITI | 01/15/2026 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 4112000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2703811 | &nbsp;&nbsp;&nbsp; 40604 | &nbsp;&nbsp;&nbsp; — |
| CITI | 01/15/2026 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 119000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 85471 | &nbsp;&nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp; — |
| CITI | 01/15/2026 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 21580000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2776284 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1904)<br>|
| CITI | 01/15/2026 | &nbsp;&nbsp;&nbsp; NZD | &nbsp;&nbsp; 407000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 234103 | &nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp; — |
| CITI | 01/15/2026 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 6578000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 700568 | &nbsp;&nbsp;&nbsp; 14506 | &nbsp;&nbsp;&nbsp; — |
| GSI | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1050249 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 899000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7025)<br>|
| GSI | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 326553 | &nbsp;&nbsp;&nbsp; ILS | &nbsp;&nbsp; 1058000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5652)<br>|
| GSI | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2530125 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 390355000 | &nbsp;&nbsp;&nbsp; 34623 | &nbsp;&nbsp;&nbsp; — |
| GSI | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 987618 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 1278000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7662)<br>|
| GSI | 01/15/2026 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 809890 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5654)<br>|
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3623591 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 3104000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (26882)<br>|
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 736475 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 553000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8929)<br>|
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 778564 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 6053000 | &nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 502716 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 77751000 | &nbsp;&nbsp;&nbsp; 5661 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 479195 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 622000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5206)<br>|

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica BlackRock Real Estate Securities VP**

------

**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>|
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 23365 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $— |
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 172000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 123215 | &nbsp;&nbsp;&nbsp; 2187 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp; 1879000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2369754 | &nbsp;&nbsp;&nbsp; 6360 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 2731000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3184475 | &nbsp;&nbsp;&nbsp; 27330 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 175534 | &nbsp;&nbsp;&nbsp; 5088 | &nbsp;&nbsp;&nbsp; — |
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 777000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 99965 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (71)<br>|
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 338265000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2194205 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31710)<br>|
| HSBC | 01/15/2026 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 497000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 383307 | &nbsp;&nbsp;&nbsp; 3746 | &nbsp;&nbsp;&nbsp; — |
| JPM | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1330324 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 2028000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23196)<br>|
| JPM | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 201230 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2913)<br>|
| JPM | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 95169 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp; — |
| JPM | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1407510 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 1211000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16692)<br>|
| JPM | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 175903 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2023)<br>|
| JPM | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 236709 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 1839000 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; — |
| JPM | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 233174 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 34864000 | &nbsp;&nbsp;&nbsp; 10292 | &nbsp;&nbsp;&nbsp; — |
| JPM | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 250174 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5288)<br>|
| JPM | 01/15/2026 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 291000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 189585 | &nbsp;&nbsp;&nbsp; 4632 | &nbsp;&nbsp;&nbsp; — |
| JPM | 01/15/2026 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 416000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 485180 | &nbsp;&nbsp;&nbsp; 4059 | &nbsp;&nbsp;&nbsp; — |
| JPM | 01/15/2026 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 1074000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1427341 | &nbsp;&nbsp;&nbsp; 20332 | &nbsp;&nbsp;&nbsp; — |
| JPM | 01/15/2026 | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp; 616573000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 434895 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6664)<br>|
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 66205 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1871)<br>|
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 124343 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1495)<br>|
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 17688 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; — |
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 2125486 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 16516000 | &nbsp;&nbsp;&nbsp; 2147 | &nbsp;&nbsp;&nbsp; — |
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 701978 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 108494000 | &nbsp;&nbsp;&nbsp; 8387 | &nbsp;&nbsp;&nbsp; — |
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 74383 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 694000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1059)<br>|
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 176000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 115346 | &nbsp;&nbsp;&nbsp; 2119 | &nbsp;&nbsp;&nbsp; — |
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 7151 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; — |
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 106181 | &nbsp;&nbsp;&nbsp; 1307 | &nbsp;&nbsp;&nbsp; — |
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp; 388000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 452526 | &nbsp;&nbsp;&nbsp; 3784 | &nbsp;&nbsp;&nbsp; — |
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 38301 | &nbsp;&nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp; — |
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; ILS | &nbsp;&nbsp; 11645000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3535708 | &nbsp;&nbsp;&nbsp; 120744 | &nbsp;&nbsp;&nbsp; — |
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 781918103 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 5073746 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (75021)<br>|
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; NOK | &nbsp;&nbsp; 1739000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 171775 | &nbsp;&nbsp;&nbsp; 763 | &nbsp;&nbsp;&nbsp; — |
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 3340000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 352630 | &nbsp;&nbsp;&nbsp; 10451 | &nbsp;&nbsp;&nbsp; — |
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 966000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 749576 | &nbsp;&nbsp;&nbsp; 2725 | &nbsp;&nbsp;&nbsp; — |
| SSB | 01/15/2026 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 73321 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (116)<br>|
| UBS | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1274146 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10629)<br>|
| UBS | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 370405 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 517000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6531)<br>|
| UBS | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 482913 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp; 386000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5209)<br>|
| UBS | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1219296 | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp; 914000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12708)<br>|
| UBS | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 3181911 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 493669000 | &nbsp;&nbsp;&nbsp; 25932 | &nbsp;&nbsp;&nbsp; — |
| UBS | 01/15/2026 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 332305 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp; 3119000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6751)<br>|
| UBS | 01/15/2026 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp; 2031000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 1456637 | &nbsp;&nbsp;&nbsp; 24130 | &nbsp;&nbsp;&nbsp; — |
| UBS | 01/15/2026 | &nbsp;&nbsp;&nbsp; HKD | &nbsp;&nbsp; 6434000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 827338 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (167)<br>|
| UBS | 01/15/2026 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp; 56976000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 363026 | &nbsp;&nbsp;&nbsp; 1217 | &nbsp;&nbsp;&nbsp; — |
| UBS | 01/15/2026 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp; 694000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp; 537863 | &nbsp;&nbsp;&nbsp; 2610 | &nbsp;&nbsp;&nbsp; — |
| **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp; **$401031** | &nbsp;&nbsp;&nbsp; **$(372708)**<br>|

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Real Estate Management & Development | 17.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34373702 |
| Specialized REITs | 14.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28981958 |
| Industrial REITs | 13.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27552122 |
| Retail REITs | 12.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24867377 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica BlackRock Real Estate Securities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Health Care REITs | 10.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21483781 |
| Residential REITs | 9.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18488774 |
| Diversified REITs | 8.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15914435 |
| Office REITs | 5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10787738 |
| Hotel & Resort REITs | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3806579 |
| Health Care Providers & Services | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3635755 |
| Household Durables | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1355184 |
| IT Services | 0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1301274 |
| Software | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1083383 |
| Diversified Telecommunication Services | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 826362 |
| **Investments** | **98.1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **194458424** |
| Short-Term Investments | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3772450 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$198230874** |

---

**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 | $117830346 | &nbsp;&nbsp; $76628078 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $194458424 |
| Other Investment Company | 955255 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 955255 |
| Repurchase Agreement |  | &nbsp;&nbsp; 2817195 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2817195 |
| **Total Investments** | **$118785601** | &nbsp;&nbsp; **$79445273** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$198230874** |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Contracts <sup>(G)</sup> <br>| $— | &nbsp;&nbsp; $401031 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $401031 |
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp; **$401031** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$401031** |
| **LIABILITIES** |  |  |  |  |
| **Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Contracts <sup>(G)</sup> <br>| $— | &nbsp;&nbsp; $(372708)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(372708)<br>|
| **Total Other Financial Instruments** | **$—** | &nbsp;&nbsp; **$(372708)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(372708)**<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 $4,330,534, collateralized by cash collateral of $955,255 and* *non-cash collateral, such as U.S. government securities of $3,598,576. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(B)</sup> *Non-income producing security.*

<sup>(C)</sup> *Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from* *registration, normally to qualified institutional buyers. At December 31, 2025, the total value of 144A securities is $2,181,546, representing 1.1% of the* *Portfolio's net assets.* 

<sup>(D)</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 $731,641, representing* *0.4% of the Portfolio's net assets.* 

<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).*

***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 BlackRock Real Estate Securities VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**CURRENCY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *AUD* | *Australian Dollar* |
| *CAD* | *Canadian Dollar* |
| *CHF* | *Swiss Franc* |
| *EUR* | *Euro* |
| *GBP* | *British Pound* |
| *HKD* | *Hong Kong Dollar* |
| *ILS* | *Israel New Shekel* |
| *JPY* | *Japanese Yen* |
| *KRW* | *South Korean Won* |
| *NOK* | *Norwegian Krone* |
| *NZD* | *New Zealand Dollar* |
| *SEK* | *Swedish Krona* |
| *SGD* | *Singapore Dollar* |
| *USD* | *United States Dollar* |

---

**COUNTERPARTY ABBREVIATION(S):** 

---

| | |
|:---|:---|
| *BNP* | *BNP Paribas* |
| *BOA* | *Bank of America, N.A.* |
| *CITI* | *Citibank, N.A.* |
| *GSI* | *Goldman Sachs International* |
| *HSBC* | *HSBC Bank USA* |
| *JPM* | *JPMorgan Chase Bank, N.A.* |
| *SSB* | *State Street Bank & Trust Co.* |
| *UBS* | *UBS AG* |

---

**PORTFOLIO ABBREVIATION(S):** 

*J-REIT* *Japan-Real Estate Investment Trust* <br> *REIT* *Real Estate Investment Trust*

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica BlackRock Real Estate Securities VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $187,685,404) (including <br> securities loaned of $4,330,534)<br>| &nbsp;&nbsp; $195413679 |
| Repurchase agreement, at value (cost $2,817,195) | &nbsp;&nbsp; 2817195 |
| Cash collateral pledged at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| &nbsp;&nbsp; 10000 |
| Foreign currency, at value (cost $51,148) | &nbsp;&nbsp; 51172 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 311900 |
| Net income from securities lending | &nbsp;&nbsp; 1467 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 22096 |
| Dividends  | &nbsp;&nbsp; 868243 |
| Interest | &nbsp;&nbsp; 97 |
| Tax reclaims | &nbsp;&nbsp; 154905 |
| Unrealized appreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; 401031 |
| Total assets | &nbsp;&nbsp; 200051785 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 955255 |
| Cash collateral at broker for: |  |
| OTC derivatives <sup>(A)</sup> <br>| &nbsp;&nbsp; 10000 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 104790 |
| Dividends, interest and fees for borrowings from CFD  | &nbsp;&nbsp; 991 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 4581 |
| Investment management fees | &nbsp;&nbsp; 142383 |
| Distribution and service fees | &nbsp;&nbsp; 15083 |
| Transfer agent costs | &nbsp;&nbsp; 278 |
| Trustee and CCO fees | &nbsp;&nbsp; 90 |
| Audit and tax fees  | &nbsp;&nbsp; 22734 |
| Custody fees | &nbsp;&nbsp; 23951 |
| Legal fees | &nbsp;&nbsp; 2779 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 22023 |
| Professional fees | &nbsp;&nbsp; 632 |
| Other accrued expenses | &nbsp;&nbsp; 13771 |
| Unrealized depreciation on forward foreign currency <br> contracts<br>| &nbsp;&nbsp; 372708 |
| Total liabilities | &nbsp;&nbsp; 1692049 |
| **Net assets**  | &nbsp;&nbsp; $198359736 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $186550 |
| Additional paid-in capital | &nbsp;&nbsp; 442840534 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; (244667348)<br>|
| **Net assets** | &nbsp;&nbsp; $198359736 |

---

---

| | |
|:---|:---|
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $131750207 |
| Service Class | &nbsp;&nbsp; 66609529 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 12700339 |
| Service Class | &nbsp;&nbsp; 5954622 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $10.37 |
| Service Class | 11.19 |

---

&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 7**

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**Transamerica BlackRock Real Estate Securities VP**

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**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $10599093 |
| Interest income | &nbsp;&nbsp; 100669 |
| Net income from securities lending | &nbsp;&nbsp; 34782 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (298463)<br>|
| Total investment income  | &nbsp;&nbsp; 10436081 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 2387709 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 167284 |
| Transfer agent costs | &nbsp;&nbsp; 3506 |
| Trustee and CCO fees | &nbsp;&nbsp; 16242 |
| Audit and tax fees | &nbsp;&nbsp; 27712 |
| Custody fees | &nbsp;&nbsp; 98124 |
| Legal fees | &nbsp;&nbsp; 32465 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 75018 |
| Other | &nbsp;&nbsp; 37480 |
| Total expenses | &nbsp;&nbsp; 2845540 |
| **Net investment income (loss)** | &nbsp;&nbsp; 7590541 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 7469273 |
| Swap agreements | &nbsp;&nbsp; 53830 |
| Forward foreign currency contracts | &nbsp;&nbsp; 57163 |
| Foreign currency transactions | &nbsp;&nbsp; 212841 |
| Net realized gain (loss) | &nbsp;&nbsp; 7793107 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 15137687 |
| Swap agreements | &nbsp;&nbsp; 187789 |
| Forward foreign currency contracts | &nbsp;&nbsp; 535244 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 98514 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 15959234 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 23752341 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $31342882 |

---

***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 BlackRock Real Estate Securities 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; $7590541 | &nbsp;&nbsp; $5870315 |
| Net realized gain (loss) | &nbsp;&nbsp; 7793107 | &nbsp;&nbsp; 3910969 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 15959234 | &nbsp;&nbsp; (16849959)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 31342882 | &nbsp;&nbsp; (7068675)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (4812688)<br>| &nbsp;&nbsp; (5971079)<br>|
| Service Class | &nbsp;&nbsp; (945202)<br>| &nbsp;&nbsp; (1239529)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (5757890)<br>| &nbsp;&nbsp; (7210608)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 1636395 | &nbsp;&nbsp; 186683680 |
| Service Class | &nbsp;&nbsp; 1967070 | &nbsp;&nbsp; 3656873 |
|  | &nbsp;&nbsp; 3603465 | &nbsp;&nbsp; 190340553 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 4812688 | &nbsp;&nbsp; 5971079 |
| Service Class | &nbsp;&nbsp; 945202 | &nbsp;&nbsp; 1239529 |
|  | &nbsp;&nbsp; 5757890 | &nbsp;&nbsp; 7210608 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (167645140)<br>| &nbsp;&nbsp; (7322671)<br>|
| Service Class | &nbsp;&nbsp; (8502431)<br>| &nbsp;&nbsp; (10501639)<br>|
|  | &nbsp;&nbsp; (176147571)<br>| &nbsp;&nbsp; (17824310)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (166786216)<br>| &nbsp;&nbsp; 179726851 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (141201224)<br>| &nbsp;&nbsp; 165447568 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 339560960 | &nbsp;&nbsp; 174113392 |
| End of year | &nbsp;&nbsp; $198359736 | &nbsp;&nbsp; $339560960 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 161080 | &nbsp;&nbsp; 18042061 |
| Service Class | &nbsp;&nbsp; 181018 | &nbsp;&nbsp; 348138 |
|  | &nbsp;&nbsp; 342098 | &nbsp;&nbsp; 18390199 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 466346 | &nbsp;&nbsp; 583683 |
| Service Class | &nbsp;&nbsp; 84847 | &nbsp;&nbsp; 112480 |
|  | &nbsp;&nbsp; 551193 | &nbsp;&nbsp; 696163 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (16170399)<br>| &nbsp;&nbsp; (751803)<br>|
| Service Class | &nbsp;&nbsp; (791403)<br>| &nbsp;&nbsp; (992949)<br>|
|  | &nbsp;&nbsp; (16961802)<br>| &nbsp;&nbsp; (1744752)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (15542973)<br>| &nbsp;&nbsp; 17873941 |
| Service Class | &nbsp;&nbsp; (525538)<br>| &nbsp;&nbsp; (532331)<br>|
|  | &nbsp;&nbsp; (16068511)<br>| &nbsp;&nbsp; 17341610 |

---

***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 BlackRock Real Estate Securities 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; $9.64 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $13.17 | &nbsp;&nbsp; $10.69 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.25 | 0.26 | 0.24 | 0.24 | 0.36 |
| Net realized and unrealized gain (loss) | 0.67 | &nbsp;&nbsp; (0.13)<br>| 0.92 | &nbsp;&nbsp; (3.91)<br>| 2.43 |
| Total investment operations | 0.92 | 0.13 | 1.16 | &nbsp;&nbsp; (3.67)<br>| 2.79 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp; $9.12 | &nbsp;&nbsp; $13.17 |
| **Total return**<sup>(B)</sup> <br>| 9.51<br> %<br>| 1.25<br> %<br>| 13.33<br> %<br>| &nbsp;&nbsp; (28.19)%<br>| 26.22<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $131750 | &nbsp;&nbsp; $272300 | &nbsp;&nbsp; $100807 | &nbsp;&nbsp; $315322 | &nbsp;&nbsp; $965695 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.86<br> %<br>| 0.86<br> %<br>| 0.90<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.86<br> %<br>| 0.86 %<sup>(C)</sup><br>| 0.90<br> %<br>| 0.78<br> %<br>| 0.79<br> %<br>|
| Net investment income (loss) to average net assets | 2.49<br> %<br>| 2.64<br> %<br>| 2.55<br> %<br>| 2.14<br> %<br>| 2.88<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 102<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 62<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; $10.38 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp; $11.39 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.24 | 0.23 | 0.19 | 0.21 | 0.28 |
| Net realized and unrealized gain (loss) | 0.73 | &nbsp;&nbsp; (0.11)<br>| 1.04 | &nbsp;&nbsp; (4.16)<br>| 2.65 |
| Total investment operations | 0.97 | 0.12 | 1.23 | &nbsp;&nbsp; (3.95)<br>| 2.93 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.19 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $10.45 | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp; $14.04 |
| **Total return**<sup>(B)</sup> <br>| 9.32<br> %<br>| 1.03<br> %<br>| 13.15<br> %<br>| &nbsp;&nbsp; (28.38)%<br>| 25.85<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $66610 | &nbsp;&nbsp; $67261 | &nbsp;&nbsp; $73306 | &nbsp;&nbsp; $70263 | &nbsp;&nbsp; $106586 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.11<br> %<br>| 1.11<br> %<br>| 1.15<br> %<br>| 1.03<br> %<br>| 1.04<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.11<br> %<br>| 1.11 %<sup>(C)</sup><br>| 1.15<br> %<br>| 1.03<br> %<br>| 1.04<br> %<br>|
| Net investment income (loss) to average net assets | 2.23<br> %<br>| 2.18<br> %<br>| 1.98<br> %<br>| 1.83<br> %<br>| 2.16<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 102<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 62<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 10**

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**Transamerica BlackRock Real Estate Securities 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 BlackRock Real Estate Securities VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio 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 BlackRock Real Estate Securities 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 BlackRock Real Estate Securities 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 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)**

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Derivative instruments:* Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter ("OTC") derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Portfolio using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

**4. SECURITIES AND OTHER INVESTMENTS**

**Real estate investment trusts ("REITs"):** REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management's estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year's classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year-end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at 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.

**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 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)**

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 | $955255 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $955255 |
| **Total Borrowings** | **$955255** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$955255** |

---

**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.

**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 EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

*Commodity risk:* Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolio is also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolio will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolio. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolio's exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

**Swap agreements:** Swap agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse ("centrally cleared swap agreements"). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate ("LIBOR") forward rate to calculate the daily settlement price. The Portfolio may enter into credit default, cross-currency, interest rate, total return, including contracts for difference ("CFD"), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statement of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments as well as any periodic payments received or paid by the Portfolio, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statement of Operations.

*Total return swap agreements:* The Portfolio is subject to commodity risk, equity risk, and other risks related to the underlying investments of the swap agreement, including CFDs, in the normal course of pursuing its investment objective. The value of the commodity-linked investments held by a Portfolio can be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments. Commodity-linked derivatives are available from a relatively small number of issuers, subjecting the Portfolio's investments in commodity-linked derivatives to counterparty risk, which is the risk that the issuer of the commodity-linked derivative will not fulfill its contractual obligations. Total return swap agreements on commodities involve commitments whereby cash flows are exchanged based on the price of a commodity in exchange for either a fixed or floating price or rate. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference entity, which may be an equity, index, or bond, and in return receives a regular stream of payments.

Open centrally cleared swap agreements and open OTC swap agreements at December 31, 2025, if any, are listed within the Schedule of Investments.

**Forward foreign currency contracts:** The Portfolio is subject to foreign exchange rate risk exposure in the normal course of pursuing its investment objective. The Portfolio may enter into forward foreign currency contracts to hedge against exchange rate risk arising from 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

**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 EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)**

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>| $— | $401031 | $— | $— | $— | $401031 |
| **Total** | **$—** | **$401031** | **$—** | **$—** | **$—** | **$401031** |

---

&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>| $— | $(372708)<br>| $— | $— | $— | $(372708)<br>|
| **Total** | **$—** | **$(372708)**<br>| **$—** | **$—** | **$—** | **$(372708)**<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** |
| Swap agreements  | $— | $— | $53830 | $— | $— | $53830 |
| Forward foreign currency contracts  |  | 57163 |  |  |  | 57163 |
| **Total** | **$—** | **$57163** | **$53830** | **$—** | **$—** | **$110993** |

---

&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  | $— | $— | $187789 | $— | $— | $187789 |
| Forward foreign currency contracts  |  | 535244 |  |  |  | 535244 |
| **Total** | **$—** | **$535244** | **$187789** | **$—** | **$—** | **$723033** |

---

**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;

**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.

---

| | |
|:---|:---|
| **Total return swaps:** |  |
| Average notional value — long | $3367151 |
| **Forward foreign currency exchange contracts:** |  |
| Average contract amounts purchased — in USD | 25202635 |
| Average contract amounts sold — in USD | 20683355 |

---

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 18**

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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** |
| Bank of America, N.A. | $10968 | $(10968)<br>| $— | $— | $17356 | $(10968)<br>| $— | $6388 |
| BNP Paribas | 140 | (140)<br>|  |  | 4639 | (140)<br>|  | 4499 |
| Citibank, N.A. | 57338 | (57338)<br>|  |  | 73589 | (57338)<br>|  | 16251 |
| Goldman Sachs International | 34623 | (25993)<br>| (8630)<br>|  | 25993 | (25993)<br>|  |  |
| HSBC Bank USA | 50748 | (50748)<br>|  |  | 72798 | (50748)<br>|  | 22050 |
| JPMorgan Chase Bank, N.A. | 39923 | (39923)<br>|  |  | 56776 | (39923)<br>| (10000)<br>| 6853 |
| State Street Bank & Trust Co. | 153402 | (79562)<br>|  | 73840 | 79562 | (79562)<br>|  |  |
| UBS AG | 53889 | (41995)<br>|  | 11894 | 41995 | (41995)<br>|  |  |
| **Total** | **$401031** | **$(306667)**<br>| **$(8630)**<br>| **$85734** | **$372708** | **$(306667)**<br>| **$(10000)**<br>| **$56041** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset within the Statement of* *Assets and Liabilities.* 

<sup>(B)</sup> *In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.*

**7. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Real estate securities risk:** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the Portfolio's real estate-related investments are concentrated in one geographic area or one property type, the Portfolio will also be subject to the risks associated with that one area or property type. The value of the Portfolio's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica BlackRock Real Estate Securities VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At 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.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Focused investing risk:** To the extent the Portfolio invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Industry concentration risk:** The Portfolio concentrates its investments in a specific industry or industries. Concentration in a particular industry heightens the risks associated with that industry. As a result, the Portfolio may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader range of industries.

**Derivatives risk:** The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase portfolio losses, increase costs, reduce opportunities for gains, increase portfolio volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the Portfolio. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the Portfolio's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the Portfolio. In certain cases, the Portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the Portfolio to certain operational and legal risks. The Portfolio may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on portfolios using derivatives. Rule 18f-4 could have an adverse impact on the Portfolio's performance and its ability to implement its investment strategies and may increase costs related to the Portfolio's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Liquidity risk:** The Portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the Portfolio is forced to sell an illiquid investment to meet

**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;

**7. RISK FACTORS (continued)**

redemption requests or other cash needs, the Portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the Portfolio to sell. This may prevent the Portfolio from limiting losses.

**Valuation risk:** Certain investments may be more difficult to value than other types of investments. The sales price the Portfolio could receive for any particular portfolio investment may differ from the Portfolio's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect portfolio investments more broadly during periods of market volatility. Investors who purchase or redeem portfolio shares on days when the Portfolio is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Portfolio had not fair-valued securities or had used a different valuation methodology. The Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**8. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $250 million | 0.77<br> % <br>|
| Over $250 million up to $500 million | 0.75 |
| Over $500 million up to $750 million | 0.70 |
| Over $750 million | 0.68 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 21**

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**Transamerica BlackRock Real Estate Securities 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)**

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.90<br> % <br>| May 1, 2026 |
| Service Class | 1.15 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 22**

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**Transamerica BlackRock Real Estate Securities 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)**

**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** |
| $310117774 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $467347356 | &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, 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>|
| $195184427 | &nbsp;&nbsp; $12160065 | &nbsp;&nbsp; $(9115598)<br>| &nbsp;&nbsp; $3044467 |

---

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; $128307105 | &nbsp;&nbsp;&nbsp;&nbsp; $130497783 |

---

During the year ended December 31, 2025, the Portfolio did not utilize any capital loss carryforwards.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 23**

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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)**

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>|
| $5757890 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7210608 | &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>|
| $11085059 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(258804888)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3052481 |

---

**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 24**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica BlackRock Real Estate Securities VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock Real Estate Securities 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. ![](g768862img752f3bd33.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 25**

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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 26**

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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 27**

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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 28**

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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 29**

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**Transamerica BlackRock Real Estate Securities 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 30**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img76b4cd594.gif)

Visit **transamerica.com**

![](g768862imgf383e7d45.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img6aaf9d9f6.gif)

------

![](g768862img05bdef3c1.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica BlackRock Tactical Allocation VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgd53b0bfb2.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_dc637d73-bdba-408d-93fe-613f66133755_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_dc637d73-bdba-408d-93fe-613f66133755_SOI-RunningFooter-238_1) | 2 |
| [Statement of Assets and Liabilities](#xx_dc637d73-bdba-408d-93fe-613f66133755_FS-RunningFooter-238_1) | 4 |
| [Statement of Operations](#xx_dc637d73-bdba-408d-93fe-613f66133755_FS-RunningFooter-238_1) | 4 |
| [Statement of Changes in Net Assets](#xx_dc637d73-bdba-408d-93fe-613f66133755_FS-RunningFooter-238_2) | 5 |
| [Financial Highlights](#xx_dc637d73-bdba-408d-93fe-613f66133755_FS-RunningFooter-238_3) | 6 |
| [Notes to Financial Statements](#xx_dc637d73-bdba-408d-93fe-613f66133755_NTF-RunningFooter-238_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_dc637d73-bdba-408d-93fe-613f66133755_AUD-RunningFooter-238_1)** | 16 |
| **[Supplemental Information](#xx_dc637d73-bdba-408d-93fe-613f66133755_STI-RunningFooter-238_1)** | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_dc637d73-bdba-408d-93fe-613f66133755_DWA-RunningFooter-238_1)**<br> **[Companies](#xx_dc637d73-bdba-408d-93fe-613f66133755_DWA-RunningFooter-238_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_dc637d73-bdba-408d-93fe-613f66133755_PD-RunningFooter-238_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_dc637d73-bdba-408d-93fe-613f66133755_DTO-RunningFooter-238_1)**<br> **[Companies](#xx_dc637d73-bdba-408d-93fe-613f66133755_DTO-RunningFooter-238_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_dc637d73-bdba-408d-93fe-613f66133755_Mgmtagmt-RunningFooter-238_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 BlackRock Tactical Allocation VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 91.2%**  | **INVESTMENT COMPANIES - 91.2%**  | **INVESTMENT COMPANIES - 91.2%**  |
| **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>| 13521 | $17104 |
| **International Equity Funds - 13.4%**  | **International Equity Funds - 13.4%**  | **International Equity Funds - 13.4%**  |
| &nbsp;&nbsp; Transamerica International Focus VP, Initial <br> Class <sup>(B)</sup> <br>| 5124759 | 39153160 |
| &nbsp;&nbsp; Transamerica Morgan Stanley Capital <br> Growth VP, Initial Class <sup>(B)</sup> <br>| 1188302 | 11455232 |
| &nbsp;&nbsp; Transamerica TSW International Equity VP, <br> Initial Class <sup>(B)</sup> <br>| 2964219 | 52822370 |
|  |  | 103430762 |
| **International Mixed Allocation Fund - 2.2%**  | **International Mixed Allocation Fund - 2.2%**  | **International Mixed Allocation Fund - 2.2%**  |
| &nbsp;&nbsp; Transamerica Aegon Bond VP, Initial <br> Class <sup>(B)</sup> <br>| 1781137 | 16920807 |
| **U.S. Equity Funds - 43.9%**  | **U.S. Equity Funds - 43.9%**  | **U.S. Equity Funds - 43.9%**  |
| &nbsp;&nbsp; Transamerica JPMorgan Enhanced Index <br> VP, Initial Class <sup>(B)</sup> <br>| 7030663 | 205506274 |
| Transamerica Large Cap Value, Class I2 <sup>(B)</sup> <br>| 3657871 | 62951957 |
| Transamerica Small Cap Growth, Class I2 <sup>(B)</sup> <br>| 1380234 | 7329043 |
| Transamerica Small Cap Value, Class I2 <sup>(B)</sup> <br>| 1693139 | 8702737 |
| &nbsp;&nbsp; Transamerica WMC US Growth VP, Initial <br> Class <sup>(B)</sup> <br>| 1296430 | 54268545 |
|  |  | 338758556 |
| **U.S. Fixed Income Funds - 31.7%**  | **U.S. Fixed Income Funds - 31.7%**  | **U.S. Fixed Income Funds - 31.7%**  |
| &nbsp;&nbsp; Transamerica Aegon Core Bond VP, Initial <br> Class <sup>(B)</sup> <br>| 7261203 | 79582791 |
| Transamerica Bond, Class I2 <sup>(B)</sup> <br>| 9079492 | 74088652 |
| Transamerica Short-Term Bond, Class I2 <sup>(B)</sup> <br>| 9127647 | 90546256 |
|  |  | 244217699 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $688,992,265)**<br>|  | 703344928 |
| **EXCHANGE-TRADED FUNDS - 7.1%**  | **EXCHANGE-TRADED FUNDS - 7.1%**  | **EXCHANGE-TRADED FUNDS - 7.1%**  |
| **International Equity Fund - 1.2%**  | **International Equity Fund - 1.2%**  | **International Equity Fund - 1.2%**  |
| WisdomTree Japan Hedged Equity Fund <sup>(E)</sup> <br>| 63601 | 9168720 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** | **EXCHANGE-TRADED FUNDS (continued)** |
| **U.S. Equity Fund - 2.5%**  | **U.S. Equity Fund - 2.5%**  | **U.S. Equity Fund - 2.5%**  |
| SPDR S&P 500 ETF Trust <sup>(F)</sup> <br>| 27946 | $19056936 |
| **U.S. Fixed Income Fund - 3.4%**  | **U.S. Fixed Income Fund - 3.4%**  | **U.S. Fixed Income Fund - 3.4%**  |
| Vanguard Total Bond Market ETF <sup>(G)</sup> <br>| 354621 | 26266778 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $50,231,952)**<br>|  | 54492434 |
| **OTHER INVESTMENT COMPANY - 0.7%**  | **OTHER INVESTMENT COMPANY - 0.7%**  | **OTHER INVESTMENT COMPANY - 0.7%**  |
| **Securities Lending Collateral - 0.7%**  | **Securities Lending Collateral - 0.7%**  | **Securities Lending Collateral - 0.7%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(H)</sup> <br>| 5256825 | 5256825 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $5,256,825)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $5,256,825)** | 5256825 |

---

&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>(H)</sup>, dated 12/31/2025, to be <br> repurchased at $2,558,430 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 $2,609,423.<br>| $2558238 | 2558238 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,558,238)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,558,238)** | 2558238 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $747,039,280)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $747,039,280)** | 765652425 |
| **Net Other Assets (Liabilities) - 0.7%** | **Net Other Assets (Liabilities) - 0.7%** | 5777672 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$771430097** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(I)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $703327824 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $703327824 |
| Exchange-Traded Funds | 54492434 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54492434 |
| Other Investment Company | 5256825 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5256825 |
| Repurchase Agreement |  | &nbsp;&nbsp; 2558238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2558238 |
| **Total** | **$763077083** | &nbsp;&nbsp; **$2558238** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$765635321** |
| Investment Companies Measured at Net Asset Value <sup>(C)</sup> <br>|  |  |  | &nbsp;&nbsp; 17104 |
| **Total Investments** |  |  |  | &nbsp;&nbsp; $765652425 |

---

***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 BlackRock Tactical Allocation VP**

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**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> *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>| $— | $26000000 | $(9300000)<br>| $78316 | $142491 | $16920807 | 1781137 | $— | $— |
| Transamerica Aegon Core <br> Bond VP, Initial Class<br>| 69554166 | 103248884 | (96300000)<br>| (514653)<br>| 3594394 | 79582791 | 7261203 | 2248884 |  |
| Transamerica Bond, <br> Class I2<br>| 74887652 | 87449964 | (89900000)<br>| (1036491)<br>| 2687527 | 74088652 | 9079492 | 4449965 |  |
| Transamerica Global <br> Allocation Liquidating <br> Trust, Class I2<br>| 15261 |  |  |  | 1843 | 17104 | 13521 |  |  |
| Transamerica International <br> Focus VP, Initial Class<br>| 48010369 | 25838256 | (33310610)<br>| 1227071 | (2611926)<br>| 39153160 | 5124759 | 583632 | 3454624 |
| Transamerica JPMorgan <br> Enhanced Index VP, Initial <br> Class<br>| 269801916 | 130289616 | (195500000)<br>| 38457107 | (37542365)<br>| 205506274 | 7030663 | 3869363 | 21020253 |
| Transamerica Large Cap <br> Value, Class I2<br>| 77276296 | 33830784 | (58000000)<br>| 7059258 | 2785619 | 62951957 | 3657871 | 656614 | 1574170 |
| Transamerica Morgan <br> Stanley Capital Growth VP, <br> Initial Class<br>| 19834998 |  | (10200000)<br>| 4474418 | (2654184)<br>| 11455232 | 1188302 |  |  |
| Transamerica Short-Term <br> Bond, Class I2<br>| 68009173 | 116450808 | (94800000)<br>| 490799 | 395476 | 90546256 | 9127647 | 4350808 |  |
| Transamerica Small Cap <br> Growth, Class I2<br>| 10938445 | 947149 | (3300000)<br>| 113793 | (1370344)<br>| 7329043 | 1380234 |  | 947149 |
| Transamerica Small Cap <br> Value, Class I2<br>| 11362733 | 446871 | (3300000)<br>| (6933)<br>| 200066 | 8702737 | 1693139 | 126140 | 320731 |
| Transamerica TSW <br> International Equity VP, <br> Initial Class<br>| 64689968 | 39063696 | (61900000)<br>| 8673449 | 2295257 | 52822370 | 2964219 | 1399026 | 2664670 |
| Transamerica WMC US <br> Growth VP, Initial Class<br>| 66848516 | 35787242 | (46500000)<br>| 5532197 | (7399410)<br>| 54268545 | 1296430 | 408477 | 7878765 |
| **Total** | **$781229493** | **$599353270** | **$(702310610)**<br>| **$64548331** | **$(39475556)**<br>| **$703344928** | **51598617** | **$18092909** | **$37860362** |

---

&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; $139107 | &nbsp;&nbsp; $17104 | 0.0<br> %\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(E)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $5,175,344, collateralized by cash collateral of $5,256,825 and* *non-cash collateral, such as U.S. government securities of $29,450. The amount on loan indicated may not correspond with the securities on loan* *identified because a security with pending sales are in the process of recall from the brokers.* 

<sup>(F)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(G)</sup> *The shareholder reports for Vanguard ETFs can be found at the following location: Vanguard - Forms and Literature.*

<sup>(H)</sup> *Rate disclosed reflects the yield at December 31, 2025.*

<sup>(I)</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 BlackRock Tactical Allocation VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $688,992,265) | &nbsp;&nbsp; $703344928 |
| Unaffiliated investments, at value (cost $55,488,777) <br> (including securities loaned of $5,175,344) <br>| &nbsp;&nbsp; 59749259 |
| Repurchase agreement, at value (cost $2,558,238) | &nbsp;&nbsp; 2558238 |
| Receivables and other assets: |  |
| Investments sold  | &nbsp;&nbsp; 90400000 |
| Net income from securities lending | &nbsp;&nbsp; 5404 |
| Dividends from affiliated investments | &nbsp;&nbsp; 825576 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 53915 |
| Interest | &nbsp;&nbsp; 96 |
| Total assets | &nbsp;&nbsp; 856937416 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 5256825 |
| Payables and other liabilities: |  |
| Investments purchased | &nbsp;&nbsp; 79705151 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 209854 |
| Investment management fees | &nbsp;&nbsp; 91326 |
| Distribution and service fees | &nbsp;&nbsp; 169343 |
| Transfer agent costs | &nbsp;&nbsp; 792 |
| Trustee and CCO fees | &nbsp;&nbsp; 259 |
| Audit and tax fees  | &nbsp;&nbsp; 20343 |
| Custody fees | &nbsp;&nbsp; 2171 |
| Legal fees | &nbsp;&nbsp; 6200 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 33219 |
| Other accrued expenses | &nbsp;&nbsp; 11836 |
| Total liabilities | &nbsp;&nbsp; 85507319 |
| **Net assets**  | &nbsp;&nbsp; $771430097 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $502986 |
| Additional paid-in capital | &nbsp;&nbsp; 652438577 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 118488534 |
| **Net assets** | &nbsp;&nbsp; $771430097 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $27767438 |
| Service Class | &nbsp;&nbsp; 743662659 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 4687461 |
| Service Class | &nbsp;&nbsp; 45611133 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $5.92 |
| Service Class | 16.30 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | &nbsp;&nbsp; $18092909 |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; 1210777 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 132828 |
| Net income from securities lending | &nbsp;&nbsp; 43654 |
| Total investment income  | &nbsp;&nbsp; 19480168 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1039036 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 1929855 |
| Transfer agent costs | &nbsp;&nbsp; 8824 |
| Trustee and CCO fees | &nbsp;&nbsp; 40998 |
| Audit and tax fees | &nbsp;&nbsp; 32418 |
| Custody fees | &nbsp;&nbsp; 8623 |
| Legal fees | &nbsp;&nbsp; 73546 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 105370 |
| Other | &nbsp;&nbsp; 48840 |
| Total expenses | &nbsp;&nbsp; 3287510 |
| **Net investment income (loss)** | &nbsp;&nbsp; 16192658 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 64548331 |
| Unaffiliated investments  | &nbsp;&nbsp; 5944957 |
| Capital gain distributions received from affiliated investment <br> companies<br>| &nbsp;&nbsp; 37860362 |
| Net realized gain (loss) | &nbsp;&nbsp; 108353650 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | &nbsp;&nbsp; (39475556)<br>|
| Unaffiliated investments  | &nbsp;&nbsp; 2801944 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (36673612)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 71680038 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $87872696 |

---

***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 BlackRock Tactical Allocation 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; $16192658 | &nbsp;&nbsp; $17221132 |
| Net realized gain (loss) | &nbsp;&nbsp; 108353650 | &nbsp;&nbsp; 78355120 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (36673612)<br>| &nbsp;&nbsp; 10704421 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 87872696 | &nbsp;&nbsp; 106280673 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (1678450)<br>| &nbsp;&nbsp; (1245580)<br>|
| Service Class | &nbsp;&nbsp; (15542624)<br>| &nbsp;&nbsp; (13020661)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (17221074)<br>| &nbsp;&nbsp; (14266241)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 579157 | &nbsp;&nbsp; 596706 |
| Service Class | &nbsp;&nbsp; 4845268 | &nbsp;&nbsp; 3081038 |
|  | &nbsp;&nbsp; 5424425 | &nbsp;&nbsp; 3677744 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 1678450 | &nbsp;&nbsp; 1245580 |
| Service Class | &nbsp;&nbsp; 15542624 | &nbsp;&nbsp; 13020661 |
|  | &nbsp;&nbsp; 17221074 | &nbsp;&nbsp; 14266241 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (3231523)<br>| &nbsp;&nbsp; (2462038)<br>|
| Service Class | &nbsp;&nbsp; (164021073)<br>| &nbsp;&nbsp; (179890499)<br>|
|  | &nbsp;&nbsp; (167252596)<br>| &nbsp;&nbsp; (182352537)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (144607097)<br>| &nbsp;&nbsp; (164408552)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (73955475)<br>| &nbsp;&nbsp; (72394120)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 845385572 | &nbsp;&nbsp; 917779692 |
| End of year | &nbsp;&nbsp; $771430097 | &nbsp;&nbsp; $845385572 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 100674 | &nbsp;&nbsp; 107416 |
| Service Class | &nbsp;&nbsp; 323002 | &nbsp;&nbsp; 212948 |
|  | &nbsp;&nbsp; 423676 | &nbsp;&nbsp; 320364 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 292923 | &nbsp;&nbsp; 223623 |
| Service Class | &nbsp;&nbsp; 985582 | &nbsp;&nbsp; 883356 |
|  | &nbsp;&nbsp; 1278505 | &nbsp;&nbsp; 1106979 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (557584)<br>| &nbsp;&nbsp; (446355)<br>|
| Service Class | &nbsp;&nbsp; (10620755)<br>| &nbsp;&nbsp; (12502304)<br>|
|  | &nbsp;&nbsp; (11178339)<br>| &nbsp;&nbsp; (12948659)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (163987)<br>| &nbsp;&nbsp; (115316)<br>|
| Service Class | &nbsp;&nbsp; (9312171)<br>| &nbsp;&nbsp; (11406000)<br>|
|  | &nbsp;&nbsp; (9476158)<br>| &nbsp;&nbsp; (11521316)<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 BlackRock 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; $5.63 | &nbsp;&nbsp; $5.23 | &nbsp;&nbsp; $5.33 | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp; $8.87 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.13 | 0.12 | 0.10 | 0.17 | 0.29 |
| Net realized and unrealized gain (loss) | 0.53 | 0.54 | 0.66 | &nbsp;&nbsp; (1.47)<br>| 0.40 |
| Total investment operations | 0.66 | 0.66 | 0.76 | &nbsp;&nbsp; (1.30)<br>| 0.69 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.48)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.58)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp; (1.06)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $5.92 | &nbsp;&nbsp; $5.63 | &nbsp;&nbsp; $5.23 | &nbsp;&nbsp; $5.33 | &nbsp;&nbsp; $8.50 |
| **Total return**<sup>(B)</sup> <br>| 11.94<br> %<br>| 12.76<br> %<br>| 15.31<br> %<br>| &nbsp;&nbsp; (16.06)%<br>| 7.91<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $27767 | &nbsp;&nbsp; $27317 | &nbsp;&nbsp; $25978 | &nbsp;&nbsp; $24280 | &nbsp;&nbsp; $29319 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.17<br> %<br>| 0.17<br> %<br>| 0.17<br> %<br>| 0.15<br> %<br>| 0.15<br> %<br>|
| Net investment income (loss) to average net assets | 2.29<br> %<br>| 2.21<br> %<br>| 1.81<br> %<br>| 2.52<br> %<br>| 3.22<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp; 42<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.* 

<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; $14.89 | &nbsp;&nbsp; $13.45 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $16.97 | &nbsp;&nbsp; $16.72 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.31 | 0.28 | 0.20 | 0.32 | 0.50 |
| Net realized and unrealized gain (loss) | 1.42 | 1.39 | 1.61 | &nbsp;&nbsp; (3.01)<br>| 0.76 |
| Total investment operations | 1.73 | 1.67 | 1.81 | &nbsp;&nbsp; (2.69)<br>| 1.26 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.43)<br>|
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.58)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.01)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $16.30 | &nbsp;&nbsp; $14.89 | &nbsp;&nbsp; $13.45 | &nbsp;&nbsp; $12.46 | &nbsp;&nbsp; $16.97 |
| **Total return**<sup>(B)</sup> <br>| 11.72<br> %<br>| 12.40<br> %<br>| 14.88<br> %<br>| &nbsp;&nbsp; (16.21)%<br>| 7.63<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $743663 | &nbsp;&nbsp; $818069 | &nbsp;&nbsp; $891802 | &nbsp;&nbsp; $909335 | &nbsp;&nbsp; $1253039 |
| Expenses to average net assets<sup>(C)</sup> <br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.40<br> %<br>| 0.40<br> %<br>|
| Net investment income (loss) to average net assets | 2.02<br> %<br>| 1.92<br> %<br>| 1.54<br> %<br>| 2.23<br> %<br>| 2.92<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp; 42<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.* 

<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 BlackRock 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 BlackRock Tactical Allocation VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets in a combination of Transamerica mutual funds selected by the Portfolio's sub-adviser (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report and are available on the funds' web page(s) at <u>www.transamerica.com/financial-pro/annuities/prospectus</u> and <u>www.transamerica.com/financial-pro/investments/prospectus</u>. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, 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 7**

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**Transamerica BlackRock 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)**

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.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica BlackRock Tactical 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)**

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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

*Restricted securities:* Restricted securities for which quotations are not readily available are valued at fair value. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

**4. SECURITIES AND OTHER INVESTMENTS**

**Restricted securities**: The Portfolio may invest in unregulated restricted securities. Restricted securities are subject to legal or contractual restrictions on resale. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933.

Restricted securities held at 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica BlackRock Tactical Allocation 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)**

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.

**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 |  |  |  |  |  |
| Exchange-Traded Funds | $5256825 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5256825 |
| **Total Borrowings** | **$5256825** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$5256825** |

---

**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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica BlackRock 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 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.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Underlying portfolios risk:** Because the Portfolio invests its assets in various underlying portfolios, its ability to achieve its investment objective depends largely on the performance of the underlying portfolios in which it invests. Investing in underlying portfolios subjects the Portfolio to the risks of investing in the underlying securities or assets held by those underlying portfolios. Each of the underlying portfolios in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying portfolios' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying portfolio will be achieved. To the extent that the Portfolio invests more of its assets in one underlying portfolio than in another, the Portfolio will have greater exposure to the risks of that underlying portfolio. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying portfolios in which it invests. The "List and Description of Underlying Portfolios" section of the Portfolio's prospectus identifies certain risks of each underlying portfolio.

**Tactical asset allocation risk:** Tactical asset allocation is a dynamic investment strategy that actively adjusts a Portfolio's asset allocation. The Portfolio's tactical asset management discipline may not work as intended. The Portfolio may not achieve its objective and may not perform as well as other funds using other asset management styles, including those based on fundamental analysis (a method of evaluating a security that entails attempting to measure its intrinsic value by examining related economic, financial and other factors) or strategic asset allocation (a strategy that involves periodically rebalancing the Portfolio in order to maintain a long-term goal for asset allocation).The sub-adviser's evaluations and assumptions in selecting underlying funds or individual securities may be incorrect in view of actual market conditions, and may result in owning securities that under perform other securities.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica BlackRock Tactical Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. RISK FACTORS (continued)**

addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**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 BlackRock Tactical 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 Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.130<br> % <br>|
| Over $1 billion up to $2 billion | 0.110 |
| Over $2 billion up to $3 billion | 0.105 |
| Over $3 billion | 0.100 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.21<br> % <br>| May 1, 2026 |
| Service Class | 0.46 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 13**

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**Transamerica BlackRock Tactical 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)**

**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** | **Sales of Securities** |
| $626513659 | &nbsp;&nbsp; $792827698 |

---

**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>|
| $748764673 | &nbsp;&nbsp; $23219747 | &nbsp;&nbsp; $(6331995)<br>| &nbsp;&nbsp; $16887752 |

---

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 $24,180,101.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica BlackRock Tactical Allocation 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>|
| $17221074 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14266241 | &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>|
| $25742189 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75858593 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16887752 |

---

**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 15**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica BlackRock Tactical Allocation VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica BlackRock 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. ![](g768862img926fdc903.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 BlackRock Tactical 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.

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** |
| $1444449 | $191274 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica BlackRock Tactical 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 18**

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**Transamerica BlackRock 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 19**

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**Transamerica BlackRock Tactical 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 20**

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**Transamerica BlackRock Tactical Allocation 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

![](g768862img3f21e8344.gif)

Visit **transamerica.com**

![](g768862img5743ad2c5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img19afc21f6.gif)

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![](g768862img75bae0da1.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Goldman Sachs 70/30 Allocation VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imga6e4d1612.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_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_SOI-RunningFooter-201_1) | 2 |
| [Statement of Assets and Liabilities](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_FS-RunningFooter-201_1) | 4 |
| [Statement of Operations](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_FS-RunningFooter-201_1) | 4 |
| [Statement of Changes in Net Assets](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_FS-RunningFooter-201_2) | 5 |
| [Financial Highlights](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_sFIHI1-RunningFooter-201_1) | 6 |
| [Notes to Financial Statements](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_NTF-RunningFooter-201_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_AUD-RunningFooter-201_1)** | 15 |
| **[Supplemental Information](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_STI-RunningFooter-201_1)** | 16 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_DWA-RunningFooter-201_1)**<br> **[Companies](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_DWA-RunningFooter-201_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_PD-RunningFooter-201_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_DTO-RunningFooter-201_1)**<br> **[Companies](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_DTO-RunningFooter-201_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_1c4adf13-d3d0-4c2d-90f6-85ecf716b93b_Mgmtagmt-RunningFooter-201_1)** | 20 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Goldman Sachs 70/30 Allocation VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 99.2%**  | **INVESTMENT COMPANIES - 99.2%**  | **INVESTMENT COMPANIES - 99.2%**  |
| **International Equity Funds - 21.2%**  | **International Equity Funds - 21.2%**  | **International Equity Funds - 21.2%**  |
| &nbsp;&nbsp; Transamerica Emerging Markets Equity, <br> Class I2 <sup>(A)</sup> <br>| 32023 | $345857 |
| &nbsp;&nbsp; Transamerica International Equity, <br> Class I2 <sup>(A)</sup> <br>| 59550 | 1485769 |
| &nbsp;&nbsp; Transamerica International Stock, <br> Class I2 <sup>(A)</sup> <br>| 101698 | 1521399 |
| &nbsp;&nbsp; Transamerica TSW International Equity VP, <br> Initial Class <sup>(A)</sup> <br>| 4651 | 82882 |
|  |  | 3435907 |
| **International Mixed Allocation Fund - 0.0% \*** | **International Mixed Allocation Fund - 0.0% \*** | **International Mixed Allocation Fund - 0.0% \*** |
| &nbsp;&nbsp; Transamerica Aegon Bond VP, Initial <br> Class <sup>(A)</sup> <br>| 11 | 100 |
| **U.S. Equity Funds - 48.7%**  | **U.S. Equity Funds - 48.7%**  | **U.S. Equity Funds - 48.7%**  |
| &nbsp;&nbsp; Transamerica Aegon Sustainable Equity <br> Income VP, Initial Class <sup>(A)</sup> <br>| 16584 | 375805 |
| Transamerica Large Cap Value, Class I2 <sup>(A)</sup> <br>| 194591 | 3348908 |
| Transamerica Small Cap Growth, Class I2 <sup>(A)</sup> <br>| 37681 | 200087 |
| Transamerica Small Cap Value, Class I2 <sup>(A)</sup> <br>| 35809 | 184056 |
| &nbsp;&nbsp; Transamerica WMC US Growth VP, Initial <br> Class <sup>(A)</sup> <br>| 90389 | 3783673 |
|  |  | 7892529 |
| **U.S. Fixed Income Funds - 29.3%**  | **U.S. Fixed Income Funds - 29.3%**  | **U.S. Fixed Income Funds - 29.3%**  |
| &nbsp;&nbsp; Transamerica Aegon Core Bond VP, Initial <br> Class <sup>(A)</sup> <br>| 23649 | 259191 |

---

---

| | | |
|:---|:---|:---|
|  | **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 Bond, Class I2 <sup>(A)</sup> <br>| 167215 | $1364479 |
| Transamerica Core Bond, Class I2 <sup>(A)</sup> <br>| 359002 | 3116138 |
|  |  | 4739808 |
| &nbsp;&nbsp; **Total Investment Companies** <br>**(Cost $14,641,968)**<br>|  | 16068344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 1.0%**  | **REPURCHASE AGREEMENT - 1.0%**  | **REPURCHASE AGREEMENT - 1.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $169,167 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 $172,598.<br>| $169154 | 169154 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $169,154)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $169,154)** | 169154 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $14,811,122)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $14,811,122)** | 16237498 |
| **Net Other Assets (Liabilities) - (0.2)%** | **Net Other Assets (Liabilities) - (0.2)%** | (31950) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$16205548** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(C)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investment Companies | $16068344 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16068344 |
| Repurchase Agreement |  | &nbsp;&nbsp; 169154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 169154 |
| **Total Investments** | **$16068344** | &nbsp;&nbsp; **$169154** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$16237498** |

---

**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 Bond <br> VP, Initial Class<br>| $— | $100 | $— | $— | $— | $100 | 11 | $— | $— |
| Transamerica Aegon Core <br> Bond VP, Initial Class<br>|  | 260100 |  |  | (909)<br>| 259191 | 23649 |  |  |
| Transamerica Aegon <br> Sustainable Equity Income <br> VP, Initial Class<br>| 173391 | 178336 |  |  | 24078 | 375805 | 16584 | 5306 | 3030 |
| Transamerica Bond, <br> Class I2<br>| 654729 | 917413 | (235000)<br>| (14042)<br>| 41379 | 1364479 | 167215 | 51414 |  |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Goldman Sachs 70/30 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 Core Bond, <br> Class I2<br>| $1512331 | $2172247 | $(628000)<br>| $(14794)<br>| $74354 | $3116138 | 359002 | $114247 | $— |
| Transamerica Emerging <br> Markets Equity, Class I2<br>| 217790 | 68499 | (30000)<br>| 7835 | 81733 | 345857 | 32023 | 3499 |  |
| Transamerica High Yield <br> Bond, Class I2<br>| 185847 | 2184 | (186636)<br>| (6083)<br>| 4688 |  |  | 2789 |  |
| Transamerica International <br> Equity, Class I2<br>| 681424 | 898003 | (310000)<br>| 66896 | 149446 | 1485769 | 59550 | 55292 | 51710 |
| Transamerica International <br> Small Cap Value, Class I2<br>| 89657 |  | (99470)<br>| 5001 | 4812 |  |  |  |  |
| Transamerica International <br> Stock, Class I2<br>| 813070 | 615722 | (225000)<br>| 48033 | 269574 | 1521399 | 101698 | 28562 | 13159 |
| Transamerica Large Cap <br> Value, Class I2<br>| 1860889 | 1804138 | (838000)<br>| 144833 | 377048 | 3348908 | 194591 | 31190 | 97948 |
| Transamerica Long Credit, <br> Class I2<br>| 227140 | 51991 | (281385)<br>| (6339)<br>| 8593 |  |  | 2650 |  |
| Transamerica Pinebridge <br> Inflation Opportunities VP, <br> Initial Class<br>| 184859 |  | (188143)<br>| (11264)<br>| 14548 |  |  |  |  |
| Transamerica Small Cap <br> Growth, Class I2<br>| 116908 | 107016 |  |  | (23837)<br>| 200087 | 37681 |  | 22017 |
| Transamerica Small Cap <br> Value, Class I2<br>| 106213 | 109451 | (40000)<br>| (32220)<br>| 40612 | 184056 | 35809 | 2668 | 6783 |
| Transamerica TSW <br> International Equity VP, <br> Initial Class<br>|  | 80100 |  |  | 2782 | 82882 | 4651 |  |  |
| Transamerica WMC US <br> Growth VP, Initial Class<br>| 2418685 | 2107894 | (830000)<br>| 9095 | 77999 | 3783673 | 90389 | 27301 | 526593 |
| **Total** | **$9242933** | **$9373194** | **$(3891634)**<br>| **$196951** | **$1146900** | **$16068344** | **1122853** | **$324918** | **$721240** |

---

&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.* 

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 3**

------

**Transamerica Goldman Sachs 70/30 Allocation VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Affiliated investments, at value (cost $14,641,968) | &nbsp;&nbsp; $16068344 |
| Repurchase agreement, at value (cost $169,154) | &nbsp;&nbsp; 169154 |
| Receivables and other assets: |  |
| Dividends from affiliated investments | &nbsp;&nbsp; 17091 |
| Interest | &nbsp;&nbsp; 6 |
| Due from investment manager | &nbsp;&nbsp; 1692 |
| Total assets | &nbsp;&nbsp; 16256287 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Affiliated investments purchased | &nbsp;&nbsp; 17091 |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 474 |
| Distribution and service fees | &nbsp;&nbsp; 3601 |
| Transfer agent costs | &nbsp;&nbsp; 16 |
| Trustee and CCO fees | &nbsp;&nbsp; 5 |
| Audit and tax fees  | &nbsp;&nbsp; 20150 |
| Custody fees | &nbsp;&nbsp; 852 |
| Legal fees | &nbsp;&nbsp; 88 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 357 |
| Other accrued expenses | &nbsp;&nbsp; 8105 |
| Total liabilities | &nbsp;&nbsp; 50739 |
| **Net assets**  | &nbsp;&nbsp; $16205548 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $10877 |
| Additional paid-in capital | &nbsp;&nbsp; 13645950 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 2548721 |
| **Net assets** | &nbsp;&nbsp; $16205548 |
| **Shares outstanding** | &nbsp;&nbsp; 1087678 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $14.90 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from affiliated investments | &nbsp;&nbsp; $324918 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 1391 |
| Total investment income  | &nbsp;&nbsp; 326309 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 14046 |
| Distribution and service fees | &nbsp;&nbsp; 33764 |
| Transfer agent costs | &nbsp;&nbsp; 154 |
| Trustee and CCO fees | &nbsp;&nbsp; 719 |
| Audit and tax fees | &nbsp;&nbsp; 25011 |
| Custody fees | &nbsp;&nbsp; 3392 |
| Legal fees | &nbsp;&nbsp; 1250 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 1732 |
| Index fees | &nbsp;&nbsp; 11966 |
| Filing fees | &nbsp;&nbsp; 6683 |
| Other | &nbsp;&nbsp; 1871 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 100588 |
| Expenses waived and/or reimbursed | &nbsp;&nbsp; (28499)<br>|
| Net expenses | &nbsp;&nbsp; 72089 |
| **Net investment income (loss)** | &nbsp;&nbsp; 254220 |
| **Net realized gain (loss) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 196951 |
| Capital gain distributions received from affiliated investment <br> companies<br>| &nbsp;&nbsp; 721240 |
| Net realized gain (loss) | &nbsp;&nbsp; 918191 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Affiliated investments | &nbsp;&nbsp; 1146900 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 2065091 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $2319311 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 4**

------

**Transamerica Goldman Sachs 70/30 Allocation 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; $254220 | &nbsp;&nbsp; $151638 |
| Net realized gain (loss) | &nbsp;&nbsp; 918191 | &nbsp;&nbsp; 296195 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1146900 | &nbsp;&nbsp; 418522 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 2319311 | &nbsp;&nbsp; 866355 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (463175)<br>| &nbsp;&nbsp; (246398)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (463175)<br>| &nbsp;&nbsp; (246398)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 7596574 | &nbsp;&nbsp; 2543756 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 463175 | &nbsp;&nbsp; 246398 |
| Cost of shares redeemed | &nbsp;&nbsp; (2996489)<br>| &nbsp;&nbsp; (350832)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 5063260 | &nbsp;&nbsp; 2439322 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 6919396 | &nbsp;&nbsp; 3059279 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 9286152 | &nbsp;&nbsp; 6226873 |
| End of year | &nbsp;&nbsp; $16205548 | &nbsp;&nbsp; $9286152 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 555624 | &nbsp;&nbsp; 200699 |
| Shares reinvested | &nbsp;&nbsp; 32687 | &nbsp;&nbsp; 18983 |
| Shares redeemed | &nbsp;&nbsp; (211942)<br>| &nbsp;&nbsp; (27342)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; 376369 | &nbsp;&nbsp; 192340 |

---

***The Notes to Financial Statements are an integral part of this report.***

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 5**

------

**Transamerica Goldman Sachs 70/30 Allocation VP**

------

**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $13.06 | &nbsp;&nbsp; $12.00 | &nbsp;&nbsp; $10.68 | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp; $12.69 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.26 | 0.24 | 0.24 | 0.21 | 0.38 |
| Net realized and unrealized gain (loss) | 2.04 | 1.21 | 1.48 | &nbsp;&nbsp; (2.60)<br>| 1.28 |
| Total investment operations | 2.30 | 1.45 | 1.72 | &nbsp;&nbsp; (2.39)<br>| 1.66 |
| Contributions from Investment Manager  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized gains | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.22)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $13.06 | &nbsp;&nbsp; $12.00 | &nbsp;&nbsp; $10.68 | &nbsp;&nbsp; $14.04 |
| **Total return**<sup>(B)</sup> <br>| 17.77<br> %<br>| 12.15<br> %<br>| 16.25<br> %<br>| &nbsp;&nbsp; (17.10)%<br>| 13.33 %<sup>(C)</sup><br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $16206 | &nbsp;&nbsp; $9286 | &nbsp;&nbsp; $6227 | &nbsp;&nbsp; $4056 | &nbsp;&nbsp; $3807 |
| Expenses to average net assets<sup>(D)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.74<br> %<br>| 0.97<br> %<br>| 1.42<br> %<br>| 1.66<br> %<br>| 1.72<br> %<br>|
| Including waiver and/or reimbursement and recapture<sup>(E)</sup> <br>| 0.53<br> %<br>| 0.53<br> %<br>| 0.52<br> %<br>| 0.51<br> %<br>| 0.50<br> %<br>|
| Net investment income (loss) to average net assets | 1.88<br> %<br>| 1.90<br> %<br>| 2.10<br> %<br>| 1.79<br> %<br>| 2.78<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 23<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> *Total return includes the contribution from investment manager. If the investment manager had not made the contribution, total return would have* *decreased by 0.24%.* 

<sup>(D)</sup> *Does not include expenses of the underlying investments in which the Portfolio invests.*

<sup>(E)</sup> *Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the Portfolio through its investments in Underlying Funds.* *If the expenses incurred by the Underlying Funds were included in these ratios they would have increased by 0.62%, 0.62%, 0.63%, 0.64% and* *0.65%, 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 6**

------

**Transamerica Goldman Sachs 70/30 Allocation 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 Goldman Sachs 70/30 Allocation VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets in underlying Transamerica mutual funds (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report and are available on the funds' web page(s) at <u>www.transamerica.com/financial-pro/annuities/prospectus</u> and <u>www.transamerica.com/financial-pro/investments/prospectus.</u> The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica Goldman Sachs 70/30 Allocation VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the 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. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the "practical expedient" have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio's investments at December 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica Goldman Sachs 70/30 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)**

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

**Fair value measurements:** Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

*Investment companies:* Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions. For the 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.

**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;

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)**

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at 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.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying portfolio or other issuer is incorrect.

**Asset class variation risk:** The underlying portfolios invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying portfolio may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying portfolios at any given time, and the percentage of the Portfolio's assets invested in various underlying portfolios, the Portfolio's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the Portfolio's performance.

**Underlying portfolios risk:** Because the Portfolio invests its assets in various underlying portfolios, its ability to achieve its investment objective depends largely on the performance of the underlying portfolios in which it invests. Investing in underlying portfolios subjects the Portfolio to the risks of investing in the underlying securities or assets held by those underlying portfolios. Each of the underlying portfolios in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying portfolios' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying portfolio will be achieved. To the extent that the Portfolio invests more of its assets in one underlying portfolio than in another, the Portfolio will have greater exposure to the risks of that underlying portfolio. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying portfolios in which it invests. The "List and Description of Underlying Portfolios" section of the Portfolio's prospectus identifies certain risks of each underlying portfolio.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions,

**Transamerica Series Trust**

**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. RISK FACTORS (continued)**

wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**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 11**

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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 $1 billion | 0.1040<br> % <br>|
| Over $1 billion up to $3 billion | 0.0975 |
| Over $3 billion up to $5 billion | 0.0925 |
| Over $5 billion up to $7 billion | 0.0850 |
| Over $7 billion up to $9 billion | 0.0800 |
| Over $9 billion | 0.0725 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses, including the pro rata share of expenses incurred through the Portfolio's investment in the underlying Funds, but excluding, as applicable, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Service Class | 1.15<br> % <br>| May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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** |
| Service Class | $42806 | $35700 | $28499 | $107005 |

---

**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.

**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;

**6. 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.

**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** | **Sales of Securities** |
| $8328300 | &nbsp;&nbsp; $3891634 |

---

**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. 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>|
| $14914430 | &nbsp;&nbsp; $1364281 | &nbsp;&nbsp; $(41213)<br>| &nbsp;&nbsp; $1323068 |

---

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 13**

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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)**

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>|
| $155134 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $308041 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $110596 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $135802 | &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>|
| $241568 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $984085 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1323068 |

---

**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 14**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Goldman Sachs 70/30 Allocation VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Goldman Sachs 70/30 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. ![](g768862imgfa60b15a3.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 15**

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**Transamerica Goldman Sachs 70/30 Allocation VP**

------

**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $308,041 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** |
| $81624 | $10598 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Goldman Sachs 70/30 Allocation 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 17**

------

**Transamerica Goldman Sachs 70/30 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 18**

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**Transamerica Goldman Sachs 70/30 Allocation VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Goldman Sachs 70/30 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 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img4802c0e84.gif)

Visit **transamerica.com**

![](g768862img4bdc8bcc5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img66073f676.gif)

------

![](g768862img0313a38c1.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Goldman Sachs Managed Risk - Balanced ETF VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img4d3aeb0d2.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_5211c3f0-64cd-472e-992f-602b3c4b55d8_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_SOI-RunningFooter-220_1) | 2 |
| [Statement of Assets and Liabilities](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_FS-RunningFooter-220_1) | 3 |
| [Statement of Operations](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_FS-RunningFooter-220_1) | 3 |
| [Statement of Changes in Net Assets](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_FS-RunningFooter-220_2) | 4 |
| [Financial Highlights](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_FS-RunningFooter-220_3) | 5 |
| [Notes to Financial Statements](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_NTF-RunningFooter-220_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_AUD-RunningFooter-220_1)** | 16 |
| **[Supplemental Information](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_STI-RunningFooter-220_1)** | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_DWA-RunningFooter-220_1)**<br> **[Companies](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_DWA-RunningFooter-220_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_PD-RunningFooter-220_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_DTO-RunningFooter-220_1)**<br> **[Companies](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_DTO-RunningFooter-220_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_5211c3f0-64cd-472e-992f-602b3c4b55d8_Mgmtagmt-RunningFooter-220_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 Goldman Sachs Managed Risk - Balanced ETF VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.4%**  | **EXCHANGE-TRADED FUNDS - 99.4%**  | **EXCHANGE-TRADED FUNDS - 99.4%**  |
| **International Equity Funds - 16.2%**  | **International Equity Funds - 16.2%**  | **International Equity Funds - 16.2%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 1718077 | $153699168 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets <br> ETF <sup>(A)</sup> <br>| 2551163 | 171489177 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 478627 | 45962551 |
| iShares MSCI EAFE Small-Cap ETF <sup>(A)(B)</sup> <br>| 46278 | 3587933 |
| Vanguard FTSE Developed Markets ETF <sup>(C)</sup> <br>| 3058401 | 191058311 |
|  |  | 565797140 |
| **U.S. Equity Funds - 35.8%**  | **U.S. Equity Funds - 35.8%**  | **U.S. Equity Funds - 35.8%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 547750 | 375175885 |
| iShares Core S&P Mid-Cap ETF <sup>(A)</sup> <br>| 1393597 | 91977402 |
| iShares Russell 2000 ETF <sup>(A)</sup> <br>| 291222 | 71687207 |
| SPDR S&P 500 ETF Trust <sup>(D)</sup> <br>| 248105 | 169187762 |
| Vanguard S&P 500 ETF <sup>(C)</sup> <br>| 860858 | 539869877 |
|  |  | 1247898133 |
| **U.S. Fixed Income Funds - 47.4%**  | **U.S. Fixed Income Funds - 47.4%**  | **U.S. Fixed Income Funds - 47.4%**  |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 7028312 | 701987802 |
| &nbsp;&nbsp; Vanguard Intermediate-Term Corporate <br> Bond ETF <sup>(B)(C)</sup> <br>| 2930085 | 245394619 |
| Vanguard Total Bond Market ETF <sup>(C)</sup> <br>| 9499751 | 703646557 |
|  |  | 1651028978 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $3,181,216,903)**<br>|  | 3464724251 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 2.4%**  | **OTHER INVESTMENT COMPANY - 2.4%**  | **OTHER INVESTMENT COMPANY - 2.4%**  |
| **Securities Lending Collateral - 2.4%**  | **Securities Lending Collateral - 2.4%**  | **Securities Lending Collateral - 2.4%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(E)</sup> <br>| 83475032 | $83475032 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $83,475,032)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $83,475,032)** | 83475032 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(E)</sup>, dated 12/31/2025, to be <br> repurchased at $22,787,893 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 $23,242,033.<br>| $22786184 | 22786184 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $22,786,184)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $22,786,184)** | 22786184 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,287,478,119)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $3,287,478,119)** | 3570985467 |
| **Net Other Assets (Liabilities) - (2.5)%** | **Net Other Assets (Liabilities) - (2.5)%** | (85730504) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$3485254963** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(F)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $3464724251 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3464724251 |
| Other Investment Company | 83475032 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 83475032 |
| Repurchase Agreement |  | &nbsp;&nbsp; 22786184 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22786184 |
| **Total Investments** | **$3548199283** | &nbsp;&nbsp; **$22786184** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$3570985467** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $81,763,180, collateralized by cash collateral of $83,475,032. 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> *The shareholder reports for Vanguard ETFs can be found at the following location: Vanguard - Forms and Literature.*

<sup>(D)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(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.* 

***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 Goldman Sachs Managed Risk - Balanced ETF VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $3,264,691,935) <br> (including securities loaned of $81,763,180)<br>| &nbsp;&nbsp; $3548199283 |
| Repurchase agreement, at value (cost $22,786,184) | &nbsp;&nbsp; 22786184 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 29302 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 494565 |
| Interest | &nbsp;&nbsp; 854 |
| Total assets | &nbsp;&nbsp; 3571510188 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 83475032 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 844724 |
| Investment management fees | &nbsp;&nbsp; 957566 |
| Distribution and service fees | &nbsp;&nbsp; 792302 |
| Transfer agent costs | &nbsp;&nbsp; 3567 |
| Trustee and CCO fees | &nbsp;&nbsp; 1167 |
| Audit and tax fees  | &nbsp;&nbsp; 27511 |
| Custody fees | &nbsp;&nbsp; 19299 |
| Legal fees | &nbsp;&nbsp; 27688 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 73210 |
| Other accrued expenses | &nbsp;&nbsp; 33159 |
| Total liabilities | &nbsp;&nbsp; 86255225 |
| **Net assets**  | &nbsp;&nbsp; $3485254963 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $2807419 |
| Additional paid-in capital | &nbsp;&nbsp; 2893111410 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 589336134 |
| **Net assets** | &nbsp;&nbsp; $3485254963 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $5089215 |
| Service Class | &nbsp;&nbsp; 3480165748 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 403097 |
| Service Class | &nbsp;&nbsp; 280338799 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $12.63 |
| Service Class | 12.41 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $105030154 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 1243668 |
| Net income from securities lending | &nbsp;&nbsp; 930952 |
| Total investment income  | &nbsp;&nbsp; 107204774 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 10814223 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 8949560 |
| Transfer agent costs | &nbsp;&nbsp; 39583 |
| Trustee and CCO fees | &nbsp;&nbsp; 184002 |
| Audit and tax fees | &nbsp;&nbsp; 53467 |
| Custody fees | &nbsp;&nbsp; 77025 |
| Legal fees | &nbsp;&nbsp; 329936 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 238564 |
| Other | &nbsp;&nbsp; 191656 |
| Total expenses | &nbsp;&nbsp; 20878016 |
| **Net investment income (loss)** | &nbsp;&nbsp; 86326758 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments  | &nbsp;&nbsp; 259695580 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments  | &nbsp;&nbsp; 20497561 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 280193141 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $366519899 |

---

***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 Goldman Sachs Managed Risk - Balanced ETF 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; $86326758 | &nbsp;&nbsp; $89817395 |
| Net realized gain (loss) | &nbsp;&nbsp; 259695580 | &nbsp;&nbsp; 126277689 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 20497561 | &nbsp;&nbsp; 132747843 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 366519899 | &nbsp;&nbsp; 348842927 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (339536)<br>| &nbsp;&nbsp; (176948)<br>|
| Service Class | &nbsp;&nbsp; (237065727)<br>| &nbsp;&nbsp; (132391351)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (237405263)<br>| &nbsp;&nbsp; (132568299)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 229934 | &nbsp;&nbsp; 105287 |
| Service Class | &nbsp;&nbsp; 5113314 | &nbsp;&nbsp; 6965176 |
|  | &nbsp;&nbsp; 5343248 | &nbsp;&nbsp; 7070463 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 339536 | &nbsp;&nbsp; 176948 |
| Service Class | &nbsp;&nbsp; 237065727 | &nbsp;&nbsp; 132391351 |
|  | &nbsp;&nbsp; 237405263 | &nbsp;&nbsp; 132568299 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (531711)<br>| &nbsp;&nbsp; (640316)<br>|
| Service Class | &nbsp;&nbsp; (649725474)<br>| &nbsp;&nbsp; (691506146)<br>|
|  | &nbsp;&nbsp; (650257185)<br>| &nbsp;&nbsp; (692146462)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (407508674)<br>| &nbsp;&nbsp; (552507700)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (278394038)<br>| &nbsp;&nbsp; (336233072)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 3763649001 | &nbsp;&nbsp; 4099882073 |
| End of year | &nbsp;&nbsp; $3485254963 | &nbsp;&nbsp; $3763649001 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 18223 | &nbsp;&nbsp; 8766 |
| Service Class | &nbsp;&nbsp; 420051 | &nbsp;&nbsp; 581450 |
|  | &nbsp;&nbsp; 438274 | &nbsp;&nbsp; 590216 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 27968 | &nbsp;&nbsp; 14528 |
| Service Class | &nbsp;&nbsp; 19838136 | &nbsp;&nbsp; 11032613 |
|  | &nbsp;&nbsp; 19866104 | &nbsp;&nbsp; 11047141 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (42754)<br>| &nbsp;&nbsp; (53765)<br>|
| Service Class | &nbsp;&nbsp; (53262153)<br>| &nbsp;&nbsp; (58262816)<br>|
|  | &nbsp;&nbsp; (53304907)<br>| &nbsp;&nbsp; (58316581)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 3437 | &nbsp;&nbsp; (30471)<br>|
| Service Class | &nbsp;&nbsp; (33003966)<br>| &nbsp;&nbsp; (46648753)<br>|
|  | &nbsp;&nbsp; (33000529)<br>| &nbsp;&nbsp; (46679224)<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 Goldman Sachs Managed Risk - Balanced ETF 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; $12.19 | &nbsp;&nbsp; $11.55 | &nbsp;&nbsp; $11.12 | &nbsp;&nbsp; $13.53 | &nbsp;&nbsp; $13.10 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.33 | 0.31 | 0.27 | 0.20 | 0.20 |
| Net realized and unrealized gain (loss) | 1.00 | 0.77 | 1.17 | &nbsp;&nbsp; (2.09)<br>| 1.05 |
| Total investment operations | 1.33 | 1.08 | 1.44 | &nbsp;&nbsp; (1.89)<br>| 1.25 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net realized gains | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.63)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.82)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $12.63 | &nbsp;&nbsp; $12.19 | &nbsp;&nbsp; $11.55 | &nbsp;&nbsp; $11.12 | &nbsp;&nbsp; $13.53 |
| **Total return**<sup>(B)</sup> <br>| 11.17<br> %<br>| 9.39<br> %<br>| 13.41<br> %<br>| &nbsp;&nbsp; (14.07)%<br>| 9.65<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $5089 | &nbsp;&nbsp; $4872 | &nbsp;&nbsp; $4970 | &nbsp;&nbsp; $4306 | &nbsp;&nbsp; $3985 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.33<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.32<br> %<br>| 0.32<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.33<br> %<br>| 0.33<br> %<br>| 0.33<br> %<br>| 0.32 %<sup>(D)</sup><br>| 0.32 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 2.69<br> %<br>| 2.53<br> %<br>| 2.40<br> %<br>| 1.66<br> %<br>| 1.47<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 158<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *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 5**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP**

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**FINANCIAL HIGHLIGHTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $12.00 | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $13.33 | &nbsp;&nbsp; $12.92 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.29 | 0.27 | 0.24 | 0.15 | 0.16 |
| Net realized and unrealized gain (loss) | 0.97 | 0.76 | 1.15 | &nbsp;&nbsp; (2.04)<br>| 1.04 |
| Total investment operations | 1.26 | 1.03 | 1.39 | &nbsp;&nbsp; (1.89)<br>| 1.20 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized gains | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.63)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.79)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $12.41 | &nbsp;&nbsp; $12.00 | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $13.33 |
| **Total return**<sup>(B)</sup> <br>| 10.77<br> %<br>| 9.07<br> %<br>| 13.20<br> %<br>| &nbsp;&nbsp; (14.26)%<br>| 9.35<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $3480166 | &nbsp;&nbsp; $3758777 | &nbsp;&nbsp; $4094912 | &nbsp;&nbsp; $4147741 | &nbsp;&nbsp; $5491585 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.58<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.57<br> %<br>| 0.57<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.58<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.57 %<sup>(D)</sup><br>| 0.57 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 2.41<br> %<br>| 2.26<br> %<br>| 2.10<br> %<br>| 1.32<br> %<br>| 1.21<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 158<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

<sup>(C)</sup> *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 6**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF 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 Goldman Sachs Managed Risk - Balanced ETF VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying third-party exchange-traded funds ("ETFs") (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the 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. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

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 8**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF 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)**

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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 9**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF 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)**

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 |  |  |  |  |  |
| Exchange-Traded Funds | $83475032 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83475032 |
| **Total Borrowings** | **$83475032** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$83475032** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF 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)**

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying 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 11**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF 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)**

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $50 million | 0.3400<br> % <br>|
| Over $50 million up to $250 million | 0.3200 |
| Over $250 million up to $5 billion | 0.3000 |
| Over $5 billion up to $7 billion | 0.2900 |
| Over $7 billion up to $9 billion | 0.2875 |
| Over $9 billion | 0.2800 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 12**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF 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)**

commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.37<br> % <br>| May 1, 2026 |
| Service Class | 0.62 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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** | **Sales of Securities** |
| $1691758736 | &nbsp;&nbsp; $2252371485 |

---

**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. 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>|
| $3352976560 | &nbsp;&nbsp; $318089636 | &nbsp;&nbsp; $(100080729)<br>| &nbsp;&nbsp; $218008907 |

---

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>|
| $89796735 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $147608528 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $132568299 | &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>|
| $86278090 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $285049137 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $218008907 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 14**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 Goldman Sachs Managed Risk – Balanced ETF VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Goldman Sachs Managed Risk – Balanced ETF 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. ![](g768862img409acfc33.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 Goldman Sachs Managed Risk - Balanced ETF VP**

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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $147,608,528 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** |
| $14716074 | $1261088 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 20**

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**Transamerica Goldman Sachs Managed Risk - Balanced ETF VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

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

![](g768862img9eedceb84.gif)

Visit **transamerica.com**

![](g768862img148ba84f5.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862imgea158aa96.gif)

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![](g768862img9e18d7e51.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Goldman Sachs Managed Risk - Growth ETF VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgef1f55d42.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_9ec54dd7-712d-46b2-8bf6-d76fbd869308_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_SOI-RunningFooter-213_1) | 2 |
| [Statement of Assets and Liabilities](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_FS-RunningFooter-213_1) | 3 |
| [Statement of Operations](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_FS-RunningFooter-213_1) | 3 |
| [Statement of Changes in Net Assets](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_FS-RunningFooter-213_2) | 4 |
| [Financial Highlights](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_FS-RunningFooter-213_3) | 5 |
| [Notes to Financial Statements](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_NTF-RunningFooter-213_1) | 6 |
| **[Report of Independent Registered Public Accounting Firm](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_AUD-RunningFooter-213_1)** | 15 |
| **[Supplemental Information](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_STI-RunningFooter-213_1)** | 16 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_DWA-RunningFooter-213_1)**<br> **[Companies](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_DWA-RunningFooter-213_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_PD-RunningFooter-213_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_DTO-RunningFooter-213_1)**<br> **[Companies](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_DTO-RunningFooter-213_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_9ec54dd7-712d-46b2-8bf6-d76fbd869308_Mgmtagmt-RunningFooter-213_1)** | 20 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

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**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.4%**  | **EXCHANGE-TRADED FUNDS - 99.4%**  | **EXCHANGE-TRADED FUNDS - 99.4%**  |
| **International Equity Funds - 24.2%**  | **International Equity Funds - 24.2%**  | **International Equity Funds - 24.2%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 1095766 | $98027226 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets <br> ETF <sup>(A)</sup> <br>| 1731534 | 116393716 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 928554 | 89169041 |
| iShares MSCI EAFE Small-Cap ETF <sup>(A)(B)</sup> <br>| 79216 | 6141616 |
| Vanguard FTSE Developed Markets ETF <sup>(C)</sup> <br>| 1561253 | 97531475 |
|  |  | 407263074 |
| **U.S. Equity Funds - 54.4%**  | **U.S. Equity Funds - 54.4%**  | **U.S. Equity Funds - 54.4%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 435145 | 298048216 |
| iShares Core S&P Mid-Cap ETF <sup>(A)</sup> <br>| 1034206 | 68257596 |
| iShares Russell 2000 ETF <sup>(A)</sup> <br>| 224034 | 55148210 |
| SPDR S&P 500 ETF Trust <sup>(D)</sup> <br>| 258598 | 176343148 |
| Vanguard S&P 500 ETF <sup>(C)</sup> <br>| 509694 | 319644398 |
|  |  | 917441568 |
| **U.S. Fixed Income Funds - 20.8%**  | **U.S. Fixed Income Funds - 20.8%**  | **U.S. Fixed Income Funds - 20.8%**  |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 1263905 | 126238831 |
| &nbsp;&nbsp; Vanguard Intermediate-Term Corporate <br> Bond ETF <sup>(C)</sup> <br>| 1196871 | 100237946 |
| Vanguard Total Bond Market ETF <sup>(C)</sup> <br>| 1686812 | 124942165 |
|  |  | 351418942 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $1,415,098,432)**<br>|  | 1676123584 |

---

---

| | | |
|:---|:---|:---|
|  | **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>(E)</sup> <br>| 4320076 | $4320076 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,320,076)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $4,320,076)** | 4320076 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.6%**  | **REPURCHASE AGREEMENT - 0.6%**  | **REPURCHASE AGREEMENT - 0.6%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(E)</sup>, dated 12/31/2025, to be <br> repurchased at $10,649,159 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 $10,861,364.<br>| $10648360 | 10648360 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $10,648,360)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $10,648,360)** | 10648360 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,430,066,868)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $1,430,066,868)** | 1691092020 |
| **Net Other Assets (Liabilities) - (0.3)%** | **Net Other Assets (Liabilities) - (0.3)%** | (5892822) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$1685199198** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(F)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $1676123584 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1676123584 |
| Other Investment Company | 4320076 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4320076 |
| Repurchase Agreement |  | &nbsp;&nbsp; 10648360 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10648360 |
| **Total Investments** | **$1680443660** | &nbsp;&nbsp; **$10648360** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1691092020** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $4,226,315, collateralized by cash collateral of $4,320,076. 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> *The shareholder reports for Vanguard ETFs can be found at the following location: Vanguard - Forms and Literature.*

<sup>(D)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(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.* 

***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 Goldman Sachs Managed Risk - Growth ETF VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $1,419,418,508) <br> (including securities loaned of $4,226,315)<br>| &nbsp;&nbsp; $1680443660 |
| Repurchase agreement, at value (cost $10,648,360) | &nbsp;&nbsp; 10648360 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 11865 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 515481 |
| Interest | &nbsp;&nbsp; 399 |
| Total assets | &nbsp;&nbsp; 1691619765 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 4320076 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 1148139 |
| Investment management fees | &nbsp;&nbsp; 466684 |
| Distribution and service fees | &nbsp;&nbsp; 383203 |
| Transfer agent costs | &nbsp;&nbsp; 1727 |
| Trustee and CCO fees | &nbsp;&nbsp; 565 |
| Audit and tax fees  | &nbsp;&nbsp; 21558 |
| Custody fees | &nbsp;&nbsp; 9438 |
| Legal fees | &nbsp;&nbsp; 13339 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 35214 |
| Other accrued expenses | &nbsp;&nbsp; 20624 |
| Total liabilities | &nbsp;&nbsp; 6420567 |
| **Net assets**  | &nbsp;&nbsp; $1685199198 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $1433210 |
| Additional paid-in capital | &nbsp;&nbsp; 1207665751 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 476100237 |
| **Net assets** | &nbsp;&nbsp; $1685199198 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $5222963 |
| Service Class | &nbsp;&nbsp; 1679976235 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 434219 |
| Service Class | &nbsp;&nbsp; 142886752 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $12.03 |
| Service Class | 11.76 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $41527073 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 620981 |
| Net income from securities lending | &nbsp;&nbsp; 343435 |
| Total investment income  | &nbsp;&nbsp; 42491489 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 5244059 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 4307447 |
| Transfer agent costs | &nbsp;&nbsp; 19078 |
| Trustee and CCO fees | &nbsp;&nbsp; 88766 |
| Audit and tax fees | &nbsp;&nbsp; 34317 |
| Custody fees | &nbsp;&nbsp; 37771 |
| Legal fees | &nbsp;&nbsp; 159109 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 112246 |
| Other | &nbsp;&nbsp; 107143 |
| Total expenses | &nbsp;&nbsp; 10109936 |
| **Net investment income (loss)** | &nbsp;&nbsp; 32381553 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments  | &nbsp;&nbsp; 207892083 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments  | &nbsp;&nbsp; (43273792)<br>|
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 164618291 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $196999844 |

---

***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 Goldman Sachs Managed Risk - Growth ETF 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; $32381553 | &nbsp;&nbsp; $32928799 |
| Net realized gain (loss) | &nbsp;&nbsp; 207892083 | &nbsp;&nbsp; 96460777 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (43273792)<br>| &nbsp;&nbsp; 110134243 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 196999844 | &nbsp;&nbsp; 239523819 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (415854)<br>| &nbsp;&nbsp; (170763)<br>|
| Service Class | &nbsp;&nbsp; (137034116)<br>| &nbsp;&nbsp; (57404073)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (137449970)<br>| &nbsp;&nbsp; (57574836)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 264022 | &nbsp;&nbsp; 207437 |
| Service Class | &nbsp;&nbsp; 6733627 | &nbsp;&nbsp; 9240017 |
|  | &nbsp;&nbsp; 6997649 | &nbsp;&nbsp; 9447454 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 415854 | &nbsp;&nbsp; 170763 |
| Service Class | &nbsp;&nbsp; 137034116 | &nbsp;&nbsp; 57404073 |
|  | &nbsp;&nbsp; 137449970 | &nbsp;&nbsp; 57574836 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (802311)<br>| &nbsp;&nbsp; (695247)<br>|
| Service Class | &nbsp;&nbsp; (343200389)<br>| &nbsp;&nbsp; (368889536)<br>|
|  | &nbsp;&nbsp; (344002700)<br>| &nbsp;&nbsp; (369584783)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (199555081)<br>| &nbsp;&nbsp; (302562493)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (140005207)<br>| &nbsp;&nbsp; (120613510)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1825204405 | &nbsp;&nbsp; 1945817915 |
| End of year | &nbsp;&nbsp; $1685199198 | &nbsp;&nbsp; $1825204405 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 22399 | &nbsp;&nbsp; 18538 |
| Service Class | &nbsp;&nbsp; 582297 | &nbsp;&nbsp; 836150 |
|  | &nbsp;&nbsp; 604696 | &nbsp;&nbsp; 854688 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 36319 | &nbsp;&nbsp; 14836 |
| Service Class | &nbsp;&nbsp; 12235189 | &nbsp;&nbsp; 5089014 |
|  | &nbsp;&nbsp; 12271508 | &nbsp;&nbsp; 5103850 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (68270)<br>| &nbsp;&nbsp; (60443)<br>|
| Service Class | &nbsp;&nbsp; (29859142)<br>| &nbsp;&nbsp; (33253770)<br>|
|  | &nbsp;&nbsp; (29927412)<br>| &nbsp;&nbsp; (33314213)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (9552)<br>| &nbsp;&nbsp; (27069)<br>|
| Service Class | &nbsp;&nbsp; (17041656)<br>| &nbsp;&nbsp; (27328606)<br>|
|  | &nbsp;&nbsp; (17051208)<br>| &nbsp;&nbsp; (27355675)<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 Goldman Sachs Managed Risk - Growth ETF VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $11.63 | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $10.96 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.25 | 0.23 | 0.21 | 0.16 | 0.16 |
| Net realized and unrealized gain (loss) | 1.16 | 1.20 | 1.45 | &nbsp;&nbsp; (1.83)<br>| 1.38 |
| Total investment operations | 1.41 | 1.43 | 1.66 | &nbsp;&nbsp; (1.67)<br>| 1.54 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.56)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.69)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $12.03 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $11.81 |
| **Total return**<sup>(B)</sup> <br>| 12.49<br> %<br>| 13.52<br> %<br>| 18.08<br> %<br>| &nbsp;&nbsp; (14.32)%<br>| 14.25<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $5223 | &nbsp;&nbsp; $5159 | &nbsp;&nbsp; $4982 | &nbsp;&nbsp; $3886 | &nbsp;&nbsp; $4709 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.34<br> %<br>| 0.33<br> %<br>| 0.34<br> %<br>| 0.33<br> %<br>| 0.32<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.34<br> %<br>| 0.33<br> %<br>| 0.34<br> %<br>| 0.33 %<sup>(D)</sup><br>| 0.32 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 2.16<br> %<br>| 1.99<br> %<br>| 2.10<br> %<br>| 1.58<br> %<br>| 1.41<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 197<br> %<br>| &nbsp;&nbsp; 29<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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; $11.38 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $9.17 | &nbsp;&nbsp; $11.59 | &nbsp;&nbsp; $10.76 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.22 | 0.19 | 0.17 | 0.13 | 0.13 |
| Net realized and unrealized gain (loss) | 1.13 | 1.18 | 1.42 | &nbsp;&nbsp; (1.79)<br>| 1.36 |
| Total investment operations | 1.35 | 1.37 | 1.59 | &nbsp;&nbsp; (1.66)<br>| 1.49 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.10)<br>|
| Net realized gains | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.56)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.66)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.76 | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp; $9.17 | &nbsp;&nbsp; $11.59 |
| **Total return**<sup>(B)</sup> <br>| 12.27<br> %<br>| 13.23<br> %<br>| 17.68<br> %<br>| &nbsp;&nbsp; (14.52)%<br>| 14.05<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $1679976 | &nbsp;&nbsp; $1820045 | &nbsp;&nbsp; $1940836 | &nbsp;&nbsp; $1904091 | &nbsp;&nbsp; $2547419 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.59<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.57<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.59<br> %<br>| 0.58<br> %<br>| 0.58<br> %<br>| 0.58 %<sup>(D)</sup><br>| 0.57 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 1.87<br> %<br>| 1.71<br> %<br>| 1.79<br> %<br>| 1.30<br> %<br>| 1.12<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 197<br> %<br>| &nbsp;&nbsp; 29<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 5**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF 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 Goldman Sachs Managed Risk - Growth ETF VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying third-party exchange-traded funds ("ETFs") (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison

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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)**

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.

**Security transactions and investment income:** Security transactions are accounted for on the trade date. Security gains and losses are calculated on a first-in, first-out basis. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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

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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)**

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 |  |  |  |  |  |
| Exchange-Traded Funds | $4320076 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4320076 |
| **Total Borrowings** | **$4320076** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4320076** |

---

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying 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.

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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)**

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

The Portfolio pays a management fee to TAM based on daily average net assets at the following rates:

---

| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $50 million | 0.3400<br> % <br>|
| Over $50 million up to $250 million | 0.3200 |
| Over $250 million up to $5 billion | 0.3000 |
| Over $5 billion up to $7 billion | 0.2900 |
| Over $7 billion up to $9 billion | 0.2875 |
| Over $9 billion | 0.2800 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage

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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)**

commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.37<br> % <br>| May 1, 2026 |
| Service Class | 0.62 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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.

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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** | **Sales of Securities** |
| $1191610792 | &nbsp;&nbsp; $1495349036 |

---

**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. 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>|
| $1448021810 | &nbsp;&nbsp; $256787624 | &nbsp;&nbsp; $(13717414)<br>| &nbsp;&nbsp; $243070210 |

---

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>|
| $32925421 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $104524549 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $56265110 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1309726 | &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>|
| $32440552 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $200589475 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $243070210 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 14**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Goldman Sachs Managed Risk – Growth ETF VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Goldman Sachs Managed Risk – Growth ETF 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. ![](g768862img4d3da8363.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 15**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF VP**

------

**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $104,524,549 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** |
| $10373058 | $876805 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Goldman Sachs Managed Risk - Growth ETF 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 17**

------

**Transamerica Goldman Sachs Managed Risk - Growth ETF 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 18**

------

**Transamerica Goldman Sachs Managed Risk - Growth ETF 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 19**

------

**Transamerica Goldman Sachs Managed Risk - Growth ETF 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 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img5fbe203b4.gif)

Visit **transamerica.com**

![](g768862img068e84355.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img02cc7fe66.gif)

------

![](g768862img6fa801581.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Goldman Sachs Managed Risk -Conservative

ETF VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img0d72ad1f2.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_21edff37-bede-4afd-b68b-589e451cec83_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_21edff37-bede-4afd-b68b-589e451cec83_SOI-RunningFooter-240_1) | 2 |
| [Statement of Assets and Liabilities](#xx_21edff37-bede-4afd-b68b-589e451cec83_FS-RunningFooter-240_1) | 3 |
| [Statement of Operations](#xx_21edff37-bede-4afd-b68b-589e451cec83_FS-RunningFooter-240_1) | 3 |
| [Statement of Changes in Net Assets](#xx_21edff37-bede-4afd-b68b-589e451cec83_FS-RunningFooter-240_2) | 4 |
| [Financial Highlights](#xx_21edff37-bede-4afd-b68b-589e451cec83_FS-RunningFooter-240_3) | 5 |
| [Notes to Financial Statements](#xx_21edff37-bede-4afd-b68b-589e451cec83_NTF-RunningFooter-240_1) | 6 |
| **[Report of Independent Registered Public Accounting Firm](#xx_21edff37-bede-4afd-b68b-589e451cec83_AUD-RunningFooter-240_1)** | 15 |
| **[Supplemental Information](#xx_21edff37-bede-4afd-b68b-589e451cec83_STI-RunningFooter-240_1)** | 16 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_21edff37-bede-4afd-b68b-589e451cec83_DWA-RunningFooter-240_1)**<br> **[Companies](#xx_21edff37-bede-4afd-b68b-589e451cec83_DWA-RunningFooter-240_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_21edff37-bede-4afd-b68b-589e451cec83_PD-RunningFooter-240_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_21edff37-bede-4afd-b68b-589e451cec83_DTO-RunningFooter-240_1)**<br> **[Companies](#xx_21edff37-bede-4afd-b68b-589e451cec83_DTO-RunningFooter-240_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_21edff37-bede-4afd-b68b-589e451cec83_Mgmtagmt-RunningFooter-240_1)** | 20 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.4%**  | **EXCHANGE-TRADED FUNDS - 99.4%**  | **EXCHANGE-TRADED FUNDS - 99.4%**  |
| **International Equity Funds - 11.3%**  | **International Equity Funds - 11.3%**  | **International Equity Funds - 11.3%**  |
| iShares Core MSCI EAFE ETF <sup>(A)</sup> <br>| 121079 | $10831727 |
| &nbsp;&nbsp; iShares Core MSCI Emerging Markets <br> ETF <sup>(A)</sup> <br>| 188663 | 12681927 |
| iShares MSCI EAFE ETF <sup>(A)</sup> <br>| 87066 | 8360948 |
| iShares MSCI EAFE Small-Cap ETF <sup>(A)(B)</sup> <br>| 5921 | 459055 |
| Vanguard FTSE Developed Markets ETF <sup>(C)</sup> <br>| 177609 | 11095234 |
|  |  | 43428891 |
| **U.S. Equity Funds - 25.4%**  | **U.S. Equity Funds - 25.4%**  | **U.S. Equity Funds - 25.4%**  |
| iShares Core S&P 500 ETF <sup>(A)</sup> <br>| 41183 | 28207884 |
| iShares Core S&P Mid-Cap ETF <sup>(A)</sup> <br>| 108888 | 7186608 |
| iShares Russell 2000 ETF <sup>(A)</sup> <br>| 25034 | 6162370 |
| SPDR S&P 500 ETF Trust <sup>(D)</sup> <br>| 41138 | 28052825 |
| Vanguard S&P 500 ETF <sup>(C)</sup> <br>| 44902 | 28159391 |
|  |  | 97769078 |
| **U.S. Fixed Income Funds - 62.7%**  | **U.S. Fixed Income Funds - 62.7%**  | **U.S. Fixed Income Funds - 62.7%**  |
| iShares Core U.S. Aggregate Bond ETF <sup>(A)</sup> <br>| 739359 | 73847177 |
| Schwab U.S. Aggregate Bond ETF <sup>(B)(E)</sup> <br>| 3199775 | 74778742 |
| &nbsp;&nbsp; Vanguard Intermediate-Term Corporate <br> Bond ETF <sup>(C)</sup> <br>| 225389 | 18876329 |
| Vanguard Total Bond Market ETF <sup>(C)</sup> <br>| 1002449 | 74251397 |
|  |  | 241753645 |
| &nbsp;&nbsp; **Total Exchange-Traded Funds** <br>**(Cost $371,335,323)**<br>|  | 382951614 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **OTHER INVESTMENT COMPANY - 2.2%**  | **OTHER INVESTMENT COMPANY - 2.2%**  | **OTHER INVESTMENT COMPANY - 2.2%**  |
| **Securities Lending Collateral - 2.2%**  | **Securities Lending Collateral - 2.2%**  | **Securities Lending Collateral - 2.2%**  |
| &nbsp;&nbsp; State Street Navigator Securities Lending <br> Trust - Government Money Market Portfolio, <br> 3.79% <sup>(F)</sup> <br>| 8619639 | $8619639 |
| &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $8,619,639)** | &nbsp;&nbsp; **Total Other Investment Company** <br>**(Cost $8,619,639)** | 8619639 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  | **REPURCHASE AGREEMENT - 0.7%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(F)</sup>, dated 12/31/2025, to be <br> repurchased at $2,677,088 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 $2,730,540.<br>| $2676887 | 2676887 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,676,887)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $2,676,887)** | 2676887 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $382,631,849)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $382,631,849)** | 394248140 |
| **Net Other Assets (Liabilities) - (2.3)%** | **Net Other Assets (Liabilities) - (2.3)%** | (8804269) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$385443871** |

---

**INVESTMENT VALUATION:**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs** <sup>(G)</sup> <br>|  |  |  |  |
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2 -** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3 -** <br>**Significant** <br>**Unobservable Inputs**<br>| **Value** |
| **ASSETS** |  |  |  |  |
| **Investments** |  |  |  |  |
| Exchange-Traded Funds | $382951614 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $382951614 |
| Other Investment Company | 8619639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8619639 |
| Repurchase Agreement |  | &nbsp;&nbsp; 2676887 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2676887 |
| **Total Investments** | **$391571253** | &nbsp;&nbsp; **$2676887** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$394248140** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<sup>(A)</sup> *The shareholder reports for the iShares ETFs and BlackRock ETFs can be found at the following location: https://blackrock.com/fundreports.*

<sup>(B)</sup> *All or a portion of the security is on loan. The total value of the securities on loan is $8,409,529, collateralized by cash collateral of $8,619,639 and* *non-cash collateral, such as U.S. government securities of $14,400. 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> *The shareholder reports for Vanguard ETFs can be found at the following location: Vanguard - Forms and Literature.*

<sup>(D)</sup> *The shareholder reports for SPDR ETFs can be found at the following location:* *http://www.ssga.com/us/en/institutional/fund-finder?tab<u>=</u>documents&type<u>=</u>etfs.* 

<sup>(E)</sup> *The shareholder reports for Schwab ETFs can be found at the following location: Our investment products \| Schwab Funds.*

<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 2**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Unaffiliated investments, at value (cost $379,954,962) <br> (including securities loaned of $8,409,529)<br>| &nbsp;&nbsp; $391571253 |
| Repurchase agreement, at value (cost $2,676,887) | &nbsp;&nbsp; 2676887 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 2334 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 82003 |
| Interest | &nbsp;&nbsp; 101 |
| Total assets | &nbsp;&nbsp; 394332578 |
| **Liabilities:** |  |
| Cash collateral received upon return of: |  |
| Securities on loan | &nbsp;&nbsp; 8619639 |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 21984 |
| Investment management fees | &nbsp;&nbsp; 110593 |
| Distribution and service fees | &nbsp;&nbsp; 87635 |
| Transfer agent costs | &nbsp;&nbsp; 393 |
| Trustee and CCO fees | &nbsp;&nbsp; 129 |
| Audit and tax fees  | &nbsp;&nbsp; 17314 |
| Custody fees | &nbsp;&nbsp; 2503 |
| Legal fees | &nbsp;&nbsp; 3056 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 13790 |
| Other accrued expenses | &nbsp;&nbsp; 11671 |
| Total liabilities | &nbsp;&nbsp; 8888707 |
| **Net assets**  | &nbsp;&nbsp; $385443871 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $323678 |
| Additional paid-in capital | &nbsp;&nbsp; 359613380 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 25506813 |
| **Net assets** | &nbsp;&nbsp; $385443871 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $22387 |
| Service Class | &nbsp;&nbsp; 385421484 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 1861 |
| Service Class | &nbsp;&nbsp; 32365922 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $12.03 |
| Service Class | 11.91 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income from unaffiliated investments | &nbsp;&nbsp; $12760030 |
| Interest income from unaffiliated investments | &nbsp;&nbsp; 130242 |
| Net income from securities lending | &nbsp;&nbsp; 94235 |
| Total investment income  | &nbsp;&nbsp; 12984507 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 1247510 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 989541 |
| Transfer agent costs | &nbsp;&nbsp; 4370 |
| Trustee and CCO fees | &nbsp;&nbsp; 20326 |
| Audit and tax fees | &nbsp;&nbsp; 20372 |
| Custody fees | &nbsp;&nbsp; 10035 |
| Legal fees | &nbsp;&nbsp; 36397 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 44098 |
| Other | &nbsp;&nbsp; 46476 |
| Total expenses | &nbsp;&nbsp; 2419125 |
| **Net investment income (loss)** | &nbsp;&nbsp; 10565382 |
| **Net realized gain (loss) on:** |  |
| Unaffiliated investments  | &nbsp;&nbsp; 12781518 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Unaffiliated investments  | &nbsp;&nbsp; 14256539 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 27038057 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $37603439 |

---

***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 Goldman Sachs Managed Risk -** 

**Conservative ETF 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; $10565382 | &nbsp;&nbsp; $10947472 |
| Net realized gain (loss) | &nbsp;&nbsp; 12781518 | &nbsp;&nbsp; 2308105 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14256539 | &nbsp;&nbsp; 15626648 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 37603439 | &nbsp;&nbsp; 28882225 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (875)<br>| &nbsp;&nbsp; (1191)<br>|
| Service Class | &nbsp;&nbsp; (15356528)<br>| &nbsp;&nbsp; (27544679)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (15357403)<br>| &nbsp;&nbsp; (27545870)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 1672 | &nbsp;&nbsp; 1609 |
| Service Class | &nbsp;&nbsp; 7501146 | &nbsp;&nbsp; 4260656 |
|  | &nbsp;&nbsp; 7502818 | &nbsp;&nbsp; 4262265 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 1191 |
| Service Class | &nbsp;&nbsp; 15356528 | &nbsp;&nbsp; 27544679 |
|  | &nbsp;&nbsp; 15357403 | &nbsp;&nbsp; 27545870 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (152)<br>| &nbsp;&nbsp; (5833)<br>|
| Service Class | &nbsp;&nbsp; (72875632)<br>| &nbsp;&nbsp; (82372809)<br>|
|  | &nbsp;&nbsp; (72875784)<br>| &nbsp;&nbsp; (82378642)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (50015563)<br>| &nbsp;&nbsp; (50570507)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (27769527)<br>| &nbsp;&nbsp; (49234152)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 413213398 | &nbsp;&nbsp; 462447550 |
| End of year | &nbsp;&nbsp; $385443871 | &nbsp;&nbsp; $413213398 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 138 |
| Service Class | &nbsp;&nbsp; 640727 | &nbsp;&nbsp; 367714 |
|  | &nbsp;&nbsp; 640871 | &nbsp;&nbsp; 367852 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 104 |
| Service Class | &nbsp;&nbsp; 1330722 | &nbsp;&nbsp; 2431128 |
|  | &nbsp;&nbsp; 1330797 | &nbsp;&nbsp; 2431232 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; (516)<br>|
| Service Class | &nbsp;&nbsp; (6294608)<br>| &nbsp;&nbsp; (7189090)<br>|
|  | &nbsp;&nbsp; (6294621)<br>| &nbsp;&nbsp; (7189606)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; 206 | &nbsp;&nbsp; (274)<br>|
| Service Class | &nbsp;&nbsp; (4323159)<br>| &nbsp;&nbsp; (4390248)<br>|
|  | &nbsp;&nbsp; (4322953)<br>| &nbsp;&nbsp; (4390522)<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 Goldman Sachs Managed Risk -** 

**Conservative ETF 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; $11.38 | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp; $12.89 | &nbsp;&nbsp; $12.92 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.35 | 0.32 | 0.29 | 0.21 | 0.20 |
| Net realized and unrealized gain (loss) | 0.80 | 0.48 | 0.87 | &nbsp;&nbsp; (1.70)<br>| 0.19 |
| Total investment operations | 1.15 | 0.80 | 1.16 | &nbsp;&nbsp; (1.49)<br>| 0.39 |
| **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; (0.23)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net realized gains | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $12.03 | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp; $10.99 | &nbsp;&nbsp; $12.89 |
| **Total return**<sup>(B)</sup> <br>| 10.27<br> %<br>| 7.01<br> %<br>| 10.91<br> %<br>| &nbsp;&nbsp; (11.66)%<br>| 3.00<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $20 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.36<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.34<br> %<br>| 0.33<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.36<br> %<br>| 0.35<br> %<br>| 0.35<br> %<br>| 0.34<br> %<br>| 0.33<br> %<br>|
| Net investment income (loss) to average net assets | 2.97<br> %<br>| 2.74<br> %<br>| 2.56<br> %<br>| 1.82<br> %<br>| 1.55<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 141<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 1<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; $11.26 | &nbsp;&nbsp; $11.26 | &nbsp;&nbsp; $10.89 | &nbsp;&nbsp; $12.76 | &nbsp;&nbsp; $12.80 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.31 | 0.29 | 0.25 | 0.18 | 0.16 |
| Net realized and unrealized gain (loss) | 0.80 | 0.46 | 0.86 | &nbsp;&nbsp; (1.68)<br>| 0.18 |
| Total investment operations | 1.11 | 0.75 | 1.11 | &nbsp;&nbsp; (1.50)<br>| 0.34 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.20)<br>|
| Net realized gains | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.38)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $11.91 | &nbsp;&nbsp; $11.26 | &nbsp;&nbsp; $11.26 | &nbsp;&nbsp; $10.89 | &nbsp;&nbsp; $12.76 |
| **Total return**<sup>(B)</sup> <br>| 10.07<br> %<br>| 6.69<br> %<br>| 10.59<br> %<br>| &nbsp;&nbsp; (11.83)%<br>| 2.76<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $385422 | &nbsp;&nbsp; $413194 | &nbsp;&nbsp; $462426 | &nbsp;&nbsp; $489352 | &nbsp;&nbsp; $643486 |
| Expenses to average net assets<sup>(C)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.59 %<sup>(D)</sup><br>| 0.58 %<sup>(D)</sup><br>|
| Net investment income (loss) to average net assets | 2.67<br> %<br>| 2.49<br> %<br>| 2.26<br> %<br>| 1.53<br> %<br>| 1.28<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 141<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 1<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 5**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF 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 Goldman Sachs Managed Risk - Conservative ETF VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The Portfolio, a "fund of funds," seeks to achieve its investment objective by investing its assets primarily in a combination of underlying third-party exchange-traded funds ("ETFs") (hereafter referred to as "Underlying Funds"). The shareholder reports of the Underlying Funds, including the Schedule of Investments, should be read in conjunction with this report. The Underlying Funds' shareholder reports are not covered by this report.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 6**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. ORGANIZATION (continued)**

state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the 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. Interest income, if any, is accrued as earned. Dividend income and capital gain distributions from underlying investments, if any, are recorded on the ex-dividend date. Income or short-term capital gain distributions received from underlying investments, if any, are recorded as Dividend income from investments within the Statement of Operations. Long-term capital gain distributions received from underlying investments, if any, are recorded as Net realized gain (loss) on Capital gain distributions received from investments within the Statement of Operations.

**Multiple class operations, income, and expenses:** Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

**Distributions to shareholders:** Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

**Indemnification:** In the normal course of business, the Portfolio enters into contracts that contain a variety of representations that provide general indemnifications. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio and/or its affiliates that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

**3. INVESTMENT VALUATION**

TAM has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the 1940 Act with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange ("NYSE") each day the NYSE is open for business.

TAM utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 7**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

------

**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:

*Exchange-traded funds ("ETF"):* ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the ETF is principally traded. ETFs are generally categorized in Level 1 of the fair value hierarchy.

*Securities lending collateral:* Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

*Repurchase agreements:* Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

**4. BORROWINGS AND OTHER FINANCING TRANSACTIONS**

The Portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolio invests borrowing proceeds in other securities, the Portfolio will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Portfolio may borrow on a secured or on an unsecured basis. If the Portfolio enters into a secured borrowing arrangement, a portion of the Portfolio's assets will be used as collateral. The 1940 Act requires the Portfolio to maintain asset coverage of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund lending:** The Portfolio, along with other funds and portfolios advised by TAM, may participate in an interfund lending program pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Portfolio to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the exemptive relief which places limits on the amount of lending or borrowing a Portfolio may participate in under the program. Interest earned or paid on an interfund lending transaction will be based on the average of certain current market rates. For the 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.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 8**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

------

**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 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 |  |  |  |  |  |
| Exchange-Traded Funds | $8619639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8619639 |
| **Total Borrowings** | **$8619639** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$8619639** |

---

**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 9**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

------

**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.

**Managed risk strategy risk:** The Portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the Portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the Portfolio's ability to participate in up markets, may cause the Portfolio to underperform its benchmark in up markets, may increase transaction costs and may result in substantial losses if it does not work as intended. For example, if the Portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the Portfolio's equity exposure, causing the Portfolio to forgo gains from the market rebound. Managing the Portfolio pursuant to the strategy may result in the Portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The Portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Model and data risk:** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the Portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the Portfolio.

**Fixed-income securities risk:** Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the Portfolio falls, the value of your investment will go down. The Portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 10**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. RISK FACTORS (continued)**

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Asset allocation risk:** The Portfolio's investment performance is significantly impacted by the Portfolio's asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect.

**Underlying exchange-traded funds risk:** Because the Portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the Portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the Portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the Portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the Portfolio invests more of its assets in one underlying ETF than in another, the Portfolio will have greater exposure to the risks of that underlying ETF. In addition, the Portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Portfolio may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Portfolio. The Portfolio does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

**Investment management fees:** TAM serves as the Portfolio's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and the Portfolio pays a single management fee, which is reflected in Investment management fees within the Statement of Operations.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF 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 $50 million | 0.3400<br> % <br>|
| Over $50 million up to $250 million | 0.3200 |
| Over $250 million up to $5 billion | 0.3000 |
| Over $5 billion up to $7 billion | 0.2900 |
| Over $7 billion up to $9 billion | 0.2875 |
| Over $9 billion | 0.2800 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.37<br> % <br>| May 1, 2026 |
| Service Class | 0.62 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 12**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF 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** | **Sales of Securities** |
| $145548539 | &nbsp;&nbsp; $201246198 |

---

**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. 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>|
| $395405929 | &nbsp;&nbsp; $18409756 | &nbsp;&nbsp; $(19567545)<br>| &nbsp;&nbsp; $(1157789)<br>|

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 13**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF 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 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>|
| $15357403 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $27545870 | &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>|
| $10530956 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16133646 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1157789)<br>|

---

**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 14**

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Goldman Sachs Managed Risk – Conservative ETF VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Goldman Sachs Managed Risk – Conservative ETF 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. ![](g768862img5fbc36613.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 15**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF 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.

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** |
| $1108692 | $94117 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP** 

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**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 18**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF VP** 

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**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 19**

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**Transamerica Goldman Sachs Managed Risk -** 

**Conservative ETF 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 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img5534bef94.gif)

Visit **transamerica.com**

![](g768862imge27c80465.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img60090ba76.gif)

------

![](g768862imgfac886e01.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica Great Lakes Advisors Large Cap Value VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862img2cb6c8a22.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_3afac013-ac67-499d-a017-59e1dee94926_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_3afac013-ac67-499d-a017-59e1dee94926_SOI-RunningFooter-198_1) | 2 |
| [Statement of Assets and Liabilities](#xx_3afac013-ac67-499d-a017-59e1dee94926_FS-RunningFooter-198_1) | 4 |
| [Statement of Operations](#xx_3afac013-ac67-499d-a017-59e1dee94926_FS-RunningFooter-198_1) | 4 |
| [Statement of Changes in Net Assets](#xx_3afac013-ac67-499d-a017-59e1dee94926_FS-RunningFooter-198_2) | 5 |
| [Financial Highlights](#xx_3afac013-ac67-499d-a017-59e1dee94926_SCF-RunningFooter-198_1) | 6 |
| [Notes to Financial Statements](#xx_3afac013-ac67-499d-a017-59e1dee94926_NTF-RunningFooter-198_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_3afac013-ac67-499d-a017-59e1dee94926_AUD-RunningFooter-198_1)** | 15 |
| **[Supplemental Information](#xx_3afac013-ac67-499d-a017-59e1dee94926_STI-RunningFooter-198_1)** | 16 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_3afac013-ac67-499d-a017-59e1dee94926_DWA-RunningFooter-198_1)**<br> **[Companies](#xx_3afac013-ac67-499d-a017-59e1dee94926_DWA-RunningFooter-198_1)**<br>| 17 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_3afac013-ac67-499d-a017-59e1dee94926_PD-RunningFooter-198_1)** | 18 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_3afac013-ac67-499d-a017-59e1dee94926_DTO-RunningFooter-198_1)**<br> **[Companies](#xx_3afac013-ac67-499d-a017-59e1dee94926_DTO-RunningFooter-198_1)**<br>| 19 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_3afac013-ac67-499d-a017-59e1dee94926_Mgmtagmt-RunningFooter-198_1)** | 20 |

---

***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Portfolio's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.***

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

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**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.1%**  | **COMMON STOCKS - 98.1%**  | **COMMON STOCKS - 98.1%**  |
| **Aerospace & Defense - 5.9%**  | **Aerospace & Defense - 5.9%**  | **Aerospace & Defense - 5.9%**  |
| Boeing Co. <sup>(A)</sup> <br>| 7077 | $1536558 |
| RTX Corp. | 13272 | 2434085 |
| Textron, Inc. | 10850 | 945794 |
|  |  | 4916437 |
| **Automobiles - 2.3%**  | **Automobiles - 2.3%**  | **Automobiles - 2.3%**  |
| General Motors Co. | 23753 | 1931594 |
| **Banks - 10.1%**  | **Banks - 10.1%**  | **Banks - 10.1%**  |
| Bank of America Corp. | 34998 | 1924890 |
| JPMorgan Chase & Co. | 10337 | 3330788 |
| Wells Fargo & Co. | 33680 | 3138976 |
|  |  | 8394654 |
| **Beverages - 2.2%**  | **Beverages - 2.2%**  | **Beverages - 2.2%**  |
| PepsiCo, Inc. | 12578 | 1805194 |
| **Biotechnology - 3.6%**  | **Biotechnology - 3.6%**  | **Biotechnology - 3.6%**  |
| AbbVie, Inc. | 5939 | 1357002 |
| Gilead Sciences, Inc. | 13101 | 1608017 |
|  |  | 2965019 |
| **Broadline Retail - 3.1%**  | **Broadline Retail - 3.1%**  | **Broadline Retail - 3.1%**  |
| Amazon.com, Inc. <sup>(A)</sup> <br>| 11180 | 2580568 |
| **Capital Markets - 7.6%**  | **Capital Markets - 7.6%**  | **Capital Markets - 7.6%**  |
| Blackrock, Inc. | 2216 | 2371874 |
| Goldman Sachs Group, Inc. | 2249 | 1976871 |
| Intercontinental Exchange, Inc. | 11844 | 1918254 |
|  |  | 6266999 |
| **Chemicals - 2.4%**  | **Chemicals - 2.4%**  | **Chemicals - 2.4%**  |
| Linde PLC | 4581 | 1953293 |
| **Communications Equipment - 1.4%**  | **Communications Equipment - 1.4%**  | **Communications Equipment - 1.4%**  |
| Motorola Solutions, Inc. | 2942 | 1127727 |
| **Construction & Engineering - 1.9%**  | **Construction & Engineering - 1.9%**  | **Construction & Engineering - 1.9%**  |
| Quanta Services, Inc. | 3746 | 1581037 |
| **Construction Materials - 2.0%**  | **Construction Materials - 2.0%**  | **Construction Materials - 2.0%**  |
| Martin Marietta Materials, Inc. | 2718 | 1692390 |
| **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  | **Electric Utilities - 1.7%**  |
| Duke Energy Corp. | 11927 | 1397964 |
| **Electrical Equipment - 3.3%**  | **Electrical Equipment - 3.3%**  | **Electrical Equipment - 3.3%**  |
| GE Vernova, Inc. | 1947 | 1272501 |
| Rockwell Automation, Inc. | 3848 | 1497141 |
|  |  | 2769642 |
| **Entertainment - 2.4%**  | **Entertainment - 2.4%**  | **Entertainment - 2.4%**  |
| Walt Disney Co. | 17721 | 2016118 |
| **Food Products - 1.1%**  | **Food Products - 1.1%**  | **Food Products - 1.1%**  |
| Mondelez International, Inc., Class A | 17433 | 938418 |
| **Ground Transportation - 2.0%**  | **Ground Transportation - 2.0%**  | **Ground Transportation - 2.0%**  |
| CSX Corp. | 46460 | 1684175 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Health Care Equipment & Supplies - 4.5%**  | **Health Care Equipment & Supplies - 4.5%**  | **Health Care Equipment & Supplies - 4.5%**  |
| Abbott Laboratories | 17775 | $2227030 |
| Boston Scientific Corp. <sup>(A)</sup> <br>| 15924 | 1518353 |
|  |  | 3745383 |
| **Health Care Providers & Services - 2.0%**  | **Health Care Providers & Services - 2.0%**  | **Health Care Providers & Services - 2.0%**  |
| Cencora, Inc. | 4822 | 1628630 |
| **Industrial REITs - 1.5%**  | **Industrial REITs - 1.5%**  | **Industrial REITs - 1.5%**  |
| Prologis, Inc. | 9600 | 1225536 |
| **Insurance - 2.5%**  | **Insurance - 2.5%**  | **Insurance - 2.5%**  |
| Hartford Insurance Group, Inc. | 15273 | 2104619 |
| **Interactive Media & Services - 5.7%**  | **Interactive Media & Services - 5.7%**  | **Interactive Media & Services - 5.7%**  |
| Alphabet, Inc., Class A | 10513 | 3290569 |
| Meta Platforms, Inc., Class A | 2220 | 1465400 |
|  |  | 4755969 |
| **Life Sciences Tools & Services - 1.9%**  | **Life Sciences Tools & Services - 1.9%**  | **Life Sciences Tools & Services - 1.9%**  |
| Thermo Fisher Scientific, Inc. | 2777 | 1609133 |
| **Machinery - 2.6%**  | **Machinery - 2.6%**  | **Machinery - 2.6%**  |
| Parker-Hannifin Corp. | 2410 | 2118294 |
| **Media - 2.5%**  | **Media - 2.5%**  | **Media - 2.5%**  |
| Fox Corp., Class A | 28102 | 2053413 |
| **Metals & Mining - 1.3%**  | **Metals & Mining - 1.3%**  | **Metals & Mining - 1.3%**  |
| Freeport-McMoRan, Inc. | 20667 | 1049677 |
| **Oil, Gas & Consumable Fuels - 4.8%**  | **Oil, Gas & Consumable Fuels - 4.8%**  | **Oil, Gas & Consumable Fuels - 4.8%**  |
| ConocoPhillips | 14348 | 1343116 |
| Exxon Mobil Corp. | 21793 | 2622570 |
|  |  | 3965686 |
| **Passenger Airlines - 2.0%**  | **Passenger Airlines - 2.0%**  | **Passenger Airlines - 2.0%**  |
| Delta Air Lines, Inc. | 23604 | 1638118 |
| **Pharmaceuticals - 2.3%**  | **Pharmaceuticals - 2.3%**  | **Pharmaceuticals - 2.3%**  |
| Merck & Co., Inc. | 17716 | 1864786 |
| **Semiconductors & Semiconductor Equipment - 4.2%**  | **Semiconductors & Semiconductor Equipment - 4.2%**  | **Semiconductors & Semiconductor Equipment - 4.2%**  |
| Broadcom, Inc. | 2883 | 997806 |
| Micron Technology, Inc. | 8540 | 2437402 |
|  |  | 3435208 |
| **Software - 1.6%**  | **Software - 1.6%**  | **Software - 1.6%**  |
| Microsoft Corp. | 2740 | 1325119 |
| **Specialized REITs - 1.4%**  | **Specialized REITs - 1.4%**  | **Specialized REITs - 1.4%**  |
| American Tower Corp. | 6386 | 1121190 |
| **Specialty Retail - 4.3%**  | **Specialty Retail - 4.3%**  | **Specialty Retail - 4.3%**  |
| Lowe's Cos., Inc. | 6150 | 1483134 |
| TJX Cos., Inc. | 13407 | 2059449 |
|  |  | 3542583 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $57,035,211)**<br>|  | 81204573 |

---

***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 Great Lakes Advisors Large Cap Value VP**

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**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 2.0%**  | **REPURCHASE AGREEMENT - 2.0%**  | **REPURCHASE AGREEMENT - 2.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(B)</sup>, dated 12/31/2025, to be <br> repurchased at $1,662,844 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 $1,696,000.<br>| $1662720 | $1662720 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,662,720)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $1,662,720)** | 1662720 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $58,697,931)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $58,697,931)** | 82867293 |
| **Net Other Assets (Liabilities) - (0.1)%** | **Net Other Assets (Liabilities) - (0.1)%** | (91539) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$82775754** |

---

**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 | $81204573 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $81204573 |
| Repurchase Agreement |  | &nbsp;&nbsp; 1662720 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1662720 |
| **Total Investments** | **$81204573** | &nbsp;&nbsp; **$1662720** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$82867293** |

---

**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.* 

**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 Great Lakes Advisors Large Cap Value VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $57,035,211) | &nbsp;&nbsp; $81204573 |
| Repurchase agreement, at value (cost $1,662,720) | &nbsp;&nbsp; 1662720 |
| Receivables and other assets: |  |
| Dividends  | &nbsp;&nbsp; 81500 |
| Interest | &nbsp;&nbsp; 62 |
| Total assets | &nbsp;&nbsp; 82948855 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 78612 |
| Investment management fees | &nbsp;&nbsp; 44269 |
| Distribution and service fees | &nbsp;&nbsp; 18632 |
| Transfer agent costs | &nbsp;&nbsp; 79 |
| Trustee and CCO fees | &nbsp;&nbsp; 26 |
| Audit and tax fees  | &nbsp;&nbsp; 21029 |
| Custody fees | &nbsp;&nbsp; 1509 |
| Legal fees | &nbsp;&nbsp; 521 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 2487 |
| Other accrued expenses | &nbsp;&nbsp; 5937 |
| Total liabilities | &nbsp;&nbsp; 173101 |
| **Net assets**  | &nbsp;&nbsp; $82775754 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $51203 |
| Additional paid-in capital | &nbsp;&nbsp; 54616215 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 28108336 |
| **Net assets** | &nbsp;&nbsp; $82775754 |
| **Shares outstanding** | &nbsp;&nbsp; 5120268 |
| **Net asset value and offering price per share** | &nbsp;&nbsp; $16.17 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $1229280 |
| Interest income | &nbsp;&nbsp; 23789 |
| Total investment income  | &nbsp;&nbsp; 1253069 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 437801 |
| Distribution and service fees | &nbsp;&nbsp; 184260 |
| Transfer agent costs | &nbsp;&nbsp; 822 |
| Trustee and CCO fees | &nbsp;&nbsp; 3856 |
| Audit and tax fees | &nbsp;&nbsp; 22913 |
| Custody fees | &nbsp;&nbsp; 5797 |
| Legal fees | &nbsp;&nbsp; 6799 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 9674 |
| Other | &nbsp;&nbsp; 17546 |
| Total expenses | &nbsp;&nbsp; 689468 |
| **Net investment income (loss)** | &nbsp;&nbsp; 563601 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 3646602 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 11586393 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 15232995 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $15796596 |

---

***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 Great Lakes Advisors Large 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; $563601 | &nbsp;&nbsp; $604223 |
| Net realized gain (loss) | &nbsp;&nbsp; 3646602 | &nbsp;&nbsp; 1626394 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 11586393 | &nbsp;&nbsp; 7716950 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 15796596 | &nbsp;&nbsp; 9947567 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Dividends and/or distributions to shareholders | &nbsp;&nbsp; (2221201)<br>| &nbsp;&nbsp; (3544922)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (2221201)<br>| &nbsp;&nbsp; (3544922)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 9929084 | &nbsp;&nbsp; 10569883 |
| Dividends and/or distributions reinvested | &nbsp;&nbsp; 2221201 | &nbsp;&nbsp; 3544922 |
| Cost of shares redeemed | &nbsp;&nbsp; (12078580)<br>| &nbsp;&nbsp; (9797016)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; 71705 | &nbsp;&nbsp; 4317789 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 13647100 | &nbsp;&nbsp; 10720434 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 69128654 | &nbsp;&nbsp; 58408220 |
| End of year | &nbsp;&nbsp; $82775754 | &nbsp;&nbsp; $69128654 |
| **Capital share transactions - shares:** |  |  |
| Shares issued | &nbsp;&nbsp; 679628 | &nbsp;&nbsp; 788070 |
| Shares reinvested | &nbsp;&nbsp; 148874 | &nbsp;&nbsp; 264152 |
| Shares redeemed | &nbsp;&nbsp; (838467)<br>| &nbsp;&nbsp; (730870)<br>|
| Net increase (decrease) in shares outstanding | &nbsp;&nbsp; (9965)<br>| &nbsp;&nbsp; 321352 |

---

***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 Great Lakes Advisors Large Cap Value VP**

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**FINANCIAL HIGHLIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the 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; $13.47 | &nbsp;&nbsp; $12.15 | &nbsp;&nbsp; $11.41 | &nbsp;&nbsp; $12.80 | &nbsp;&nbsp; $10.14 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.11 | 0.12 | 0.12 | 0.11 | 0.04 |
| Net realized and unrealized gain (loss) | 3.04 | 1.92 | 1.30 | &nbsp;&nbsp; (1.06)<br>| 3.04 |
| Total investment operations | 3.15 | 2.04 | 1.42 | &nbsp;&nbsp; (0.95)<br>| 3.08 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized gains | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.42)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $16.17 | &nbsp;&nbsp; $13.47 | &nbsp;&nbsp; $12.15 | &nbsp;&nbsp; $11.41 | &nbsp;&nbsp; $12.80 |
| **Total return**<sup>(B)</sup> <br>| 23.65<br> %<br>| 16.82<br> %<br>| 12.78<br> %<br>| &nbsp;&nbsp; (7.38)%<br>| 30.56<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $82776 | &nbsp;&nbsp; $69129 | &nbsp;&nbsp; $58408 | &nbsp;&nbsp; $54982 | &nbsp;&nbsp; $46827 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.94<br> %<br>| 0.94<br> %<br>| 0.97<br> %<br>| 0.94<br> %<br>| 0.99<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.94<br> %<br>| 0.94<br> %<br>| 0.97<br> %<br>| 0.94<br> %<br>| 1.17<br> %<br>|
| Net investment income (loss) to average net assets | 0.76<br> %<br>| 0.91<br> %<br>| 1.06<br> %<br>| 0.93<br> %<br>| 0.38<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 30<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

***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 Great Lakes Advisors Large 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 Great Lakes Advisors Large Cap Value VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers one class of shares, Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio 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.

**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 $463.

**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**

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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:

*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 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.

**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)**

**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.

**6. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Transamerica Series Trust**

**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;

**6. RISK FACTORS (continued)**

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Large capitalization companies risk:** The Portfolio's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Value investing risk:** The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "growth" stocks.

**Focused investing risk:** To the extent the Portfolio invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Real estate investment trusts ("REITs") risk:** Investing in real estate investment trusts ("REITs") involves unique risks. When the Portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the Portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the Portfolio.

**7. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

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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;

**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:

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| | |
|:---|:---|
| **Breakpoints** | **Rate** |
| First $1 billion | 0.594<br> % <br>|
| Over $1 billion up to $2 billion | 0.580 |
| Over $2 billion up to $3 billion | 0.560 |
| Over $3 billion | 0.540 |

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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 | 1.01<br> % <br>| May 1, 2026 |

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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.

**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)**

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:

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| | | | |
|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Sales/Maturities of Securities** | **Sales/Maturities of Securities** |
| **Long-Term** | **U.S. Government** | **Long-Term** | **U.S. Government** |
| $15253825 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17199663 | &nbsp;&nbsp; $— |

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**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:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $58891733 | &nbsp;&nbsp; $24882006 | &nbsp;&nbsp; $(906446)<br>| &nbsp;&nbsp; $23975560 |

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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 13**

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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:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>|
| $932191 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1289010 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $898401 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2646521 | &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>|
| $974289 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3158487 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23975560 |

---

**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 14**

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Transamerica Great Lakes Advisors Large Cap Value VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica Great Lakes Advisors Large 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. ![](g768862img9d1393043.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 15**

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**Transamerica Great Lakes Advisors Large Cap Value VP**

------

**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $1,289,010 for the year ended December 31, 2025.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 16**

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**Transamerica Great Lakes Advisors Large Cap Value VP** 

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

------

**Transamerica Great Lakes Advisors Large Cap Value 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 18**

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**Transamerica Great Lakes Advisors Large Cap Value 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 19**

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**Transamerica Great Lakes Advisors Large Cap Value VP** 

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**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

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 20**

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**Transamerica Capital, LLC**

1801 California St., Suite 5200

Denver, CO 80202

![](g768862img4f4260834.gif)

Visit **transamerica.com**

![](g768862imgd0433de95.gif)

Call **800-851-9777**

5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

![](g768862img8c6233a06.gif)

------

![](g768862img4de07fb51.gif)

Transamerica Series Trust Annual Financial Statements

*(Includes N-CSR Items 7-11)*

Transamerica International Focus VP

December 31, 2025

**Transamerica Capital, LLC**

Customer Service: **800-851-9777**

1801 California St., Suite 5200

Denver, CO 80202 ![](g768862imgf586511e2.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_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_FSFH-RunningFooter_1)** | 1 |
| [Schedule of Investments](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_SOI-RunningFooter-225_1) | 2 |
| [Statement of Assets and Liabilities](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_FS-RunningFooter-225_1) | 4 |
| [Statement of Operations](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_FS-RunningFooter-225_1) | 4 |
| [Statement of Changes in Net Assets](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_FS-RunningFooter-225_2) | 5 |
| [Financial Highlights](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_FS-RunningFooter-225_3) | 6 |
| [Notes to Financial Statements](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_NTF-RunningFooter-225_1) | 7 |
| **[Report of Independent Registered Public Accounting Firm](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_AUD-RunningFooter-225_1)** | 16 |
| **[Supplemental Information](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_STI-RunningFooter-225_1)** | 17 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_DWA-RunningFooter-225_1)**<br> **[Companies](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_DWA-RunningFooter-225_1)**<br>| 18 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_PD-RunningFooter-225_1)** | 19 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management Investment](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_DTO-RunningFooter-225_1)**<br> **[Companies](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_DTO-RunningFooter-225_1)**<br>| 20 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_3899f6e4-7d8a-4265-b5f8-99cd5dd6a515_Mgmtagmt-RunningFooter-225_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 International Focus VP**

------

**SCHEDULE OF INVESTMENTS**

**At December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 92.6%**  | **COMMON STOCKS - 92.6%**  | **COMMON STOCKS - 92.6%**  |
| **Canada - 10.2%**  | **Canada - 10.2%**  | **Canada - 10.2%**  |
| Alimentation Couche-Tard, Inc. | 163256 | $8916010 |
| Dollarama, Inc. | 33118 | 4949785 |
| Shopify, Inc., Class A <sup>(A)</sup> <br>| 44259 | 7124371 |
| Waste Connections, Inc. | 57581 | 10097404 |
|  |  | 31087570 |
| **France - 7.1%**  | **France - 7.1%**  | **France - 7.1%**  |
| Hermes International SCA | 2678 | 6649070 |
| Safran SA | 43393 | 15114513 |
|  |  | 21763583 |
| **Germany - 5.5%**  | **Germany - 5.5%**  | **Germany - 5.5%**  |
| CTS Eventim AG & Co. KGaA | 79565 | 7283563 |
| SAP SE | 38686 | 9399480 |
|  |  | 16683043 |
| **Hong Kong - 3.8%**  | **Hong Kong - 3.8%**  | **Hong Kong - 3.8%**  |
| AIA Group Ltd. | 1126500 | 11595170 |
| **India - 3.3%**  | **India - 3.3%**  | **India - 3.3%**  |
| HDFC Bank Ltd., ADR | 273387 | 9989561 |
| **Italy - 3.2%**  | **Italy - 3.2%**  | **Italy - 3.2%**  |
| Ferrari NV | 26669 | 9855795 |
| **Japan - 21.0%**  | **Japan - 21.0%**  | **Japan - 21.0%**  |
| Ajinomoto Co., Inc. | 468600 | 9906198 |
| Hoya Corp. | 75700 | 11481387 |
| ITOCHU Corp. | 1206000 | 15239993 |
| Japan Elevator Service Holdings Co. Ltd. | 717500 | 7951657 |
| Keyence Corp. | 23900 | 8645221 |
| Pan Pacific International Holdings Corp. | 1808200 | 10771266 |
|  |  | 63995722 |
| **Netherlands - 6.7%**  | **Netherlands - 6.7%**  | **Netherlands - 6.7%**  |
| Adyen NV <sup>(A)(B)</sup> <br>| 4859 | 7835499 |
| ASM International NV | 10914 | 6607279 |
| Wolters Kluwer NV | 58049 | 6012507 |
|  |  | 20455285 |
| **Norway - 4.1%**  | **Norway - 4.1%**  | **Norway - 4.1%**  |
| Salmar ASA | 206248 | 12605487 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Sweden - 1.9%**  | **Sweden - 1.9%**  | **Sweden - 1.9%**  |
| Lagercrantz Group AB, B Shares <sup>(C)</sup> <br>| 257576 | $5908266 |
| **Switzerland - 3.0%**  | **Switzerland - 3.0%**  | **Switzerland - 3.0%**  |
| Belimo Holding AG | 9443 | 9226410 |
| **Taiwan - 5.7%**  | **Taiwan - 5.7%**  | **Taiwan - 5.7%**  |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR<br>| 57202 | 17383116 |
| **United Kingdom - 6.9%**  | **United Kingdom - 6.9%**  | **United Kingdom - 6.9%**  |
| 3i Group PLC | 233053 | 10219098 |
| Compass Group PLC | 346527 | 10979730 |
|  |  | 21198828 |
| **United States - 8.0%**  | **United States - 8.0%**  | **United States - 8.0%**  |
| Coupang, Inc. <sup>(A)</sup> <br>| 237911 | 5612320 |
| &nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C <sup>(A)</sup> <br>| 89105 | 8777734 |
| Linde PLC | 23446 | 9997140 |
|  |  | 24387194 |
| **Uruguay - 2.2%**  | **Uruguay - 2.2%**  | **Uruguay - 2.2%**  |
| MercadoLibre, Inc. <sup>(A)</sup> <br>| 3307 | 6661158 |
| &nbsp;&nbsp; **Total Common Stocks** <br>**(Cost $261,310,218)**<br>|  | 282796188 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **REPURCHASE AGREEMENT - 5.0%**  | **REPURCHASE AGREEMENT - 5.0%**  | **REPURCHASE AGREEMENT - 5.0%**  |
| &nbsp;&nbsp; Fixed Income Clearing Corp., <br>1.35% <sup>(D)</sup>, dated 12/31/2025, to be <br> repurchased at $15,145,550 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 $15,447,411.<br>| $15144415 | 15144415 |
| &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $15,144,415)** | &nbsp;&nbsp; **Total Repurchase Agreement** <br>**(Cost $15,144,415)** | 15144415 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $276,454,633)** | &nbsp;&nbsp; **Total Investments** <br>**(Cost $276,454,633)** | 297940603 |
| **Net Other Assets (Liabilities) - 2.4%** | **Net Other Assets (Liabilities) - 2.4%** | 7371828 |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$305312431** |

---

**INVESTMENTS BY INDUSTRY:**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of** <br>**Total Investments**<br>| **Value** |
| Broadline Retail | 9.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27994529 |
| Semiconductors & Semiconductor Equipment | 8.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23990395 |
| Food Products | 7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22511685 |
| Commercial Services & Supplies | 6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18049061 |
| Entertainment | 5.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16061297 |
| Trading Companies & Distributors | 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15239993 |
| Aerospace & Defense | 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15114513 |
| Electronic Equipment, Instruments & Components | 4.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14553487 |
| Insurance | 3.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11595170 |
| Health Care Equipment & Supplies | 3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11481387 |
| Hotels, Restaurants & Leisure | 3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10979730 |
| Capital Markets | 3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10219098 |

---

***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 International Focus VP**

------

**SCHEDULE OF INVESTMENTS (continued)**

**At December 31, 2025**

**INVESTMENTS BY INDUSTRY (continued):**

------

---

| | | |
|:---|:---|:---|
| **Industry** | **Percentage of**<br> **Total Investments**<br>| **Value** |
| Chemicals | 3.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9997140 |
| Banks | 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9989561 |
| Automobiles | 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9855795 |
| Software | 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9399480 |
| Building Products | 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9226410 |
| Consumer Staples Distribution & Retail | 3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8916010 |
| Financial Services | 2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7835499 |
| IT Services | 2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7124371 |
| Textiles, Apparel & Luxury Goods | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6649070 |
| Professional Services | 2.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6012507 |
| **Investments** | **94.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **282796188** |
| Short-Term Investments | 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15144415 |
| **Total Investments** | **100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$297940603** |

---

**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 | $99364394 | &nbsp;&nbsp; $183431794 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $282796188 |
| Repurchase Agreement |  | &nbsp;&nbsp; 15144415 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15144415 |
| **Total Investments** | **$99364394** | &nbsp;&nbsp; **$198576209** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$297940603** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

<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 $7,835,499, representing 2.6% 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 $291,517, collateralized by non-cash collateral, such as U.S.* *government securities of $306,229. 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.* 

**PORTFOLIO ABBREVIATION(S):** 

*ADR* *American Depositary Receipt*

***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 International Focus VP**

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**STATEMENT OF ASSETS AND LIABILITIES**

**At December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (cost $261,310,218) (including <br> securities loaned of $291,517)<br>| &nbsp;&nbsp; $282796188 |
| Repurchase agreement, at value (cost $15,144,415) | &nbsp;&nbsp; 15144415 |
| Foreign currency, at value (cost $311) | &nbsp;&nbsp; 313 |
| Receivables and other assets: |  |
| Net income from securities lending | &nbsp;&nbsp; 1386 |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 6436710 |
| Dividends  | &nbsp;&nbsp; 182642 |
| Interest | &nbsp;&nbsp; 568 |
| Tax reclaims | &nbsp;&nbsp; 1095300 |
| Total assets | &nbsp;&nbsp; 305657522 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 55726 |
| Investment management fees | &nbsp;&nbsp; 200803 |
| Distribution and service fees | &nbsp;&nbsp; 19245 |
| Transfer agent costs | &nbsp;&nbsp; 309 |
| Trustee and CCO fees | &nbsp;&nbsp; 101 |
| Audit and tax fees  | &nbsp;&nbsp; 24219 |
| Custody fees | &nbsp;&nbsp; 12853 |
| Legal fees | &nbsp;&nbsp; 2542 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 21731 |
| Other accrued expenses | &nbsp;&nbsp; 7562 |
| Total liabilities | &nbsp;&nbsp; 345091 |
| **Net assets**  | &nbsp;&nbsp; $305312431 |
| **Net assets consist of:** |  |
| Capital stock ($0.01 par value) | &nbsp;&nbsp; $402960 |
| Additional paid-in capital | &nbsp;&nbsp; 283494504 |
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 21414967 |
| **Net assets** | &nbsp;&nbsp; $305312431 |
| **Net assets by class:** |  |
| Initial Class | &nbsp;&nbsp; $219776058 |
| Service Class | &nbsp;&nbsp; 85536373 |
| **Shares outstanding:** |  |
| Initial Class | &nbsp;&nbsp; 28767515 |
| Service Class | &nbsp;&nbsp; 11528458 |
| **Net asset value and offering price per share:** |  |
| Initial Class | &nbsp;&nbsp; $7.64 |
| Service Class | 7.42 |

---

**STATEMENT OF OPERATIONS**

**For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividend income | &nbsp;&nbsp; $3820027 |
| Interest income | &nbsp;&nbsp; 265795 |
| Net income from securities lending | &nbsp;&nbsp; 12263 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (546729)<br>|
| Total investment income  | &nbsp;&nbsp; 3551356 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 2394318 |
| Distribution and service fees: |  |
| Service Class | &nbsp;&nbsp; 226709 |
| Transfer agent costs | &nbsp;&nbsp; 3535 |
| Trustee and CCO fees | &nbsp;&nbsp; 16518 |
| Audit and tax fees | &nbsp;&nbsp; 28147 |
| Custody fees | &nbsp;&nbsp; 50063 |
| Legal fees | &nbsp;&nbsp; 50230 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 82835 |
| Insurance fees | &nbsp;&nbsp; 4343 |
| Other | &nbsp;&nbsp; 25672 |
| Total expenses | &nbsp;&nbsp; 2882370 |
| **Net investment income (loss)** | &nbsp;&nbsp; 668986 |
| **Net realized gain (loss) on:** |  |
| Investments | &nbsp;&nbsp; 428965 |
| Foreign currency transactions | &nbsp;&nbsp; (38083)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 390882 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | &nbsp;&nbsp; 19810250 |
| Translation of assets and liabilities denominated in foreign <br> currencies<br>| &nbsp;&nbsp; 108813 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 19919063 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 20309945 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $20978931 |

---

***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 International Focus 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; $668986 | &nbsp;&nbsp; $5526794 |
| Net realized gain (loss) | &nbsp;&nbsp; 390882 | &nbsp;&nbsp; 33704398 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 19919063 | &nbsp;&nbsp; (40226777)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 20978931 | &nbsp;&nbsp; (995585)<br>|
| **Dividends and/or distributions to shareholders:** |  |  |
| Initial Class | &nbsp;&nbsp; (26350487)<br>| &nbsp;&nbsp; (14308910)<br>|
| Service Class | &nbsp;&nbsp; (10652049)<br>| &nbsp;&nbsp; (5228629)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (37002536)<br>| &nbsp;&nbsp; (19537539)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Initial Class | &nbsp;&nbsp; 32920272 | &nbsp;&nbsp; 35261333 |
| Service Class | &nbsp;&nbsp; 3853335 | &nbsp;&nbsp; 4841759 |
|  | &nbsp;&nbsp; 36773607 | &nbsp;&nbsp; 40103092 |
| Dividends and/or distributions reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 26350487 | &nbsp;&nbsp; 14308910 |
| Service Class | &nbsp;&nbsp; 10652049 | &nbsp;&nbsp; 5228629 |
|  | &nbsp;&nbsp; 37002536 | &nbsp;&nbsp; 19537539 |
| Cost of shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (66244050)<br>| &nbsp;&nbsp; (62424803)<br>|
| Service Class | &nbsp;&nbsp; (14168428)<br>| &nbsp;&nbsp; (11373952)<br>|
|  | &nbsp;&nbsp; (80412478)<br>| &nbsp;&nbsp; (73798755)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (6636335)<br>| &nbsp;&nbsp; (14158124)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (22659940)<br>| &nbsp;&nbsp; (34691248)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 327972371 | &nbsp;&nbsp; 362663619 |
| End of year | &nbsp;&nbsp; $305312431 | &nbsp;&nbsp; $327972371 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Initial Class | &nbsp;&nbsp; 3888711 | &nbsp;&nbsp; 4039182 |
| Service Class | &nbsp;&nbsp; 481511 | &nbsp;&nbsp; 566126 |
|  | &nbsp;&nbsp; 4370222 | &nbsp;&nbsp; 4605308 |
| Shares reinvested: |  |  |
| Initial Class | &nbsp;&nbsp; 3293811 | &nbsp;&nbsp; 1611364 |
| Service Class | &nbsp;&nbsp; 1370920 | &nbsp;&nbsp; 603768 |
|  | &nbsp;&nbsp; 4664731 | &nbsp;&nbsp; 2215132 |
| Shares redeemed: |  |  |
| Initial Class | &nbsp;&nbsp; (7699153)<br>| &nbsp;&nbsp; (6946833)<br>|
| Service Class | &nbsp;&nbsp; (1724424)<br>| &nbsp;&nbsp; (1309031)<br>|
|  | &nbsp;&nbsp; (9423577)<br>| &nbsp;&nbsp; (8255864)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Initial Class | &nbsp;&nbsp; (516631)<br>| &nbsp;&nbsp; (1296287)<br>|
| Service Class | &nbsp;&nbsp; 128007 | &nbsp;&nbsp; (139137)<br>|
|  | &nbsp;&nbsp; (388624)<br>| &nbsp;&nbsp; (1435424)<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 International Focus 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; $8.12 | &nbsp;&nbsp; $8.67 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $9.84 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.02 | 0.14 | 0.19 | 0.19 | 0.18 |
| Net realized and unrealized gain (loss) | 0.55 | &nbsp;&nbsp; (0.19)<br>| 0.79 | &nbsp;&nbsp; (2.36)<br>| 0.88 |
| Total investment operations | 0.57 | &nbsp;&nbsp; (0.05)<br>| 0.98 | &nbsp;&nbsp; (2.17)<br>| 1.06 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $7.64 | &nbsp;&nbsp; $8.12 | &nbsp;&nbsp; $8.67 | &nbsp;&nbsp; $7.86 | &nbsp;&nbsp; $10.77 |
| **Total return**<sup>(B)</sup> <br>| 6.47<br> %<br>| &nbsp;&nbsp; (1.05)%<br>| 12.53<br> %<br>| &nbsp;&nbsp; (20.04)%<br>| 10.82<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $219776 | &nbsp;&nbsp; $237774 | &nbsp;&nbsp; $265064 | &nbsp;&nbsp; $262221 | &nbsp;&nbsp; $357374 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.83<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.83<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>|
| Net investment income (loss) to average net assets | 0.28<br> %<br>| 1.60<br> %<br>| 2.28<br> %<br>| 2.23<br> %<br>| 1.71<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *Total return includes adjustments in accordance with generally accepted accounting principles. Total return does not include fees, charges, or* *expenses imposed by the variable annuity and life insurance contracts for which the Transamerica Series Trust Portfolio serves as an underlying* *investment vehicle.* 

&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; $7.91 | &nbsp;&nbsp; $8.46 | &nbsp;&nbsp; $7.67 | &nbsp;&nbsp; $10.53 | &nbsp;&nbsp; $9.62 |
| **Investment operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(A)</sup> <br>| 0.00 <br><sup>(B)</sup><br>| 0.11 | 0.17 | 0.17 | 0.15 |
| Net realized and unrealized gain (loss) | 0.54 | &nbsp;&nbsp; (0.18)<br>| 0.77 | &nbsp;&nbsp; (2.32)<br>| 0.87 |
| Total investment operations | 0.54 | &nbsp;&nbsp; (0.07)<br>| 0.94 | &nbsp;&nbsp; (2.15)<br>| 1.02 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net realized gains | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — |
| Total dividends and/or distributions to shareholders | &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $7.42 | &nbsp;&nbsp; $7.91 | &nbsp;&nbsp; $8.46 | &nbsp;&nbsp; $7.67 | &nbsp;&nbsp; $10.53 |
| **Total return**<sup>(C)</sup> <br>| 6.24<br> %<br>| &nbsp;&nbsp; (1.33)%<br>| 12.27<br> %<br>| &nbsp;&nbsp; (20.29)%<br>| 10.63<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | &nbsp;&nbsp; $85536 | &nbsp;&nbsp; $90198 | &nbsp;&nbsp; $97600 | &nbsp;&nbsp; $98643 | &nbsp;&nbsp; $137574 |
| Expenses to average net assets |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 1.08<br> %<br>| 1.11<br> %<br>| 1.10<br> %<br>| 1.07<br> %<br>| 1.08<br> %<br>|
| Including waiver and/or reimbursement and recapture | 1.08<br> %<br>| 1.11 %<sup>(D)</sup><br>| 1.10<br> %<br>| 1.07<br> %<br>| 1.08<br> %<br>|
| Net investment income (loss) to average net assets | 0.04<br> %<br>| 1.31<br> %<br>| 2.08<br> %<br>| 1.98<br> %<br>| 1.45<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *Calculated based on average number of shares outstanding.*

<sup>(B)</sup> *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> *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 6**

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**Transamerica International Focus 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 International Focus VP (the "Portfolio") is a series of TST and is classified as diversified under the 1940 Act. The Portfolio currently offers two classes of shares, Initial Class and Service Class.

The only shareholders of the Portfolio are affiliated insurance company separate accounts and/or affiliated asset allocation portfolios. Contract holders of the variable life and annuity contracts are not shareholders of the Portfolio. For ease of reference, shareholders and contract holders are collectively referred to in this report as "shareholders."

This report must be accompanied or preceded by the Portfolio's current prospectus, which contains additional information about the Portfolio, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Portfolio pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Portfolio. TAM supervises the Portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Portfolio.

TAM currently acts as a "manager of managers" and has hired sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of the Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolio and its investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Portfolio's investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the Portfolio; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for the Portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Portfolio's Board of Trustees (the "Board"), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; oversight of other service providers to the Portfolio, such as the custodian, the transfer agent, the Portfolio's independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolio; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Portfolio, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM's expense.

TAM's investment management services also include the provision of supervisory and administrative services to the Portfolio. These services include performing certain administrative services for the Portfolio and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Portfolio by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Portfolio from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; assisting with Portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio's custodian and dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; acting as liaison with the Portfolio's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Portfolio. The Portfolio pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the 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 International Focus 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 8**

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**Transamerica International Focus 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 International Focus 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.

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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**Transamerica International Focus 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)**

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.

**5. RISK FACTORS**

Investing in the Portfolio involves risks, including certain key risks summarized below. Please reference the Portfolio's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Portfolio.

**Market risk:** The market prices of the Portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Portfolio's securities and assets fall, the value of your investment in the Portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Portfolio's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Portfolio's investments, and generally for economies and markets in the U.S. and elsewhere.

**Growth stocks risk:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Foreign investments risk:** Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the Portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Focused investing risk:** To the extent the Portfolio invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the Portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions,

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 11**

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**Transamerica International Focus 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)**

wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Portfolio fall, the value of your investment in the Portfolio will decline. The Portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Currency risk:** The value of a Portfolio's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A portfolio may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Large capitalization companies risk:** The Portfolio's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**6. FEES AND OTHER AFFILIATED TRANSACTIONS**

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Life Insurance Company ("TLIC") and Transamerica Financial Life Insurance Company.

TAM, the Portfolio's investment manager, is directly owned by TLIC and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Portfolio's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Portfolio's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

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 International Focus 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 | 0.750<br> % <br>|
| Over $500 million up to $1 billion | 0.740 |
| Over $1 billion up to $2 billion | 0.690 |
| Over $2 billion up to $3 billion | 0.675 |
| Over $3 billion | 0.660 |

---

TAM has contractually agreed to waive fees and/or reimburse Portfolio expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio's business, exceed the following stated annual operating expense limits to the Portfolio's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Class** | **Operating** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Initial Class | 0.88<br> % <br>| May 1, 2026 |
| Service Class | 1.13 | May 1, 2026 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Portfolio, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the 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 International Focus 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** |
| $87919209 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $139287301 | &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 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>|
| $277335151 | &nbsp;&nbsp; $36008613 | &nbsp;&nbsp; $(15403161)<br>| &nbsp;&nbsp; $20605452 |

---

**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;

**8. 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;&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>|
| $5139829 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $31862707 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8077629 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11459910 | &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>|
| $594792 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $164643 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20655532 |

---

**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 International Focus VP

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Transamerica International Focus 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. ![](g768862img9c3f1e0e3.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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**SUPPLEMENTAL TAX INFORMATION**

**(unaudited)**

For tax purposes, the Portfolio has made a long-term capital gain designation of $31,862,707 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** |
| $937657 | $430539 |

---

**Transamerica Series Trust**

**Annual Financial Statements 2025**

**Page 17**

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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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**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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**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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**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**

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5094538 12/25©2026 Transamerica Corporation. All Rights Reserved.

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American Funds Insurance Series® Financial Statements and Other Information N-CSR Items 7-11 for the year ended December 31, 2025 Lit. No. INGEFP4-998-0226© 2026 Capital Group. All rights reserved.

------

Global Growth Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 96.94% | Shares | Value<br> (000) |
|  **Information technology 29.37%** |  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 10705200 | $522985 |
|  Broadcom, Inc. | 1107449 | 383288 |
|  Microsoft Corp. | 740348 | 358047 |
|  NVIDIA Corp. | 1437636 | 268119 |
|  ASML Holding NV (ADR) | 120673 | 129103 |
|  ASML Holding NV | 105955 | 113257 |
|  Micron Technology, Inc. | 433659 | 123771 |
|  NEC Corp. | 2693871 | 90835 |
|  Samsung Electronics Co., Ltd. | 1068680 | 89068 |
|  SK hynix, Inc. | 157999 | 71546 |
|  Cloudflare, Inc., Class A <sup>(a)</sup>  | 336935 | 66427 |
|  AppLovin Corp., Class A <sup>(a)</sup>  | 85473 | 57593 |
|  Tokyo Electron, Ltd. | 237700 | 52203 |
|  Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 278761 | 44872 |
|  International Business Machines Corp. | 131299 | 38892 |
|  EPAM Systems, Inc. <sup>(a)</sup>  | 179438 | 36763 |
|  Salesforce, Inc. | 126566 | 33529 |
|  Intel Corp. <sup>(a)</sup>  | 902119 | 33288 |
|  Capgemini SE | 176911 | 29299 |
|  Apple, Inc. | 107144 | 29128 |
|  Ubiquiti, Inc. | 51660 | 28586 |
|  Oracle Corp. | 102383 | 19956 |
|  Dassault Systemes SE | 701879 | 19604 |
|  Nemetschek SE | 140877 | 15361 |
|  Check Point Software Technologies, Ltd. <sup>(a)</sup>  | 79736 | 14796 |
|  Synopsys, Inc. <sup>(a)</sup>  | 23849 | 11202 |
|  |  | 2681518 |
|  **Industrials 17.72%** |  |  |
|  Airbus SE, non-registered shares | 640525 | 148572 |
|  Comfort Systems USA, Inc. | 140027 | 130686 |
|  Safran SA | 324785 | 113019 |
|  General Electric Co. | 315857 | 97293 |
|  Siemens AG | 330684 | 92868 |
|  Ryanair Holdings PLC (ADR) | 1180370 | 85211 |
|  Boeing Co. (The) <sup>(a)</sup>  | 372821 | 80947 |
|  Saab AB, Class B | 1217750 | 70832 |
|  BAE Systems PLC | 2424921 | 55747 |
|  GT Capital Holdings, Inc. | 5411899 | 54732 |
|  ATI, Inc. <sup>(a)</sup>  | 476446 | 54677 |
|  TransDigm Group, Inc. | 38430 | 51106 |
|  RS Group PLC | 5414909 | 45232 |
|  Howmet Aerospace, Inc. | 212197 | 43505 |
|  Core & Main, Inc., Class A <sup>(a)</sup>  | 797398 | 41441 |
|  ASSA ABLOY AB, Class B | 1034590 | 40110 |
|  Rocket Lab Corp. <sup>(a)</sup>  | 565667 | 39461 |
|  DSV A/S | 153094 | 38526 |
|  Hitachi, Ltd. | 1228900 | 38125 |
|  Copart, Inc. <sup>(a)</sup>  | 878862 | 34407 |
|  Crane Co. | 178460 | 32913 |
|  PACCAR, Inc. | 286995 | 31429 |
|  The Toro Co. | 373724 | 29420 |
|  Compagnie de Saint-Gobain SA, non-registered shares | 270675 | 27477 |
|  Hanwha Aerospace Co., Ltd. | 40475 | 26333 |
|  Alliance Global Group, Inc. | 156400700 | 21772 |
|  FTAI Aviation, Ltd. | 102740 | 20224 |
|  Mitsui & Co., Ltd. | 676500 | 19994 |
|  Deere & Co. | 39278 | 18287 |

---

---

| | |
|:---|:---|
| **1** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials (continued)** |  |  |
|  GE Vernova, Inc. | 24758 | $16181 |
|  Daikin Industries, Ltd. | 76900 | 9872 |
|  Ingersoll-Rand, Inc. | 96000 | 7605 |
|  |  | 1618004 |
|  **Consumer discretionary 13.88%** |  |  |
|  Prosus NV, Class N | 1846586 | 114052 |
|  MercadoLibre, Inc. <sup>(a)</sup>  | 42043 | 84686 |
|  Renault SA | 1688781 | 69914 |
|  Inchcape PLC | 6234573 | 64629 |
|  Booking Holdings, Inc. | 11574 | 61983 |
|  Starbucks Corp. | 729678 | 61446 |
|  Compagnie Financiere Richemont SA, Class A | 279343 | 60287 |
|  Amazon.com, Inc. <sup>(a)</sup>  | 239344 | 55245 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 1462554 | 54114 |
|  Hyundai Motor Co. | 254391 | 52086 |
|  LKQ Corp. | 1640562 | 49545 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 64729 | 48799 |
|  Trip.com Group, Ltd. (ADR) | 672433 | 48355 |
|  MGM China Holdings, Ltd. | 28793200 | 48329 |
|  General Motors Co. | 519771 | 42268 |
|  InterContinental Hotels Group PLC | 299249 | 41918 |
|  Restaurant Brands International, Inc. (CAD denominated) | 607375 | 41446 |
|  Alibaba Group Holding, Ltd. (ADR) | 268854 | 39409 |
|  Entain PLC | 3341847 | 34412 |
|  Industria de Diseno Textil SA | 501952 | 33064 |
|  Hermes International | 12384 | 30597 |
|  Sanrio Co., Ltd. | 912300 | 28622 |
|  Carvana Co., Class A <sup>(a)</sup>  | 61924 | 26133 |
|  D.R. Horton, Inc. | 173953 | 25054 |
|  Toll Brothers, Inc. | 167692 | 22675 |
|  Wynn Macau, Ltd. | 21430000 | 16295 |
|  O'Reilly Automotive, Inc. <sup>(a)</sup>  | 134120 | 12233 |
|  |  | 1267596 |
|  **Financials 13.85%** |  |  |
|  Citigroup, Inc. | 1215819 | 141874 |
|  Banco Bilbao Vizcaya Argentaria SA | 5187583 | 121338 |
|  3i Group PLC | 2294508 | 99828 |
|  Brookfield Corp., Class A | 2138896 | 98154 |
|  Aon PLC, Class A | 244466 | 86267 |
|  Visa, Inc., Class A | 237305 | 83225 |
|  Prudential PLC | 5215411 | 80470 |
|  Fiserv, Inc. <sup>(a)</sup>  | 1031889 | 69312 |
|  Societe Generale | 809341 | 65207 |
|  Ameriprise Financial, Inc. | 104697 | 51337 |
|  Allianz SE | 106923 | 49042 |
|  Aviva PLC | 4545916 | 41620 |
|  Halyk Savings Bank of Kazakhstan OJSC (GDR) | 1293921 | 38688 |
|  Japan Post Insurance Co., Ltd. | 1156950 | 34716 |
|  UniCredit SpA | 359971 | 29883 |
|  CME Group, Inc., Class A | 103473 | 28256 |
|  Coinbase Global, Inc., Class A <sup>(a)</sup>  | 97796 | 22116 |
|  MS&AD Insurance Group Holdings, Inc. | 831800 | 19587 |
|  Arthur J. Gallagher & Co. | 74138 | 19186 |
|  CaixaBank SA, non-registered shares | 1557890 | 19025 |
|  HSBC Holdings PLC (GBP denominated) | 1163368 | 18239 |
|  HDFC Bank, Ltd. | 1328758 | 14683 |

---

American Funds Insurance Series<sub>2</sub>

------

Global Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials (continued)** |  |  |
|  Eurobank SA | 3558529 | $14263 |
|  Swissquote Group Holding, Ltd. | 15017 | 9116 |
|  CVC Capital Partners PLC | 542527 | 9085 |
|  |  | 1264517 |
|  **Health care 7.75%** |  |  |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 213311 | 96707 |
|  Argenx SE (ADR) <sup>(a)</sup>  | 80747 | 67904 |
|  Regeneron Pharmaceuticals, Inc. | 83600 | 64528 |
|  Thermo Fisher Scientific, Inc. | 103186 | 59791 |
|  UnitedHealth Group, Inc. | 179184 | 59150 |
|  Eli Lilly and Co. | 43922 | 47202 |
|  EssilorLuxottica SA | 144508 | 45690 |
|  Sanofi | 378504 | 36721 |
|  Cigna Group (The) | 132736 | 36533 |
|  AstraZeneca PLC | 194247 | 35779 |
|  Pfizer, Inc. | 1418993 | 35333 |
|  Haleon PLC | 6192098 | 31333 |
|  Centene Corp. <sup>(a)</sup>  | 580852 | 23902 |
|  Bayer AG | 537074 | 23168 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 50179 | 19954 |
|  Novo Nordisk AS, Class B | 237847 | 12124 |
|  Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup>  | 367000 | 11454 |
|  |  | 707273 |
|  **Communication services 5.39%** |  |  |
|  Meta Platforms, Inc., Class A | 213121 | 140679 |
|  Alphabet, Inc., Class A | 269199 | 84259 |
|  Spotify Technology SA <sup>(a)</sup>  | 118391 | 68751 |
|  Publicis Groupe SA | 549935 | 57051 |
|  Bharti Airtel, Ltd. | 2029589 | 47612 |
|  Netflix, Inc. <sup>(a)</sup>  | 419340 | 39317 |
|  Nintendo Co., Ltd. | 566253 | 38250 |
|  Tencent Holdings, Ltd. | 213900 | 16391 |
|  |  | 492310 |
|  **Consumer staples 3.33%** |  |  |
|  Nestle SA | 695583 | 69136 |
|  Dollar General Corp. | 408173 | 54193 |
|  Costco Wholesale Corp. | 44829 | 38658 |
|  Carrefour SA, non-registered shares | 2201230 | 36717 |
|  Pernod Ricard SA | 384768 | 32940 |
|  Coca-Cola HBC AG (CDI) <sup>(a)</sup>  | 445087 | 23050 |
|  Philip Morris International, Inc. | 121081 | 19421 |
|  Monster Beverage Corp. <sup>(a)</sup>  | 239297 | 18347 |
|  Loblaw Cos., Ltd. | 267760 | 12105 |
|  |  | 304567 |
|  **Materials 2.48%** |  |  |
|  Lynas Rare Earths, Ltd. <sup>(a)</sup>  | 5358289 | 44201 |
|  Agnico Eagle Mines, Ltd. | 240735 | 40824 |
|  Amcor PLC (CDI) | 3567000 | 29808 |
|  Linde PLC | 63907 | 27249 |
|  Sherwin-Williams Co. | 81338 | 26356 |
|  First Quantum Minerals, Ltd. <sup>(a)</sup>  | 802920 | 21527 |

---

---

| | |
|:---|:---|
| **3** | American Funds Insurance Series |

---

------

Global Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Materials (continued)** |  |  |
|  Syensqo SA | 168919 | $13566 |
|  Ecolab, Inc. | 46140 | 12113 |
|  LyondellBasell Industries NV | 250227 | 10835 |
|  |  | 226479 |
|  **Energy 1.34%** |  |  |
|  NAC Kazatomprom JSC (GDR) | 673935 | 37443 |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 1066948 | 36139 |
|  Tourmaline Oil Corp. | 612792 | 27489 |
|  Reliance Industries, Ltd. | 789344 | 13778 |
|  TotalEnergies SE (EUR denominated) | 112486 | 7331 |
|  |  | 122180 |
|  **Real estate 1.24%** |  |  |
|  Mirvac Group REIT | 25439540 | 34719 |
|  Simon Property Group, Inc. REIT | 168674 | 31223 |
|  Sun Hung Kai Properties, Ltd. | 2378500 | 28855 |
|  Dexus REIT | 3935855 | 18150 |
|  |  | 112947 |
|  **Utilities 0.59%** |  |  |
|  Oklo, Inc., Class A <sup>(a)(b)</sup>  | 258331 | 18538 |
|  Veolia Environnement SA | 429985 | 14981 |
|  FirstEnergy Corp. | 286296 | 12818 |
|  NRG Energy, Inc. | 50420 | 8029 |
|  |  | 54366 |
|  **Total common stocks** (cost: $5,566,337,000) |  | 8851757 |
| Short-term securities 3.17% |  |  |
|  **Money market investments 3.16%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup>  | 2888549 | 288884 |
|  **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup>  | 1098443 | 1098 |
|  **Total short-term securities** (cost: $289,944,000) |  | 289982 |
|  **Total investment securities** 100.11% (cost: $5,856,281,000) |  | 9141739 |
|  Other assets less liabilities (0.11)% |  | (10393) |
|  **Net assets 100.00%** |  | $9131346 |

---

American Funds Insurance Series<sub>4</sub>

------

Global Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Investments in affiliates <sup>(d)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 3.16% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 3.16%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | $283574 | $1841815 | $1836409 | $(82) | $(14) | $288884 | $12461 |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(d)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

#### Key to abbreviation(s)
ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **5** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 96.08% | Shares | Value<br> (000) |
|  **Industrials 21.20%** |  |  |
|  International Container Terminal Services, Inc. | 3664220 | $35133 |
|  ATI, Inc. <sup>(a)</sup>  | 265862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30510 |
|  Cleanaway Waste Management, Ltd. | 17157789 | 29580 |
|  Trelleborg AB, Class B | 565261 | 23920 |
|  Takasago Thermal Engineering Co., Ltd. | 806148 | 22853 |
|  Diploma PLC | 300405 | 21440 |
|  Casella Waste Systems, Inc., Class A <sup>(a)</sup>  | 212525 | 20815 |
|  Adecco Group AG | 694197 | 20168 |
|  Nexans SA | 134522 | 19782 |
|  Modine Manufacturing Co. <sup>(a)</sup>  | 146345 | 19539 |
|  UL Solutions, Inc., Class A | 236384 | 18641 |
|  Qantas Airways, Ltd. | 2530925 | 17461 |
|  Alaska Air Group, Inc. <sup>(a)</sup>  | 343688 | 17287 |
|  CBIZ, Inc. <sup>(a)</sup>  | 340016 | 17154 |
|  Carel Industries SpA | 555967 | 16010 |
|  Comfort Systems USA, Inc. | 16788 | 15668 |
|  VSE Corp. | 90068 | 15561 |
|  Oshkosh Corp. | 106689 | 13403 |
|  Bombardier, Inc., Class B <sup>(a)</sup>  | 75000 | 12759 |
|  Rumo SA | 4373675 | 11683 |
|  ICF International, Inc. | 133699 | 11405 |
|  Inox Wind, Ltd. <sup>(a)</sup>  | 7777781 | 10690 |
|  Kandenko Co., Ltd. | 327900 | 10538 |
|  AFRY AB, Class B | 642228 | 10430 |
|  Badger Infrastructure Solutions, Ltd. | 183079 | 9755 |
|  Applied Industrial Technologies, Inc. | 35926 | 9225 |
|  Addtech AB, Class B | 245222 | 8714 |
|  Howden Joinery Group PLC | 747163 | 8320 |
|  Neway Valve (Suzhou) Co., Ltd., Class A | 1107550 | 8219 |
|  dormakaba Holding AG | 97220 | 7861 |
|  ESAB Corp. | 68792 | 7685 |
|  First Advantage Corp. <sup>(a)</sup>  | 528767 | 7683 |
|  Sterling Infrastructure, Inc. <sup>(a)</sup>  | 24972 | 7647 |
|  Beijer Ref AB, Class B | 445805 | 7172 |
|  Visional, Inc. <sup>(a)</sup>  | 105238 | 6730 |
|  IMCD NV | 71611 | 6515 |
|  Sinfonia Technology Co., Ltd. | 110986 | 6443 |
|  Huber + Suhner AG | 35267 | 6381 |
|  Tetra Tech, Inc. | 186785 | 6265 |
|  Engcon AB, Class B | 624455 | 5619 |
|  Localiza Rent a Car SA, ordinary nominative shares | 663945 | 5236 |
|  Localiza Rent a Car SA <sup>(a)</sup>  | 25536 | 194 |
|  SATS, Ltd. | 1817900 | 5378 |
|  SPIE SA | 90533 | 5211 |
|  Rosebank Industries PLC <sup>(a)</sup>  | 1094795 | 5163 |
|  WESCO International, Inc. | 20529 | 5022 |
|  XPO, Inc. <sup>(a)</sup>  | 35214 | 4786 |
|  Saia, Inc. <sup>(a)</sup>  | 13577 | 4433 |
|  RENK Group AG | 60784 | 3806 |
|  Hensoldt AG <sup>(b)</sup>  | 41633 | 3598 |
|  Matson, Inc. | 28475 | 3518 |
|  Reliance Worldwide Corp., Ltd. | 1357484 | 3485 |
|  Takuma Co., Ltd. | 204600 | 3237 |
|  KEI Industries, Ltd. | 64373 | 3195 |
|  IndiaMart InterMesh, Ltd. | 113259 | 2802 |
|  Huaming Power Equipment Co., Ltd., Class A | 647600 | 2314 |
|  Byrna Technologies, Inc. <sup>(a)(b)</sup>  | 98413 | 1652 |
|  McGrath RentCorp | 3980 | 418 |
|  |  | 626112 |

---

American Funds Insurance Series<sub>6</sub>

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials 16.44%** |  |  |
|  IIFL Finance, Ltd. <sup>(a)</sup>  | 4298688 | $29178 |
|  Stifel Financial Corp. | 224039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28054 |
|  HDFC Asset Management Co., Ltd. | 907132 | 26969 |
|  SLM Corp. | 972198 | 26308 |
|  Porto Seguro SA | 2915882 | 25720 |
|  Glacier Bancorp, Inc. | 577688 | 25447 |
|  Cholamandalam Investment and Finance Co., Ltd. | 1274960 | 24092 |
|  First American Financial Corp. | 379577 | 23321 |
|  Vontobel Holding AG | 257533 | 20820 |
|  Max Financial Services, Ltd. <sup>(a)</sup>  | 975628 | 18142 |
|  SiriusPoint, Ltd. <sup>(a)</sup>  | 767775 | 16807 |
|  Kyoto Financial Group, Inc. | 750000 | 16355 |
|  Pluxee NV | 1010488 | 15831 |
|  Janus Henderson Group PLC | 299721 | 14258 |
|  Lazard, Inc., Class A | 274252 | 13318 |
|  Home BancShares, Inc. | 449364 | 12483 |
|  Gunma Bank, Ltd. (The) | 1068100 | 11747 |
|  Sprott, Inc. | 109623 | 10737 |
|  GQG Partners, Inc. (CDI) | 9139164 | 10643 |
|  Banco del Bajio SA | 3890796 | 9827 |
|  Asia Commercial Joint Stock Bank | 10676850 | 9743 |
|  SouthState Bank Corp. | 94096 | 8855 |
|  Eurobank SA | 2174630 | 8716 |
|  EFG International AG | 334117 | 7988 |
|  FirstCash Holdings, Inc. | 48401 | 7714 |
|  Hokuhoku Financial Group, Inc. | 253900 | 7410 |
|  IG Group Holdings PLC | 382385 | 6778 |
|  Patria Investments, Ltd., Class A | 397904 | 6323 |
|  Discovery, Ltd. | 381042 | 5240 |
|  JB Financial Group Co., Ltd. | 282792 | 5023 |
|  PJT Partners, Inc., Class A | 28318 | 4735 |
|  360 ONE WAM, Ltd. | 356178 | 4703 |
|  Baldwin Insurance Group, Inc. (The), Class A <sup>(a)</sup>  | 180849 | 4346 |
|  CVB Financial Corp. | 226040 | 4204 |
|  Root, Inc., Class A <sup>(a)</sup>  | 53525 | 3866 |
|  Pinnacle Investment Management Group, Ltd. | 322427 | 3655 |
|  Haci A–mer Sabanci Holding AS | 1367842 | 2691 |
|  Capitec Bank Holdings, Ltd. | 8764 | 2201 |
|  EZCORP, Inc., Class A, nonvoting shares <sup>(a)</sup>  | 74602 | 1449 |
|  |  | 485697 |
|  Information technology 14.52% |  |  |
|  King Slide Works Co., Ltd. | 253784 | 30159 |
|  Lumentum Holdings, Inc. <sup>(a)</sup>  | 80942 | 29834 |
|  Semtech Corp. <sup>(a)</sup>  | 376056 | 27712 |
|  MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup>  | 156241 | 26761 |
|  Lattice Semiconductor Corp. <sup>(a)</sup>  | 358889 | 26407 |
|  Kokusai Electric Corp. | 663891 | 23173 |
|  Q2 Holdings, Inc. <sup>(a)</sup>  | 305539 | 22048 |
|  CompoSecure, Inc., Class A <sup>(a)(c)</sup>  | 948877 | 17014 |
|  CompoSecure, Inc., Class A <sup>(a)</sup>  | 145811 | 2811 |
|  PAR Technology Corp. <sup>(a)(b)</sup>  | 466983 | 16942 |
|  Silicon Laboratories, Inc. <sup>(a)</sup>  | 116697 | 15252 |
|  Allegro MicroSystems, Inc. <sup>(a)</sup>  | 555183 | 14646 |
|  Rogers Corp. <sup>(a)</sup>  | 147666 | 13522 |
|  Credo Technology Group Holding, Ltd. <sup>(a)</sup>  | 92021 | 13241 |
|  Unity Software, Inc. <sup>(a)</sup>  | 277946 | 12277 |
|  Agilysys, Inc. <sup>(a)</sup>  | 96907 | 11516 |
|  Maruwa Co., Ltd. | 41254 | 11156 |
|  Riken Keiki Co., Ltd. | 530000 | 10840 |

---

---

| | |
|:---|:---|
| **7** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Information technology (continued)** |  |  |
|  Pegasystems, Inc. | 159265 | $9511 |
|  Klaviyo, Inc., Class A <sup>(a)</sup>  | 284599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9241 |
|  Tokyo Seimitsu Co., Ltd. | 124023 | 8770 |
|  eMemory Technology, Inc. | 157430 | 8595 |
|  Fabrinet, non-registered shares <sup>(a)</sup>  | 14995 | 6827 |
|  Soitec <sup>(a)</sup>  | 177920 | 4810 |
|  Cellebrite DI, Ltd. <sup>(a)</sup>  | 253216 | 4565 |
|  Netskope, Inc., Class A <sup>(a)(b)</sup>  | 251977 | 4420 |
|  Via Transportation, Inc., Class A <sup>(a)(b)</sup>  | 141377 | 4101 |
|  OBIC Business Consultants Co., Ltd. | 73900 | 3990 |
|  Insight Enterprises, Inc. <sup>(a)</sup>  | 47429 | 3864 |
|  Softcat PLC | 195529 | 3717 |
|  Topicus.com, Inc., subordinate voting shares <sup>(a)</sup>  | 38110 | 3530 |
|  MongoDB, Inc., Class A <sup>(a)</sup>  | 8355 | 3507 |
|  Shibaura Mechatronics Corp. | 26300 | 3190 |
|  Commvault Systems, Inc. <sup>(a)</sup>  | 24418 | 3061 |
|  HPSP Co., Ltd. | 132490 | 3056 |
|  Cipher Mining, Inc. <sup>(a)(b)</sup>  | 206487 | 3048 |
|  MARA Holdings, Inc. <sup>(a)(b)</sup>  | 327085 | 2937 |
|  ASMPT, Ltd. | 293500 | 2921 |
|  Domo, Inc., Class B <sup>(a)</sup>  | 300977 | 2537 |
|  Wolfspeed, Inc. <sup>(a)(b)</sup>  | 89368 | 1556 |
|  Hexaware Technologies, Ltd. | 126699 | 1079 |
|  Bitdeer Technologies Group, Class A <sup>(a)(b)</sup>  | 49512 | 555 |
|  Yotpo, Ltd. <sup>(a)(c)(d)</sup>  | 678736 | 265 |
|  |  | 428964 |
|  **Consumer discretionary 11.70%** |  |  |
|  CAVA Group, Inc. <sup>(a)(b)</sup>  | 547511 | 32133 |
|  Light & Wonder, Inc. CHESS Depositary Interest <sup>(a)</sup>  | 266937 | 27998 |
|  Entain PLC | 2694154 | 27743 |
|  TopBuild Corp. <sup>(a)</sup>  | 49920 | 20826 |
|  DraftKings, Inc., Class A <sup>(a)</sup>  | 535848 | 18465 |
|  Thor Industries, Inc. | 170817 | 17538 |
|  Champion Homes, Inc. <sup>(a)</sup>  | 182251 | 15400 |
|  Sega Sammy Holdings, Inc. | 878000 | 13727 |
|  Wyndham Hotels & Resorts, Inc. | 175062 | 13228 |
|  Acushnet Holdings Corp. | 165000 | 13170 |
|  LKQ Corp. | 420833 | 12709 |
|  Patrick Industries, Inc. | 96348 | 10447 |
|  Guzman y Gomez, Ltd. | 668245 | 9643 |
|  Food & Life Cos., Ltd. | 184900 | 9373 |
|  Steven Madden, Ltd. <sup>(b)</sup>  | 208312 | 8674 |
|  Ollies Bargain Outlet Holdings, Inc. <sup>(a)</sup>  | 74296 | 8144 |
|  Aditya Vision, Ltd. | 1363712 | 7408 |
|  Cartrade Tech, Ltd. <sup>(a)</sup>  | 227495 | 7154 |
|  tonies SE, Class A <sup>(a)</sup>  | 568903 | 6987 |
|  Grand Canyon Education, Inc. <sup>(a)</sup>  | 41039 | 6825 |
|  Dominos Pizza Enterprises, Ltd. | 486762 | 6810 |
|  Lottomatica Group SpA | 254958 | 6691 |
|  MRF, Ltd. | 3861 | 6567 |
|  Yonex Co., Ltd. | 300000 | 6362 |
|  Boot Barn Holdings, Inc. <sup>(a)</sup>  | 33840 | 5972 |
|  Inchcape PLC | 420301 | 4357 |
|  Camping World Holdings, Inc., Class A | 426336 | 4148 |
|  Cairn Homes PLC (EUR denominated) | 1597882 | 3891 |
|  Savers Value Village, Inc. <sup>(a)</sup>  | 367506 | 3433 |
|  Zalando SE, non-registered shares <sup>(a)</sup>  | 115415 | 3427 |
|  Smartfit Escola de Ginastica e Danca SA | 677584 | 2865 |

---

American Funds Insurance Series<sub>8</sub>

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Consumer discretionary (continued)** |  |  |
|  Coats Group PLC | 2231726 | $2529 |
|  Groupe Dynamite, Inc. | 8500 | 512 |
|  Metaplanet, Inc. <sup>(a)</sup>  | 137850 | 350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;345506 |
|  **Health care 10.57%** |  |  |
|  Insulet Corp. <sup>(a)</sup>  | 85352 | 24260 |
|  Ensign Group, Inc. (The) | 127853 | 22272 |
|  Carl Zeiss Meditec AG, non-registered shares <sup>(b)</sup>  | 417299 | 19593 |
|  IDEAYA Biosciences, Inc. <sup>(a)(b)</sup>  | 486851 | 16830 |
|  Bio-Rad Laboratories, Inc., Class A <sup>(a)</sup>  | 54843 | 16617 |
|  Max Healthcare Institute, Ltd. | 1220256 | 14191 |
|  Addus HomeCare Corp. <sup>(a)</sup>  | 125640 | 13492 |
|  Kymera Therapeutics, Inc. <sup>(a)</sup>  | 171932 | 13378 |
|  Rhythm Pharmaceuticals, Inc. <sup>(a)</sup>  | 112926 | 12088 |
|  Ambu AS, Class B, non-registered shares <sup>(b)</sup>  | 873841 | 12047 |
|  ADMA Biologics, Inc. <sup>(a)</sup>  | 596196 | 10875 |
|  Vitrolife AB | 730264 | 10864 |
|  Bio-Techne Corp. | 178365 | 10490 |
|  Zealand Pharma AS <sup>(a)</sup>  | 132343 | 9631 |
|  Masimo Corp. <sup>(a)(b)</sup>  | 72354 | 9410 |
|  Vimian Group AB (publ) <sup>(a)(b)</sup>  | 2729438 | 8952 |
|  Asker Healthcare Group AB <sup>(a)</sup>  | 964065 | 8829 |
|  iRhythm Technologies, Inc. <sup>(a)</sup>  | 45776 | 8122 |
|  Encompass Health Corp. | 62771 | 6662 |
|  BridgeBio Pharma, Inc. <sup>(a)</sup>  | 86007 | 6579 |
|  Shanghai Conant Optical Co., Ltd., Class H | 902000 | 6258 |
|  Establishment Labs Holdings, Inc. <sup>(a)(b)</sup>  | 85657 | 6243 |
|  Indegene, Ltd. | 933888 | 5409 |
|  Denali Therapeutics, Inc. <sup>(a)</sup>  | 315416 | 5208 |
|  CONMED Corp. | 124153 | 5041 |
|  Dr. Lal PathLabs, Ltd. | 301052 | 4966 |
|  AddLife AB, Class B | 285033 | 4923 |
|  Aster DM Healthcare, Ltd. | 688425 | 4725 |
|  Prestige Consumer Healthcare, Inc. <sup>(a)</sup>  | 53648 | 3310 |
|  Inhibrx Biosciences, Inc. <sup>(a)(b)</sup>  | 41358 | 3267 |
|  Enliven Therapeutics, Inc. <sup>(a)(b)</sup>  | 138269 | 2129 |
|  Waystar Holding Corp. <sup>(a)</sup>  | 59700 | 1955 |
|  Biohaven, Ltd. <sup>(a)</sup>  | 164617 | 1859 |
|  GeneDx Holdings Corp., Class A <sup>(a)</sup>  | 12764 | 1660 |
|  |  | 312135 |
|  **Materials 7.75%** |  |  |
|  Resonac Holdings Co., Ltd. | 1078714 | 45051 |
|  Materion Corp. | 237927 | 29579 |
|  Sumitomo Bakelite Co., Ltd. | 830059 | 27399 |
|  Celanese Corp. | 567064 | 23975 |
|  Lundin Mining Corp. | 1000000 | 21493 |
|  Lundin Gold, Inc. | 202100 | 16789 |
|  Knife River Corp. <sup>(a)</sup>  | 174361 | 12266 |
|  Dyno Nobel, Ltd. | 5112453 | 10919 |
|  Louisiana-Pacific Corp. | 110000 | 8884 |
|  Vicat SACA | 85775 | 7625 |
|  Acerinox SA | 437480 | 6481 |
|  Mitsui Kinzoku Co., Ltd. | 41700 | 4711 |
|  Umicore SA | 168404 | 3515 |
|  Cabot Corp. | 48229 | 3197 |
|  Huhtamaki OYJ  | 82277 | 2867 |

---

---

| | |
|:---|:---|
| **9** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Materials (continued)** |  |  |
|  Arkema SA | 34302 | $2098 |
|  Mayr-Melnhof Karton AG, non-registered shares | 17249 | 1882 |
|  Titan SA | 1455 | 90 |
|  |  | 228821 |
|  **Communication services 3.97%** |  |  |
|  Nippon Television Holdings, Inc. | 986700 | 23925 |
|  Magnite, Inc. <sup>(a)</sup>  | 1429601 | 23202 |
|  Springer Nature AG & Co. KGaA, non-registered shares | 593839 | 13346 |
|  Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup>  | 900000 | 12177 |
|  New York Times Co., Class A | 175000 | 12149 |
|  Indosat Tbk PT | 85573409 | 11905 |
|  Kadokawa Corp. | 529800 | 10749 |
|  Rightmove PLC | 1080615 | 7555 |
|  Bharti Hexacom, Ltd. | 63232 | 1282 |
|  Starz Entertainment Corp. <sup>(a)</sup>  | 82800 | 969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;117259 |
|  **Consumer staples 3.25%** |  |  |
|  Raia Drogasil SA, ordinary nominative shares | 7751754 | 33248 |
|  BBB Foods, Inc., Class A <sup>(a)</sup>  | 767003 | 25610 |
|  Universal Robina Corp. | 13048305 | 14887 |
|  Lamb Weston Holdings, Inc. | 320000 | 13405 |
|  Apotea Sverige AB <sup>(a)</sup>  | 593629 | 5929 |
|  e.l.f. Beauty, Inc. <sup>(a)</sup>  | 40599 | 3087 |
|  |  | 96166 |
|  **Energy 2.66%** |  |  |
|  Weatherford International | 409326 | 32034 |
|  CNX Resources Corp. <sup>(a)</sup>  | 525389 | 19319 |
|  Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup>  | 207708 | 10107 |
|  Aegis Logistics Ltd. | 790464 | 6306 |
|  Secure Waste Infrastructure Corp. | 369037 | 4643 |
|  Cactus, Inc., Class A | 77043 | 3519 |
|  Aegis Vopak Terminals, Ltd. <sup>(a)</sup>  | 953011 | 2643 |
|  |  | 78571 |
|  **Real estate 2.41%** |  |  |
|  Charter Hall Group REIT | 1491963 | 24257 |
|  Embassy Office Parks REIT | 4429528 | 21465 |
|  Mindspace Business Parks REIT | 1250000 | 6607 |
|  NTT DC REIT <sup>(a)</sup>  | 5706900 | 5815 |
|  Lodha Developers, Ltd. | 442564 | 5226 |
|  St. Joe Co. | 70902 | 4209 |
|  Altus Group, Ltd. | 88775 | 3668 |
|  |  | 71247 |
|  **Utilities 1.61%** |  |  |
|  Black Hills Corp. | 280286 | 19457 |
|  Talen Energy Corp. <sup>(a)</sup>  | 23357 | 8755 |

---

American Funds Insurance Series<sub>10</sub>

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Utilities (continued)** |  |  |
|  Nippon Gas Co., Ltd. | 364000 | $6893 |
|  SembCorp Industries, Ltd. | 1425500 | 6655 |
|  IDACORP, Inc. | 45900 | 5809 |
|  |  | 47569 |
|  **Total common stocks** (cost: $2,108,611,000) |  | 2838047 |
| Preferred securities 0.66% |  |  |
|  **Information technology 0.41%** |  |  |
|  SmartHR, Inc., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 3006 | 10054 |
|  Yotpo, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup>  | 2158609 | 842 |
|  Yotpo, Ltd., Series B, preferred shares <sup>(a)(c)(d)</sup>  | 287894 | 112 |
|  Yotpo, Ltd., Series C, preferred shares <sup>(a)(c)(d)</sup>  | 274070 | 107 |
|  Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(c)(d)</sup>  | 183819 | 72 |
|  Yotpo, Ltd., Series A, preferred shares <sup>(a)(c)(d)</sup>  | 89605 | 35 |
|  Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(c)(d)</sup>  | 75980 | 30 |
|  Yotpo, Ltd., Series D, preferred shares <sup>(a)(c)(d)</sup>  | 42368 | 16 |
|  Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(c)(d)</sup>  | 33838 | 13 |
|  Outreach Corp., Series G, preferred shares <sup>(a)(c)(d)</sup>  | 154354 | 807 |
|  |  | 12088 |
|  **Financials 0.25%** |  |  |
|  Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup>  | 500000 | 7200 |
|  **Total preferred securities** (cost: $27,808,000) |  | 19288 |
| Rights & warrants 0.00% |  |  |
|  **Consumer discretionary 0.00%** |  |  |
|  Smartfit Escola de Ginastica e Danca SA, rights, expire 1/6/2026 <sup>(a)</sup>  | 21419 | 12 |
| Convertible bonds & notes 0.05% | Principal amount<br>(000) |  |
|  **Information technology 0.05%** |  |  |
|  Wolfspeed, Inc., convertible notes, 2.50% 6/15/2031 | USD773 | 1149 |
|  Wolfspeed, Inc., convertible notes, 2.50% 6/15/2031 <sup>(e)</sup>  | 291 | 432 |
|  **Total convertible bonds & notes** (cost: $923,000) |  | 1581 |
| Bonds, notes & other debt instruments 0.03% |  |  |
|  **Corporate bonds and notes 0.03%** |  |  |
|  **Information technology 0.03%** |  |  |
|  Wolfspeed, Inc. 7.00% Cash 6/15/2031 (7.00% on 12/15/2030) <sup>(f)(g)</sup>  | 1173 | 945 |
|  **Total bonds, notes & other debt instruments** (cost: $1,334,000) |  | 945 |
| Short-term securities 6.72% | Shares |  |
|  **Money market investments 2.90%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(h)(i)</sup>  | 856817 | 85690 |

---

---

| | |
|:---|:---|
| **11** | American Funds Insurance Series |

---

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) |  | Shares | Value<br> (000) |
|  **Money market investments purchased with collateral from securities on loan 2.33%** | **Money market investments purchased with collateral from securities on loan 2.33%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup>  | Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup>  | 55116990 | $55117 |
|  Capital Group Central Cash Fund 3.79% <sup>(h)(i)(j)</sup>  |  | 138082 | 13810 |
|  |  |  | 68927 |
|  | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) |  |
|  **Commercial paper 1.49%** |  |  |  |
|  Oversea-Chinese Banking Corp., Ltd. 1/16/2026 <sup>(e)</sup>  | 3.214% | USD21,500 | 21464 |
|  TOTAL Holdings USA, Inc. 1/9/2026 <sup>(e)</sup>  | 2.868 | 22500 | 22479 |
|  |  |  | 43943 |
|  **Total short-term securities** (cost: $198,558,000) |  |  | 198560 |
|  **Total investment securities 103.54%** (cost: $2,337,234,000) |  |  | 3058433 |
|  Other assets less liabilities (3.54)% |  |  | (104630) |
|  **Net assets 100.00%** |  |  | $2953803 |

---

#### Investments in affiliates <sup>(i)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br>(000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Common stocks 0.00% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc. <sup>(a)(k)</sup>  | $27594 | $– | $16981 | $2176 | $(12789) | $– | $– |
|  Short-term securities 3.37% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 2.90%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(h)</sup>  | 16001 | 781768 | 712093 | 10 | 4 | 85690 | 4646 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.47%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(h)(j)</sup>  | 19927 |  | 6117 <sup>(l)</sup> |  |  | 13810 | – <sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total short-term securities** |  |  |  |  |  | 99500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 3.37%** |  |  |  | $2186 | $(12785) | $99500 | $4646 |

---

#### Restricted securities <sup>(c)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date<sup>(s)</sup>  | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; CompoSecure, Inc., Class A <sup>(a)</sup>  | 12/24/2025 | $17554 | $17014 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartHR, Inc., Series D, preferred shares <sup>(a)(d)</sup>  | 5/28/2021 | 14344 | 10054 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series F, preferred shares <sup>(a)(d)</sup>  | 2/25/2021 | 4748 | 842 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd. <sup>(a)(d)</sup>  | 3/16/2021 | 1418 | 265 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series B, preferred shares <sup>(a)(d)</sup>  | 3/16/2021 | 602 | 112 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series C, preferred shares <sup>(a)(d)</sup>  | 3/16/2021 | 573 | 107 | 0.00 <sup>(n)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(d)</sup>  | 3/16/2021 | 384 | 72 | 0.00 <sup>(n)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series A, preferred shares <sup>(a)(d)</sup>  | 3/16/2021 | 187 | 35 | 0.00 <sup>(n)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(d)</sup>  | 3/16/2021 | 159 | 30 | 0.00 <sup>(n)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series D, preferred shares <sup>(a)(d)</sup>  | 3/16/2021 | 88 | 16 | 0.00 <sup>(n)</sup> |

---

American Funds Insurance Series<sub>12</sub>

------

Global Small Capitalization Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Restricted securities <sup>(c)</sup>** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date<sup>(s)</sup>  | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(d)</sup>  | 3/16/2021 | $71 | $13 | 0.00 %<sup>(n)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Outreach Corp., Series G, preferred shares <sup>(a)(d)</sup>  | 5/27/2021 | 4517 | 807 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $44645 | $29367 | 0.99% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Value determined using significant unobservable inputs.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $44,375,000, which represented 1.50% of the net assets of the fund. 

<sup>(f)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

<sup>(h)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(i)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(j)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Affiliated issuer during the reporting period but no longer held at 12/31/2025.

<sup>(l)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(n)</sup> Amount less than 0.01%. 

#### Key to abbreviation(s)
ADR = American Depositary Receipts

CDI = CREST Depository Interest

EUR = Euros

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **13** | American Funds Insurance Series |

---

------

Growth Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 97.05% | Shares | Value<br> (000) |
|  **Information technology 30.03%** |  |  |
|  NVIDIA Corp. | 14633168 | $2729086 |
|  Broadcom, Inc. | 7127917 | 2466972 |
|  Microsoft Corp. | 4705891 | 2275863 |
|  Micron Technology, Inc. | 4145247 | 1183095 |
|  Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 6681199 | 1075473 |
|  Apple, Inc. | 3469920 | 943333 |
|  Cloudflare, Inc., Class A <sup>(a)</sup>  | 3933670 | 775523 |
|  Salesforce, Inc. | 2329847 | 617200 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 9590699 | 468538 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 178139 | 54135 |
|  SK hynix, Inc. | 1021431 | 462530 |
|  Strategy, Inc., Class A <sup>(a)</sup>  | 2430046 | 369246 |
|  Constellation Software, Inc. | 144522 | 347619 |
|  Fair Isaac Corp. <sup>(a)</sup>  | 159463 | 269591 |
|  Synopsys, Inc. <sup>(a)</sup>  | 548921 | 257839 |
|  AppLovin Corp., Class A <sup>(a)</sup>  | 321334 | 216521 |
|  KLA Corp. | 161842 | 196651 |
|  Unity Software, Inc. <sup>(a)</sup>  | 4187714 | 184971 |
|  Adobe, Inc. <sup>(a)</sup>  | 464126 | 162440 |
|  Intel Corp. <sup>(a)</sup>  | 4381849 | 161690 |
|  Amphenol Corp., Class A | 1061587 | 143463 |
|  ASML Holding NV (ADR) | 121131 | 129593 |
|  ASML Holding NV | 11142 | 11910 |
|  Klaviyo, Inc., Class A <sup>(a)</sup>  | 3758673 | 122044 |
|  Gartner, Inc. <sup>(a)</sup>  | 440392 | 111102 |
|  DocuSign, Inc. <sup>(a)</sup>  | 1362952 | 93226 |
|  Intuit, Inc. | 109602 | 72603 |
|  Fortinet, Inc. <sup>(a)</sup>  | 840566 | 66749 |
|  Monday.com, Ltd. <sup>(a)</sup>  | 437980 | 64628 |
|  HubSpot, Inc. <sup>(a)</sup>  | 133103 | 53414 |
|  Accenture PLC, Class A | 194545 | 52196 |
|  Datadog, Inc., Class A <sup>(a)</sup>  | 322570 | 43866 |
|  RingCentral, Inc., Class A <sup>(a)</sup>  | 1465500 | 42324 |
|  Tower Semiconductor, Ltd. <sup>(a)</sup>  | 328759 | 38603 |
|  Atlassian Corp., Class A <sup>(a)</sup>  | 175462 | 28449 |
|  Applied Materials, Inc. | 102877 | 26438 |
|  Hewlett Packard Enterprise Co. | 1097823 | 26370 |
|  OpenAI Group PBC, Class A <sup>(a)(b)</sup>  | 35568 | 17228 |
|  MKS, Inc. | 101047 | 16147 |
|  ServiceNow, Inc. <sup>(a)</sup>  | 100415 | 15383 |
|  TE Connectivity PLC | 58501 | 13310 |
|  Stripe, Inc., Class B <sup>(a)(b)(c)</sup>  | 168598 | 6983 |
|  Figma, Inc. <sup>(a)</sup>  | 181900 | 6798 |
|  |  | 16421143 |
|  **Communication services 17.08%** |  |  |
|  Meta Platforms, Inc., Class A | 6338307 | 4183853 |
|  Alphabet, Inc., Class A | 5117670 | 1601831 |
|  Alphabet, Inc., Class C | 4890122 | 1534520 |
|  Netflix, Inc. <sup>(a)</sup>  | 11967549 | 1122077 |
|  Live Nation Entertainment, Inc. <sup>(a)</sup>  | 1673146 | 238423 |
|  Snap, Inc., Class A, nonvoting shares <sup>(a)</sup>  | 27200000 | 219504 |
|  ROBLOX Corp., Class A <sup>(a)</sup>  | 2022582 | 163890 |
|  Reddit, Inc., Class A <sup>(a)</sup>  | 385000 | 88500 |
|  Charter Communications, Inc., Class A <sup>(a)</sup>  | 257459 | 53745 |
|  Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 205671 | 52658 |
|  T-Mobile US, Inc. | 142902 | 29015 |

---

American Funds Insurance Series<sub>14</sub>

------

Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Communication services (continued)** |  |  |
|  Nintendo Co., Ltd. | 411400 | $27790 |
|  Spotify Technology SA <sup>(a)</sup>  | 36511 | 21202 |
|  Stubhub Holdings, Inc., Class A <sup>(a)(d)</sup>  | 289405 | 3916 |
|  |  | 9340924 |
|  **Consumer discretionary 15.69%** |  |  |
|  Tesla, Inc. <sup>(a)</sup>  | 7508443 | 3376697 |
|  Amazon.com, Inc. <sup>(a)</sup>  | 4731936 | 1092225 |
|  Royal Caribbean Cruises, Ltd. | 1873957 | 522684 |
|  D.R. Horton, Inc. | 3192890 | 459872 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 9143057 | 338293 |
|  DoorDash, Inc., Class A <sup>(a)</sup>  | 1463440 | 331440 |
|  NIKE, Inc., Class B | 4175649 | 266031 |
|  Flutter Entertainment PLC <sup>(a)</sup>  | 1088583 | 234089 |
|  Burlington Stores, Inc. <sup>(a)</sup>  | 606948 | 175317 |
|  Tractor Supply Co. | 3325000 | 166283 |
|  Hermes International | 61000 | 150713 |
|  Wayfair, Inc., Class A <sup>(a)</sup>  | 1406061 | 141183 |
|  Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup>  | 6094950 | 136039 |
|  Rivian Automotive, Inc., Class A <sup>(a)</sup>  | 6072024 | 119680 |
|  Aramark | 3218114 | 118620 |
|  Home Depot, Inc. | 315781 | 108660 |
|  Texas Roadhouse, Inc. | 569220 | 94491 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 103754 | 78220 |
|  CAVA Group, Inc. <sup>(a)</sup>  | 1153603 | 67705 |
|  Service Corp. International | 848647 | 66169 |
|  Amadeus IT Group SA, Class A, non-registered shares | 900457 | 66047 |
|  Five Below, Inc. <sup>(a)</sup>  | 252000 | 47467 |
|  Duolingo, Inc., Class A <sup>(a)</sup>  | 267716 | 46984 |
|  TopBuild Corp. <sup>(a)</sup>  | 109349 | 45619 |
|  Churchill Downs, Inc. | 393735 | 44799 |
|  Booking Holdings, Inc. | 8123 | 43501 |
|  DraftKings, Inc., Class A <sup>(a)</sup>  | 1260429 | 43434 |
|  Floor & Decor Holdings, Inc., Class A <sup>(a)</sup>  | 690678 | 42055 |
|  YUM! Brands, Inc. | 246744 | 37327 |
|  O'Reilly Automotive, Inc. <sup>(a)</sup>  | 310795 | 28348 |
|  Polaris, Inc. | 371000 | 23466 |
|  Starbucks Corp. | 250453 | 21091 |
|  AutoZone, Inc. <sup>(a)</sup>  | 5049 | 17124 |
|  Marriott International, Inc., Class A | 46380 | 14389 |
|  Caesars Entertainment, Inc. <sup>(a)</sup>  | 356300 | 8334 |
|  Helen of Troy, Ltd. <sup>(a)</sup>  | 269597 | 5729 |
|  |  | 8580125 |
|  **Health care 10.98%** |  |  |
|  Intuitive Surgical, Inc. <sup>(a)</sup>  | 1991933 | 1128151 |
|  Eli Lilly and Co. | 939135 | 1009270 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 1501764 | 680840 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 1708686 | 679459 |
|  HCA Healthcare, Inc. | 627846 | 293116 |
|  UnitedHealth Group, Inc. | 835333 | 275752 |
|  Thermo Fisher Scientific, Inc. | 472926 | 274037 |
|  Boston Scientific Corp. <sup>(a)</sup>  | 2452163 | 233814 |
|  Amgen, Inc. | 520625 | 170406 |
|  Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 1674900 | 132501 |
|  Illumina, Inc. <sup>(a)</sup>  | 993454 | 130302 |
|  Guardant Health, Inc. <sup>(a)</sup>  | 1005728 | 102725 |
|  Ascendis Pharma AS (ADR) <sup>(a)</sup>  | 444896 | 94870 |
|  Moderna, Inc. <sup>(a)</sup>  | 3047100 | 89859 |

---

---

| | |
|:---|:---|
| **15** | American Funds Insurance Series |

---

------

Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Health care (continued)** |  |  |
|  Mettler-Toledo International, Inc. <sup>(a)</sup>  | 62042 | $86498 |
|  Danaher Corp. | 375705 | 86006 |
|  Align Technology, Inc. <sup>(a)</sup>  | 540602 | 84415 |
|  Hims & Hers Health, Inc., Class A <sup>(a)(d)</sup>  | 2320554 | 75348 |
|  Insmed, Inc. <sup>(a)</sup>  | 418330 | 72806 |
|  EssilorLuxottica SA | 229003 | 72405 |
|  BioNTech SE (ADR) <sup>(a)</sup>  | 562734 | 53572 |
|  Royalty Pharma PLC, Class A | 955185 | 36908 |
|  Abbott Laboratories | 241437 | 30250 |
|  IQVIA Holdings, Inc. <sup>(a)</sup>  | 105500 | 23781 |
|  CRISPR Therapeutics AG <sup>(a)(d)</sup>  | 334619 | 17547 |
|  Regeneron Pharmaceuticals, Inc. | 21203 | 16366 |
|  Humana, Inc. | 52111 | 13347 |
|  QIAGEN NV | 294396 | 13239 |
|  Veeva Systems, Inc., Class A <sup>(a)</sup>  | 41200 | 9197 |
|  Verily Life Sciences, LLC <sup>(a)(b)(c)</sup>  | 300178 | 8789 |
|  Doximity, Inc., Class A <sup>(a)</sup>  | 172495 | 7638 |
|  |  | 6003214 |
|  **Industrials 9.20%** |  |  |
|  TransDigm Group, Inc. | 716472 | 952800 |
|  General Electric Co. | 1458179 | 449163 |
|  Uber Technologies, Inc. <sup>(a)</sup>  | 3678126 | 300540 |
|  Quanta Services, Inc. | 656371 | 277028 |
|  FTAI Aviation, Ltd. | 1289761 | 253889 |
|  Ingersoll-Rand, Inc. | 3178452 | 251797 |
|  ATI, Inc. <sup>(a)</sup>  | 2086140 | 239405 |
|  Republic Services, Inc. | 1037338 | 219843 |
|  United Airlines Holdings, Inc. <sup>(a)</sup>  | 1596411 | 178511 |
|  Rocket Lab Corp. <sup>(a)</sup>  | 2320675 | 161890 |
|  Northrop Grumman Corp. | 202123 | 115253 |
|  United Rentals, Inc. | 132903 | 107561 |
|  GE Vernova, Inc. | 164046 | 107216 |
|  Ryanair Holdings PLC (ADR) | 1404492 | 101390 |
|  Ryanair Holdings PLC | 96554 | 3353 |
|  Airbus SE, non-registered shares | 426445 | 98915 |
|  Copart, Inc. <sup>(a)</sup>  | 2348144 | 91930 |
|  Saia, Inc. <sup>(a)</sup>  | 280378 | 91549 |
|  Axon Enterprise, Inc. <sup>(a)</sup>  | 157223 | 89292 |
|  Bombardier, Inc., Class B <sup>(a)</sup>  | 518058 | 88133 |
|  Old Dominion Freight Line, Inc. | 490000 | 76832 |
|  Tetra Tech, Inc. | 2192104 | 73523 |
|  Casella Waste Systems, Inc., Class A <sup>(a)</sup>  | 701174 | 68673 |
|  Equifax, Inc. | 308063 | 66843 |
|  Boeing Co. (The) <sup>(a)</sup>  | 307821 | 66834 |
|  Willscot Holdings Corp., Class A | 3295427 | 62053 |
|  ITT, Inc. | 343000 | 59514 |
|  Rolls-Royce Holdings PLC | 3673109 | 57092 |
|  Loar Holdings, Inc. <sup>(a)</sup>  | 817165 | 55567 |
|  HEICO Corp. | 137622 | 44533 |
|  Carrier Global Corp. | 709345 | 37482 |
|  XPO, Inc. <sup>(a)</sup>  | 263564 | 35821 |
|  Enerpac Tool Group Corp., Class A | 924087 | 35337 |
|  Applied Industrial Technologies, Inc. | 93197 | 23930 |
|  Lennox International, Inc. | 43370 | 21060 |
|  Caterpillar, Inc. | 30500 | 17472 |
|  Builders FirstSource, Inc. <sup>(a)</sup>  | 160656 | 16530 |
|  SPX Technologies, Inc. <sup>(a)</sup>  | 65962 | 13196 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **16** |

---

------

Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials (continued)** |  |  |
|  Safran SA | 31998 | $11135 |
|  Einride AB <sup>(a)(b)(c)</sup>  | 128088 | 2621 |
|  Einride AB (EUR denominated) <sup>(a)(b)(c)</sup>  | 78648 | 1609 |
|  |  | 5027115 |
|  **Financials 7.45%** |  |  |
|  Visa, Inc., Class A | 2133721 | 748317 |
|  Bank of America Corp. | 9094572 | 500202 |
|  Toast, Inc., Class A <sup>(a)</sup>  | 8375874 | 297427 |
|  Affirm Holdings, Inc., Class A <sup>(a)</sup>  | 3595701 | 267628 |
|  Mastercard, Inc., Class A | 467855 | 267089 |
|  Capital One Financial Corp. | 955209 | 231504 |
|  KKR & Co., Inc. | 1738534 | 221628 |
|  Apollo Asset Management, Inc. | 1370731 | 198427 |
|  LPL Financial Holdings, Inc. | 477139 | 170420 |
|  Block, Inc., Class A <sup>(a)</sup>  | 2393874 | 155817 |
|  Brookfield Corp., Class A | 3275187 | 150298 |
|  American Express Co. | 292646 | 108264 |
|  UBS Group AG | 2174000 | 100498 |
|  Blue Owl Capital, Inc., Class A <sup>(d)</sup>  | 6686183 | 99892 |
|  Coinbase Global, Inc., Class A <sup>(a)</sup>  | 330462 | 74731 |
|  Progressive Corp. | 307337 | 69987 |
|  Truist Financial Corp. | 1350366 | 66452 |
|  Blackstone, Inc. | 372497 | 57417 |
|  Ares Management Corp., Class A | 346466 | 55999 |
|  Marsh & McLennan Cos., Inc. | 267515 | 49629 |
|  Brown & Brown, Inc. | 598260 | 47681 |
|  Ryan Specialty Holdings, Inc., Class A | 870000 | 44918 |
|  Kinsale Capital Group, Inc. | 73584 | 28780 |
|  Intercontinental Exchange, Inc. | 176208 | 28539 |
|  Aon PLC, Class A | 57337 | 20233 |
|  Tradeweb Markets, Inc., Class A | 118829 | 12779 |
|  |  | 4074556 |
|  **Consumer staples 1.87%** |  |  |
|  Performance Food Group Co. <sup>(a)</sup>  | 3559500 | 320070 |
|  Costco Wholesale Corp. | 303405 | 261638 |
|  Philip Morris International, Inc. | 1376564 | 220801 |
|  Bunge Global SA | 679809 | 60557 |
|  Church & Dwight Co., Inc. | 600863 | 50382 |
|  Walmart, Inc. | 421746 | 46987 |
|  Dollar Tree Stores, Inc. <sup>(a)</sup>  | 326400 | 40151 |
|  Estee Lauder Cos., Inc. (The), Class A | 163107 | 17081 |
|  JUUL Labs, Inc., Class A <sup>(a)(b)(c)(e)</sup>  | 2496349 | 4743 |
|  |  | 1022410 |
|  **Materials 1.79%** |  |  |
|  Wheaton Precious Metals Corp. | 2483836 | 291900 |
|  Grupo Mexico, SAB de CV, Series B | 19156155 | 180876 |
|  Albemarle Corp. | 1072000 | 151624 |
|  Royal Gold, Inc. | 551247 | 122537 |
|  Barrick Mining Corp. | 1945890 | 84743 |
|  Franco-Nevada Corp. (CAD denominated) | 323280 | 67011 |
|  Glencore PLC | 5275000 | 28695 |
|  Linde PLC | 61350 | 26159 |
|  Ecolab, Inc. | 93883 | 24646 |
|  |  | 978191 |

---

---

| | |
|:---|:---|
| **17** | American Funds Insurance Series |

---

------

Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Energy 1.55%** |  |  |
|  EOG Resources, Inc. | 2238224 | $235036 |
|  Baker Hughes Co., Class A | 3500000 | 159390 |
|  TechnipFMC PLC | 2000000 | 89120 |
|  ConocoPhillips | 815850 | 76372 |
|  Viper Energy, Inc., Class A | 1904761 | 73581 |
|  Diamondback Energy, Inc. | 325000 | 48857 |
|  EQT Corp. | 775751 | 41580 |
|  Cenovus Energy, Inc. (CAD denominated) | 2415901 | 40871 |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 1087226 | 36826 |
|  Tourmaline Oil Corp. | 596759 | 26769 |
|  SLB, Ltd. | 470914 | 18074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;846476 |
|  **Real estate 0.74%** |  |  |
|  Welltower, Inc. REIT | 908669 | 168658 |
|  Zillow Group, Inc., Class C, nonvoting shares <sup>(a)</sup>  | 2105080 | 143609 |
|  CoStar Group, Inc. <sup>(a)</sup>  | 1393047 | 93668 |
|  |  | 405935 |
|  **Utilities 0.67%** |  |  |
|  Constellation Energy Corp. | 509942 | 180147 |
|  NRG Energy, Inc. | 505712 | 80530 |
|  Vistra Corp. | 455512 | 73488 |
|  Southern Co. (The) | 357034 | 31133 |
|  |  | 365298 |
|  **Total common stocks** (cost: $21,705,770,000) |  | 53065387 |
| Preferred securities 0.58% |  |  |
|  **Information technology 0.57%** |  |  |
|  Anthropic, PBC, Class F, preferred shares <sup>(a)(b)(c)</sup>  | 613792 | 154007 |
|  Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 2763342 | 114458 |
|  Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 52656 | 2181 |
|  PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)(c)</sup>  | 906761 | 37291 |
|  PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)(c)</sup>  | 56040 | 2305 |
|  Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(b)(c)</sup>  | 406310 | 1706 |
|  |  | 311948 |
|  **Industrials 0.01%** |  |  |
|  Einride AB, Series C, preferred shares <sup>(a)(b)(c)</sup>  | 154765 | 3167 |
|  **Total preferred securities** (cost: $182,580,000) |  | 315115 |
| Rights & warrants 0.00% |  |  |
|  **Information technology 0.00%** |  |  |
|  Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup>  | 53352 | – <sup>(f)</sup> |
|  **Total rights & warrants** (cost: $0) |  | – <sup>(f)</sup> |
| Convertible stocks 0.08% |  |  |
|  **Information technology 0.07%** |  |  |
|  OpenAI Group PBC, Class A-2, convertible preferred shares <sup>(b)</sup>  | 73144 | 35429 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **18** |

---

------

Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000) |
|  **Materials 0.01%** |  |  |
|  Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 | 128700 | $7644 |
|  **Industrials 0.00%** |  |  |
|  Long Wall Co., Class A-10, noncumulative convertible preferred shares <sup>(b)(c)</sup>  | 809003 | 534 |
|  Long Wall Co., Class A-9, noncumulative convertible preferred shares <sup>(b)(c)</sup>  | 171920 | 113 |
|  |  | 647 |
|  **Total convertible stocks** (cost: $32,010,000) |  | 43720 |
| Short-term securities 2.43% |  |  |
|  **Money market investments 2.38%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(g)(h)</sup>  | 13034717 | 1303602 |
|  **Money market investments purchased with collateral from securities on loan 0.05%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(g)(i)</sup>  | 26762407 | 26762 |
|  **Total short-term securities** (cost: $1,330,110,000) |  | 1330364 |
|  **Total investment securities** 100.14% (cost: $23,250,470,000) |  | 54754586 |
|  Other assets less liabilities (0.14)% |  | (75804) |
|  **Net assets 100.00%** |  | $54678782 |

---

#### Investments in affiliates <sup>(h)</sup>
<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br>(000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 2.38% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 2.38%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(g)</sup>  | $1045665 | $5918652 | $5660837 | $66 | $56 | $1303602 | $51607 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(g)</sup>  | 4032 |  | 4032 <sup>(j)</sup> |  |  |  | – <sup>(k)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 2.38%** |  |  |  | $66 | $56 | $1303602 | $51607 |

---

#### Restricted securities <sup>(c)</sup>
<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date<sup>(s)</sup>  | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Anthropic, PBC, Class F, preferred shares <sup>(a)(b)</sup>  | 8/29/2025 | $86525 | $154007 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)</sup>  | 3/15/2023 | 55638 | 114458 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stripe, Inc., Class B <sup>(a)(b)</sup>  | 5/6/'2021 | 6766 | 6983 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)</sup>  | 3/15/2021 | 2113 | 2181 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)</sup>  | 5/28/2021 | 23781 | 37291 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)</sup>  | 5/23/2025-6/3/2025 | 2305 | 2305 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Verily Life Sciences, LLC <sup>(a)(b)</sup>  | 12/21/2018 | 37000 | 8789 | 0.02 |

---

---

| | |
|:---|:---|
| **19** | American Funds Insurance Series |

---

------

Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Restricted securities <sup>(c)</sup>** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date<sup>(s)</sup>  | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Einride AB, Series C, preferred shares <sup>(a)(b)</sup>  | 11/23/2022-8/1/2024 | $5262 | $3167 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Einride AB <sup>(a)(b)</sup>  | 7/14/2025 | 4355 | 2621 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Einride AB (EUR denominated) <sup>(a)(b)</sup>  | 2/1/2023 | 2674 | 1609 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; JUUL Labs, Inc., Class A <sup>(a)(b)(e)</sup>  | 7/29/2024 | 19001 | 4743 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(b)</sup>  | 12/1/2021 | 6956 | 1706 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Wall Co., Class A-10, noncumulative convertible preferred shares <sup>(b)</sup>  | 12/14/2023 | 1382 | 534 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Wall Co., Class A-9, noncumulative convertible preferred shares <sup>(b)</sup>  | 10/22/2021 | 10452 | 113 | 0.00 <sup>(l)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $264210 | $340507 | 0.62% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(e)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $4,743,000, which represented 0.01% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents. 

<sup>(f)</sup> Amount less than one thousand. 

<sup>(g)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(h)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(i)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(l)</sup> Amount less than 0.01%. 

#### Key to abbreviation(s)
ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **20** |

---

------

International Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 98.16% | Shares | Value<br> (000) |
|  **Financials 16.89%** |  |  |
|  Standard Chartered PLC | 11011203 | $&nbsp;&nbsp;&nbsp;&nbsp;268904 |
|  3i Group PLC | 2897302 | 126054 |
|  Banco Bilbao Vizcaya Argentaria SA | 5332751 | 124734 |
|  Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 6922206 | 115878 |
|  KB Financial Group, Inc. | 1185335 | 102470 |
|  Mizuho Financial Group, Inc. | 2515100 | 91328 |
|  Banco Santander SA | 6836212 | 80222 |
|  Banco BPM SpA | 3615692 | 54921 |
|  AIA Group, Ltd. | 5207391 | 53488 |
|  ING Groep NV | 1613867 | 45368 |
|  Munchener Ruckversicherungs-Gesellschaft AG | 56655 | 37414 |
|  Tokio Marine Holdings, Inc. | 905800 | 33629 |
|  Bank Central Asia Tbk PT | 56767400 | 27401 |
|  BPER Banca SpA <sup>(b)</sup>  | 1418221 | 19178 |
|  NatWest Group PLC | 1567793 | 13674 |
|  Allianz SE | 27705 | 12707 |
|  Hana Financial Group, Inc. | 186011 | 12133 |
|  Brookfield Corp., Class A (CAD denominated) | 233122 | 10704 |
|  Japan Post Bank Co., Ltd. | 619400 | 8711 |
|  China Merchants Bank Co., Ltd., Class A | 1205700 | 7264 |
|  ICICI Bank, Ltd. | 442491 | 6606 |
|  Futu Holdings, Ltd. (ADR) <sup>(a)</sup>  | 35499 | 5829 |
|  |  | 1258617 |
|  **Industrials 16.27%** |  |  |
|  Airbus SE, non-registered shares | 1101390 | 255471 |
|  Rolls-Royce Holdings PLC | 8463724 | 131553 |
|  Siemens AG | 303400 | 85206 |
|  MTU Aero Engines AG | 179935 | 75054 |
|  Recruit Holdings Co., Ltd. | 1308162 | 74627 |
|  Melrose Industries PLC | 9427170 | 74169 |
|  Techtronic Industries Co., Ltd. | 5617550 | 64539 |
|  Volvo AB, Class B | 1368822 | 43876 |
|  Diploma PLC | 598717 | 42730 |
|  Localiza Rent a Car SA, ordinary nominative shares | 5068783 | 39975 |
|  Localiza Rent a Car SA <sup>(a)</sup>  | 194953 | 1476 |
|  WEG SA | 3980205 | 35650 |
|  ITOCHU Corp. | 2657500 | 33545 |
|  Marubeni Corp. | 1159900 | 32276 |
|  IHI Corp. | 1824200 | 32164 |
|  Hitachi, Ltd. | 990979 | 30744 |
|  Schneider Electric SE | 95190 | 26092 |
|  Rumo SA | 9764390 | 26083 |
|  Safran SA | 56700 | 19730 |
|  RELX PLC | 379889 | 15366 |
|  DSV A/S | 50961 | 12824 |
|  Bureau Veritas SA | 386859 | 12320 |
|  AtkinsRealis Group, Inc. | 172152 | 11113 |
|  Singapore Technologies Engineering, Ltd. | 1674050 | 10922 |
|  Experian PLC | 236977 | 10718 |
|  Larsen & Toubro, Ltd. | 126454 | 5745 |
|  Compagnie de Saint-Gobain SA, non-registered shares | 46865 | 4757 |
|  Ashtead Group PLC | 54171 | 3696 |
|  |  | 1212421 |
|  **Information technology 15.10%** |  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 9377867 | 458141 |
|  SK hynix, Inc. | 314984 | 142633 |
|  Tokyo Electron, Ltd. | 647298 | 142158 |

---

---

| | |
|:---|:---|
| **21** | American Funds Insurance Series |

---

------

International Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Information technology (continued)** |  |  |
|  ASML Holding NV | 120453 | $128754 |
|  Samsung Electronics Co., Ltd. | 1529763 | 127497 |
|  Nebius Group NV, Class A <sup>(a)(b)</sup>  | 330786 | 27689 |
|  ARM Holdings PLC (ADR) <sup>(a)</sup>  | 196800 | 21512 |
|  SAP SE | 74969 | 18343 |
|  Xiaomi Corp., Class B <sup>(a)</sup>  | 1932600 | 9754 |
|  NEC Corp. | 244075 | 8230 |
|  Infineon Technologies AG | 183939 | 8150 |
|  Canva Australia Holdings Pty, Ltd. <sup>(a)(c)(d)</sup>  | 4819 | 7933 |
|  Elite Material Co., Ltd. | 151233 | 7844 |
|  Delta Electronics, Inc. | 244000 | 7424 |
|  Tata Consultancy Services, Ltd. | 137136 | 4902 |
|  Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 28772 | 4632 |
|  |  | 1125596 |
|  **Materials 12.39%** |  |  |
|  First Quantum Minerals, Ltd. <sup>(a)</sup>  | 14456903 | 387610 |
|  Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 8609925 | 97921 |
|  Ivanhoe Mines, Ltd., Class A <sup>(a)(d)</sup>  | 3675281 | 41799 |
|  Grupo Mexico, SAB de CV, Series B | 8937237 | 84387 |
|  Nitto Denko Corp. | 3520415 | 83649 |
|  Anglo American PLC | 1721774 | 70953 |
|  Nippon Steel Corp. | 9999000 | 40892 |
|  Shin-Etsu Chemical Co., Ltd. | 1077664 | 33513 |
|  Air Liquide SA | 118039 | 22213 |
|  Antofagasta PLC | 379688 | 16665 |
|  Wheaton Precious Metals Corp. | 88388 | 10387 |
|  Smurfit Westrock PLC | 247511 | 9571 |
|  Nippon Sanso Holdings Corp. | 304021 | 9078 |
|  Akzo Nobel NV | 88591 | 6153 |
|  Buzzi SpA | 87826 | 5339 |
|  DSM-Firmenich AG | 36039 | 2912 |
|  |  | 923042 |
|  **Communication services 9.56%** |  |  |
|  SoftBank Group Corp. | 10784964 | 304053 |
|  Tencent Holdings, Ltd. | 1764115 | 135179 |
|  Bharti Airtel, Ltd. | 4398206 | 103178 |
|  Singapore Telecommunications, Ltd. | 11548300 | 40916 |
|  Nintendo Co., Ltd. | 536900 | 36267 |
|  Deutsche Telekom AG | 974869 | 31622 |
|  NetEase, Inc. | 734816 | 20222 |
|  Universal Music Group NV | 657391 | 17175 |
|  Spotify Technology SA <sup>(a)</sup>  | 25659 | 14900 |
|  Advanced Info Service PCL, foreign registered shares | 867289 | 8614 |
|  |  | 712126 |
|  **Consumer discretionary 9.04%** |  |  |
|  Moncler SpA | 1032407 | 66354 |
|  MercadoLibre, Inc. <sup>(a)</sup>  | 32883 | 66235 |
|  Kering SA | 179269 | 63257 |
|  Compagnie Financiere Richemont SA, Class A | 273347 | 58993 |
|  Maruti Suzuki India, Ltd. | 288268 | 53589 |
|  Trip.com Group, Ltd. | 580746 | 41659 |
|  Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 313738 | 40023 |
|  Prosus NV, Class N | 643657 | 39754 |
|  Industria de Diseno Textil SA | 566003 | 37283 |
|  Hyundai Motor Co. | 162486 | 33269 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **22** |

---

------

International Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Consumer discretionary (continued)** |  |  |
|  Ferrari NV (EUR denominated) | 87650 | $32635 |
|  NEXT PLC | 129015 | 23737 |
|  Flutter Entertainment PLC <sup>(a)</sup>  | 98385 | 21157 |
|  Midea Group Co., Ltd., Class A | 1128302 | 12614 |
|  Fast Retailing Co., Ltd. | 33500 | 12149 |
|  Aristocrat Leisure, Ltd. | 297447 | 11535 |
|  Shimano, Inc. <sup>(b)</sup>  | 101600 | 10727 |
|  Zensho Holdings Co., Ltd. | 166100 | 9520 |
|  Galaxy Entertainment Group, Ltd. | 1925384 | 9443 |
|  Compass Group PLC | 292214 | 9297 |
|  ANTA Sports Products, Ltd. | 596775 | 6164 |
|  Ryohin Keikaku Co., Ltd. | 321757 | 5717 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 5799 | 4372 |
|  Hermes International | 1637 | 4044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;673527 |
|  **Health care 6.01%** |  |  |
|  Novo Nordisk AS, Class B | 3391577 | 172878 |
|  Daiichi Sankyo Co., Ltd. | 5868579 | 124987 |
|  Zealand Pharma AS <sup>(a)</sup>  | 463564 | 33735 |
|  Eurofins Scientific SE, non-registered shares | 451508 | 33021 |
|  AstraZeneca PLC | 177294 | 32656 |
|  EssilorLuxottica SA | 70441 | 22272 |
|  Sanofi | 130708 | 12681 |
|  Sandoz Group AG | 159215 | 11604 |
|  Ambu AS, Class B, non-registered shares <sup>(b)</sup>  | 274738 | 3788 |
|  |  | 447622 |
|  **Energy 5.59%** |  |  |
|  Reliance Industries, Ltd. | 12131748 | 211754 |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 4062860 | 137614 |
|  Cenovus Energy, Inc. (CAD denominated) | 2880905 | 48738 |
|  Shell PLC (GBP denominated) | 316792 | 11637 |
|  Neste OYJ | 300618 | 6803 |
|  |  | 416546 |
|  **Consumer staples 4.50%** |  |  |
|  British American Tobacco PLC | 2634440 | 149314 |
|  Danone SA | 659961 | 59548 |
|  L'Oreal SA, non-registered shares | 86941 | 37344 |
|  JBS NV (BDR) <sup>(a)</sup>  | 2188693 | 31566 |
|  Marks and Spencer Group PLC | 4024381 | 17902 |
|  Ajinomoto Co., Inc. | 669004 | 14150 |
|  Avenue Supermarts, Ltd. <sup>(a)</sup>  | 262709 | 11052 |
|  Kweichow Moutai Co., Ltd., Class A | 46534 | 9164 |
|  Imperial Brands PLC | 136845 | 5753 |
|  |  | 335793 |
|  **Utilities 2.81%** |  |  |
|  Engie SA | 2395754 | 62993 |
|  Gulf Development PCL | 27764456 | 36817 |
|  E.ON SE | 1586206 | 30069 |
|  SSE PLC | 987562 | 28958 |
|  Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares | 783149 | 18770 |

---

---

| | |
|:---|:---|
| **23** | American Funds Insurance Series |

---

------

International Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Utilities (continued)** |  |  |
|  SembCorp Industries, Ltd. | 2815100 | $13142 |
|  National Grid PLC | 702416 | 10825 |
|  RWE AG | 148645 | 7909 |
|  |  | 209483 |
|  **Total common stocks** (cost: $4,876,359,000) |  | 7314773 |
| Preferred securities 0.46% |  |  |
|  **Financials 0.45%** |  |  |
|  Itau Unibanco Holding SA, preferred nominative shares | 4652963 | 33353 |
|  **Information technology 0.01%** |  |  |
|  Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 422 | 695 |
|  Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 18 | 29 |
|  Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative preferred shares <sup>(a)(c)(d)</sup>  | 1 | 2 |
|  |  | 726 |
|  **Total preferred securities** (cost: $27,145,000) |  | 34079 |
| Rights & warrants 0.00% |  |  |
|  **Information technology 0.00%** |  |  |
|  Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(c)</sup>  | 7730 | – <sup>(e)</sup> |
|  **Total rights & warrants** (cost: $0) |  | – <sup>(e)</sup> |
| Short-term securities 2.00% |  |  |
|  **Money market investments 1.65%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup>  | 1227629 | 122775 |
|  **Money market investments purchased with collateral from securities on loan 0.35%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup>  | 26275215 | 26276 |
|  **Total short-term securities** (cost: $149,031,000) |  | 149051 |
|  **Total investment securities 100.62%** (cost: $5,052,535,000) |  | 7497903 |
|  Other assets less liabilities (0.62)% |  | (45923) |
|  **Net assets 100.00%** |  | $7451980 |

---

#### Investments in affiliates <sup>(g)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 1.65% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 1.65%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $396476 | $1657364 | $1930982 | $(57) | $(26) | $122775 | $11400 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **24** |

---

------

International Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Investments in affiliates <sup>(g)</sup>** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $1000 | $– | $1000 <sup>(i)</sup> | $– | $– | $— | $– <sup>(j)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 1.65%** |  |  |  | $(57) | $(26) | $122775 | $11400 |

---

#### Restricted securities <sup>(d)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date<sup>(s)</sup>  | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 12/18/2023 | $32962 | $41799 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd. <sup>(a)(c)</sup>  | 8/26/2021-11/04/2021 | 8215 | 7933 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(c)</sup>  | 11/4/2021 | 719 | 695 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(c)</sup>  | 11/4/2021 | 31 | 29 | 0.00 <sup>(k)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative preferred shares <sup>(a)(c)</sup>  | 11/4/2021 | 2 | 2 | 0.00 <sup>(k)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $41929 | $50458 | 0.68% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(e)</sup> Amount less than one thousand. 

<sup>(f)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(i)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(k)</sup> Amount less than 0.01%. 

#### Key to abbreviation(s)
ADR = American Depositary Receipts

BDR = Brazilian Depositary Receipts

CAD = Canadian dollars

EUR = Euros

GBP = British pounds

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **25** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 95.33% | Shares | Value<br> (000) |
|  **Information technology 22.63%** |  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 6571269 | $&nbsp;&nbsp;&nbsp;&nbsp;321028 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 11523 | 3502 |
|  SK hynix, Inc. | 251877 | 114056 |
|  Microsoft Corp. | 157353 | 76099 |
|  Broadcom, Inc. | 210679 | 72916 |
|  NVIDIA Corp. | 320938 | 59855 |
|  ASML Holding NV | 25289 | 27032 |
|  ASML Holding NV (ADR) | 8318 | 8899 |
|  Tokyo Electron, Ltd. | 162200 | 35622 |
|  KLA Corp. | 14976 | 18197 |
|  Samsung Electronics Co., Ltd. | 191723 | 15979 |
|  MediaTek, Inc. | 326000 | 14772 |
|  Xiaomi Corp., Class B <sup>(a)</sup>  | 2534000 | 12789 |
|  Cloudflare, Inc., Class A <sup>(a)</sup>  | 59018 | 11635 |
|  Elite Material Co., Ltd. | 220800 | 11453 |
|  Capgemini SE | 66733 | 11052 |
|  Accton Technology Corp. | 248000 | 9289 |
|  Apple, Inc. | 28459 | 7737 |
|  Intel Corp. <sup>(a)</sup>  | 194842 | 7190 |
|  Jentech Precision Industrial Co., Ltd. | 77000 | 6634 |
|  SAP SE | 21612 | 5288 |
|  SAP SE (ADR) | 4295 | 1043 |
|  Corning, Inc. | 63115 | 5526 |
|  E Ink Holdings, Inc. | 780000 | 4901 |
|  Oracle Corp. | 24649 | 4804 |
|  Micron Technology, Inc. | 16655 | 4753 |
|  Baidu, Inc., Class A <sup>(a)</sup>  | 275000 | 4508 |
|  Kokusai Electric Corp. | 114900 | 4011 |
|  TDK Corp. | 234000 | 3311 |
|  Synopsys, Inc. <sup>(a)</sup>  | 7030 | 3302 |
|  eMemory Technology, Inc. | 59000 | 3221 |
|  Infineon Technologies AG | 67805 | 3004 |
|  Zhongji Innolight Co., Ltd., Class A | 33800 | 2928 |
|  Keyence Corp. | 7900 | 2862 |
|  Globant SA <sup>(a)</sup>  | 36120 | 2361 |
|  Delta Electronics, Inc. | 74000 | 2252 |
|  Unity Software, Inc. <sup>(a)</sup>  | 47136 | 2082 |
|  EPAM Systems, Inc. <sup>(a)</sup>  | 9701 | 1988 |
|  ASE Technology Holding Co., Ltd. | 242000 | 1918 |
|  Tata Consultancy Services, Ltd. | 40821 | 1459 |
|  LITE-ON Technology Corp. | 207000 | 1066 |
|  HCL Technologies, Ltd. | 51253 | 926 |
|  Coforge, Ltd. | 49378 | 914 |
|  Credo Technology Group Holding, Ltd. <sup>(a)</sup>  | 5689 | 819 |
|  Canva Australia Holdings Pty, Ltd. <sup>(a)(b)(c)</sup>  | 385 | 634 |
|  Disco Corp. | 1400 | 432 |
|  |  | 916049 |
|  **Financials 17.42%** |  |  |
|  Banco Bilbao Vizcaya Argentaria SA | 2139537 | 50044 |
|  Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 2908006 | 48680 |
|  Mastercard, Inc., Class A | 56665 | 32349 |
|  Standard Chartered PLC | 1298185 | 31703 |
|  Abu Dhabi Islamic Bank PJSC | 4188342 | 23675 |
|  AIA Group, Ltd. | 2150600 | 22090 |
|  Capitec Bank Holdings, Ltd. | 84912 | 21323 |
|  KB Financial Group, Inc. | 241411 | 20869 |
|  HDFC Bank, Ltd. | 1864902 | 20607 |
|  Kotak Mahindra Bank, Ltd. | 836821 | 20495 |
|  UniCredit SpA | 246716 | 20481 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **26** |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials (continued)** |  |  |
|  Eurobank SA | 4059024 | $&nbsp;&nbsp;&nbsp;&nbsp;16268 |
|  Hana Financial Group, Inc. | 227598 | 14846 |
|  Cholamandalam Investment and Finance Co., Ltd. | 773211 | 14611 |
|  PICC Property and Casualty Co., Ltd., Class H | 6828947 | 14318 |
|  Al Rajhi Banking and Investment Corp., non-registered shares | 549635 | 14288 |
|  ICICI Bank, Ltd. | 612943 | 9151 |
|  ICICI Bank, Ltd. (ADR) | 161921 | 4825 |
|  Visa, Inc., Class A | 39040 | 13692 |
|  Banco Santander SA | 1156519 | 13572 |
|  XP, Inc., Class A | 827903 | 13553 |
|  Axis Bank, Ltd. | 911541 | 12903 |
|  PB Fintech, Ltd. <sup>(a)</sup>  | 622762 | 12650 |
|  National Bank of Greece SA | 658867 | 10036 |
|  Ping An Insurance (Group) Co. of China, Ltd., Class H | 1164044 | 9792 |
|  Shriram Finance, Ltd. | 879069 | 9744 |
|  AU Small Finance Bank, Ltd. | 854088 | 9451 |
|  Emirates NBD Bank PJSC | 1224960 | 9289 |
|  Credicorp, Ltd. | 29914 | 8585 |
|  Saudi National Bank (The) | 810380 | 8182 |
|  People's Insurance Co. (Group) of China, Ltd. (The), Class H | 8799000 | 7605 |
|  Futu Holdings, Ltd. (ADR) <sup>(a)</sup>  | 44570 | 7319 |
|  FirstRand, Ltd. | 1266252 | 6927 |
|  Brookfield Corp., Class A | 149687 | 6869 |
|  Grupo Financiero Banorte, SAB de CV, Series O | 721373 | 6687 |
|  Banco BTG Pactual SA, units | 690847 | 6593 |
|  China Merchants Bank Co., Ltd., Class H | 827000 | 5593 |
|  China Merchants Bank Co., Ltd., Class A | 145100 | 874 |
|  Bank of the Philippine Islands | 3172748 | 6261 |
|  BSE, Ltd. | 210546 | 6167 |
|  Commercial International Bank - Egypt (CIB) SAE (GDR) | 2846265 | 6083 |
|  Samsung Life Insurance Co., Ltd. | 53225 | 5796 |
|  Hong Kong Exchanges and Clearing, Ltd. | 103600 | 5413 |
|  Prudential PLC | 347501 | 5362 |
|  Bajaj Finance, Ltd. | 486776 | 5345 |
|  Saudi Awwal Bank SJSC, non-registered shares | 603009 | 5200 |
|  Abu Dhabi Commercial Bank PJSC | 1288462 | 5017 |
|  Aon PLC, Class A | 12683 | 4476 |
|  Vietnam Technological and Commercial JSCB (The) | 3227600 | 4279 |
|  Kasikornbank PCL, foreign registered shares | 680500 | 4204 |
|  Bank Central Asia Tbk PT | 8589523 | 4146 |
|  Central Depository Services (India), Ltd. | 257071 | 4129 |
|  Banco Santander (Brasil) SA, units <sup>(a)</sup>  | 672725 | 4114 |
|  Public Bank Bhd. | 3623000 | 4054 |
|  B3 SA - Brasil, Bolsa, Balcao | 1469781 | 3826 |
|  Samsung Fire & Marine Insurance Co., Ltd. | 10900 | 3757 |
|  3i Group PLC | 85342 | 3713 |
|  Qatar National Bank QPSC | 621752 | 3186 |
|  HSBC Holdings PLC (GBP denominated) | 189882 | 2977 |
|  Akbank TAS | 1817792 | 2963 |
|  OTP Bank PLC | 25466 | 2729 |
|  Discovery, Ltd. | 193692 | 2664 |
|  CVC Capital Partners PLC | 158241 | 2650 |
|  360 ONE WAM, Ltd. | 177690 | 2346 |
|  Kaspi.kz JSC (ADR) <sup>(a)</sup>  | 28783 | 2249 |
|  Bajaj Finserv, Ltd. | 74043 | 1679 |
|  Bank of Ningbo Co., Ltd., Class A | 407300 | 1637 |
|  Woori Financial Group, Inc. | 80845 | 1573 |
|  BDO Unibank, Inc. | 685630 | 1563 |
|  S&P Global, Inc. | 2769 | 1447 |
|  Wise PLC, Class A <sup>(a)</sup>  | 101638 | 1221 |
|  Shinhan Financial Group Co., Ltd. | 13940 | 744 |

---

---

| | |
|:---|:---|
| **27** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials (continued)** |  |  |
|  Asia Commercial Joint Stock Bank | 584970 | $534 |
|  Edenred SA | 18236 | 405 |
|  Haci A–mer Sabanci Holding AS | 140669 | 277 |
|  Erste Group Bank AG | 1804 | 217 |
|  Sberbank of Russia PJSC <sup>(b)</sup>  | 2662164 | – <sup>(d)</sup> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;704942 |
|  **Consumer discretionary 12.67%** |  |  |
|  MercadoLibre, Inc. <sup>(a)</sup>  | 33795 | 68072 |
|  Trip.com Group, Ltd. (ADR) | 474251 | 34103 |
|  Trip.com Group, Ltd. | 385395 | 27646 |
|  Alibaba Group Holding, Ltd. | 1441572 | 26383 |
|  Alibaba Group Holding, Ltd. (ADR) | 119790 | 17559 |
|  Midea Group Co., Ltd., Class A | 2890833 | 32318 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 40672 | 30663 |
|  Eicher Motors, Ltd. | 219346 | 17835 |
|  Compagnie Financiere Richemont SA, Class A | 81116 | 17506 |
|  MakeMyTrip, Ltd. <sup>(a)</sup>  | 168896 | 13870 |
|  Prosus NV, Class N | 213414 | 13181 |
|  Maruti Suzuki India, Ltd. | 69319 | 12886 |
|  H World Group, Ltd. (ADR) | 253777 | 11940 |
|  H World Group, Ltd. | 190600 | 901 |
|  BYD Co., Ltd., Class A | 722123 | 10082 |
|  BYD Co., Ltd., Class H | 211400 | 2574 |
|  Galaxy Entertainment Group, Ltd. | 2192000 | 10751 |
|  Ryohin Keikaku Co., Ltd. | 574800 | 10212 |
|  Eternal, Ltd. <sup>(a)</sup>  | 3260114 | 10115 |
|  Jumbo SA | 289567 | 9514 |
|  TVS Motor Co., Ltd. | 204915 | 8475 |
|  Vibra Energia SA | 1778591 | 8364 |
|  Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 65079 | 8302 |
|  Hyundai Motor Co. | 38193 | 7820 |
|  Meituan, Class B <sup>(a)</sup>  | 464500 | 6129 |
|  Naspers, Ltd., Class N | 88840 | 5901 |
|  PDD Holdings, Inc. (ADR) <sup>(a)</sup>  | 50247 | 5698 |
|  Wynn Resorts, Ltd. | 44454 | 5349 |
|  Tesla, Inc. <sup>(a)</sup>  | 11561 | 5199 |
|  Li Ning Co., Ltd. | 2006155 | 4804 |
|  Inchcape PLC | 461897 | 4788 |
|  Hermes International | 1746 | 4314 |
|  Moncler SpA | 66313 | 4262 |
|  Aptiv Holdings, Ltd. <sup>(a)</sup>  | 41403 | 3150 |
|  Royal Caribbean Cruises, Ltd. | 10578 | 2950 |
|  Coupang, Inc., Class A <sup>(a)</sup>  | 124997 | 2949 |
|  Lenskart Solutions, Ltd. <sup>(a)</sup>  | 578142 | 2899 |
|  YUM! Brands, Inc. | 18610 | 2815 |
|  Pepkor Holdings, Ltd. | 1716852 | 2745 |
|  Amadeus IT Group SA, Class A, non-registered shares | 37373 | 2741 |
|  ANTA Sports Products, Ltd. | 239200 | 2471 |
|  Swiggy, Ltd. <sup>(a)</sup>  | 550157 | 2364 |
|  Marriott International, Inc., Class A | 7554 | 2344 |
|  Starbucks Corp. | 27127 | 2284 |
|  Shenzhou International Group Holdings, Ltd. | 284200 | 2221 |
|  Booking Holdings, Inc. | 402 | 2153 |
|  InterContinental Hotels Group PLC | 15169 | 2125 |
|  Mahindra & Mahindra, Ltd. | 50625 | 2090 |
|  adidas AG | 10534 | 2074 |
|  Ferrari NV (EUR denominated) | 4981 | 1855 |
|  Industria de Diseno Textil SA | 27544 | 1814 |
|  Fast Retailing Co., Ltd. | 3900 | 1414 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **28** |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Consumer discretionary (continued)** |  |  |
|  Sands China, Ltd. | 496000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 |
|  Laopu Gold Co., Ltd., Class H | 15700 | 1245 |
|  NIKE, Inc., Class B | 18962 | 1208 |
|  Shangri-La Asia, Ltd. | 1774000 | 1083 |
|  Tube Investments of India, Ltd. | 36685 | 1067 |
|  Renault SA | 25328 | 1049 |
|  Cyrela Brazil Realty SA, ordinary nominative shares | 179166 | 984 |
|  Kering SA | 2102 | 742 |
|  Hilton Worldwide Holdings, Inc. | 2449 | 704 |
|  Evolution AB | 6810 | 463 |
|  Compagnie Generale des Etablissements Michelin | 1122 | 37 |
|  |  | 512806 |
|  **Industrials 12.11%** |  |  |
|  Airbus SE, non-registered shares | 221232 | 51315 |
|  International Container Terminal Services, Inc. | 4053790 | 38869 |
|  Rolls-Royce Holdings PLC | 2174320 | 33796 |
|  Hitachi, Ltd. | 960800 | 29807 |
|  General Electric Co. | 84289 | 25964 |
|  Kanzhun, Ltd., Class A (ADR) | 932453 | 19003 |
|  Kanzhun, Ltd., Class A | 98200 | 994 |
|  Copa Holdings SA, Class A | 149024 | 17974 |
|  Rumo SA | 5874027 | 15691 |
|  Safran SA | 42173 | 14675 |
|  Localiza Rent a Car SA, ordinary nominative shares | 1712066 | 13502 |
|  Localiza Rent a Car SA <sup>(a)</sup>  | 65848 | 499 |
|  IHI Corp. | 716379 | 12631 |
|  Contemporary Amperex Technology Co., Ltd., Class A | 230376 | 12061 |
|  Shenzhen Inovance Technology Co., Ltd., Class A | 1115202 | 11996 |
|  DSV A/S | 45402 | 11425 |
|  Daikin Industries, Ltd. | 78900 | 10129 |
|  BAE Systems PLC | 436368 | 10032 |
|  WEG SA | 1109286 | 9936 |
|  Grupo Aeroportuario del Pacifico, SAB de CV, Class B | 352685 | 9265 |
|  Grupo Aeroportuario del Pacifico, SAB de CV, Class B (ADR) | 1043 | 275 |
|  AGCO Corp. | 88171 | 9198 |
|  Uber Technologies, Inc. <sup>(a)</sup>  | 112415 | 9185 |
|  Leonardo SpA | 157234 | 9007 |
|  Aselan Elektronik Sanayi ve Ticaret AS | 1557059 | 8420 |
|  TransDigm Group, Inc. | 6188 | 8229 |
|  Siemens AG | 28236 | 7930 |
|  Mitsui & Co., Ltd. | 242100 | 7155 |
|  Techtronic Industries Co., Ltd. | 620500 | 7129 |
|  Weichai Power Co., Ltd., Class A | 1977896 | 4847 |
|  Weichai Power Co., Ltd., Class H | 947000 | 2279 |
|  Motiva Infraestrutura de Mobilidade SA | 2511108 | 6872 |
|  Jiangsu Hengli Hydraulic Co., Ltd., Class A | 399864 | 6272 |
|  Hanwha Aerospace Co., Ltd. | 9460 | 6155 |
|  Larsen & Toubro, Ltd. | 126929 | 5767 |
|  Full Truck Alliance Co., Ltd., Class A (ADR) | 433721 | 4654 |
|  Mitsubishi Heavy Industries, Ltd. | 162100 | 3970 |
|  Schneider Electric SE | 14248 | 3905 |
|  SM Investments Corp. | 321280 | 3820 |
|  Ayala Corp. | 383020 | 3047 |
|  GT Capital Holdings, Inc. | 288570 | 2918 |
|  Carrier Global Corp. | 54462 | 2878 |
|  InPost SA <sup>(a)(e)</sup>  | 218978 | 2682 |
|  International Consolidated Airlines Group SA (CDI) | 463348 | 2566 |
|  Embraer SA | 143113 | 2312 |
|  Ingersoll-Rand, Inc. | 25137 | 1991 |

---

---

| | |
|:---|:---|
| **29** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials (continued)** |  |  |
|  Bureau Veritas SA | 61362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954 |
|  Boeing Co. (The) <sup>(a)</sup>  | 7510 | 1631 |
|  Turk Hava Yollari Anonim Ortakligi, non-registered shares | 218301 | 1368 |
|  Grab Holdings, Ltd., Class A <sup>(a)</sup>  | 200986 | 1003 |
|  Wizz Air Holdings PLC <sup>(a)</sup>  | 57166 | 983 |
|  Haitian International Holdings, Ltd. | 103146 | 293 |
|  |  | 490259 |
|  **Communication services 9.72%** |  |  |
|  Tencent Holdings, Ltd. | 1429401 | 109531 |
|  Alphabet, Inc., Class C | 86392 | 27110 |
|  Alphabet, Inc., Class A | 82543 | 25836 |
|  Bharti Airtel, Ltd. | 2045799 | 47992 |
|  Bharti Airtel, Ltd., interim shares | 50511 | 952 |
|  Meta Platforms, Inc., Class A | 60664 | 40044 |
|  NetEase, Inc. | 1132600 | 31168 |
|  MTN Group, Ltd. | 2718770 | 27783 |
|  KT Corp. (ADR) | 648437 | 12301 |
|  Netflix, Inc. <sup>(a)</sup>  | 118609 | 11121 |
|  Telkom Indonesia (Persero) Tbk PT, Class B | 43499200 | 9047 |
|  America Movil, SAB de CV, Class B (ADR) | 384073 | 7939 |
|  True Corp. PCL, foreign registered shares | 22087986 | 7629 |
|  True Corp. PCL, nonvoting depository receipts | 753600 | 260 |
|  Baidu, Inc., Class A (ADR) <sup>(a)</sup>  | 56652 | 7402 |
|  Spotify Technology SA <sup>(a)</sup>  | 10315 | 5990 |
|  Tencent Music Entertainment Group, Class A (ADR) | 338146 | 5928 |
|  Orange | 311481 | 5197 |
|  ROBLOX Corp., Class A <sup>(a)</sup>  | 38832 | 3146 |
|  Advanced Info Service PCL, foreign registered shares | 267800 | 2660 |
|  NAVER Corp. | 9774 | 1638 |
|  TIM SA | 412735 | 1615 |
|  Singapore Telecommunications, Ltd. | 349300 | 1237 |
|  |  | 393526 |
|  **Materials 6.40%** |  |  |
|  First Quantum Minerals, Ltd. <sup>(a)</sup>  | 1702702 | 45652 |
|  Grupo Mexico, SAB de CV, Series B | 2472433 | 23345 |
|  Barrick Mining Corp. | 438294 | 19088 |
|  Vale SA, ordinary nominative shares | 1025947 | 13414 |
|  Vale SA (ADR), ordinary nominative shares | 205656 | 2680 |
|  Glencore PLC | 2503454 | 13618 |
|  APL Apollo Tubes, Ltd. | 546975 | 11649 |
|  Valterra Platinum, Ltd. (ZAR denominated) | 128112 | 10846 |
|  Valterra Platinum, Ltd. (ADR) | 41308 | 578 |
|  Amcor PLC (CDI) | 1254386 | 10482 |
|  Nitto Denko Corp. | 428636 | 10185 |
|  Zijin Gold International Co., Ltd. <sup>(a)</sup>  | 436300 | 8156 |
|  BASF SE | 145775 | 7616 |
|  Anhui Conch Cement Co., Ltd., Class H | 2253000 | 6373 |
|  Linde PLC | 14574 | 6214 |
|  Impala Platinum Holdings, Ltd. | 375422 | 5913 |
|  Saudi Basic Industries Corp. non-registered shares | 353199 | 4829 |
|  Nutrien, Ltd. (CAD denominated) <sup>(e)</sup>  | 71918 | 4439 |
|  Siam Cement PCL, foreign registered shares | 730100 | 4239 |
|  Suzano SA | 438657 | 4109 |
|  Pan American Silver Corp. | 77019 | 3990 |
|  Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 344873 | 3922 |
|  Southern Copper Corp. | 25418 | 3647 |
|  Wheaton Precious Metals Corp. (CAD denominated) | 29705 | 3492 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **30** |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Materials (continued)** |  |  |
|  Anglo American PLC | 79828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290 |
|  Sika AG | 15591 | 3195 |
|  Nippon Steel Corp. | 776600 | 3176 |
|  Freeport-McMoRan, Inc. | 59811 | 3038 |
|  Loma Negra Compania Industrial Argentina SA (ADR) <sup>(a)</sup>  | 212068 | 2746 |
|  Antofagasta PLC | 52060 | 2285 |
|  Corteva, Inc. | 31708 | 2125 |
|  Asian Paints, Ltd. | 66679 | 2054 |
|  Ecolab, Inc. | 7627 | 2002 |
|  Heidelberg Materials AG, non-registered shares | 6287 | 1646 |
|  Syensqo SA | 19822 | 1592 |
|  SRF, Ltd. | 41937 | 1435 |
|  Arkema SA | 17359 | 1062 |
|  China Hongqiao Group Ltd. <sup>(a)</sup>  | 177000 | 736 |
|  Alrosa PJSC <sup>(a)(b)</sup>  | 1123215 | – <sup>(d)</sup> |
|  |  | 258858 |
|  **Health care 5.19%** |  |  |
|  Novo Nordisk AS, Class B | 683766 | 34853 |
|  Max Healthcare Institute, Ltd. | 2447517 | 28464 |
|  AstraZeneca PLC | 113238 | 20858 |
|  Laurus Labs, Ltd. | 1535536 | 18916 |
|  Eli Lilly and Co. | 17384 | 18682 |
|  Thermo Fisher Scientific, Inc. | 25506 | 14779 |
|  BeOne Medicines, Ltd. (ADR) <sup>(a)</sup>  | 30544 | 9280 |
|  BeOne Medicines, Ltd. <sup>(a)</sup>  | 36200 | 841 |
|  Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A | 879888 | 7483 |
|  Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup>  | 184800 | 1688 |
|  Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup>  | 236793 | 7390 |
|  Innovent Biologics, Inc. <sup>(a)</sup>  | 741373 | 7225 |
|  EssilorLuxottica SA | 18490 | 5846 |
|  Abbott Laboratories | 39403 | 4937 |
|  Danaher Corp. | 18692 | 4279 |
|  Dr. Sulaiman Al Habib Medical Services Group Co. | 52908 | 3625 |
|  Rede D'Or Sao Luiz SA | 427339 | 3164 |
|  OdontoPrev SA | 1320175 | 2690 |
|  Align Technology, Inc. <sup>(a)</sup>  | 16246 | 2537 |
|  bioMerieux SA | 17603 | 2279 |
|  Mettler-Toledo International, Inc. <sup>(a)</sup>  | 1181 | 1647 |
|  Mankind Pharma, Ltd. | 62374 | 1527 |
|  Lupin, Ltd. | 59641 | 1398 |
|  WuXi AppTec Co., Ltd., Class H | 107700 | 1357 |
|  Asahi Intecc Co., Ltd. | 71500 | 1339 |
|  Alcon, Inc. | 13781 | 1095 |
|  Wuxi Biologics (Cayman), Inc. <sup>(a)</sup>  | 240500 | 969 |
|  Medtronic PLC | 6899 | 663 |
|  CanSino Biologics, Inc., Class H <sup>(a)</sup>  | 35921 | 161 |
|  |  | 209972 |
|  **Consumer staples 4.47%** |  |  |
|  Nestle SA | 291813 | 29004 |
|  Kweichow Moutai Co., Ltd., Class A | 121770 | 23981 |
|  Arca Continental, SAB de CV | 1036505 | 11217 |
|  JBS NV (BDR) <sup>(a)</sup>  | 641172 | 9247 |
|  Carlsberg A/S, Class B | 60316 | 7907 |
|  Raia Drogasil SA, ordinary nominative shares | 1634665 | 7011 |
|  Avenue Supermarts, Ltd. <sup>(a)</sup>  | 161965 | 6814 |
|  Shoprite Holdings, Ltd. | 411541 | 6721 |
|  ITC, Ltd. | 1420089 | 6374 |

---

---

| | |
|:---|:---|
| **31** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Consumer staples (continued)** |  |  |
|  Anheuser-Busch InBev SA/NV | 91753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5887 |
|  KT&G Corp. | 54838 | 5399 |
|  Tsingtao Brewery Co., Ltd., Class H | 782634 | 4891 |
|  Philip Morris International, Inc. | 29930 | 4801 |
|  Dino Polska SA, non-registered shares <sup>(a)</sup>  | 398251 | 4585 |
|  BBB Foods, Inc., Class A <sup>(a)</sup>  | 125631 | 4195 |
|  Pernod Ricard SA | 47700 | 4084 |
|  Monster Beverage Corp. <sup>(a)</sup>  | 51591 | 3956 |
|  Varun Beverages, Ltd. | 712894 | 3882 |
|  Wal-Mart de Mexico, SAB de CV, Series V | 1180937 | 3681 |
|  United Spirits, Ltd. | 219491 | 3526 |
|  British American Tobacco PLC | 57337 | 3250 |
|  PepsiCo, Inc. | 18460 | 2649 |
|  Danone SA | 28109 | 2536 |
|  Kimberly-Clark de Mexico, SAB de CV, Class A, ordinary participation certificates | 1141636 | 2434 |
|  L'Oreal SA, non-registered shares | 5436 | 2335 |
|  Zabka Group <sup>(a)</sup>  | 321671 | 2049 |
|  Coca-Cola Co. | 27396 | 1915 |
|  Walmart, Inc. | 14179 | 1580 |
|  Mondelez International, Inc., Class A | 29118 | 1567 |
|  WH Group, Ltd. | 1189000 | 1324 |
|  Godrej Consumer Products, Ltd. | 85234 | 1159 |
|  JD Health International, Inc. <sup>(a)</sup>  | 107650 | 765 |
|  |  | 180726 |
|  **Energy 2.20%** |  |  |
|  Reliance Industries, Ltd. | 1530507 | 26714 |
|  TotalEnergies SE (EUR denominated) | 197891 | 12898 |
|  ADNOC Drilling Co. PJSC | 7034034 | 10228 |
|  Adnoc Gas PLC | 9312887 | 9002 |
|  SLB, Ltd. | 220133 | 8449 |
|  Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup>  | 172702 | 8404 |
|  Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares | 633133 | 7502 |
|  Shell PLC (GBP denominated) | 75967 | 2790 |
|  Chevron Corp. | 16599 | 2530 |
|  Borr Drilling, Ltd. <sup>(a)</sup>  | 149981 | 604 |
|  Rosneft Oil Co. PJSC <sup>(b)</sup>  | 588661 | – <sup>(d)</sup> |
|  |  | 89121 |
|  **Real estate 1.37%** |  |  |
|  Lodha Developers, Ltd. | 2449911 | 28933 |
|  China Resources Mixc Lifestyle Services, Ltd. | 1563200 | 8595 |
|  China Resources Land, Ltd. | 1570000 | 5468 |
|  Emaar Properties PJSC | 1141749 | 4368 |
|  CK Asset Holdings, Ltd. | 762500 | 3841 |
|  SM Prime Holdings, Inc. | 8122500 | 3133 |
|  Fibra Uno Administracion REIT, SA de CV | 300200 | 450 |
|  Longfor Group Holdings, Ltd. <sup>(e)</sup>  | 336846 | 369 |
|  ALLOS SA, ordinary nominative shares | 60365 | 312 |
|  |  | 55469 |
|  **Utilities 1.15%** |  |  |
|  Power Grid Corp. of India, Ltd. | 3911064 | 11505 |
|  Gulf Development PCL | 7715193 | 10231 |
|  Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares | 401325 | 9618 |
|  SembCorp Industries, Ltd. | 1195100 | 5579 |
|  Equatorial Energia SA | 782855 | 5486 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **32** |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Utilities (continued)** |  |  |
|  CPFL Energia SA | 251145 | $2438 |
|  AES Corp. | 74667 | 1071 |
|  Engie SA | 23878 | 628 |
|  |  | 46556 |
|  **Total common stocks** (cost: $2,320,519,000) |  | 3858284 |
| Preferred securities 0.73% |  |  |
|  **Financials 0.32%** |  |  |
|  Itau Unibanco Holding SA (ADR), preferred nominative shares | 1332401 | 9540 |
|  Itau Unibanco Holding SA, preferred nominative shares | 459389 | 3293 |
|  |  | 12833 |
|  **Real estate 0.20%** |  |  |
|  QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)(c)</sup>  | 32657 | 6550 |
|  QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)(c)</sup>  | 8400 | 1685 |
|  |  | 8235 |
|  **Information technology 0.16%** |  |  |
|  Samsung Electronics Co., Ltd., nonvoting preferred shares | 104453 | 6410 |
|  Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 34 | 56 |
|  Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(b)(c)</sup>  | 1 | 2 |
|  |  | 6468 |
|  **Consumer discretionary 0.05%** |  |  |
|  Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares <sup>(e)</sup>  | 35497 | 1902 |
|  TVS Motor Co., Ltd., 6.00% preferred shares <sup>(a)</sup>  | 915260 | 102 |
|  Getir BV, Series D, preferred shares <sup>(a)(b)(c)</sup>  | 7768 | – <sup>(d)</sup> |
|  |  | 2004 |
|  **Total preferred securities** (cost: $27,027,000) |  | 29540 |
| Bonds, notes & other debt instruments 2.81% | Principal amount<br> (000) |  |
|  **Bonds & notes of governments & government agencies outside the U.S. 2.48%** |  |  |
|  Abu Dhabi (Emirate of) 1.70% 3/2/2031 <sup>(f)</sup>  | USD200 | 178 |
|  Angola (Republic of) 8.25% 5/9/2028 | 600 | 604 |
|  Angola (Republic of) 8.00% 11/26/2029 <sup>(f)</sup>  | 445 | 435 |
|  Angola (Republic of) 8.75% 4/14/2032 <sup>(f)</sup>  | 280 | 273 |
|  Asian Development Bank 5.25% 4/29/2035 | PHP25,800 | 432 |
|  Brazil (Federative Republic of) 10.00% 1/1/2027 | BRL13,989 | 2473 |
|  Brazil (Federative Republic of) 6.00% 5/15/2027 <sup>(g)</sup>  | 15081 | 2674 |
|  Brazil (Federative Republic of) 10.00% 1/1/2029 | 21 | 3 |
|  Brazil (Federative Republic of) 10.00% 1/1/2031 | 6065 | 973 |
|  Brazil (Federative Republic of) 6.00% 8/15/2032 <sup>(g)</sup>  | 3325 | 557 |
|  Brazil (Federative Republic of) 10.00% 1/1/2033 | 14543 | 2237 |
|  Brazil (Federative Republic of) 10.00% 1/1/2035 | 17300 | 2589 |
|  Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(g)</sup>  | 5298 | 842 |
|  Chile (Republic of) 4.70% 9/1/2030 | CLP810,000 | 884 |
|  Chile (Republic of) 5.30% 11/1/2037 | 425000 | 471 |
|  Chile (Republic of) 4.34% 3/7/2042 | USD350 | 312 |
|  China (People's Republic of), Series INBK, 2.27% 5/25/2034 | CNY5,610 | 830 |
|  China (People's Republic of), Series INBK, 3.72% 4/12/2051 | 23270 | 4192 |
|  China (People's Republic of), Series INBK, 3.12% 10/25/2052 | 1250 | 206 |

---

---

| | |
|:---|:---|
| **33** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
|  China (People's Republic of), Series INBK, 2.57% 5/20/2054 | CNY4,480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 |
|  Colombia (Republic of) 3.25% 4/22/2032 | USD700 | 592 |
|  Colombia (Republic of) 5.20% 5/15/2049 | 391 | 288 |
|  Colombia (Republic of), Series B, 7.00% 3/26/2031 | COP4,320,700 | 895 |
|  Colombia (Republic of), Series B, 13.25% 2/9/2033 | 1734800 | 463 |
|  Colombia (Republic of), Series B, 7.25% 10/18/2034 | 2054300 | 387 |
|  Colombia (Republic of), Series B, 11.75% 1/24/2035 | 877300 | 217 |
|  Colombia (Republic of), Series UVR, 3.75% 2/25/2037 <sup>(g)</sup>  | 6870 | 562 |
|  Colombia (Republic of), Series B, 9.25% 5/28/2042 | 4146300 | 820 |
|  Colombia (Republic of), Series B, 7.25% 10/26/2050 | 3235300 | 493 |
|  Cote d'Ivoire (Republic of) 4.875% 1/30/2032 | EUR150 | 171 |
|  Czech Republic 3.50% 5/30/2035 | CZK15,840 | 713 |
|  Czech Republic 1.95% 7/30/2037 | 17900 | 661 |
|  Dominican Republic (Government of) 8.625% 4/20/2027 <sup>(f)</sup>  | USD383 | 396 |
|  Dominican Republic (Government of) 5.875% 1/30/2060 | 335 | 300 |
|  Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(f)</sup>  | 960 | 979 |
|  Egypt (Arab Republic of) 25.318% 8/13/2027 | EGP33,072 | 715 |
|  Egypt (Arab Republic of) 6.375% 4/11/2031 | EUR100 | 121 |
|  Egypt (Arab Republic of) 7.625% 5/29/2032 | USD1,165 | 1246 |
|  Egypt (Arab Republic of) 8.50% 1/31/2047 | 400 | 393 |
|  Egypt (Arab Republic of) 8.875% 5/29/2050 | 386 | 392 |
|  Gabonese (Republic of) 6.625% 2/6/2031 | 720 | 560 |
|  Gabonese (Republic of) 7.00% 11/24/2031 | 500 | 383 |
|  Honduras (Republic of) 6.25% 1/19/2027 | 875 | 885 |
|  Honduras (Republic of) 5.625% 6/24/2030 <sup>(f)</sup>  | 281 | 279 |
|  Hungary (Republic of) 2.00% 5/23/2029 | HUF255,550 | 684 |
|  Hungary (Republic of) 6.75% 7/23/2031 | 433980 | 1347 |
|  Hungary (Republic of) 6.25% 9/22/2032 <sup>(f)</sup>  | USD330 | 353 |
|  Hungary (Republic of) 4.75% 11/24/2032 | HUF180,830 | 498 |
|  India (Republic of) 7.32% 11/13/2030 | INR3,480 | 40 |
|  India (Republic of) 6.54% 1/17/2032 | 15620 | 174 |
|  India (Republic of) 7.18% 7/24/2037 | 176070 | 2008 |
|  India (Republic of) 7.09% 8/5/2054 | 280280 | 3044 |
|  Indonesia (Republic of) 6.375% 4/15/2032 | IDR317,000 | 20 |
|  Indonesia (Republic of) 7.50% 6/15/2035 | 7953000 | 522 |
|  Indonesia (Republic of) 6.625% 2/17/2037 | USD300 | 343 |
|  Indonesia (Republic of) 7.125% 6/15/2038 | IDR7,242,000 | 464 |
|  Indonesia (Republic of) 7.50% 4/15/2040 | 8852000 | 581 |
|  Indonesia (Republic of) 7.125% 8/15/2040 | 13148000 | 847 |
|  Indonesia (Republic of) 7.125% 6/15/2042 | 8210000 | 522 |
|  Indonesia (Republic of), Series FR82, 7.00% 9/15/2030 | 2341000 | 148 |
|  Indonesia (Republic of), Series FR96, 7.00% 2/15/2033 | 16818000 | 1062 |
|  Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 | 29553000 | 1834 |
|  Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(f)</sup>  | USD945 | 976 |
|  Kenya (Republic of) 6.30% 1/23/2034 | 645 | 591 |
|  Kenya (Republic of) 9.50% 3/5/2036 <sup>(f)</sup>  | 555 | 593 |
|  Kenya (Republic of) 9.50% 3/5/2036 | 330 | 353 |
|  Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR8,766 | 2215 |
|  Malaysia (Federation of), Series 0418, 4.893% 6/8/2038 | 616 | 169 |
|  Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 | 3245 | 824 |
|  Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | 2200 | 540 |
|  Malaysia (Federation of), Series 0519, 4.638% 11/15/2049 | 1030 | 283 |
|  Malaysia (Federation of), Series 0120, 4.065% 6/15/2050 | 2202 | 553 |
|  Malaysia (Federation of), Series 022, 5.357% 5/15/2052 | 989 | 301 |
|  Malaysia (Federation of), Series 0124, 4.28% 3/23/2054 | 1255 | 324 |
|  MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028 | USD490 | 511 |
|  MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030 | EUR340 | 409 |
|  Morocco (Kingdom of) 5.95% 3/8/2028 <sup>(f)</sup>  | USD255 | 263 |
|  Morocco (Kingdom of) 3.875% 4/2/2029 | EUR625 | 743 |
|  Morocco (Kingdom of) 4.75% 4/2/2035 | 200 | 240 |
|  Mozambique (Republic of) 9.00% 9/15/2031 | USD540 | 463 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **34** |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
|  Nigeria (Republic of) 18.50% 2/21/2031 | NGN730,360 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 |
|  Nigeria (Republic of) 7.875% 2/16/2032 | USD280 | 293 |
|  Nigeria (Republic of) 8.631% 1/13/2036 <sup>(f)</sup>  | 390 | 419 |
|  Oman (Sultanate of) 6.00% 8/1/2029 | 715 | 751 |
|  Oman (Sultanate of) 6.75% 1/17/2048 | 485 | 535 |
|  Panama (Republic of) 3.75% 4/17/2026 | 100 | 100 |
|  Panama (Republic of) 7.875% 3/1/2057 | 600 | 701 |
|  Paraguay (Republic of) 4.95% 4/28/2031 | 320 | 325 |
|  Peru (Republic of) 3.00% 1/15/2034 | 225 | 196 |
|  Peru (Republic of) 6.55% 3/14/2037 | 360 | 399 |
|  Peru (Republic of) 3.55% 3/10/2051 | 490 | 344 |
|  Peru (Republic of) 2.78% 12/1/2060 | 100 | 55 |
|  PETRONAS Capital, Ltd. 4.55% 4/21/2050 <sup>(f)</sup>  | 400 | 353 |
|  Philippines (Republic of) 6.375% 7/27/2030 | PHP12,110 | 211 |
|  Philippines (Republic of) 6.00% 8/20/2030 | 14790 | 253 |
|  Philippines (Republic of) 6.75% 9/15/2032 | 41240 | 734 |
|  Philippines (Republic of) 6.375% 10/23/2034 | USD145 | 163 |
|  Philippines (Republic of) 3.95% 1/20/2040 | 500 | 443 |
|  Poland (Republic of), Series 0429, 5.75% 4/25/2029 | PLN2,410 | 705 |
|  Poland (Republic of), Series 10Y, 4.875% 10/4/2033 | USD370 | 377 |
|  Poland (Republic of), Series 1033, 6.00% 10/25/2033 | PLN8,434 | 2514 |
|  Poland (Republic of), Series 1034, 5.00% 10/25/2034 | 6920 | 1921 |
|  Romania (Republic of) 5.25% 5/30/2032 | EUR450 | 542 |
|  Romania (Republic of) 5.25% 5/30/2032 | 230 | 277 |
|  Romania (Republic of) 2.00% 4/14/2033 | 300 | 288 |
|  Romania (Republic of) 5.625% 5/30/2037 | 390 | 448 |
|  Saudi Arabia (Kingdom of) 4.875% 7/18/2033 | USD480 | 488 |
|  Saudi Arabia (Kingdom of) 5.75% 1/16/2054 | 2300 | 2277 |
|  Sharjah (Emirate of) 4.625% 2/13/2032 | EUR506 | 602 |
|  South Africa (Republic of) 7.10% 11/19/2036 <sup>(f)</sup>  | USD200 | 215 |
|  South Africa (Republic of) 11.625% 3/31/2053 | ZAR13,912 | 1061 |
|  South Africa (Republic of), Series R-213, 7.00% 2/28/2031 | 482 | 28 |
|  South Africa (Republic of), Series R-2032, 8.25% 3/31/2032 | 11495 | 711 |
|  South Africa (Republic of), Series R-2035, 8.875% 2/28/2035 | 8388 | 528 |
|  South Africa (Republic of), Series R-2040, 9.00% 1/31/2040 | 28192 | 1707 |
|  South Africa (Republic of), Series R-2044, 8.75% 1/31/2044 | 15670 | 906 |
|  Thailand (Kingdom of) 3.45% 6/17/2043 | THB40,963 | 1521 |
|  Turkey (Republic of) 37.84% 7/14/2027 | TRY30,000 | 728 |
|  Turkey (Republic of), Series 5Y, 9.875% 1/15/2028 | USD200 | 221 |
|  Turkey (Republic of), Series 5Y, 17.30% 7/19/2028 | TRY23,445 | 419 |
|  Turkey (Republic of), Series 30Y, 11.875% 1/15/2030 | USD500 | 629 |
|  Turkey (Republic of), Series 30Y, 4.875% 4/16/2043 | 1710 | 1323 |
|  United Mexican States 6.875% 5/13/2037 | 610 | 652 |
|  United Mexican States 5.125% 3/19/2038 | EUR420 | 492 |
|  United Mexican States 4.75% 3/8/2044 | USD800 | 661 |
|  United Mexican States 3.75% 4/19/2071 | 200 | 119 |
|  United Mexican States, Series M20, 8.50% 5/31/2029 | MXN29,350 | 1645 |
|  United Mexican States, Series M, 7.75% 5/29/2031 | 56500 | 3025 |
|  United Mexican States, Series M, 7.50% 5/26/2033 | 36500 | 1887 |
|  United Mexican States, Series M, 7.75% 11/23/2034 | 38324 | 1976 |
|  United Mexican States, Series M30, 8.50% 11/18/2038 | 21600 | 1126 |
|  United Mexican States, Series M, 7.75% 11/13/2042 | 20000 | 951 |
|  United Mexican States, Series M, 8.00% 7/31/2053 | 19887 | 943 |
|  Venezuela (Bolivarian Republic of) 6.00% 12/9/2020 <sup>(h)</sup>  | USD244 | 65 |
|  Venezuela (Bolivarian Republic of) 9.00% 5/7/2023 <sup>(h)</sup>  | 145 | 41 |
|  |  | 100414 |
|  **Corporate bonds and notes 0.33%** |  |  |
|  **Energy 0.07%** |  |  |
|  GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(f)</sup>  | 410 | 429 |

---

---

| | |
|:---|:---|
| **35** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Energy (continued)** |  |  |
|  Oleoducto Central SA 4.00% 7/14/2027 <sup>(f)</sup>  | USD255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 |
|  Petroleos Mexicanos 5.95% 1/28/2031 | 610 | 591 |
|  PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030 | 200 | 191 |
|  Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051 <sup>(f)</sup>  | 430 | 318 |
|  Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(f)</sup>  | 250 | 260 |
|  Transportadora de Gas del Sur SA 7.75% 11/20/2035 <sup>(f)</sup>  | 220 | 218 |
|  Vista Energy Argentina S.A.U. 7.625% 12/10/2035 <sup>(f)</sup>  | 390 | 390 |
|  YPF SA 8.25% 1/17/2034 <sup>(f)</sup>  | 335 | 343 |
|  |  | 2992 |
|  **Communication services 0.06%** |  |  |
|  America Movil, SAB de CV, 10.125% 1/22/2029 | MXN13,710 | 786 |
|  America Movil, SAB de CV, 9.50% 1/27/2031 | 17130 | 969 |
|  America Movil, SAB de CV, 10.30% 1/30/2034 | 2820 | 166 |
|  PLDT, Inc. 2.50% 1/23/2031 | USD210 | 192 |
|  Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(f)</sup>  | 380 | 273 |
|  |  | 2386 |
|  **Consumer discretionary 0.05%** |  |  |
|  Alibaba Group Holding, Ltd. 3.15% 2/9/2051 | 410 | 279 |
|  Meituan 3.05% 10/28/2030 <sup>(f)</sup>  | 400 | 373 |
|  Meituan 3.05% 10/28/2030 | 200 | 187 |
|  Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(f)</sup>  | 345 | 363 |
|  MercadoLibre, Inc. 3.125% 1/14/2031 | 200 | 185 |
|  Sands China, Ltd. 4.375% 6/18/2030 | 220 | 217 |
|  Wynn Macau, Ltd. 5.625% 8/26/2028 | 260 | 260 |
|  |  | 1864 |
|  **Financials 0.04%** |  |  |
|  Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029) <sup>(i)</sup>  | 400 | 380 |
|  BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033) <sup>(f)(i)</sup>  | 340 | 376 |
|  CMB International Leasing Management, Ltd. 2.75% 8/12/2030 | 300 | 282 |
|  HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(i)</sup>  | 400 | 438 |
|  |  | 1476 |
|  **Materials 0.03%** |  |  |
|  Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(f)</sup>  | 355 | 139 |
|  CSN Resources SA 8.875% 12/5/2030 <sup>(f)</sup>  | 400 | 372 |
|  PT Krakatau Posco 6.375% 6/11/2027 | 345 | 352 |
|  Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(c)</sup>  | 520 | 530 |
|  |  | 1393 |
|  **Utilities 0.03%** |  |  |
|  Aegea Finance SARL 9.00% 1/20/2031 <sup>(f)</sup>  | 275 | 291 |
|  AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(f)</sup>  | 261 | 246 |
|  Greenko Dutch BV 3.85% 3/29/2026 <sup>(f)</sup>  | 173 | 172 |
|  Greenko Dutch BV 3.85% 3/29/2026 | 173 | 172 |
|  San Miguel Global Power Holdings Corp. 8.125% perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 6.404% on 3/2/2030) <sup>(i)</sup>  | 350 | 354 |
|  |  | 1235 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **36** |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |  |
|  **Industrials 0.02%** |  |  |  |
|  IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup>  |  | USD335 | $346 |
|  LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup>  |  | 355 | 374 |
|  Mexico City Airport Trust 4.25% 10/31/2026 |  | 200 | 199 |
|  |  |  | 919 |
|  **Consumer staples 0.02%** |  |  |  |
|  Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028 |  | 200 | 213 |
|  NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(c)</sup>  |  | 200 | 200 |
|  NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(c)</sup>  |  | 420 | 426 |
|  |  |  | 839 |
|  **Health care 0.01%** |  |  |  |
|  Rede D'Or Finance SARL 4.50% 1/22/2030 |  | 280 | 273 |
|  **Total corporate bonds and notes** |  |  | 13377 |
|  **Total bonds, notes & other debt instruments** (cost: $110,411,000) |  |  | 113791 |
| Short-term securities 1.66% |  | Shares |  |
|  **Money market investments 1.50%** |  |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(j)(k)</sup>  |  | 608937 | 60900 |
|  **Money market investments purchased with collateral from securities on loan 0.15%** |  |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(j)(l)</sup>  |  | 5942714 | 5943 |
|  | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) |  |
|  **Bills & notes of governments & government agencies outside the U.S. 0.01%** |  |  |  |
|  Egypt (Arab Republic of) 1/6/2026 | 19.531% | EGP12,600 | 264 |
|  **Total short-term securities** (cost: $67,083,000) |  |  | 67107 |
|  **Total investment securities 100.53%** (cost: $2,525,040,000) |  |  | 4068722 |
|  Other assets less liabilities (0.53)% |  |  | (21354) |
|  **Net assets 100.00%** |  |  | $4047368 |

---

#### Futures contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  2 Year U.S. Treasury Note Futures | Short | 2 | 4/6/2026 | USD(417) | $– <sup>(d)</sup> |
|  5 Year Euro-Bobl Futures | Short | 13 | 3/10/2026 | (1775) | 7 |
|  5 Year U.S. Treasury Note Futures | Long | 6 | 4/6/2026 | 656 | 1 |
|  10 Year Euro-Bund Futures | Short | 12 | 3/10/2026 | (1799) | 13 |

---

---

| | |
|:---|:---|
| **37** | American Funds Insurance Series |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Futures contracts** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  10 Year Ultra U.S. Treasury Note Futures | Long | 18 | 3/31/2026 | USD2,070 | $(17) |
|  30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 | (118) | 3 |
|  |  |  |  |  | $7 |

---

#### Forward currency contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br> appreciation<br> (depreciation) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br>date | at 12/31/2025<br> (000) |
| MXN | 1600 | USD | 89 | UBS AG | 1/5/2026 | $– <sup>(d)</sup> |
| USD | 88 | MXN | 1600 | Goldman Sachs | 1/5/2026 | (1) |
| MYR | 397 | USD | 97 | BNP Paribas | 1/8/2026 | 1 |
| MYR | 350 | USD | 86 | JPMorgan Chase | 1/8/2026 | – <sup>(d)</sup> |
| USD | 835 | MYR | 3443 | JPMorgan Chase | 1/8/2026 | (15) |
| CZK | 52445 | USD | 2529 | Bank of New York Mellon | 1/9/2026 | 22 |
| USD | 196 | IDR | 3257000 | Goldman Sachs | 1/9/2026 | 1 |
| IDR | 1360795 | USD | 82 | Citibank | 1/9/2026 | – <sup>(d)</sup> |
| INR | 5512 | USD | 61 | HSBC Bank | 1/9/2026 | – <sup>(d)</sup> |
| INR | 7000 | USD | 77 | Goldman Sachs | 1/9/2026 | – <sup>(d)</sup> |
| IDR | 1452260 | USD | 87 | Goldman Sachs | 1/9/2026 | – <sup>(d)</sup> |
| USD | 145 | MXN | 2603 | Citibank | 1/9/2026 | – <sup>(d)</sup> |
| USD | 1570 | CZK | 32520 | JPMorgan Chase | 1/9/2026 | (12) |
| USD | 784 | COP | 3027600 | Citibank | 1/9/2026 | (14) |
| ZAR | 21461 | USD | 1256 | Citibank | 1/12/2026 | 39 |
| CNH | 13485 | USD | 1920 | UBS AG | 1/12/2026 | 14 |
| THB | 30030 | USD | 953 | HSBC Bank | 1/12/2026 | 1 |
| ZAR | 1300 | USD | 78 | UBS AG | 1/12/2026 | 1 |
| BRL | 470 | USD | 86 | Barclays Bank PLC | 1/12/2026 | – <sup>(d)</sup> |
| PLN | 517 | USD | 144 | Citibank | 1/12/2026 | – <sup>(d)</sup> |
| PLN | 250 | USD | 70 | JPMorgan Chase | 1/12/2026 | – <sup>(d)</sup> |
| USD | 819 | BRL | 4516 | Citibank | 1/12/2026 | <sup>(3</sup> <sup>)</sup> |
| USD | 2267 | ZAR | 37931 | Bank of America | 1/12/2026 | (21) |
| BRL | 4255 | USD | 782 | Citibank | 1/23/2026 | (10) |
| USD | 1859 | EUR | 1580 | Morgan Stanley | 1/30/2026 | – <sup>(d)</sup> |
| USD | 917 | PHP | 54395 | Bank of America | 3/16/2026 | (1) |
|  |  |  |  |  |  | $2 |

---

#### Investments in affiliates <sup>(k)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br>(000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br>(000) |  | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br>(000) |
|  Short-term securities 1.50% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 1.50%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(j)</sup>  | $94686 | $618645 | $652434 | $11 |  | $(8) | $60900 | $5504 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **38** |

---

------

New World Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Restricted securities <sup>(c)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date<sup>(s)</sup>  | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)</sup>  | 5/26/2021 | $5258 | $6550 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)</sup>  | 12/20/2021 | 1716 | 1685 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd. <sup>(a)(b)</sup>  | 8/26/2021-11/4/2021 | 656 | 634 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(b)</sup>  | 11/4/2021 | 58 | 56 | 0.00 <sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(b)</sup>  | 11/4/2021 | 2 | 2 | 0.00 <sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Getir BV, Series D, preferred shares <sup>(a)(b)</sup>  | 5/27/2021 | 3500 | – <sup>(d)</sup> | 0.00 <sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $11190 | $8927 | 0.22% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Amount less than one thousand. 

<sup>(e)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,247,000, which represented 0.28% of the net assets of the fund. 

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(h)</sup> Scheduled interest and/or principal payment was not received.

<sup>(i)</sup> Step bond; coupon rate may change at a later date.

<sup>(j)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(k)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Amount less than 0.01%. 

#### Key to abbreviation(s)
ADR = American Depositary Receipts

BDR = Brazilian Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

CLP = Chilean pesos

CNH = Chinese yuan renminbi

CNY = Chinese yuan renminbi

COP = Colombian pesos

CZK = Czech korunas

EGP = Egyptian pounds

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

HUF = Hungarian forints

IDR = Indonesian rupiah

INR = Indian rupees

MXN = Mexican pesos

MYR = Malaysian ringgits

NGN = Nigerian naira

PHP = Philippine pesos

PLN = Polish zloty

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

THB = Thai baht

TRY = Turkish lira

USD = U.S. dollars

UST = U.S. Treasury

ZAR = South African rand

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **39** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 96.71% | Shares | Value<br> (000) |
|  **Information technology 22.47%** |  |  |
|  Broadcom, Inc. | 2374965 | $&nbsp;&nbsp;&nbsp;&nbsp;821975 |
|  Microsoft Corp. | 1413570 | 683631 |
|  Apple, Inc. | 1139590 | 309809 |
|  NVIDIA Corp. | 1094267 | 204081 |
|  KLA Corp. | 103353 | 125582 |
|  ASML Holding NV (ADR) | 110497 | 118216 |
|  International Business Machines Corp. | 319206 | 94552 |
|  Salesforce, Inc. | 288774 | 76499 |
|  Accenture PLC, Class A | 257970 | 69213 |
|  Intel Corp. <sup>(a)</sup>  | 943406 | 34812 |
|  SAP SE (ADR) <sup>(b)</sup>  | 108684 | 26401 |
|  Texas Instruments, Inc. | 108648 | 18849 |
|  Amphenol Corp., Class A | 134593 | 18189 |
|  Synopsys, Inc. <sup>(a)</sup>  | 31950 | 15008 |
|  Applied Materials, Inc. | 56534 | 14529 |
|  TE Connectivity PLC | 61452 | 13981 |
|  Fair Isaac Corp. <sup>(a)</sup>  | 8068 | 13640 |
|  Adobe, Inc. <sup>(a)</sup>  | 34743 | 12160 |
|  Hewlett Packard Enterprise Co. | 406300 | 9759 |
|  Motorola Solutions, Inc. | 9895 | 3793 |
|  Oracle Corp. | 19421 | 3785 |
|  ASM International NV (ADR) <sup>(b)</sup>  | 4561 | 2752 |
|  |  | 2691216 |
|  **Financials 17.03%** |  |  |
|  Marsh & McLennan Cos., Inc. | 1130032 | 209644 |
|  JPMorgan Chase & Co. | 593105 | 191110 |
|  Bank of America Corp. | 3357568 | 184666 |
|  Visa, Inc., Class A | 493213 | 172975 |
|  Capital One Financial Corp. | 511844 | 124050 |
|  BlackRock, Inc. | 103920 | 111230 |
|  Mastercard, Inc., Class A | 191588 | 109374 |
|  Truist Financial Corp. | 1734572 | 85358 |
|  Citizens Financial Group, Inc. | 1377669 | 80470 |
|  Arthur J. Gallagher & Co. | 300484 | 77762 |
|  KKR & Co., Inc. | 535221 | 68230 |
|  Wells Fargo & Co. | 712560 | 66411 |
|  Chubb, Ltd. | 187408 | 58494 |
|  Progressive Corp. | 249074 | 56719 |
|  Apollo Asset Management, Inc. | 387751 | 56131 |
|  Morgan Stanley | 290174 | 51515 |
|  American Express Co. | 138945 | 51403 |
|  Blackstone, Inc. | 247025 | 38076 |
|  CME Group, Inc., Class A | 134353 | 36689 |
|  Aon PLC, Class A | 95985 | 33871 |
|  S&P Global, Inc. | 50609 | 26448 |
|  Citigroup, Inc. | 207496 | 24213 |
|  KeyCorp | 1068093 | 22045 |
|  PNC Financial Services Group, Inc. | 89774 | 18738 |
|  Brookfield Asset Management, Ltd., Class A | 345786 | 18116 |
|  Goldman Sachs Group, Inc. | 19811 | 17414 |
|  Carlyle Group, Inc. (The) | 270192 | 15971 |
|  Equitable Holdings, Inc. | 217170 | 10348 |
|  Fifth Third Bancorp | 178306 | 8346 |
|  Intercontinental Exchange, Inc. | 48480 | 7852 |
|  Charles Schwab Corp. (The) | 57745 | 5769 |
|  |  | 2039438 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **40** |

---

------

Washington Mutual Investors Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials 12.74%** |  |  |
|  RTX Corp. | 1032583 | $189376 |
|  General Electric Co. | 510619 | 157286 |
|  Northrop Grumman Corp. | 268954 | 153360 |
|  Union Pacific Corp. | 381988 | 88361 |
|  Paychex, Inc. | 783023 | 87839 |
|  Caterpillar, Inc. | 147575 | 84541 |
|  Boeing Co. (The) <sup>(a)</sup>  | 371244 | 80604 |
|  Deere & Co. | 161235 | 75066 |
|  L3Harris Technologies, Inc. | 231680 | 68014 |
|  3M Co. | 390205 | 62472 |
|  Delta Air Lines, Inc. | 807328 | 56029 |
|  Parker-Hannifin Corp. | 58375 | 51309 |
|  Lennox International, Inc. | 89406 | 43414 |
|  Deutsche Post AG (ADR) | 688904 | 37676 |
|  Ingersoll-Rand, Inc. | 459350 | 36390 |
|  Verisk Analytics, Inc. | 160459 | 35893 |
|  Watsco, Inc. | 93957 | 31659 |
|  Siemens AG (ADR) | 196210 | 27460 |
|  Waste Connections, Inc. | 130488 | 22882 |
|  Johnson Controls International PLC | 162195 | 19423 |
|  FedEx Corp. | 61924 | 17887 |
|  HEICO Corp. | 44486 | 14395 |
|  Republic Services, Inc. | 67539 | 14314 |
|  Equifax, Inc. | 60828 | 13198 |
|  BAE Systems PLC (ADR) | 136409 | 12670 |
|  CSX Corp. | 290528 | 10532 |
|  RELX PLC (ADR) | 231829 | 9371 |
|  Waste Management, Inc. | 40322 | 8859 |
|  Applied Industrial Technologies, Inc. | 22716 | 5833 |
|  Trane Technologies PLC | 14265 | 5552 |
|  ITT, Inc. | 20862 | 3620 |
|  |  | 1525285 |
|  **Health care 12.16%** |  |  |
|  Eli Lilly and Co. | 244400 | 262652 |
|  UnitedHealth Group, Inc. | 621229 | 205074 |
|  Amgen, Inc. | 599792 | 196318 |
|  Abbott Laboratories | 1132764 | 141924 |
|  CVS Health Corp. | 1753200 | 139134 |
|  AbbVie, Inc. | 388820 | 88841 |
|  Gilead Sciences, Inc. | 687176 | 84344 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 137037 | 62127 |
|  Johnson & Johnson | 246753 | 51065 |
|  Danaher Corp. | 217204 | 49722 |
|  Thermo Fisher Scientific, Inc. | 84887 | 49188 |
|  AstraZeneca PLC (ADR) | 391907 | 36028 |
|  Zimmer Biomet Holdings, Inc. | 220098 | 19791 |
|  Illumina, Inc. <sup>(a)</sup>  | 110721 | 14522 |
|  Elevance Health, Inc. | 39244 | 13757 |
|  Humana, Inc. | 47537 | 12176 |
|  Novo Nordisk AS, Class B (ADR) | 187415 | 9536 |
|  Cooper Cos., Inc. <sup>(a)</sup>  | 79881 | 6547 |
|  Bristol-Myers Squibb Co. | 96148 | 5186 |
|  McKesson Corp. | 4752 | 3898 |
|  Align Technology, Inc. <sup>(a)</sup>  | 15745 | 2459 |
|  Cardinal Health, Inc. | 6793 | 1396 |
|  |  | 1455685 |

---

---

| | |
|:---|:---|
| **41** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Consumer staples 8.25%** |  |  |
|  Philip Morris International, Inc. | 2510056 | $402613 |
|  British American Tobacco PLC (ADR) | 2455192 | 139013 |
|  Keurig Dr Pepper, Inc. | 2702930 | 75709 |
|  Mondelez International, Inc., Class A | 1268407 | 68278 |
|  Coca-Cola Co. | 758395 | 53020 |
|  Constellation Brands, Inc., Class A | 284585 | 39261 |
|  Costco Wholesale Corp. | 41990 | 36210 |
|  Altria Group, Inc. | 590291 | 34036 |
|  Hershey Co. | 124140 | 22591 |
|  Nestle SA (ADR) | 200456 | 19801 |
|  Procter & Gamble Co. | 136221 | 19522 |
|  Church & Dwight Co., Inc. | 227492 | 19075 |
|  Walmart, Inc. | 150441 | 16761 |
|  Estee Lauder Cos., Inc. (The), Class A | 152224 | 15941 |
|  Kraft Heinz Co. (The) | 413643 | 10031 |
|  Target Corp. | 98519 | 9630 |
|  Bunge Global SA | 74092 | 6600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;988092 |
|  **Consumer discretionary 6.88%** |  |  |
|  Royal Caribbean Cruises, Ltd. | 596363 | 166337 |
|  Home Depot, Inc. | 256784 | 88359 |
|  Starbucks Corp. | 1021649 | 86033 |
|  Amazon.com, Inc. <sup>(a)</sup>  | 331292 | 76469 |
|  YUM! Brands, Inc. | 502512 | 76020 |
|  D.R. Horton, Inc. | 411529 | 59272 |
|  TJX Cos., Inc. (The) | 383447 | 58901 |
|  Darden Restaurants, Inc. | 317938 | 58507 |
|  NIKE, Inc., Class B | 537367 | 34236 |
|  Marriott International, Inc., Class A | 88679 | 27512 |
|  General Motors Co. | 276739 | 22504 |
|  Vail Resorts, Inc. | 149560 | 19862 |
|  Tractor Supply Co. | 373740 | 18691 |
|  Toll Brothers, Inc. | 81236 | 10985 |
|  Texas Roadhouse, Inc. | 43999 | 7304 |
|  Sony Group Corp. (ADR) | 268839 | 6882 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 165637 | 6129 |
|  |  | 824003 |
|  **Communication services 5.40%** |  |  |
|  Alphabet, Inc., Class A | 591527 | 185148 |
|  Alphabet, Inc., Class C | 565134 | 177339 |
|  Meta Platforms, Inc., Class A | 234761 | 154963 |
|  Comcast Corp., Class A | 3570517 | 106723 |
|  Verizon Communications, Inc. | 261888 | 10667 |
|  Walt Disney Co. (The) | 56380 | 6414 |
|  AT&T, Inc. | 210004 | 5217 |
|  |  | 646471 |
|  **Utilities 4.03%** |  |  |
|  Constellation Energy Corp. | 322322 | 113867 |
|  Sempra | 1251080 | 110458 |
|  Southern Co. (The) | 946592 | 82543 |
|  FirstEnergy Corp. | 1218911 | 54571 |
|  DTE Energy Co. | 221096 | 28517 |
|  Exelon Corp. | 631441 | 27525 |
|  Entergy Corp. | 182766 | 16893 |
|  CenterPoint Energy, Inc. | 437803 | 16785 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **42** |

---

------

Washington Mutual Investors Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Utilities (continued)** |  |  |
|  Public Service Enterprise Group, Inc. | 184231 | $14794 |
|  NextEra Energy, Inc. | 125328 | 10061 |
|  Atmos Energy Corp. | 38564 | 6464 |
|  |  | 482478 |
|  **Energy 2.92%** |  |  |
|  Exxon Mobil Corp. | 678218 | 81617 |
|  ConocoPhillips | 836045 | 78262 |
|  Canadian Natural Resources, Ltd. | 1659500 | 56174 |
|  EOG Resources, Inc. | 404283 | 42454 |
|  Baker Hughes Co., Class A | 572294 | 26062 |
|  TC Energy Corp. | 425469 | 23405 |
|  Chevron Corp. | 114799 | 17496 |
|  Halliburton Co. | 398694 | 11267 |
|  SLB, Ltd. | 216823 | 8322 |
|  TotalEnergies SE <sup>(b)</sup>  | 65622 | 4293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;349352 |
|  **Real estate 2.59%** |  |  |
|  Welltower, Inc. REIT | 972251 | 180459 |
|  Simon Property Group, Inc. REIT | 158605 | 29359 |
|  Public Storage REIT | 107805 | 27975 |
|  Prologis, Inc. REIT | 200496 | 25595 |
|  Ventas, Inc. REIT | 219292 | 16969 |
|  American Tower Corp. REIT | 95755 | 16812 |
|  Rexford Industrial Realty, Inc. REIT | 156135 | 6046 |
|  Extra Space Storage, Inc. REIT | 42274 | 5505 |
|  CoStar Group, Inc. <sup>(a)</sup>  | 23002 | 1547 |
|  |  | 310267 |
|  **Materials 2.24%** |  |  |
|  Air Products and Chemicals, Inc. | 314661 | 77728 |
|  Wheaton Precious Metals Corp. | 558352 | 65618 |
|  International Paper Co. | 1327824 | 52303 |
|  Linde PLC | 63825 | 27214 |
|  Royal Gold, Inc. | 81893 | 18204 |
|  Corteva, Inc. | 260264 | 17445 |
|  H.B. Fuller Co. | 114890 | 6831 |
|  Nucor Corp. | 16976 | 2769 |
|  |  | 268112 |
|  **Total common stocks** (cost: $7,030,725,000) |  | 11580399 |
| Convertible stocks 0.86% |  |  |
|  **Industrials 0.36%** |  |  |
|  Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027 | 627490 | 43334 |
|  **Financials 0.33%** |  |  |
|  KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028 | 590703 | 30622 |
|  Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026 | 116666 | 8811 |
|  |  | 39433 |

---

---

| | |
|:---|:---|
| **43** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000) |
|  **Utilities 0.17%** |  |  |
|  Southern Co. (The), Class A, convertible preferred shares, 7.125% 12/15/2028 | 406324 | $20463 |
|  **Total convertible stocks** (cost: $91,575,000) |  | 103230 |
| Short-term securities 2.29% |  |  |
|  **Money market investments 2.28%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup>  | 2725029 | 272530 |
|  **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup>  | 776786 | 777 |
|  **Total short-term securities** (cost: $273,250,000) |  | 273307 |
|  **Total investment securities 99.86%** (cost: $7,395,550,000) |  | 11956936 |
|  Other assets less liabilities 0.14% |  | 17120 |
|  **Net assets 100.00%** |  | $11974056 |

---

#### Investments in affiliates <sup>(d)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br>(000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 2.28% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 2.28%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | $245250 | $1790503 | $1763183 | $(10) | $(30) | $272530 | $13883 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | 9850 |  | 9850 <sup>(f)</sup> |  |  |  | – <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 2.28%** |  |  |  | $(10) | $(30) | $272530 | $13883 |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(d)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

#### Key to abbreviation(s)
ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **44** |

---

------

U.S. Small and Mid Cap Equity Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 97.32% | Shares | Value<br> (000) |
|  **Financials 23.78%** |  |  |
|  Capital One Financial Corp. | 12848 | $&nbsp;&nbsp;&nbsp;&nbsp;3114 |
|  Brown & Brown, Inc. | 29424 | 2345 |
|  Fifth Third Bancorp | 42787 | 2003 |
|  RenaissanceRe Holdings, Ltd. | 6629 | 1864 |
|  Victory Capital Holdings, Inc., Class A | 27021 | 1705 |
|  LPL Financial Holdings, Inc. | 3231 | 1154 |
|  StepStone Group, Inc., Class A | 17773 | 1140 |
|  KeyCorp | 47885 | 988 |
|  Hamilton Lane, Inc., Class A | 7175 | 964 |
|  TPG, Inc., Class A | 13727 | 876 |
|  Affirm Holdings, Inc., Class A <sup>(a)</sup>  | 11444 | 852 |
|  WEX, Inc. <sup>(a)</sup>  | 5173 | 771 |
|  Radian Group, Inc. | 18868 | 679 |
|  Kinsale Capital Group, Inc. | 1670 | 653 |
|  Fiserv, Inc. <sup>(a)</sup>  | 9281 | 623 |
|  Ally Financial, Inc. | 10613 | 481 |
|  Ameriprise Financial, Inc. | 957 | 469 |
|  Accelerant Holdings, Class A <sup>(a)</sup>  | 27142 | 444 |
|  Artisan Partners Asset Management, Inc., Class A | 10148 | 413 |
|  Tradeweb Markets, Inc., Class A | 3687 | 396 |
|  Arthur J. Gallagher & Co. | 1462 | 378 |
|  Citizens Financial Group, Inc. | 6328 | 370 |
|  Essent Group, Ltd. | 4628 | 301 |
|  Figure Technology Solutions, Inc. <sup>(a)</sup>  | 6252 | 255 |
|  GQG Partners, Inc. (CDI) | 195382 | 228 |
|  Blue Owl Capital, Inc., Class A | 15107 | 226 |
|  |  | 23692 |
|  **Industrials 19.73%** |  |  |
|  XPO, Inc. <sup>(a)</sup>  | 11702 | 1590 |
|  Comfort Systems USA, Inc. | 1510 | 1409 |
|  Crane Co. | 7592 | 1400 |
|  Ingersoll-Rand, Inc. | 16463 | 1304 |
|  United Rentals, Inc. | 1565 | 1267 |
|  Karman Holdings, Inc. <sup>(a)</sup>  | 16913 | 1238 |
|  AGCO Corp. | 8507 | 887 |
|  ATI, Inc. <sup>(a)</sup>  | 7165 | 822 |
|  Bloom Energy Corp., Class A <sup>(a)</sup>  | 9349 | 812 |
|  APi Group Corp. <sup>(a)</sup>  | 18288 | 700 |
|  Generac Holdings, Inc. <sup>(a)</sup>  | 5120 | 698 |
|  AMETEK, Inc. | 3100 | 637 |
|  SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 5013 | 624 |
|  Core & Main, Inc., Class A <sup>(a)</sup>  | 11721 | 609 |
|  PACCAR, Inc. | 4584 | 502 |
|  Applied Industrial Technologies, Inc. | 1852 | 476 |
|  The Toro Co. | 5383 | 424 |
|  CSW Industrials, Inc. | 1425 | 418 |
|  FTAI Aviation, Ltd. | 2030 | 400 |
|  Copart, Inc. <sup>(a)</sup>  | 9486 | 371 |
|  HEICO Corp. | 1059 | 343 |
|  Builders FirstSource, Inc. <sup>(a)</sup>  | 3265 | 336 |
|  L3Harris Technologies, Inc. | 1140 | 335 |
|  Kadant, Inc. | 1153 | 329 |
|  ESCO Technologies, Inc. | 1528 | 299 |
|  VSE Corp. | 1708 | 295 |
|  Graco, Inc. | 3172 | 260 |
|  Oshkosh Corp. | 1699 | 213 |
|  Robert Half, Inc. | 6882 | 187 |

---

---

| | |
|:---|:---|
| **45** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials (continued)** |  |  |
|  Fluor Corp. <sup>(a)</sup>  | 4663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 |
|  United Parcel Service, Inc., Class B | 1684 | 167 |
|  CBIZ, Inc. <sup>(a)</sup>  | 2383 | 120 |
|  |  | 19657 |
|  **Consumer discretionary 15.60%** |  |  |
|  Hilton Worldwide Holdings, Inc. | 5955 | 1711 |
|  YUM! Brands, Inc. | 9944 | 1504 |
|  Vail Resorts, Inc. | 10303 | 1368 |
|  LKQ Corp. | 42592 | 1286 |
|  Aptiv Holdings, Ltd. <sup>(a)</sup>  | 13584 | 1034 |
|  General Motors Co. | 11011 | 895 |
|  Five Below, Inc. <sup>(a)</sup>  | 4322 | 814 |
|  Adtalem Global Education, Inc. <sup>(a)</sup>  | 7439 | 770 |
|  Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 5826 | 591 |
|  TopBuild Corp. <sup>(a)</sup>  | 1258 | 525 |
|  Flutter Entertainment PLC <sup>(a)</sup>  | 2429 | 522 |
|  Wingstop, Inc. | 2071 | 494 |
|  Darden Restaurants, Inc. | 2559 | 471 |
|  D.R. Horton, Inc. | 3011 | 434 |
|  Murphy USA, Inc. | 927 | 374 |
|  Toll Brothers, Inc. | 2406 | 325 |
|  Cavco Industries, Inc. <sup>(a)</sup>  | 546 | 322 |
|  Royal Caribbean Cruises, Ltd. | 1101 | 307 |
|  Chewy, Inc., Class A <sup>(a)</sup>  | 8811 | 291 |
|  Texas Roadhouse, Inc. | 1657 | 275 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 7178 | 266 |
|  Brinker International, Inc. <sup>(a)</sup>  | 1778 | 255 |
|  SharkNinja, Inc. <sup>(a)</sup>  | 1946 | 218 |
|  AutoZone, Inc. <sup>(a)</sup>  | 53 | 180 |
|  Polaris, Inc. | 2608 | 165 |
|  CAVA Group, Inc. <sup>(a)</sup>  | 2391 | 140 |
|  |  | 15537 |
|  **Information technology 11.44%** |  |  |
|  Ingram Micro Holding Corp. <sup>(b)</sup>  | 64723 | 1381 |
|  Lumentum Holdings, Inc. <sup>(a)</sup>  | 3571 | 1316 |
|  Fabrinet, non-registered shares <sup>(a)</sup>  | 2398 | 1092 |
|  Keysight Technologies, Inc. <sup>(a)</sup>  | 4973 | 1010 |
|  Ciena Corp. <sup>(a)</sup>  | 3954 | 925 |
|  Flex, Ltd. <sup>(a)</sup>  | 13238 | 800 |
|  MongoDB, Inc., Class A <sup>(a)</sup>  | 1765 | 741 |
|  Procore Technologies, Inc. <sup>(a)</sup>  | 8507 | 619 |
|  Vontier Corp. | 16007 | 595 |
|  Fair Isaac Corp. <sup>(a)</sup>  | 313 | 529 |
|  Cloudflare, Inc., Class A <sup>(a)</sup>  | 2395 | 472 |
|  CompoSecure, Inc., Class A <sup>(a)(c)</sup>  | 20637 | 370 |
|  Hewlett Packard Enterprise Co. | 12286 | 295 |
|  EPAM Systems, Inc. <sup>(a)</sup>  | 1350 | 277 |
|  Snowflake, Inc. <sup>(a)</sup>  | 1173 | 257 |
|  RingCentral, Inc., Class A <sup>(a)</sup>  | 7980 | 230 |
|  Clearwater Analytics Holdings, Inc., Class A <sup>(a)</sup>  | 8318 | 201 |
|  CoreWeave, Inc., Class A <sup>(a)</sup>  | 1559 | 112 |
|  Figma, Inc. <sup>(a)</sup>  | 2983 | 111 |
|  Via Transportation, Inc., Class A <sup>(a)</sup>  | 2340 | 68 |
|  |  | 11401 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **46** |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Health care 8.63%** |  |  |
|  Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 14469 | $1145 |
|  Illumina, Inc. <sup>(a)</sup>  | 5359 | 703 |
|  Align Technology, Inc. <sup>(a)</sup>  | 4477 | 699 |
|  Medline, Inc., Class A <sup>(a)</sup>  | 14700 | 617 |
|  Cooper Cos., Inc. <sup>(a)</sup>  | 6773 | 555 |
|  Exact Sciences Corp. <sup>(a)</sup>  | 4899 | 498 |
|  Halozyme Therapeutics, Inc. <sup>(a)</sup>  | 6858 | 462 |
|  Doximity, Inc., Class A <sup>(a)</sup>  | 8847 | 392 |
|  Veeva Systems, Inc., Class A <sup>(a)</sup>  | 1752 | 391 |
|  Penumbra, Inc. <sup>(a)</sup>  | 1219 | 379 |
|  Natera, Inc. <sup>(a)</sup>  | 1649 | 378 |
|  Alignment Healthcare, Inc. <sup>(a)</sup>  | 18667 | 369 |
|  Hims & Hers Health, Inc., Class A <sup>(a)</sup>  | 10863 | 353 |
|  NewAmsterdam Pharma Co. NV <sup>(a)</sup>  | 9798 | 344 |
|  IQVIA Holdings, Inc. <sup>(a)</sup>  | 1442 | 325 |
|  Regeneron Pharmaceuticals, Inc. | 376 | 290 |
|  Centessa Pharmaceuticals PLC (ADR) <sup>(a)</sup>  | 9157 | 229 |
|  Krystal Biotech, Inc. <sup>(a)</sup>  | 886 | 218 |
|  Zimmer Biomet Holdings, Inc. | 1962 | 176 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 200 | 79 |
|  |  | 8602 |
|  **Consumer staples 7.13%** |  |  |
|  US Foods Holding Corp. <sup>(a)</sup>  | 29695 | &nbsp;&nbsp;&nbsp;&nbsp;2237 |
|  Monster Beverage Corp. <sup>(a)</sup>  | 16752 | 1284 |
|  e.l.f. Beauty, Inc. <sup>(a)</sup>  | 11527 | 877 |
|  Dollar General Corp. | 4932 | 655 |
|  Caseys General Stores, Inc. | 1137 | 628 |
|  Estee Lauder Cos., Inc. (The), Class A | 4095 | 429 |
|  Keurig Dr Pepper, Inc. | 11715 | 328 |
|  Maplebear, Inc. <sup>(a)</sup>  | 6897 | 310 |
|  Constellation Brands, Inc., Class A | 1758 | 243 |
|  The Campbell's Co. | 4131 | 115 |
|  |  | 7106 |
|  **Energy 2.50%** |  |  |
|  Diamondback Energy, Inc. | 5754 | 865 |
|  Baker Hughes Co., Class A | 13613 | 620 |
|  Viper Energy, Inc., Class A | 8310 | 321 |
|  Permian Resources Corp., Class A | 18919 | 266 |
|  SLB, Ltd. | 6256 | 240 |
|  EOG Resources, Inc. | 1661 | 174 |
|  |  | 2486 |
|  **Real estate 2.43%** |  |  |
|  Simon Property Group, Inc. REIT | 6717 | 1244 |
|  Essex Property Trust, Inc. REIT | 2217 | 580 |
|  Crown Castle, Inc. REIT | 5004 | 445 |
|  Alexandria Real Estate Equities, Inc. REIT | 3072 | 150 |
|  |  | 2419 |
|  **Materials 2.29%** |  |  |
|  International Paper Co. | 19368 | 763 |
|  Westlake Corp. | 6765 | 500 |

---

---

| | |
|:---|:---|
| **47** | American Funds Insurance Series |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Materials (continued)** |  |  |
|  Element Solutions, Inc. | 17078 | $427 |
|  Perpetua Resources Corp. <sup>(a)</sup>  | 16342 | 396 |
|  Corteva, Inc. | 2901 | 194 |
|  |  | 2280 |
|  **Communication services 1.90%** |  |  |
|  ROBLOX Corp., Class A <sup>(a)</sup>  | 14370 | 1164 |
|  Live Nation Entertainment, Inc. <sup>(a)</sup>  | 3723 | 530 |
|  Charter Communications, Inc., Class A <sup>(a)</sup>  | 761 | 159 |
|  Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup>  | 2858 | 39 |
|  |  | 1892 |
|  **Utilities 1.89%** |  |  |
|  Exelon Corp. | 29519 | 1287 |
|  NRG Energy, Inc. | 3150 | 501 |
|  FirstEnergy Corp. | 2147 | 96 |
|  |  | 1884 |
|  **Total common stocks** (cost: $93,297,000) |  | 96956 |
| Short-term securities 3.82% |  |  |
|  **Money market investments 2.97%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(d)(e)</sup>  | 29620 | 2963 |
|  **Money market investments purchased with collateral from securities on loan 0.85%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(d)(f)</sup>  | 846291 | 846 |
|  **Total short-term securities** (cost: $3,808,000) |  | 3809 |
|  **Total investment securities 101.14%** (cost: $97,105,000) |  | 100765 |
|  Other assets less liabilities (1.14)% |  | (1139) |
|  **Net assets 100.00%** |  | $99626 |

---

#### Investments in affiliates <sup>(e)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br>(000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 2.97% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 2.97%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(d)</sup>  | $288 | $29708 | $27033 | $– <sup>(g)</sup> | $– <sup>(g)</sup> | $2963 | $60 |

---

#### Restricted securities <sup>(c)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date<sup>(s)</sup>  | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; CompoSecure, Inc., Class A <sup>(a)</sup>  | 12/24/2025 | $382 | $370 | 0.37% |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **48** |

---

------

U.S. Small and Mid Cap Equity Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(e)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(f)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Amount less than one thousand. 

#### Key to abbreviation(s)
ADR = American Depositary Receipts

CDI = CREST Depository Interest

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **49** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 98.15% | Shares | Value<br> (000) |
|  **Information technology 23.97%** |  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 2005772 | $&nbsp;&nbsp;&nbsp;&nbsp;97989 |
|  Broadcom, Inc. | 268307 | 92861 |
|  Microsoft Corp. | 146416 | 70810 |
|  NVIDIA Corp. | 281180 | 52440 |
|  Apple, Inc. | 140959 | 38321 |
|  Micron Technology, Inc. | 111566 | 31842 |
|  ASML Holding NV | 16667 | 17815 |
|  ASML Holding NV (ADR) | 1512 | 1618 |
|  International Business Machines Corp. | 48120 | 14254 |
|  Tokyo Electron, Ltd. | 51975 | 11415 |
|  Intel Corp. <sup>(a)</sup>  | 273031 | 10075 |
|  MediaTek, Inc. | 157094 | 7118 |
|  Amphenol Corp., Class A | 32412 | 4380 |
|  Lenovo Group, Ltd. | 3686000 | 4371 |
|  Seagate Technology Holdings PLC | 15867 | 4370 |
|  Synopsys, Inc. <sup>(a)</sup>  | 8886 | 4174 |
|  Applied Materials, Inc. | 15190 | 3904 |
|  Oracle Corp. | 18982 | 3700 |
|  Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup>  | 18872 | 3038 |
|  Accenture PLC, Class A | 10643 | 2855 |
|  Samsung Electronics Co., Ltd. | 33844 | 2821 |
|  Cloudflare, Inc., Class A <sup>(a)</sup>  | 12488 | 2462 |
|  Capgemini SE | 14098 | 2335 |
|  Allegro MicroSystems, Inc. <sup>(a)</sup>  | 88141 | 2325 |
|  EPAM Systems, Inc. <sup>(a)</sup>  | 9877 | 2024 |
|  Constellation Software, Inc. | 721 | 1734 |
|  AppLovin Corp., Class A <sup>(a)</sup>  | 2510 | 1691 |
|  KLA Corp. | 1314 | 1597 |
|  Marvell Technology, Inc. | 18061 | 1535 |
|  Salesforce, Inc. | 4029 | 1067 |
|  SAP SE | 3885 | 950 |
|  Fair Isaac Corp. <sup>(a)</sup>  | 458 | 774 |
|  Strategy, Inc., Class A <sup>(a)</sup>  | 4258 | 647 |
|  Corning, Inc. | 7323 | 641 |
|  Advantech Co., Ltd. | 30098 | 274 |
|  |  | 500227 |
|  **Industrials 16.25%** |  |  |
|  General Electric Co. | 80356 | 24752 |
|  Airbus SE, non-registered shares | 90056 | 20889 |
|  BAE Systems PLC | 890700 | 20476 |
|  Siemens AG | 64151 | 18016 |
|  RTX Corp. | 95086 | 17439 |
|  TransDigm Group, Inc. | 11792 | 15682 |
|  Leonardo SpA | 255861 | 14657 |
|  Deere & Co. | 29808 | 13878 |
|  Volvo AB, Class B | 391329 | 12544 |
|  Melrose Industries PLC | 1317195 | 10363 |
|  Ryanair Holdings PLC (ADR) | 143498 | 10359 |
|  Hitachi, Ltd. | 269600 | 8364 |
|  Compagnie de Saint-Gobain SA, non-registered shares | 78427 | 7961 |
|  Union Pacific Corp. | 34166 | 7903 |
|  Carrier Global Corp. | 147179 | 7777 |
|  Safran SA | 22132 | 7701 |
|  United Rentals, Inc. | 9239 | 7477 |
|  Mitsui & Co., Ltd. | 252500 | 7463 |
|  Rolls-Royce Holdings PLC | 438695 | 6819 |
|  Siemens Energy AG | 41713 | 5895 |
|  Ingersoll-Rand, Inc. | 73089 | 5790 |
|  L3Harris Technologies, Inc. | 19651 | 5769 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **50** |

---

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials (continued)** |  |  |
|  Parker-Hannifin Corp. | 5942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5223 |
|  Deutsche Post AG | 94991 | 5203 |
|  Lockheed Martin Corp. | 10189 | 4928 |
|  ITOCHU Corp. | 377000 | 4759 |
|  Prysmian SpA | 47580 | 4744 |
|  RELX PLC | 102326 | 4139 |
|  Techtronic Industries Co., Ltd. | 352500 | 4050 |
|  IHI Corp. | 204168 | 3600 |
|  XPO, Inc. <sup>(a)</sup>  | 24624 | 3347 |
|  Saab AB, Class B | 50858 | 2958 |
|  International Consolidated Airlines Group SA (CDI) | 528593 | 2927 |
|  GE Vernova, Inc. | 4428 | 2894 |
|  Core & Main, Inc., Class A <sup>(a)</sup>  | 54167 | 2815 |
|  Bureau Veritas SA | 84710 | 2698 |
|  Weir Group PLC (The) | 53913 | 2058 |
|  MTU Aero Engines AG | 4854 | 2025 |
|  FTAI Aviation, Ltd. | 9560 | 1882 |
|  Crane Co. | 9711 | 1791 |
|  Marubeni Corp. | 63000 | 1753 |
|  Bombardier, Inc., Class B <sup>(a)</sup>  | 9858 | 1677 |
|  Bouygues SA | 30905 | 1602 |
|  Comfort Systems USA, Inc. | 1627 | 1518 |
|  Recruit Holdings Co., Ltd. | 25350 | 1446 |
|  Bunzl PLC | 42369 | 1182 |
|  Randstad NV, non-registered shares | 28055 | 1067 |
|  Woodward, Inc. | 3354 | 1014 |
|  Vestas Wind Systems AS | 35740 | 965 |
|  SECOM Co., Ltd. | 27100 | 963 |
|  Howmet Aerospace, Inc. | 4522 | 927 |
|  Rocket Lab Corp. <sup>(a)</sup>  | 12810 | 894 |
|  Boeing Co. (The) <sup>(a)</sup>  | 3785 | 822 |
|  Diploma PLC | 11469 | 818 |
|  PACCAR, Inc. | 7084 | 776 |
|  Ferguson Enterprises, Inc. | 2880 | 641 |
|  Valmet OYJ | 17763 | 588 |
|  FedEx Corp. | 1469 | 424 |
|  |  | 339092 |
|  **Financials 14.57%** |  |  |
|  Chubb, Ltd. | 41141 | 12841 |
|  Citigroup, Inc. | 109791 | 12811 |
|  NatWest Group PLC | 1411295 | 12309 |
|  Zurich Insurance Group AG | 15887 | 12058 |
|  JPMorgan Chase & Co. | 36957 | 11908 |
|  Capital One Financial Corp. | 44690 | 10831 |
|  Aviva PLC | 1178167 | 10787 |
|  Mastercard, Inc., Class A | 18307 | 10451 |
|  Apollo Asset Management, Inc. | 66212 | 9585 |
|  BPER Banca SpA | 688480 | 9310 |
|  Visa, Inc., Class A | 23806 | 8349 |
|  Bank of America Corp. | 151204 | 8316 |
|  American Express Co. | 21561 | 7976 |
|  Wells Fargo & Co. | 73531 | 6853 |
|  UniCredit SpA | 82515 | 6850 |
|  ING Groep NV | 242789 | 6825 |
|  BlackRock, Inc. | 5785 | 6192 |
|  Arthur J. Gallagher & Co. | 22281 | 5766 |
|  Banco Bilbao Vizcaya Argentaria SA | 240821 | 5633 |
|  Blackstone, Inc. | 34103 | 5257 |
|  Galaxy Digital, Inc., Class A <sup>(a)(b)</sup>  | 153894 | 3441 |

---

---

| | |
|:---|:---|
| **51** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials (continued)** |  |  |
|  Galaxy Digital, Inc., Class A <sup>(a)</sup>  | 73055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 |
|  AIA Group, Ltd. | 489469 | 5028 |
|  HDFC Life Insurance Co., Ltd. | 586869 | 4905 |
|  Munchener Ruckversicherungs-Gesellschaft AG | 7210 | 4761 |
|  Mizuho Financial Group, Inc. | 128300 | 4659 |
|  3i Group PLC | 103448 | 4501 |
|  Aon PLC, Class A | 12706 | 4484 |
|  Israel Discount Bank, Ltd., Class A | 416534 | 4423 |
|  Erste Group Bank AG | 33771 | 4063 |
|  Partners Group Holding AG | 3097 | 3804 |
|  Postal Savings Bank of China Co., Ltd., Class H | 5553383 | 3790 |
|  FinecoBank SpA | 138712 | 3602 |
|  BNP Paribas SA | 36364 | 3441 |
|  Ping An Insurance (Group) Co. of China, Ltd., Class H | 404280 | 3401 |
|  KB Financial Group, Inc. | 39325 | 3400 |
|  Blue Owl Capital, Inc., Class A | 224513 | 3354 |
|  Svenska Handelsbanken AB, Class A | 226988 | 3310 |
|  Progressive Corp. | 13531 | 3081 |
|  DBS Group Holdings, Ltd. | 66200 | 2897 |
|  Marsh & McLennan Cos., Inc. | 14198 | 2634 |
|  Danske Bank AS | 52190 | 2603 |
|  Ares Management Corp., Class A | 14926 | 2412 |
|  Morgan Stanley | 13148 | 2334 |
|  TPG, Inc., Class A | 36181 | 2310 |
|  Nu Holdings, Ltd., Class A <sup>(a)</sup>  | 132234 | 2214 |
|  HDFC Bank, Ltd. | 127497 | 1409 |
|  HDFC Bank, Ltd. (ADR) | 17258 | 630 |
|  HSBC Holdings PLC (HKD denominated) | 130000 | 2036 |
|  B3 SA - Brasil, Bolsa, Balcao | 732050 | 1905 |
|  AXA SA | 39014 | 1876 |
|  American International Group, Inc. | 20908 | 1789 |
|  Brown & Brown, Inc. | 22407 | 1786 |
|  Banco Comercial Portugues, SA | 1692704 | 1774 |
|  IG Group Holdings PLC | 93625 | 1660 |
|  CaixaBank SA, non-registered shares | 125217 | 1529 |
|  CVC Capital Partners PLC | 88920 | 1489 |
|  National Bank of Canada | 11544 | 1452 |
|  Skandinaviska Enskilda Banken AB, Class A | 62547 | 1320 |
|  Federal Home Loan Mortgage Corp. <sup>(a)</sup>  | 122752 | 1245 |
|  Fannie Mae <sup>(a)</sup>  | 99902 | 1072 |
|  Allianz SE | 2300 | 1055 |
|  Bank Hapoalim BM | 46635 | 1055 |
|  Credicorp, Ltd. | 3392 | 973 |
|  Abu Dhabi Islamic Bank PJSC | 164126 | 928 |
|  China Merchants Bank Co., Ltd., Class H | 122403 | 828 |
|  Goldman Sachs Group, Inc. | 871 | 766 |
|  Brookfield Asset Management, Ltd., Class A (CAD denominated) | 14178 | 743 |
|  LPL Financial Holdings, Inc. | 2038 | 728 |
|  Fidelity National Information Services, Inc. | 10845 | 721 |
|  Macquarie Group, Ltd. | 4650 | 626 |
|  XP, Inc., Class A | 36512 | 598 |
|  Standard Chartered PLC | 19485 | 476 |
|  Tokio Marine Holdings, Inc. | 6000 | 223 |
|  Sberbank of Russia PJSC <sup>(c)</sup>  | 3196952 | – <sup>(d)</sup> |
|  |  | 304086 |
|  **Communication services 9.18%** |  |  |
|  Alphabet, Inc., Class A | 119827 | 37506 |
|  Alphabet, Inc., Class C | 112570 | 35324 |
|  Meta Platforms, Inc., Class A | 40871 | 26979 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **52** |

---

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Communication services (continued)** |  |  |
|  SoftBank Group Corp. | 669268 | $&nbsp;&nbsp;&nbsp;&nbsp;18868 |
|  Netflix, Inc. <sup>(a)</sup>  | 123855 | 11613 |
|  Publicis Groupe SA | 105250 | 10919 |
|  Singapore Telecommunications, Ltd. | 2193563 | 7772 |
|  NetEase, Inc. | 212900 | 5859 |
|  NetEase, Inc. (ADR) | 4006 | 551 |
|  Orange | 323745 | 5402 |
|  Bharti Airtel, Ltd. | 210509 | 4938 |
|  Bharti Airtel, Ltd., interim shares | 12466 | 235 |
|  Tencent Holdings, Ltd. | 58900 | 4513 |
|  Comcast Corp., Class A | 149929 | 4481 |
|  Universal Music Group NV | 157145 | 4106 |
|  AT&T, Inc. | 129224 | 3210 |
|  Nintendo Co., Ltd. | 38800 | 2621 |
|  Spotify Technology SA <sup>(a)</sup>  | 4149 | 2409 |
|  Omnicom Group, Inc. | 25602 | 2067 |
|  Walt Disney Co. (The) | 10917 | 1242 |
|  SoftBank Corp. | 677450 | 930 |
|  |  | 191545 |
|  **Consumer discretionary 8.32%** |  |  |
|  Amazon.com, Inc. <sup>(a)</sup>  | 144814 | 33426 |
|  Industria de Diseno Textil SA | 183973 | 12118 |
|  Trip.com Group, Ltd. (ADR) | 79347 | 5706 |
|  Trip.com Group, Ltd. | 77636 | 5569 |
|  Compagnie Financiere Richemont SA, Class A | 50205 | 10835 |
|  Tesla, Inc. <sup>(a)</sup>  | 23878 | 10738 |
|  Flutter Entertainment PLC <sup>(a)</sup>  | 41831 | 8995 |
|  Starbucks Corp. | 104616 | 8810 |
|  Royal Caribbean Cruises, Ltd. | 31446 | 8771 |
|  MercadoLibre, Inc. <sup>(a)</sup>  | 4232 | 8524 |
|  NEXT PLC | 38851 | 7148 |
|  Las Vegas Sands Corp. | 94294 | 6138 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 7475 | 5635 |
|  Booking Holdings, Inc. | 927 | 4964 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 124254 | 4597 |
|  D.R. Horton, Inc. | 28110 | 4049 |
|  Alibaba Group Holding, Ltd. (ADR) | 20723 | 3038 |
|  Hermes International | 1159 | 2864 |
|  Compagnie Generale des Etablissements Michelin | 73679 | 2444 |
|  Restaurant Brands International, Inc. (CAD denominated) | 27334 | 1865 |
|  Hyundai Motor Co. | 8986 | 1840 |
|  InterContinental Hotels Group PLC | 12632 | 1769 |
|  Moncler SpA | 27170 | 1746 |
|  Compass Group PLC | 54547 | 1735 |
|  Carvana Co., Class A <sup>(a)</sup>  | 3915 | 1652 |
|  Suzuki Motor Corp. | 98200 | 1459 |
|  Aristocrat Leisure, Ltd. | 34618 | 1343 |
|  Midea Group Co., Ltd., Class A | 113000 | 1263 |
|  NIKE, Inc., Class B | 16141 | 1028 |
|  Accor SA | 15785 | 894 |
|  Zensho Holdings Co., Ltd. | 14300 | 820 |
|  Sea, Ltd., Class A (ADR) <sup>(a)</sup>  | 5758 | 735 |
|  Dollarama, Inc. | 4772 | 713 |
|  Kering SA | 1243 | 439 |
|  |  | 173670 |
|  **Health care 8.25%** |  |  |
|  Eli Lilly and Co. | 36376 | 39093 |

---

---

| | |
|:---|:---|
| **53** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Health care (continued)** |  |  |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 35954 | $&nbsp;&nbsp;&nbsp;&nbsp;16300 |
|  Abbott Laboratories | 108041 | 13536 |
|  Medtronic PLC | 125128 | 12020 |
|  UnitedHealth Group, Inc. | 24947 | 8235 |
|  Novo Nordisk AS, Class B | 160061 | 8159 |
|  Johnson & Johnson | 36478 | 7549 |
|  Gilead Sciences, Inc. | 57932 | 7111 |
|  Stryker Corp. | 17674 | 6212 |
|  AstraZeneca PLC | 32200 | 5931 |
|  Takeda Pharmaceutical Co., Ltd. | 189000 | 5872 |
|  Sanofi | 57677 | 5596 |
|  Thermo Fisher Scientific, Inc. | 9013 | 5223 |
|  Daiichi Sankyo Co., Ltd. | 225900 | 4811 |
|  Amgen, Inc. | 14470 | 4736 |
|  EssilorLuxottica SA | 14229 | 4499 |
|  Insulet Corp. <sup>(a)</sup>  | 10684 | 3037 |
|  AbbVie, Inc. | 10898 | 2490 |
|  GE HealthCare Technologies, Inc. | 18849 | 1546 |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 24993 | 1485 |
|  CVS Health Corp. | 17836 | 1415 |
|  Molina Healthcare, Inc. <sup>(a)</sup>  | 7751 | 1345 |
|  Haleon PLC | 244709 | 1238 |
|  Lonza Group AG | 1598 | 1081 |
|  Boston Scientific Corp. <sup>(a)</sup>  | 10853 | 1035 |
|  Rede D'Or Sao Luiz SA | 122458 | 907 |
|  Chugai Pharmaceutical Co., Ltd. | 17100 | 899 |
|  Fresenius SE & Co. KGaA | 11068 | 637 |
|  agilon health, Inc. <sup>(a)</sup>  | 125582 | 86 |
|  |  | 172084 |
|  **Materials 6.04%** |  |  |
|  Vale SA, ordinary nominative shares | 1042597 | 13632 |
|  Vale SA (ADR), ordinary nominative shares | 147928 | 1927 |
|  Freeport-McMoRan, Inc. | 290202 | 14739 |
|  First Quantum Minerals, Ltd. <sup>(a)</sup>  | 356560 | 9560 |
|  Heidelberg Materials AG, non-registered shares | 31146 | 8156 |
|  Ivanhoe Mines, Ltd., Class A <sup>(a)</sup>  | 626382 | 7124 |
|  Anglo American PLC | 157771 | 6502 |
|  Glencore PLC | 958289 | 5213 |
|  Linde PLC | 11690 | 4984 |
|  Anglogold Ashanti PLC | 58022 | 4948 |
|  Air Products and Chemicals, Inc. | 18354 | 4534 |
|  Corteva, Inc. | 64430 | 4319 |
|  Antofagasta PLC | 91571 | 4019 |
|  Agnico Eagle Mines, Ltd. | 23441 | 3975 |
|  Nippon Steel Corp. | 865000 | 3538 |
|  Smurfit Westrock PLC | 88600 | 3426 |
|  CRH PLC | 26681 | 3330 |
|  Southern Copper Corp. | 22583 | 3240 |
|  Rio Tinto PLC | 40408 | 3224 |
|  Air Liquide SA | 12636 | 2378 |
|  Grupo Mexico, SAB de CV, Series B | 249486 | 2356 |
|  LyondellBasell Industries NV | 51002 | 2208 |
|  Lundin Mining Corp. | 100869 | 2168 |
|  Dow, Inc. | 84972 | 1987 |
|  Franco-Nevada Corp. | 8714 | 1806 |
|  Akzo Nobel NV | 11772 | 818 |
|  Shin-Etsu Chemical Co., Ltd. | 26000 | 809 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **54** |

---

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Materials (continued)** |  |  |
|  Lynas Rare Earths, Ltd. <sup>(a)</sup>  | 76018 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 |
|  BASF SE | 6478 | 338 |
|  Zijin Gold International Co., Ltd. <sup>(a)</sup>  | 8900 | 166 |
|  |  | 126051 |
|  **Consumer staples 4.82%** |  |  |
|  Philip Morris International, Inc. | 264831 | 42479 |
|  British American Tobacco PLC | 257586 | 14599 |
|  Nestle SA | 124694 | 12394 |
|  Imperial Brands PLC | 254415 | 10696 |
|  JBS NV (BDR) <sup>(a)</sup>  | 221456 | 3194 |
|  Ocado Group PLC <sup>(a)</sup>  | 792264 | 2515 |
|  Danone SA | 23736 | 2142 |
|  Bunge Global SA | 22247 | 1982 |
|  Sysco Corp. | 23248 | 1713 |
|  Walmart, Inc. | 12868 | 1434 |
|  US Foods Holding Corp. <sup>(a)</sup>  | 14397 | 1084 |
|  Ajinomoto Co., Inc. | 49400 | 1045 |
|  Procter & Gamble Co. | 7275 | 1042 |
|  Loblaw Cos., Ltd. | 21096 | 954 |
|  Arca Continental, SAB de CV | 87378 | 946 |
|  Keurig Dr Pepper, Inc. | 29253 | 819 |
|  Kweichow Moutai Co., Ltd., Class A | 4100 | 807 |
|  Coca-Cola Co. | 10706 | 748 |
|  |  | 100593 |
|  **Energy 3.72%** |  |  |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 482117 | 16330 |
|  Cameco Corp. (CAD denominated) | 118635 | 10863 |
|  Cameco Corp. | 46105 | 4218 |
|  Shell PLC (GBP denominated) | 341079 | 12530 |
|  Shell PLC (EUR denominated) | 14064 | 519 |
|  EOG Resources, Inc. | 110268 | 11579 |
|  Baker Hughes Co., Class A | 95061 | 4329 |
|  TC Energy Corp. (CAD denominated) | 74780 | 4118 |
|  Neste OYJ | 166062 | 3758 |
|  BP PLC | 633071 | 3675 |
|  Suncor Energy, Inc. | 68819 | 3055 |
|  Expand Energy Corp. | 12380 | 1366 |
|  Tourmaline Oil Corp. | 14829 | 665 |
|  ADNOC Drilling Co. PJSC | 381223 | 554 |
|  |  | 77559 |
|  **Utilities 2.19%** |  |  |
|  Engie SA | 596827 | 15693 |
|  Southern Co. (The) | 61750 | 5385 |
|  Iberdrola SA, non-registered shares | 225821 | 4888 |
|  Pinnacle West Capital Corp. | 36700 | 3255 |
|  NextEra Energy, Inc. | 38632 | 3101 |
|  E.ON SE | 150047 | 2845 |
|  National Grid PLC | 154423 | 2380 |
|  Dominion Energy, Inc. | 39815 | 2333 |
|  Duke Energy Corp. | 18764 | 2199 |
|  Constellation Energy Corp. | 5656 | 1998 |
|  DTE Energy Co. | 10779 | 1390 |
|  SSE PLC | 5948 | 174 |
|  |  | 45641 |

---

---

| | |
|:---|:---|
| **55** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Real estate 0.84%** |  |  |
|  Prologis, Inc. REIT | 48096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6140 |
|  China Resources Mixc Lifestyle Services, Ltd. | 924400 | 5083 |
|  Mitsubishi Estate Co., Ltd. | 73600 | 1793 |
|  Simon Property Group, Inc. REIT | 7706 | 1426 |
|  UDR, Inc. REIT | 32096 | 1177 |
|  VICI Properties, Inc. REIT | 39802 | 1119 |
|  Goodman Logistics (HK), Ltd. REIT | 40304 | 829 |
|  |  | 17567 |
|  **Total common stocks** (cost: $1,169,007,000) |  | 2048115 |
| Preferred securities 0.30% |  |  |
|  **Financials 0.30%** |  |  |
|  Itau Unibanco Holding SA, preferred nominative shares | 330165 | 2367 |
|  Itau Unibanco Holding SA (ADR), preferred nominative shares | 226056 | 1618 |
|  Fannie Mae, Series S, 8.25% noncumulative preferred shares <sup>(a)</sup>  | 80909 | 1232 |
|  Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(e)</sup>  | 69041 | 994 |
|  |  | 6211 |
|  **Total preferred securities** (cost: $5,265,000) |  | 6211 |
| Bonds, notes & other debt instruments 0.05% | Principal amount<br>(000) |  |
|  **Bonds & notes of governments & government agencies outside the U.S. 0.03%** |  |  |
|  Brazil (Federative Republic of) 10.00% 1/1/2027 | BRL3,300 | 584 |
|  **Corporate bonds and notes 0.02%** |  |  |
|  **Health care 0.02%** |  |  |
|  Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | USD432 | 428 |
|  Total bonds, notes & other debt instruments (cost: $967,000) |  | 1012 |
| Short-term securities 1.30% | Shares |  |
|  **Money market investments 1.26%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup>  | 262010 | 26204 |
|  **Money market investments purchased with collateral from securities on loan 0.04%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup>  | 906417 | 906 |
|  **Total short-term securities** (cost: $27,106,000) |  | 27110 |
|  **Total investment securities 99.80%** (cost: $1,202,345,000) |  | 2082448 |
|  Other assets less liabilities 0.20% |  | 4261 |
|  **Net assets 100.00%** |  | $2086709 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **56** |

---

------

Capital World Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Investments in affiliates <sup>(g)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Short-term securities 1.26% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 1.26%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(f)</sup>  | $46673 | $322340 | $342810 | $5 | $(4) | $26204 | $2805 |

---

#### Restricted securities <sup>(b)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date<sup>(s)</sup>  | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Digital, Inc., Class A <sup>(a)</sup>  | 10/10/2025 | $5540 | $3441 | 0.16% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand. 

<sup>(e)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

#### Key to abbreviation(s)
ADR = American Depositary Receipts

BDR = Brazilian Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

HKD = Hong Kong dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **57** | American Funds Insurance Series |

---

------

Growth-Income Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 97.39% | Shares | Value<br> (000) |
|  **Information technology 31.31%** |  |  |
|  NVIDIA Corp. | 16585113 | $3093124 |
|  Microsoft Corp. | 6355199 | 3073501 |
|  Broadcom, Inc. | 6636411 | 2296862 |
|  Apple, Inc. | 6072252 | 1650802 |
|  Applied Materials, Inc. | 3375839 | 867557 |
|  Amphenol Corp., Class A | 3401335 | 459656 |
|  Oracle Corp. | 1505598 | 293456 |
|  Seagate Technology Holdings PLC | 1046348 | 288154 |
|  Cognizant Technology Solutions Corp., Class A | 3381043 | 280627 |
|  Accenture PLC, Class A | 888876 | 238485 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 4102000 | 200397 |
|  Arista Networks, Inc. <sup>(a)</sup>  | 1418856 | 185913 |
|  Entegris, Inc. | 1768942 | 149033 |
|  Salesforce, Inc. | 535038 | 141737 |
|  AppLovin Corp., Class A <sup>(a)</sup>  | 102313 | 68940 |
|  Texas Instruments, Inc. | 374945 | 65049 |
|  Marvell Technology, Inc. | 761477 | 64710 |
|  Adobe, Inc. <sup>(a)</sup>  | 163526 | 57232 |
|  Corning, Inc. | 600000 | 52536 |
|  Palo Alto Networks, Inc. <sup>(a)</sup>  | 220554 | 40626 |
|  ASML Holding NV | 28845 | 30833 |
|  QUALCOMM, Inc. | 141313 | 24172 |
|  Micron Technology, Inc. | 78021 | 22268 |
|  Fair Isaac Corp. <sup>(a)</sup>  | 8541 | 14440 |
|  |  | 13660110 |
|  **Industrials 13.55%** |  |  |
|  RTX Corp. | 7418732 | 1360595 |
|  Automatic Data Processing, Inc. | 1993331 | 512745 |
|  Airbus SE, non-registered shares | 1921964 | 445806 |
|  General Dynamics Corp. | 1230528 | 414270 |
|  GFL Environmental, Inc., subordinate voting shares | 8706752 | 373955 |
|  Carrier Global Corp. | 6005807 | 317347 |
|  General Electric Co. | 1019662 | 314087 |
|  Uber Technologies, Inc. <sup>(a)</sup>  | 2826696 | 230969 |
|  XPO, Inc. <sup>(a)</sup>  | 1695007 | 230368 |
|  Union Pacific Corp. | 862971 | 199622 |
|  Ingersoll-Rand, Inc. | 2494401 | 197606 |
|  Caterpillar, Inc. | 326877 | 187258 |
|  Paychex, Inc. | 1519430 | 170450 |
|  Honeywell International, Inc. | 828971 | 161724 |
|  United Rentals, Inc. | 188542 | 152591 |
|  TransDigm Group, Inc. | 113503 | 150942 |
|  L3Harris Technologies, Inc. | 459926 | 135020 |
|  CSX Corp. | 3114334 | 112895 |
|  APi Group Corp. <sup>(a)</sup>  | 1733157 | 66311 |
|  Waste Management, Inc. | 284081 | 62415 |
|  Woodward, Inc. | 204293 | 61762 |
|  Boeing Co. (The) <sup>(a)</sup>  | 238104 | 51697 |
|  |  | 5910435 |
|  **Financials 11.99%** |  |  |
|  JPMorgan Chase & Co. | 2413448 | 777661 |
|  Mastercard, Inc., Class A | 1060909 | 605652 |
|  BlackRock, Inc. | 504695 | 540195 |
|  Wells Fargo & Co. | 5041337 | 469853 |
|  Fidelity National Information Services, Inc. | 6205397 | 412411 |
|  Progressive Corp. | 766051 | 174445 |
|  Morgan Stanley | 957257 | 169942 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **58** |

---

------

Growth-Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials (continued)** |  |  |
|  Capital One Financial Corp. | 697472 | $&nbsp;&nbsp;&nbsp;&nbsp;169039 |
|  Visa, Inc., Class A | 445602 | 156277 |
|  Chubb, Ltd. | 495560 | 154674 |
|  Goldman Sachs Group, Inc. | 174257 | 153172 |
|  Marsh & McLennan Cos., Inc. | 798956 | 148222 |
|  Berkshire Hathaway, Inc., Class B <sup>(a)</sup>  | 269334 | 135381 |
|  B3 SA - Brasil, Bolsa, Balcao | 44971737 | 117059 |
|  American Express Co. | 303325 | 112215 |
|  PNC Financial Services Group, Inc. | 520903 | 108728 |
|  Pinnacle Financial Partners, Inc. | 1131294 | 107937 |
|  U.S. Bancorp | 1948827 | 103989 |
|  Arthur J. Gallagher & Co. | 374193 | 96837 |
|  Apollo Asset Management, Inc. | 665703 | 96367 |
|  State Street Corp. | 681940 | 87977 |
|  S&P Global, Inc. | 165000 | 86227 |
|  CME Group, Inc., Class A | 292470 | 79868 |
|  Blackstone, Inc. | 400140 | 61678 |
|  PayPal Holdings, Inc. | 1053348 | 61495 |
|  American International Group, Inc. | 507353 | 43404 |
|  |  | 5230705 |
|  **Health care 10.04%** |  |  |
|  Eli Lilly and Co. | 1648956 | 1772100 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 1484547 | 673034 |
|  AbbVie, Inc. | 1684603 | 384915 |
|  UnitedHealth Group, Inc. | 1032933 | 340981 |
|  Abbott Laboratories | 2330871 | 292035 |
|  Thermo Fisher Scientific, Inc. | 277075 | 160551 |
|  Cencora, Inc. | 401982 | 135769 |
|  Cigna Group (The) | 321281 | 88426 |
|  Johnson & Johnson | 426488 | 88262 |
|  Intuitive Surgical, Inc. <sup>(a)</sup>  | 122132 | 69171 |
|  Danaher Corp. | 250263 | 57290 |
|  Gilead Sciences, Inc. | 430961 | 52896 |
|  Amgen, Inc. | 151000 | 49424 |
|  GE HealthCare Technologies, Inc. | 582499 | 47777 |
|  Insulet Corp. <sup>(a)</sup>  | 162641 | 46229 |
|  CVS Health Corp. | 535085 | 42464 |
|  Stryker Corp. | 111700 | 39259 |
|  Medtronic PLC | 210000 | 20173 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 49075 | 19515 |
|  |  | 4380271 |
|  **Consumer discretionary 10.04%** |  |  |
|  Amazon.com, Inc. <sup>(a)</sup>  | 8601419 | 1985379 |
|  Starbucks Corp. | 5641121 | 475039 |
|  Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  | 4910876 | 371066 |
|  Royal Caribbean Cruises, Ltd. | 1137038 | 317143 |
|  Tesla, Inc. <sup>(a)</sup>  | 703606 | 316426 |
|  Home Depot, Inc. | 737552 | 253792 |
|  Las Vegas Sands Corp. | 2000000 | 130180 |
|  Viking Holdings, Ltd. <sup>(a)</sup>  | 1559413 | 111358 |
|  Carvana Co., Class A <sup>(a)</sup>  | 214692 | 90604 |
|  Sony Group Corp. | 3009200 | 76915 |
|  TJX Cos., Inc. (The) | 495864 | 76170 |
|  Booking Holdings, Inc. | 12304 | 65892 |

---

---

| | |
|:---|:---|
| **59** | American Funds Insurance Series |

---

------

Growth-Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Consumer discretionary (continued)** |  |  |
|  YUM! Brands, Inc. | 272921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41287 |
|  DoorDash, Inc., Class A <sup>(a)</sup>  | 155002 | 35105 |
|  Hilton Worldwide Holdings, Inc. | 107229 | 30801 |
|  |  | 4377157 |
|  **Communication services 8.04%** |  |  |
|  Alphabet, Inc., Class A | 3942665 | 1234054 |
|  Alphabet, Inc., Class C | 1489089 | 467276 |
|  Meta Platforms, Inc., Class A | 2114599 | 1395826 |
|  Netflix, Inc. <sup>(a)</sup>  | 2229300 | 209019 |
|  SoftBank Group Corp. | 3459180 | 97522 |
|  Universal Music Group NV | 3239458 | 84633 |
|  Comcast Corp., Class A | 624053 | 18653 |
|  |  | 3506983 |
|  **Energy 3.96%** |  |  |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 14093913 | 477379 |
|  Baker Hughes Co., Class A | 8127441 | 370124 |
|  Exxon Mobil Corp. | 2651600 | 319094 |
|  Halliburton Co. | 6689719 | 189051 |
|  Expand Energy Corp. | 1031973 | 113888 |
|  TC Energy Corp. | 1629755 | 89653 |
|  Chevron Corp. | 444985 | 67820 |
|  EOG Resources, Inc. | 575078 | 60389 |
|  ConocoPhillips | 434738 | 40696 |
|  |  | 1728094 |
|  **Consumer staples 2.85%** |  |  |
|  British American Tobacco PLC | 9929507 | 562781 |
|  Procter & Gamble Co. | 1304474 | 186944 |
|  Philip Morris International, Inc. | 1042193 | 167168 |
|  Coca-Cola Co. | 1948634 | 136229 |
|  Imperial Brands PLC | 2747647 | 115516 |
|  Mondelez International, Inc., Class A | 791236 | 42592 |
|  Keurig Dr Pepper, Inc. | 1164623 | 32621 |
|  |  | 1243851 |
|  **Materials 2.32%** |  |  |
|  Air Products and Chemicals, Inc. | 1408433 | 347911 |
|  Linde PLC | 650775 | 277484 |
|  International Paper Co. | 5806574 | 228721 |
|  Eastman Chemical Co. | 1101906 | 70335 |
|  Freeport-McMoRan, Inc. | 983347 | 49944 |
|  LyondellBasell Industries NV | 769974 | 33340 |
|  Solstice Advanced Materials, Inc. <sup>(a)</sup>  | 82401 | 4003 |
|  |  | 1011738 |
|  **Utilities 2.06%** |  |  |
|  Dominion Energy, Inc. | 5379096 | 315161 |
|  PG&E Corp. | 12562973 | 201887 |
|  CenterPoint Energy, Inc. | 3037684 | 116465 |
|  Entergy Corp. | 1203020 | 111195 |
|  NextEra Energy, Inc. | 1051314 | 84400 |
|  Sempra | 800000 | 70632 |
|  |  | 899740 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **60** |

---

------

Growth-Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Real estate 1.23%** |  |  |
|  Equinix, Inc. REIT | 235188 | $180192 |
|  VICI Properties, Inc. REIT | 4092873 | 115092 |
|  Prologis, Inc. REIT | 866060 | 110561 |
|  American Tower Corp. REIT | 428106 | 75162 |
|  Welltower, Inc. REIT | 306310 | 56854 |
|  |  | 537861 |
|  **Total common stocks** (cost: $21,697,459,000) |  | 42486945 |
| Bonds, notes & other debt instruments 0.00% | Principal amount<br>(000) |  |
|  **Corporate bonds and notes 0.00%** |  |  |
|  Consumer discretionary 0.00% |  |  |
|  General Motors Financial Co., Inc. 5.25% 3/1/2026 | USD827 | 828 |
|  **Total bonds, notes & other debt instruments** (cost: $823,000) |  | 828 |
| Short-term securities 2.57% | Shares |  |
|  **Money market investments 2.57%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(b)(c)</sup>  | 11226233 | 1122736 |
|  **Total short-term securities** (cost: $1,122,564,000) |  | 1122736 |
|  **Total investment securities 99.96%** (cost: $22,820,846,000) |  | 43610509 |
|  Other assets less liabilities 0.04% |  | 16802 |
|  **Net assets 100.00%** |  | $43627311 |

---

#### Investments in affiliates <sup>(b)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Common stocks 0.85% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer discretionary 0.85%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | $509003 | $16347 | $32068 | $6460 | $(128676) | $371066 | $7713 |
|  Short-term securities 2.57% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 2.57%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(c)</sup>  | 1471964 | 7003318 | 7352457 | (76) | (13) | 1122736 | 58916 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 3.42%** |  |  |  | $6384 | $(128689) | $1493802 | $66629 |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

#### Key to abbreviation(s)
CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **61** | American Funds Insurance Series |

---

------

International Growth and Income Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 98.22% | Shares | Value<br> (000) |
|  **Financials 23.17%** |  |  |
|  Societe Generale | 71822 | $&nbsp;&nbsp;&nbsp;&nbsp;5787 |
|  UniCredit SpA | 64734 | 5374 |
|  Banco Bilbao Vizcaya Argentaria SA | 180709 | 4227 |
|  CaixaBank SA, non-registered shares | 322031 | 3933 |
|  Skandinaviska Enskilda Banken AB, Class A | 181807 | 3838 |
|  AIA Group, Ltd. | 315000 | 3235 |
|  AXA SA | 55165 | 2653 |
|  Prudential PLC | 167374 | 2582 |
|  Zurich Insurance Group AG | 3392 | 2575 |
|  HSBC Holdings PLC (GBP denominated) | 106640 | 1672 |
|  HSBC Holdings PLC (HKD denominated) | 54400 | 852 |
|  KB Financial Group, Inc. | 27563 | 2383 |
|  NatWest Group PLC | 257839 | 2249 |
|  Bank Hapoalim BM | 94366 | 2135 |
|  DBS Group Holdings, Ltd. | 48424 | 2119 |
|  London Stock Exchange Group PLC | 17476 | 2104 |
|  Banco Santander SA | 179202 | 2103 |
|  Aviva PLC | 203542 | 1864 |
|  Euronext NV | 12370 | 1857 |
|  HDFC Bank, Ltd. | 165124 | 1825 |
|  Bank Leumi le-Israel BM | 80689 | 1779 |
|  PICC Property and Casualty Co., Ltd., Class H | 814000 | 1707 |
|  Resona Holdings, Inc. | 177400 | 1682 |
|  Allianz SE | 3484 | 1598 |
|  Ping An Insurance (Group) Co. of China, Ltd., Class H | 188500 | 1586 |
|  Munchener Ruckversicherungs-Gesellschaft AG | 2235 | 1476 |
|  Japan Post Bank Co., Ltd. | 101247 | 1424 |
|  Kotak Mahindra Bank, Ltd. | 51877 | 1270 |
|  Axis Bank, Ltd. | 82195 | 1163 |
|  Tokio Marine Holdings, Inc. | 29600 | 1099 |
|  Deutsche Bank AG | 26134 | 1016 |
|  Aon PLC, Class A | 2825 | 997 |
|  3i Group PLC | 20568 | 895 |
|  Hiscox, Ltd. | 46402 | 885 |
|  Pluxee NV | 55838 | 875 |
|  Mizuho Financial Group, Inc. | 23000 | 835 |
|  Standard Chartered PLC | 33124 | 809 |
|  Canadian Imperial Bank of Commerce | 8888 | 806 |
|  Tryg A/S | 30239 | 791 |
|  CVC Capital Partners PLC | 45723 | 766 |
|  ING Groep NV | 27110 | 762 |
|  Credicorp, Ltd. | 2641 | 758 |
|  Abu Dhabi Islamic Bank PJSC | 132924 | 751 |
|  People's Insurance Co. (Group) of China, Ltd. (The), Class H | 862000 | 745 |
|  Plus500, Ltd. | 15229 | 743 |
|  T&D Holdings, Inc. | 30700 | 707 |
|  Adyen NV <sup>(a)</sup>  | 440 | 706 |
|  XP, Inc., Class A | 37915 | 621 |
|  Etoro Group, Ltd., Class A <sup>(a)</sup>  | 17585 | 618 |
|  Rakuten Bank, Ltd. <sup>(a)</sup>  | 14100 | 617 |
|  Macquarie Group, Ltd. | 4442 | 598 |
|  Partners Group Holding AG | 481 | 591 |
|  Hana Financial Group, Inc. | 8229 | 537 |
|  Brookfield Corp., Class A (CAD denominated) | 11523 | 529 |
|  Grupo Financiero Banorte, SAB de CV, Series O | 53789 | 499 |
|  Abu Dhabi Commercial Bank PJSC | 117171 | 456 |
|  Samsung Life Insurance Co., Ltd. | 4190 | 456 |
|  Saudi National Bank (The) | 43606 | 440 |
|  Intesa Sanpaolo SpA | 62539 | 433 |
|  Sampo Oyj, Class A | 35512 | 430 |
|  Royal Bank of Canada | 2381 | 406 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **62** |

---

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials (continued)** |  |  |
|  Banca Generali SpA | 5981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 |
|  MS&AD Insurance Group Holdings, Inc. | 15900 | 374 |
|  Hong Kong Exchanges and Clearing, Ltd. | 6400 | 334 |
|  Grupo Financiero Inbursa, SAB de CV | 133251 | 322 |
|  FirstRand, Ltd. | 55703 | 305 |
|  BAWAG Group AG <sup>(a)</sup>  | 2019 | 303 |
|  Bank Central Asia Tbk PT | 602500 | 291 |
|  Medibank Private, Ltd. | 34548 | 110 |
|  Edenred SA | 3313 | 74 |
|  Sberbank of Russia PJSC <sup>(b)</sup>  | 476388 | – <sup>(c)</sup> |
|  |  | 93743 |
|  **Industrials 14.36%** |  |  |
|  Airbus SE, non-registered shares | 28600 | 6634 |
|  BAE Systems PLC | 270689 | 6223 |
|  Ryanair Holdings PLC (ADR) | 73850 | 5331 |
|  Siemens AG | 11417 | 3206 |
|  Deutsche Post AG | 42158 | 2309 |
|  Hitachi, Ltd. | 69400 | 2153 |
|  RELX PLC | 45021 | 1821 |
|  DSV A/S | 6897 | 1736 |
|  Safran SA | 4958 | 1725 |
|  ABB, Ltd. | 21982 | 1625 |
|  ITOCHU Corp. | 103000 | 1300 |
|  Compagnie de Saint-Gobain SA, non-registered shares | 12706 | 1290 |
|  Canadian National Railway Co. (CAD denominated) | 12406 | 1227 |
|  Diploma PLC | 17130 | 1223 |
|  Deutsche Lufthansa AG | 118669 | 1173 |
|  Copa Holdings SA, Class A | 9695 | 1169 |
|  ASSA ABLOY AB, Class B | 29656 | 1150 |
|  Alliance Global Group, Inc. | 7546600 | 1051 |
|  Singapore Technologies Engineering, Ltd. | 158800 | 1036 |
|  Motiva Infraestrutura de Mobilidade SA | 334768 | 916 |
|  Epiroc AB, Class B | 32965 | 665 |
|  Epiroc AB, Class A | 9201 | 208 |
|  Rolls-Royce Holdings PLC | 55860 | 868 |
|  SPIE SA | 15016 | 864 |
|  Mitsui & Co., Ltd. | 29200 | 863 |
|  Bombardier, Inc., Class B <sup>(a)</sup>  | 4769 | 811 |
|  IHI Corp. | 45641 | 805 |
|  Wolters Kluwer NV | 7371 | 765 |
|  Kanzhun, Ltd., Class A (ADR) | 27807 | 567 |
|  Kanzhun, Ltd., Class A | 16700 | 169 |
|  Full Truck Alliance Co., Ltd., Class A (ADR) | 68004 | 730 |
|  SGH, Ltd. | 21792 | 672 |
|  Caterpillar, Inc. | 1129 | 647 |
|  Komatsu, Ltd. | 19300 | 617 |
|  Volvo AB, Class B | 17440 | 559 |
|  Kingspan Group PLC | 5764 | 498 |
|  Daikin Industries, Ltd. | 3800 | 488 |
|  Grupo Aeroportuario del Pacifico, SAB de CV, Class B | 18040 | 474 |
|  Recruit Holdings Co., Ltd. | 8000 | 456 |
|  SMC Corp. | 1200 | 418 |
|  Jiangsu Hengli Hydraulic Co., Ltd., Class A | 22500 | 353 |
|  International Consolidated Airlines Group SA (CDI) | 62974 | 349 |
|  Brambles, Ltd. | 20392 | 313 |

---

---

| | |
|:---|:---|
| **63** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials (continued)** |  |  |
|  Ashtead Group PLC | 4377 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 |
|  International Container Terminal Services, Inc. | 30700 | 294 |
|  Wizz Air Holdings PLC <sup>(a)</sup>  | 3748 | 64 |
|  |  | 58114 |
|  **Information technology 13.46%** |  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 383000 | 18711 |
|  ASML Holding NV | 7692 | 8222 |
|  Samsung Electronics Co., Ltd. | 65385 | 5449 |
|  MediaTek, Inc. | 91000 | 4123 |
|  SK hynix, Inc. | 6576 | 2978 |
|  Broadcom, Inc. | 7657 | 2650 |
|  SAP SE | 8332 | 2039 |
|  NEC Corp. | 53700 | 1811 |
|  ASMPT, Ltd. | 128900 | 1283 |
|  Tokyo Electron, Ltd. | 5400 | 1186 |
|  Sage Group PLC (The) | 61338 | 893 |
|  Capgemini SE | 4775 | 791 |
|  Accton Technology Corp. | 21000 | 786 |
|  Halma PLC | 13514 | 640 |
|  Bechtle AG, non-registered shares | 11841 | 608 |
|  Lenovo Group, Ltd. | 422000 | 500 |
|  Fujitsu, Ltd. | 14800 | 406 |
|  ASM International NV | 605 | 365 |
|  Jentech Precision Industrial Co., Ltd. | 4000 | 345 |
|  Lumine Group, Inc., subordinate voting shares <sup>(a)</sup>  | 10019 | 198 |
|  Keyence Corp. | 500 | 181 |
|  eMemory Technology, Inc. | 3000 | 164 |
|  Newgen Software Technologies, Ltd. | 13433 | 126 |
|  |  | 54455 |
|  **Consumer discretionary 9.16%** |  |  |
|  Industria de Diseno Textil SA | 84429 | 5561 |
|  Trip.com Group, Ltd. (ADR) | 34793 | 2502 |
|  Trip.com Group, Ltd. | 9800 | 703 |
|  Prosus NV, Class N | 46295 | 2859 |
|  Renault SA | 63846 | 2643 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 2789 | 2103 |
|  MGM China Holdings, Ltd. | 1130400 | 1897 |
|  H World Group, Ltd. (ADR) | 27339 | 1286 |
|  Nitori Holdings Co., Ltd. | 68900 | 1206 |
|  Amadeus IT Group SA, Class A, non-registered shares | 16285 | 1195 |
|  Moncler SpA | 17462 | 1122 |
|  Midea Group Co., Ltd., Class A | 88300 | 987 |
|  Hyundai Motor Co. | 4578 | 937 |
|  Entain PLC | 90259 | 930 |
|  ANTA Sports Products, Ltd. | 88200 | 911 |
|  Compagnie Financiere Richemont SA, Class A | 3955 | 854 |
|  Evolution AB | 12432 | 846 |
|  InterContinental Hotels Group PLC | 5768 | 808 |
|  Suzuki Motor Corp. | 48300 | 717 |
|  Games Workshop Group PLC | 2550 | 647 |
|  B&M European Value Retail SA | 255033 | 580 |
|  Accor SA | 9477 | 537 |
|  Berkeley Group Holdings PLC | 9423 | 495 |
|  Restaurant Brands International, Inc. (CAD denominated) | 7186 | 490 |
|  Meituan, Class B <sup>(a)</sup>  | 36700 | 484 |
|  Compagnie Generale des Etablissements Michelin | 13559 | 450 |
|  Galaxy Entertainment Group, Ltd. | 87361 | 429 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **64** |

---

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  Consumer discretionary (continued) |  |  |
|  Paltac Corp. | 13700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 |
|  Dixon Technologies (India), Ltd. | 3136 | 422 |
|  D'Ieteren Group | 2336 | 421 |
|  Aristocrat Leisure, Ltd. | 9860 | 383 |
|  Maruti Suzuki India, Ltd. | 1900 | 353 |
|  Alibaba Group Holding, Ltd. (ADR) | 2241 | 329 |
|  Amber Enterprises India, Ltd. <sup>(a)</sup>  | 4286 | 305 |
|  BYD Co., Ltd., Class A | 17800 | 249 |
|  |  | 37063 |
|  **Consumer staples 8.06%** |  |  |
|  British American Tobacco PLC | 121643 | 6894 |
|  Nestle SA | 48668 | 4837 |
|  Philip Morris International, Inc. | 23763 | 3812 |
|  Pernod Ricard SA | 31124 | 2665 |
|  Imperial Brands PLC | 47541 | 1999 |
|  Carlsberg A/S, Class B | 13206 | 1731 |
|  Carrefour SA, non-registered shares | 87378 | 1458 |
|  KT&G Corp. | 13480 | 1327 |
|  Arca Continental, SAB de CV | 122057 | 1321 |
|  L'Oreal SA, non-registered shares | 2952 | 1268 |
|  Danone SA | 12837 | 1158 |
|  Anheuser-Busch InBev SA/NV | 14891 | 955 |
|  Yamazaki Baking Co., Ltd. | 38000 | 800 |
|  Kweichow Moutai Co., Ltd., Class A | 2990 | 589 |
|  Ocado Group PLC <sup>(a)</sup>  | 168153 | 534 |
|  Unilever PLC | 7516 | 491 |
|  Tsingtao Brewery Co., Ltd., Class H | 65738 | 411 |
|  United Spirits, Ltd. | 23192 | 373 |
|  |  | 32623 |
|  **Materials 7.38%** |  |  |
|  Barrick Mining Corp. | 84106 | 3663 |
|  Glencore PLC | 562062 | 3057 |
|  BASF SE | 43621 | 2279 |
|  Valterra Platinum, Ltd. (ZAR denominated) | 21023 | 1780 |
|  Valterra Platinum, Ltd. (GBP denominated) | 1235 | 102 |
|  Agnico Eagle Mines, Ltd. | 10958 | 1858 |
|  Heidelberg Materials AG, non-registered shares | 7035 | 1842 |
|  Amcor PLC | 111303 | 928 |
|  Amcor PLC (CDI) | 83938 | 702 |
|  Vale SA (ADR), ordinary nominative shares | 71119 | 927 |
|  Vale SA, ordinary nominative shares | 31452 | 411 |
|  Linde PLC | 2521 | 1075 |
|  Norsk Hydro ASA | 136521 | 1055 |
|  Anhui Conch Cement Co., Ltd., Class H | 364000 | 1030 |
|  Southern Copper Corp. | 7079 | 1016 |
|  Impala Platinum Holdings, Ltd. | 60988 | 960 |
|  Grupo Mexico, SAB de CV, Series B | 96492 | 911 |
|  Mitsubishi Chemical Group Corp. | 148200 | 866 |
|  Nutrien, Ltd. (CAD denominated) <sup>(d)</sup>  | 12924 | 798 |
|  Air Liquide SA | 3291 | 619 |
|  Pan American Silver Corp. | 10970 | 568 |
|  Franco-Nevada Corp. (CAD denominated) | 2507 | 520 |
|  Shin-Etsu Chemical Co., Ltd. | 15900 | 494 |
|  Holcim, Ltd. | 4384 | 430 |
|  Saudi Basic Industries Corp. non-registered shares | 30558 | 418 |
|  Rio Tinto PLC | 4810 | 384 |
|  Fortescue, Ltd. | 23214 | 339 |

---

---

| | |
|:---|:---|
| **65** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Materials (continued)** |  |  |
|  Smurfit Westrock PLC | 6985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 |
|  Givaudan SA | 43 | 171 |
|  Freeport-McMoRan, Inc. | 2750 | 140 |
|  Antofagasta PLC | 3109 | 136 |
|  Zijin Gold International Co., Ltd. <sup>(a)</sup>  | 5700 | 107 |
|  Alrosa PJSC <sup>(a)(b)</sup>  | 53607 | – <sup>(c)</sup> |
|  |  | 29856 |
|  **Health care 7.34%** |  |  |
|  AstraZeneca PLC | 38403 | 7074 |
|  Sanofi | 69990 | 6790 |
|  Novo Nordisk AS, Class B | 53114 | 2707 |
|  Roche Holding AG, nonvoting non-registered shares | 6476 | 2676 |
|  EssilorLuxottica SA | 7815 | 2471 |
|  Bayer AG | 41796 | 1803 |
|  Chugai Pharmaceutical Co., Ltd. | 23600 | 1241 |
|  Grifols SA, Class B (ADR) | 111869 | 1046 |
|  bioMerieux SA | 7827 | 1013 |
|  Haleon PLC | 171515 | 868 |
|  Genus PLC | 14818 | 516 |
|  Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup>  | 39000 | 356 |
|  Max Healthcare Institute, Ltd. | 29463 | 343 |
|  Fresenius SE & Co. KGaA | 5932 | 341 |
|  Daiichi Sankyo Co., Ltd. | 13300 | 283 |
|  HOYA Corp. | 1100 | 167 |
|  Euroapi SA <sup>(a)</sup>  | 1412 | 4 |
|  |  | 29699 |
|  **Communication services 6.89%** |  |  |
|  Koninklijke KPN NV | 788424 | 3688 |
|  Tencent Holdings, Ltd. | 41600 | 3188 |
|  Singapore Telecommunications, Ltd. | 888400 | 3148 |
|  Orange | 157504 | 2628 |
|  Publicis Groupe SA | 23008 | 2387 |
|  Bharti Airtel, Ltd. | 87940 | 2063 |
|  BT Group PLC | 457419 | 1131 |
|  Nintendo Co., Ltd. | 15800 | 1067 |
|  MTN Group, Ltd. | 99852 | 1020 |
|  Nippon Television Holdings, Inc. | 40600 | 984 |
|  Swisscom AG <sup>(a)</sup>  | 1279 | 929 |
|  NetEase, Inc. | 32700 | 900 |
|  HYBE Co., Ltd. | 3482 | 794 |
|  Advanced Info Service PCL, foreign registered shares | 79600 | 791 |
|  America Movil, SAB de CV, Class B (ADR) | 28591 | 591 |
|  Universal Music Group NV | 19644 | 513 |
|  Indus Towers, Ltd. <sup>(a)</sup>  | 95111 | 443 |
|  Spotify Technology SA <sup>(a)</sup>  | 718 | 417 |
|  Bezeq - The Israel Telecommunication Corp., Ltd. | 179312 | 400 |
|  KT Corp. (ADR) | 21009 | 399 |
|  Deutsche Telekom AG | 11484 | 373 |
|  |  | 27854 |
|  **Energy 4.09%** |  |  |
|  TotalEnergies SE (EUR denominated) | 61065 | 3980 |
|  Cameco Corp. (CAD denominated) | 30495 | 2792 |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 55772 | 1889 |
|  Shell PLC (GBP denominated) | 47821 | 1757 |
|  Cenovus Energy, Inc. (CAD denominated) | 82434 | 1395 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **66** |

---

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Energy (continued)** |  |  |
|  Cenovus Energy, Inc. | 12261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
|  SLB, Ltd. | 31870 | 1223 |
|  Gaztransport & Technigaz SA | 3851 | 706 |
|  TC Energy Corp. (CAD denominated) | 12547 | 691 |
|  Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares | 44300 | 525 |
|  BP PLC | 80418 | 467 |
|  ADNOC Drilling Co. PJSC | 255406 | 371 |
|  Tourmaline Oil Corp. | 5853 | 263 |
|  Adnoc Gas PLC | 236746 | 229 |
|  South Bow Corp. | 2470 | 68 |
|  Sovcomflot PAO <sup>(a)(b)</sup>  | 356717 | – <sup>(c)</sup> |
|  |  | 16563 |
|  **Utilities 2.82%** |  |  |
|  Engie SA | 109339 | 2875 |
|  RWE AG | 42284 | 2250 |
|  SSE PLC | 76631 | 2247 |
|  Iberdrola SA, non-registered shares | 103600 | 2242 |
|  Brookfield Infrastructure Partners, LP | 17993 | 625 |
|  Snam SpA | 79832 | 530 |
|  CPFL Energia SA | 44362 | 431 |
|  Veolia Environnement SA | 6331 | 221 |
|  |  | 11421 |
|  **Real estate 1.49%** |  |  |
|  Mitsubishi Estate Co., Ltd. | 76900 | 1873 |
|  Prologis Property Mexico, SA de CV, REIT | 183868 | 770 |
|  CK Asset Holdings, Ltd. | 120500 | 607 |
|  Henderson Land Development Co., Ltd. | 162000 | 585 |
|  China Resources Land, Ltd. | 152500 | 531 |
|  Link REIT | 91068 | 406 |
|  Sun Hung Kai Properties, Ltd. | 33000 | 400 |
|  CapitaLand Integrated Commercial Trust REIT | 207700 | 385 |
|  Longfor Group Holdings, Ltd. <sup>(d)</sup>  | 236242 | 259 |
|  Goodman Logistics (HK), Ltd. REIT | 10467 | 215 |
|  |  | 6031 |
|  **Total common stocks** (cost: $267,862,000) |  | 397422 |
| Preferred securities 0.05% |  |  |
|  **Materials 0.05%** |  |  |
|  Gerdau SA, preferred nominative shares | 54142 | 201 |
|  **Total preferred securitie**s (cost: $203,000) |  | 201 |
| Short-term securities 1.54% |  |  |
|  **Money market investments 1.35%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(e)(f)</sup>  | 54405 | 5441 |

---

---

| | |
|:---|:---|
| **67** | American Funds Insurance Series |

---

------

International Growth and Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value<br> (000) |
|  **Money market investments purchased with collateral from securities on loan 0.19%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(e)(g)</sup>  | 762897 | $763 |
|  **Total short-term securities** (cost: $6,203,000) |  | 6204 |
|  **Total investment securities 99.81%** (cost: $274,268,000) |  | 403827 |
|  Other assets less liabilities 0.19% |  | 788 |
|  **Net assets 100.00%** |  | $404615 |

---

#### Investments in affiliates <sup>(f)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  Short-term securities 1.35% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 1.35%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(e)</sup>  | $11674 | $93352 | $99583 | $1 | $(3) | $5441 | $489 |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand. 

<sup>(d)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(e)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(f)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(g)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

#### Key to abbreviation(s)
ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

HKD = Hong Kong dollars

REIT = Real Estate Investment Trust

ZAR = South African rand

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **68** |

---

------

Capital Income Builder

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 77.84% | Shares | Value<br> (000) |
|  **Financials 16.08%** |  |  |
|  JPMorgan Chase & Co. | 79207 | $25522 |
|  NatWest Group PLC | 1731569 | &nbsp;&nbsp;&nbsp;&nbsp;15103 |
|  Morgan Stanley | 85027 | 15095 |
|  Zurich Insurance Group AG | 15915 | 12080 |
|  Wells Fargo & Co. | 121236 | 11299 |
|  Munchener Ruckversicherungs-Gesellschaft AG | 15382 | 10158 |
|  BlackRock, Inc. | 9038 | 9674 |
|  ING Groep NV | 336786 | 9467 |
|  DBS Group Holdings, Ltd. | 201816 | 8832 |
|  PNC Financial Services Group, Inc. | 42111 | 8790 |
|  Progressive Corp. | 31499 | 7173 |
|  Truist Financial Corp. | 133958 | 6592 |
|  Banco Santander SA | 543341 | 6376 |
|  Tokio Marine Holdings, Inc. | 169500 | 6293 |
|  Banco Bilbao Vizcaya Argentaria SA | 255877 | 5985 |
|  KB Financial Group, Inc. | 67948 | 5874 |
|  American International Group, Inc. | 61289 | 5243 |
|  AIA Group, Ltd. | 475600 | 4885 |
|  TPG, Inc., Class A | 74597 | 4762 |
|  Sampo Oyj, Class A | 382120 | 4632 |
|  National Bank of Canada | 34385 | 4324 |
|  Power Corp. of Canada, subordinate voting shares | 73430 | 3903 |
|  Toronto-Dominion Bank (The) (CAD denominated) | 39762 | 3747 |
|  East West Bancorp, Inc. | 32600 | 3664 |
|  UniCredit SpA | 43377 | 3601 |
|  Intact Financial Corp. | 16137 | 3359 |
|  Euronext NV | 21230 | 3186 |
|  Hana Financial Group, Inc. | 48224 | 3146 |
|  360 ONE WAM, Ltd. | 229493 | 3031 |
|  EFG International AG | 108196 | 2587 |
|  BNP Paribas SA | 25427 | 2406 |
|  PICC Property and Casualty Co., Ltd., Class H | 1138000 | 2386 |
|  Mizuho Financial Group, Inc. | 64500 | 2342 |
|  Skandinaviska Enskilda Banken AB, Class A | 108326 | 2287 |
|  3i Group PLC | 51598 | 2245 |
|  Webster Financial Corp. | 35040 | 2205 |
|  Apollo Asset Management, Inc. | 13850 | 2005 |
|  Marsh & McLennan Cos., Inc. | 10553 | 1958 |
|  Banco BPM SpA | 128347 | 1950 |
|  London Stock Exchange Group PLC | 15893 | 1914 |
|  Deutsche Bank AG | 49165 | 1912 |
|  BPER Banca SpA | 141331 | 1911 |
|  Swiss Re AG | 10507 | 1752 |
|  State Street Corp. | 12200 | 1574 |
|  CME Group, Inc., Class A | 5612 | 1533 |
|  Bank Central Asia Tbk PT | 2982500 | 1440 |
|  Standard Chartered PLC | 56936 | 1390 |
|  Japan Post Bank Co., Ltd. | 98700 | 1388 |
|  Western Union Co. <sup>(a)</sup>  | 142256 | 1324 |
|  Allianz SE | 2883 | 1322 |
|  Hong Kong Exchanges and Clearing, Ltd. | 22700 | 1186 |
|  Bank of America Corp. | 21552 | 1185 |
|  Canadian Imperial Bank of Commerce | 12297 | 1115 |
|  Patria Investments, Ltd., Class A | 70098 | 1114 |
|  Blackstone, Inc. | 7179 | 1107 |
|  Citizens Financial Group, Inc. | 18221 | 1064 |
|  SouthState Bank Corp. | 10883 | 1024 |
|  Vontobel Holding AG | 10189 | 824 |
|  Equitable Holdings, Inc. | 16750 | 798 |
|  Resona Holdings, Inc. | 62400 | 592 |
|  Houlihan Lokey, Inc., Class A | 2796 | 487 |

---

---

| | |
|:---|:---|
| **69** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Financials (continued)** |  |  |
|  T&D Holdings, Inc. | 21000 | $484 |
|  Medibank Private, Ltd. | 134820 | 430 |
|  Sberbank of Russia PJSC <sup>(b)</sup>  | 204176 | – <sup>(c)</sup> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;267037 |
|  **Information technology 10.58%** |  |  |
|  Broadcom, Inc. | 198986 | 68869 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 857800 | 41907 |
|  Microsoft Corp. | 48647 | 23527 |
|  Accenture PLC, Class A | 42563 | 11420 |
|  Seagate Technology Holdings PLC | 21770 | 5995 |
|  KLA Corp. | 3790 | 4605 |
|  Texas Instruments, Inc. | 19132 | 3319 |
|  Tokyo Electron, Ltd. | 14700 | 3228 |
|  TE Connectivity PLC | 11194 | 2547 |
|  MediaTek, Inc. | 52000 | 2356 |
|  TDK Corp. | 145400 | 2057 |
|  SAP SE | 8376 | 2049 |
|  Analog Devices, Inc. | 5814 | 1577 |
|  Skyworks Solutions, Inc. | 17043 | 1081 |
|  Samsung Electronics Co., Ltd. | 7752 | 646 |
|  Capgemini SE | 2465 | 408 |
|  |  | 175591 |
|  **Health care 8.92%** |  |  |
|  AbbVie, Inc. | 110866 | 25332 |
|  AstraZeneca PLC | 95762 | 17638 |
|  Abbott Laboratories | 132522 | 16604 |
|  Amgen, Inc. | 48793 | 15970 |
|  Gilead Sciences, Inc. | 110674 | 13584 |
|  Sanofi | 116243 | 11278 |
|  Johnson & Johnson | 38511 | 7970 |
|  UnitedHealth Group, Inc. | 22859 | 7546 |
|  Medtronic PLC | 77419 | 7437 |
|  Novo Nordisk AS, Class B | 120968 | 6166 |
|  CVS Health Corp. | 46518 | 3692 |
|  Takeda Pharmaceutical Co., Ltd. | 108825 | 3381 |
|  Bristol-Myers Squibb Co. | 51448 | 2775 |
|  Merck & Co., Inc. | 20750 | 2184 |
|  Sandoz Group AG | 19286 | 1406 |
|  EBOS Group, Ltd. | 82604 | 1302 |
|  Roche Holding AG, nonvoting non-registered shares | 2615 | 1081 |
|  GSK PLC | 43796 | 1076 |
|  Royalty Pharma PLC, Class A | 24004 | 927 |
|  EssilorLuxottica SA | 2582 | 816 |
|  |  | 148165 |
|  **Industrials 8.89%** |  |  |
|  RTX Corp. | 170579 | 31284 |
|  Volvo AB, Class B | 337790 | 10827 |
|  Siemens AG | 32234 | 9052 |
|  Marubeni Corp. | 248100 | 6904 |
|  BAE Systems PLC | 262306 | 6030 |
|  Deutsche Post AG | 105963 | 5804 |
|  RELX PLC | 135157 | 5467 |
|  Mitsubishi Corp. | 214081 | 4906 |
|  Union Pacific Corp. | 20631 | 4772 |
|  Singapore Technologies Engineering, Ltd. | 657600 | 4290 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **70** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials (continued)** |  |  |
|  ITOCHU Corp. | 307500 | $3881 |
|  Bouygues SA | 71499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706 |
|  Northrop Grumman Corp. | 6044 | 3446 |
|  Honeywell International, Inc. | 17528 | 3420 |
|  Paychex, Inc. | 29637 | 3325 |
|  Automatic Data Processing, Inc. | 12517 | 3220 |
|  Airbus SE, non-registered shares | 12478 | 2894 |
|  FedEx Corp. | 9893 | 2858 |
|  Watsco, Inc. | 8477 | 2856 |
|  Schneider Electric SE | 9854 | 2701 |
|  Broadridge Financial Solutions, Inc. | 11281 | 2518 |
|  Localiza Rent a Car SA, ordinary nominative shares | 281769 | 2222 |
|  Localiza Rent a Car SA <sup>(d)</sup>  | 10837 | 82 |
|  Hikari Tsushin, Inc. | 7100 | 1984 |
|  Bureau Veritas SA | 60554 | 1928 |
|  Trinity Industries, Inc. | 71017 | 1878 |
|  Canadian National Railway Co. (CAD denominated) | 17596 | 1740 |
|  Wolters Kluwer NV | 14975 | 1555 |
|  Epiroc AB, Class A | 60943 | 1379 |
|  Epiroc AB, Class B | 4933 | 100 |
|  SPIE SA | 24869 | 1432 |
|  PACCAR, Inc. | 12078 | 1323 |
|  Ryanair Holdings PLC (ADR) | 18149 | 1310 |
|  UL Solutions, Inc., Class A | 16361 | 1290 |
|  Carrier Global Corp. | 23347 | 1234 |
|  Transurban Group | 121112 | 1145 |
|  Sulzer AG | 3498 | 649 |
|  Brambles, Ltd. | 40982 | 628 |
|  Caterpillar, Inc. | 1059 | 607 |
|  Computershare Ltd. | 22570 | 513 |
|  Robert Half, Inc. | 16144 | 438 |
|  |  | 147598 |
|  **Consumer staples 8.01%** |  |  |
|  Philip Morris International, Inc. | 243788 | 39104 |
|  British American Tobacco PLC | 522457 | 29612 |
|  British American Tobacco PLC (ADR) | 42214 | 2390 |
|  Mondelez International, Inc., Class A | 238135 | 12819 |
|  Imperial Brands PLC | 193418 | 8132 |
|  Nestle SA | 56409 | 5607 |
|  Sysco Corp. | 57332 | 4225 |
|  Danone SA | 46784 | 4221 |
|  Coca-Cola Co. | 50926 | 3560 |
|  Altria Group, Inc. | 60789 | 3505 |
|  Procter & Gamble Co. | 18551 | 2658 |
|  Carlsberg A/S, Class B | 18209 | 2387 |
|  Kimberly-Clark Corp. | 20235 | 2041 |
|  WH Group, Ltd. | 1742500 | 1940 |
|  General Mills, Inc. | 39690 | 1846 |
|  Unilever PLC | 23728 | 1551 |
|  Marks and Spencer Group PLC | 341848 | 1521 |
|  PepsiCo, Inc. | 8237 | 1182 |
|  Dollar General Corp. | 8654 | 1149 |
|  Anheuser-Busch InBev SA/NV | 12119 | 777 |
|  ITC, Ltd. | 169385 | 760 |
|  Pernod Ricard SA | 8821 | 755 |
|  Molson Coors Beverage Co., Class B, restricted voting shares | 15116 | 706 |
|  Constellation Brands, Inc., Class A | 4173 | 576 |
|  |  | 133024 |

---

---

| | |
|:---|:---|
| **71** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Utilities 5.67%** |  |  |
|  Dominion Energy, Inc. | 193401 | $11331 |
|  National Grid PLC | 593470 | 9146 |
|  SSE PLC | 303935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8912 |
|  Engie SA | 334941 | 8807 |
|  Iberdrola SA, non-registered shares | 368808 | 7983 |
|  E.ON SE | 279307 | 5295 |
|  Pinnacle West Capital Corp. | 58731 | 5209 |
|  DTE Energy Co. | 38794 | 5004 |
|  CenterPoint Energy, Inc. | 126239 | 4840 |
|  Sempra | 49773 | 4395 |
|  Duke Energy Corp. | 33977 | 3982 |
|  RWE AG | 59273 | 3154 |
|  Atmos Energy Corp. | 16350 | 2741 |
|  Exelon Corp. | 62697 | 2733 |
|  AES Corp. | 138163 | 1981 |
|  Power Grid Corp. of India, Ltd. | 637504 | 1875 |
|  Entergy Corp. | 17392 | 1608 |
|  NextEra Energy, Inc. | 19324 | 1551 |
|  Southern Co. (The) | 17393 | 1517 |
|  SembCorp Industries, Ltd. | 268900 | 1255 |
|  Power Assets Holdings, Ltd. | 127000 | 900 |
|  |  | 94219 |
|  **Consumer discretionary 5.15%** |  |  |
|  Industria de Diseno Textil SA | 200194 | 13187 |
|  McDonald's Corp. | 28168 | 8609 |
|  Starbucks Corp. | 98994 | 8336 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 9855 | 7430 |
|  Home Depot, Inc. | 19641 | 6758 |
|  YUM! Brands, Inc. | 38261 | 5788 |
|  Midea Group Co., Ltd., Class A | 497866 | 5566 |
|  Compagnie Generale des Etablissements Michelin | 154783 | 5133 |
|  Royal Caribbean Cruises, Ltd. | 18121 | 5054 |
|  Evolution AB | 62107 | 4227 |
|  Amadeus IT Group SA, Class A, non-registered shares | 44461 | 3261 |
|  Compagnie Financiere Richemont SA, Class A | 11721 | 2530 |
|  Tractor Supply Co. | 38329 | 1917 |
|  Restaurant Brands International, Inc. | 27181 | 1855 |
|  NEXT PLC | 9190 | 1691 |
|  Galaxy Entertainment Group, Ltd. | 288000 | 1413 |
|  Vail Resorts, Inc. | 8836 | 1173 |
|  Darden Restaurants, Inc. | 3355 | 617 |
|  Jumbo SA | 15226 | 500 |
|  Aristocrat Leisure, Ltd. | 11598 | 450 |
|  |  | 85495 |
|  **Energy 4.71%** |  |  |
|  Exxon Mobil Corp. | 138000 | 16607 |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 426351 | 14441 |
|  Canadian Natural Resources, Ltd. | 19944 | 675 |
|  Shell PLC (GBP denominated) | 231846 | 8517 |
|  Shell PLC (ADR) | 9821 | 721 |
|  TC Energy Corp. (CAD denominated) <sup>(a)</sup>  | 133821 | 7369 |
|  TotalEnergies SE (EUR denominated) | 92774 | 6047 |
|  ConocoPhillips | 50076 | 4688 |
|  South Bow Corp. <sup>(a)</sup>  | 155157 | 4267 |
|  EQT Corp. | 64885 | 3478 |
|  EOG Resources, Inc. | 28657 | 3009 |
|  Chevron Corp. | 18330 | 2794 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **72** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Energy (continued)** |  |  |
|  ONEOK, Inc. | 35701 | $2624 |
|  DT Midstream, Inc. | 10692 | 1280 |
|  Cenovus Energy, Inc. | 62889 | 1064 |
|  Adnoc Gas PLC | 656312 | 634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;78215 |
|  **Materials 3.55%** |  |  |
|  Air Products and Chemicals, Inc. | 30617 | 7563 |
|  Smurfit Westrock PLC | 158869 | 6143 |
|  Nitto Denko Corp. | 245538 | 5834 |
|  Rio Tinto PLC | 66849 | 5334 |
|  International Paper Co. | 134100 | 5282 |
|  Barrick Mining Corp. | 106459 | 4636 |
|  Anglo American PLC | 103247 | 4255 |
|  Vale SA, ordinary nominative shares | 217725 | 2847 |
|  Vale SA (ADR), ordinary nominative shares | 96273 | 1254 |
|  Shin-Etsu Chemical Co., Ltd. | 121262 | 3771 |
|  Linde PLC | 8159 | 3479 |
|  Amcor PLC | 301316 | 2513 |
|  BASF SE | 44227 | 2311 |
|  Antofagasta PLC | 51846 | 2276 |
|  Eastman Chemical Co. | 8693 | 555 |
|  Air Liquide SA | 2512 | 473 |
|  Givaudan SA | 110 | 437 |
|  |  | 58963 |
|  **Communication services 3.52%** |  |  |
|  Singapore Telecommunications, Ltd. | 3937700 | 13951 |
|  T-Mobile US, Inc. | 38544 | 7826 |
|  Publicis Groupe SA | 68287 | 7084 |
|  AT&T, Inc. | 248999 | 6185 |
|  Koninklijke KPN NV | 1163701 | 5444 |
|  Comcast Corp., Class A | 134482 | 4020 |
|  Verizon Communications, Inc. | 67668 | 2756 |
|  NetEase, Inc. | 97400 | 2680 |
|  Omnicom Group, Inc. | 26622 | 2150 |
|  Nintendo Co., Ltd. | 23700 | 1601 |
|  HKT Trust and HKT, Ltd., units | 1023240 | 1512 |
|  Deutsche Telekom AG | 44105 | 1431 |
|  America Movil, SAB de CV, Class B (ADR) | 38200 | 790 |
|  Telkom Indonesia (Persero) Tbk PT, Class B | 2512000 | 523 |
|  Swisscom AG <sup>(d)</sup>  | 566 | 411 |
|  |  | 58364 |
|  **Real estate 2.76%** |  |  |
|  Welltower, Inc. REIT | 58648 | 10886 |
|  Prologis, Inc. REIT | 38994 | 4978 |
|  American Tower Corp. REIT | 26189 | 4598 |
|  VICI Properties, Inc. REIT | 160317 | 4508 |
|  Rexford Industrial Realty, Inc. REIT | 98470 | 3813 |
|  Extra Space Storage, Inc. REIT | 19058 | 2482 |
|  Public Storage REIT | 8874 | 2303 |
|  Mindspace Business Parks REIT | 413863 | 2187 |
|  UDR, Inc. REIT | 48752 | 1788 |
|  CK Asset Holdings, Ltd. | 328500 | 1655 |
|  Equinix, Inc. REIT | 1780 | 1364 |
|  Link REIT | 302148 | 1346 |
|  CTP NV | 56484 | 1183 |

---

---

| | |
|:---|:---|
| **73** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Real estate (continued)** |  |  |
|  Sun Communities, Inc. REIT | 5902 | $731 |
|  Embassy Office Parks REIT | 140661 | 681 |
|  SBA Communications Corp. REIT, Class A | 2744 | 531 |
|  Longfor Group Holdings, Ltd. | 357634 | 392 |
|  Lineage, Inc. REIT | 7600 | 266 |
|  Kimco Realty Corp. REIT | 5095 | 103 |
|  |  | 45795 |
|  **Total common stocks** (cost: $866,080,000) |  | 1292466 |
| Convertible stocks 0.29% |  |  |
|  **Information technology 0.16%** |  |  |
|  Microchip Technology, Inc., Series A, cumulative convertible preferred depositary shares, 7.50% 3/15/2028 | 44749 | 2608 |
|  **Utilities 0.09%** |  |  |
|  NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027 | 31400 | 1531 |
|  **Financials 0.04%** |  |  |
|  KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028 | 13000 | 674 |
|  **Total convertible stocks** (cost: $4,335,000) |  | 4813 |
| Bonds, notes & other debt instruments 14.62% | Principal amount<br> (000) |  |
|  **U.S. Treasury bonds & notes 5.92%** |  |  |
|  U.S. Treasury 5.92% |  |  |
|  U.S. Treasury 4.00% 2/15/2026 | USD2,369 | 2370 |
|  U.S. Treasury 0.75% 3/31/2026 | 1 | 1 |
|  U.S. Treasury 0.75% 5/31/2026 | 3850 | 3806 |
|  U.S. Treasury 1.875% 6/30/2026 | 3855 | 3825 |
|  U.S. Treasury 1.125% 10/31/2026 | 995 | 975 |
|  U.S. Treasury 2.00% 11/15/2026 | 2800 | 2763 |
|  U.S. Treasury 4.625% 11/15/2026 | 1200 | 1211 |
|  U.S. Treasury 4.00% 1/15/2027 | 6541 | 6573 |
|  U.S. Treasury 0.50% 4/30/2027 | 2375 | 2284 |
|  U.S. Treasury 2.625% 5/31/2027 | 80 | 79 |
|  U.S. Treasury 3.50% 9/30/2027 | 1811 | 1812 |
|  U.S. Treasury 3.375% 11/30/2027 | 9 | 9 |
|  U.S. Treasury 3.375% 12/31/2027 | 17721 | 17687 |
|  U.S. Treasury 4.00% 2/29/2028 | 745 | 753 |
|  U.S. Treasury 1.25% 3/31/2028 | 1350 | 1285 |
|  U.S. Treasury 3.625% 3/31/2028 | 3 | 4 |
|  U.S. Treasury 3.50% 12/15/2028 <sup>(e)</sup>  | 10891 | 10878 |
|  U.S. Treasury 4.00% 7/31/2029 | 25 | 25 |
|  U.S. Treasury 6.25% 5/15/2030 | 345 | 381 |
|  U.S. Treasury 3.625% 9/30/2030 | 809 | 806 |
|  U.S. Treasury 3.625% 12/31/2030 | 12352 | 12295 |
|  U.S. Treasury 3.75% 8/31/2031 | 297 | 296 |
|  U.S. Treasury 4.125% 11/15/2032 | 9 | 9 |
|  U.S. Treasury 3.875% 12/31/2032 | 6955 | 6927 |
|  U.S. Treasury 4.375% 5/15/2034 | 18 | 18 |
|  U.S. Treasury 4.00% 11/15/2035 | 6687 | 6596 |
|  U.S. Treasury 4.50% 8/15/2039 | 1045 | 1048 |
|  U.S. Treasury 4.75% 2/15/2041 | 1730 | 1764 |
|  U.S. Treasury 2.00% 11/15/2041 | 300 | 210 |
|  U.S. Treasury 4.625% 11/15/2045 | 679 | 664 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **74** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. Treasury bonds & notes (continued)** |  |  |
|  **U.S. Treasury (continued)** |  |  |
|  U.S. Treasury 2.375% 5/15/2051 | USD196 | $124 |
|  U.S. Treasury 4.00% 11/15/2052 | 152 | 132 |
|  U.S. Treasury 4.75% 8/15/2055 | 8884 | 8753 |
|  U.S. Treasury 4.625% 11/15/2055 | 2038 | 1968 |
|  **Total U.S. Treasury bonds & notes** |  | 98331 |
|  **Mortgage-backed obligations 5.04%** |  |  |
|  **Federal agency mortgage-backed obligations 4.20%** |  |  |
|  Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(f)</sup>  | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(f)</sup>  | 729 | 697 |
|  Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(f)</sup>  | 1 | 1 |
|  Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(f)</sup>  | 254 | 240 |
|  Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(f)</sup>  | 1 | 1 |
|  Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(f)</sup>  | 4 | 4 |
|  Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(f)</sup>  | 1 | 2 |
|  Fannie Mae Pool #AE0311 3.50% 8/1/2040 <sup>(f)</sup>  | 6 | 6 |
|  Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(f)</sup>  | 7 | 7 |
|  Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(f)</sup>  | 5 | 5 |
|  Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(f)</sup>  | 4 | 4 |
|  Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(f)</sup>  | 3 | 3 |
|  Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(f)</sup>  | 1 | 1 |
|  Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(f)</sup>  | 4 | 4 |
|  Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(f)</sup>  | 1 | 1 |
|  Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(f)</sup>  | 1 | 1 |
|  Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(f)</sup>  | 2 | 2 |
|  Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(f)</sup>  | 1 | 1 |
|  Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(f)</sup>  | 25 | 24 |
|  Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(f)</sup>  | 14 | 14 |
|  Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(f)</sup>  | 20 | 19 |
|  Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(f)</sup>  | 6 | 6 |
|  Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(f)</sup>  | 3 | 3 |
|  Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(f)</sup>  | 28 | 27 |
|  Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(f)</sup>  | 154 | 145 |
|  Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(f)</sup>  | 1759 | 1653 |
|  Fannie Mae Pool #CA5540 3.00% 4/1/2050 <sup>(f)</sup>  | 2453 | 2212 |
|  Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(f)</sup>  | 281 | 256 |
|  Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(f)</sup>  | 111 | 98 |
|  Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(f)</sup>  | 74 | 66 |
|  Fannie Mae Pool #CA7048 3.00% 9/1/2050 <sup>(f)</sup>  | 40 | 36 |
|  Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(f)</sup>  | 11 | 10 |
|  Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(f)</sup>  | 117 | 104 |
|  Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(f)</sup>  | 78 | 70 |
|  Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(f)</sup>  | 40 | 33 |
|  Fannie Mae Pool #FM5509 3.00% 1/1/2051 <sup>(f)</sup>  | 119 | 107 |
|  Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(f)</sup>  | 179 | 145 |
|  Fannie Mae Pool #MA4255 2.00% 2/1/2051 <sup>(f)</sup>  | 50 | 41 |
|  Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(f)</sup>  | 21 | 17 |
|  Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(f)</sup>  | 151 | 135 |
|  Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(f)</sup>  | 18 | 16 |
|  Fannie Mae Pool #BT1267 3.00% 6/1/2051 <sup>(f)</sup>  | 151 | 134 |
|  Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(f)</sup>  | 14 | 12 |
|  Fannie Mae Pool #FM8477 3.00% 8/1/2051 <sup>(f)</sup>  | 104 | 94 |
|  Fannie Mae Pool #CB2527 2.00% 12/1/2051 <sup>(f)</sup>  | 167 | 136 |
|  Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(f)</sup>  | 18 | 17 |
|  Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(f)</sup>  | 4 | 3 |
|  Fannie Mae Pool #BV0790 3.50% 1/1/2052 <sup>(f)</sup>  | 70 | 65 |
|  Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(f)</sup>  | 148 | 126 |
|  Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(f)</sup>  | 768 | 695 |
|  Fannie Mae Pool #BU8803 3.00% 2/1/2052 <sup>(f)</sup>  | 99 | 88 |

---

---

| | |
|:---|:---|
| **75** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #FS0752 3.00% 3/1/2052 <sup>(f)</sup>  | USD443 | $393 |
|  Fannie Mae Pool #CB3179 3.50% 3/1/2052 <sup>(f)</sup>  | 254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
|  Fannie Mae Pool #CB3353 2.50% 4/1/2052 <sup>(f)</sup>  | 214 | 182 |
|  Fannie Mae Pool #FS8677 2.50% 4/1/2052 <sup>(f)</sup>  | 129 | 110 |
|  Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(f)</sup>  | 4 | 4 |
|  Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(f)</sup>  | 100 | 96 |
|  Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(f)</sup>  | 8 | 8 |
|  Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(f)</sup>  | 172 | 146 |
|  Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(f)</sup>  | 143 | 121 |
|  Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(f)</sup>  | 615 | 545 |
|  Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(f)</sup>  | 49 | 50 |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(f)</sup>  | 145 | 118 |
|  Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(f)</sup>  | 103 | 105 |
|  Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(f)</sup>  | 94 | 96 |
|  Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(f)</sup>  | 138 | 141 |
|  Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(f)</sup>  | 86 | 87 |
|  Fannie Mae Pool #MA5036 3.00% 4/1/2053 <sup>(f)</sup>  | 174 | 154 |
|  Fannie Mae Pool #CB6012 4.00% 4/1/2053 <sup>(f)</sup>  | 762 | 726 |
|  Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(f)</sup>  | 223 | 224 |
|  Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(f)</sup>  | 57 | 57 |
|  Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(f)</sup>  | 233 | 237 |
|  Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(f)</sup>  | 1222 | 1261 |
|  Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(f)</sup>  | 287 | 293 |
|  Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(f)</sup>  | 335 | 345 |
|  Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(f)</sup>  | 211 | 218 |
|  Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(f)</sup>  | 155 | 160 |
|  Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(f)</sup>  | 258 | 245 |
|  Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(f)</sup>  | 95 | 93 |
|  Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(f)</sup>  | 117 | 117 |
|  Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(f)</sup>  | 755 | 768 |
|  Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(f)</sup>  | 355 | 366 |
|  Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(f)</sup>  | 876 | 833 |
|  Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(f)</sup>  | 39 | 40 |
|  Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(f)</sup>  | 586 | 604 |
|  Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(f)</sup>  | 57 | 60 |
|  Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(f)</sup>  | 22 | 23 |
|  Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(f)</sup>  | 396 | 417 |
|  Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(f)</sup>  | 23 | 25 |
|  Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(f)</sup>  | 790 | 804 |
|  Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(f)</sup>  | 106 | 109 |
|  Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(f)</sup>  | 54 | 56 |
|  Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(f)</sup>  | 884 | 904 |
|  Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(f)</sup>  | 99 | 101 |
|  Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(f)</sup>  | 65 | 66 |
|  Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(f)</sup>  | 362 | 376 |
|  Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(f)</sup>  | 105 | 108 |
|  Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(f)</sup>  | 25 | 26 |
|  Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(f)</sup>  | 17 | 18 |
|  Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(f)</sup>  | 40 | 41 |
|  Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(f)</sup>  | 143 | 146 |
|  Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(f)</sup>  | 701 | 720 |
|  Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(f)</sup>  | 164 | 169 |
|  Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(f)</sup>  | 153 | 158 |
|  Fannie Mae Pool #DB6905 6.00% 7/1/2054 <sup>(f)</sup>  | 94 | 96 |
|  Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(f)</sup>  | 89 | 93 |
|  Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(f)</sup>  | 67 | 68 |
|  Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(f)</sup>  | 18 | 19 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(f)</sup>  | 2561 | 2660 |
|  Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(f)</sup>  | 299 | 308 |
|  Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(f)</sup>  | 9 | 9 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **76** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(f)</sup>  | USD9 | $9 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(f)</sup>  | 9 | 9 |
|  Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(f)</sup>  | 8 | 8 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(f)</sup>  | 6 | 6 |
|  Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(f)</sup>  | 32 | 33 |
|  Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(f)</sup>  | 16 | 17 |
|  Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(f)</sup>  | 217 | &nbsp;&nbsp;&nbsp;&nbsp;220 |
|  Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(f)</sup>  | 32 | 33 |
|  Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(f)</sup>  | 3 | 3 |
|  Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(f)</sup>  | 2 | 2 |
|  Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(f)</sup>  | 94 | 97 |
|  Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(f)</sup>  | 226 | 230 |
|  Fannie Mae Pool #DC9197 4.50% 12/1/2054 <sup>(f)</sup>  | 553 | 543 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(f)</sup>  | 192 | 191 |
|  Fannie Mae Pool #MB0294 4.00% 1/1/2055 <sup>(f)</sup>  | 302 | 286 |
|  Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(f)</sup>  | 65 | 62 |
|  Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(f)</sup>  | 38 | 39 |
|  Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(f)</sup>  | 422 | 412 |
|  Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(f)</sup>  | 524 | 538 |
|  Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(f)</sup>  | 309 | 302 |
|  Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(f)</sup>  | 31 | 32 |
|  Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(f)</sup>  | 421 | 437 |
|  Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(f)</sup>  | 236 | 246 |
|  Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(f)</sup>  | 2011 | 2115 |
|  Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(f)</sup>  | 247 | 234 |
|  Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(f)</sup>  | 327 | 319 |
|  Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(f)</sup>  | 67 | 68 |
|  Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(f)</sup>  | 2 | 2 |
|  Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(f)</sup>  | 2 | 2 |
|  Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(f)</sup>  | 19 | 19 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(f)</sup>  | 178 | 183 |
|  Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(f)</sup>  | 13 | 13 |
|  Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(f)</sup>  | 911 | 936 |
|  Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(f)</sup>  | 2 | 2 |
|  Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(f)</sup>  | 855 | 888 |
|  Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(f)</sup>  | 169 | 175 |
|  Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(f)</sup>  | 150 | 152 |
|  Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(f)</sup>  | 2 | 2 |
|  Fannie Mae Pool #DE6152 6.50% 8/1/2055 <sup>(f)</sup>  | 104 | 108 |
|  Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(f)</sup>  | 768 | 808 |
|  Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(f)</sup>  | 246 | 250 |
|  Fannie Mae Pool #BF0142 5.50% 8/1/2056 <sup>(f)</sup>  | 311 | 322 |
|  Fannie Mae Pool #BF0342 5.50% 1/1/2059 <sup>(f)</sup>  | 213 | 218 |
|  Fannie Mae Pool #BM6737 4.50% 11/1/2059 <sup>(f)</sup>  | 505 | 496 |
|  Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(f)</sup>  | 356 | 310 |
|  Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(f)</sup>  | 379 | 359 |
|  Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(f)</sup>  | 105 | 100 |
|  Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(f)</sup>  | 59 | 51 |
|  Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(f)</sup>  | 102 | 89 |
|  Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(f)</sup>  | 1 | 1 |
|  Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(f)</sup>  | 171 | 166 |
|  Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(f)</sup>  | 12 | 12 |
|  Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(f)</sup>  | 10 | 10 |
|  Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(f)</sup>  | 6 | 6 |
|  Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(f)</sup>  | 21 | 20 |
|  Freddie Mac Pool #Q57242 4.50% 7/1/2048 <sup>(f)</sup>  | 10 | 10 |
|  Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(f)</sup>  | 39 | 39 |
|  Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(f)</sup>  | 18 | 18 |
|  Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(f)</sup>  | 12 | 12 |
|  Freddie Mac Pool #ZT1704 4.50% 1/1/2049 <sup>(f)</sup>  | 894 | 890 |

---

---

| | |
|:---|:---|
| **77** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(f)</sup>  | USD11 | $10 |
|  Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(f)</sup>  | 129 | 115 |
|  Freddie Mac Pool #QB6480 2.00% 12/1/2050 <sup>(f)</sup>  | 67 | 55 |
|  Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(f)</sup>  | 60 | 54 |
|  Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(f)</sup>  | 120 | 107 |
|  Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(f)</sup>  | 46 | 39 |
|  Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(f)</sup>  | 11 | 10 |
|  Freddie Mac Pool #QD3812 3.00% 1/1/2052 <sup>(f)</sup>  | 101 | 90 |
|  Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(f)</sup>  | 235 | 191 |
|  Freddie Mac Pool #SD1156 3.00% 4/1/2052 <sup>(f)</sup>  | 107 | 95 |
|  Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(f)</sup>  | 7 | 6 |
|  Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(f)</sup>  | 440 | 374 |
|  Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(f)</sup>  | 733 | 651 |
|  Freddie Mac Pool #SD8214 3.50% 5/1/2052 <sup>(f)</sup>  | 217 | 201 |
|  Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(f)</sup>  | 439 | 389 |
|  Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(f)</sup>  | 284 | 271 |
|  Freddie Mac Pool #RA7556 4.50% 6/1/2052 <sup>(f)</sup>  | 710 | 696 |
|  Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(f)</sup>  | 765 | 648 |
|  Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(f)</sup>  | 354 | 300 |
|  Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(f)</sup>  | 141 | 125 |
|  Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(f)</sup>  | 42 | 34 |
|  Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(f)</sup>  | 107 | 95 |
|  Freddie Mac Pool #SD1584 4.50% 9/1/2052 <sup>(f)</sup>  | 159 | 157 |
|  Freddie Mac Pool #QE9222 5.00% 9/1/2052 <sup>(f)</sup>  | 536 | 537 |
|  Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(f)</sup>  | 266 | 271 |
|  Freddie Mac Pool #QF2223 4.00% 10/1/2052 <sup>(f)</sup>  | 26 | 24 |
|  Freddie Mac Pool #SD5845 3.50% 11/1/2052 <sup>(f)</sup>  | 2337 | 2167 |
|  Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(f)</sup>  | 98 | 100 |
|  Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(f)</sup>  | 22 | 19 |
|  Freddie Mac Pool #SD4116 4.50% 12/1/2052 <sup>(f)</sup>  | 415 | 406 |
|  Freddie Mac Pool #SD8286 4.00% 1/1/2053 <sup>(f)</sup>  | 727 | 694 |
|  Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(f)</sup>  | 88 | 88 |
|  Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(f)</sup>  | 480 | 488 |
|  Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(f)</sup>  | 362 | 369 |
|  Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(f)</sup>  | 30 | 30 |
|  Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(f)</sup>  | 906 | 921 |
|  Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(f)</sup>  | 71 | 74 |
|  Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(f)</sup>  | 14 | 14 |
|  Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(f)</sup>  | 11 | 12 |
|  Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(f)</sup>  | 11 | 12 |
|  Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(f)</sup>  | 11 | 12 |
|  Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(f)</sup>  | 8 | 8 |
|  Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(f)</sup>  | 6 | 6 |
|  Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(f)</sup>  | 4 | 4 |
|  Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(f)</sup>  | 3 | 3 |
|  Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(f)</sup>  | 30 | 30 |
|  Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(f)</sup>  | 17 | 18 |
|  Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(f)</sup>  | 16 | 16 |
|  Freddie Mac Pool #SD8367 5.50% 10/1/2053 <sup>(f)</sup>  | 198 | 201 |
|  Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(f)</sup>  | 587 | 588 |
|  Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(f)</sup>  | 42 | 43 |
|  Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(f)</sup>  | 9 | 9 |
|  Freddie Mac Pool #SD8392 4.00% 12/1/2053 <sup>(f)</sup>  | 51 | 49 |
|  Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(f)</sup>  | 6 | 7 |
|  Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(f)</sup>  | 15 | 15 |
|  Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(f)</sup>  | 1009 | 1038 |
|  Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(f)</sup>  | 802 | 814 |
|  Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(f)</sup>  | 17 | 17 |
|  Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(f)</sup>  | 8 | 8 |
|  Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(f)</sup>  | 419 | 434 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **78** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(f)</sup>  | USD8 | $8 |
|  Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(f)</sup>  | 261 | 267 |
|  Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(f)</sup>  | 45 | 46 |
|  Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(f)</sup>  | 16 | 17 |
|  Freddie Mac Pool #QI7522 5.50% 6/1/2054 <sup>(f)</sup>  | 89 | 90 |
|  Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(f)</sup>  | 22 | 23 |
|  Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(f)</sup>  | 1 | 1 |
|  Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(f)</sup>  | 72 | 73 |
|  Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(f)</sup>  | 58 | 59 |
|  Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(f)</sup>  | 272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 |
|  Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(f)</sup>  | 235 | 243 |
|  Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(f)</sup>  | 79 | 81 |
|  Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(f)</sup>  | 68 | 70 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(f)</sup>  | 16 | 16 |
|  Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(f)</sup>  | 14 | 14 |
|  Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(f)</sup>  | 134 | 139 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(f)</sup>  | 146 | 150 |
|  Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(f)</sup>  | 16 | 16 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(f)</sup>  | 9 | 9 |
|  Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(f)</sup>  | 5 | 5 |
|  Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(f)</sup>  | 2 | 2 |
|  Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(f)</sup>  | 111 | 116 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(f)</sup>  | 35 | 37 |
|  Freddie Mac Pool #QJ3725 6.00% 9/1/2054 <sup>(f)</sup>  | 23 | 24 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(f)</sup>  | 18 | 19 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(f)</sup>  | 17 | 17 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(f)</sup>  | 17 | 17 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(f)</sup>  | 8 | 8 |
|  Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(f)</sup>  | 44 | 45 |
|  Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(f)</sup>  | 104 | 106 |
|  Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(f)</sup>  | 80 | 78 |
|  Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(f)</sup>  | 51 | 51 |
|  Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(f)</sup>  | 60 | 61 |
|  Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(f)</sup>  | 15 | 16 |
|  Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(f)</sup>  | 320 | 325 |
|  Freddie Mac Pool #SD8495 6.00% 12/1/2054 <sup>(f)</sup>  | 46 | 48 |
|  Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(f)</sup>  | 21 | 22 |
|  Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(f)</sup>  | 452 | 476 |
|  Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(f)</sup>  | 36 | 35 |
|  Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(f)</sup>  | 160 | 165 |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(f)</sup>  | 85 | 87 |
|  Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(f)</sup>  | 7 | 7 |
|  Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(f)</sup>  | 97 | 100 |
|  Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(f)</sup>  | 132 | 137 |
|  Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(f)</sup>  | 12 | 12 |
|  Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(f)</sup>  | 387 | 398 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(f)</sup>  | 293 | 301 |
|  Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(f)</sup>  | 19 | 19 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(f)</sup>  | 36 | 37 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(f)</sup>  | 15 | 15 |
|  Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(f)</sup>  | 552 | 574 |
|  Freddie Mac Pool #QY4677 6.50% 6/1/2055 <sup>(f)</sup>  | 261 | 271 |
|  Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(f)</sup>  | 492 | 491 |
|  Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(f)</sup>  | 228 | 231 |
|  Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(f)</sup>  | 324 | 333 |
|  Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(f)</sup>  | 132 | 138 |
|  Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(f)</sup>  | 4 | 4 |
|  Freddie Mac Pool #RJ5151 6.50% 8/1/2055 <sup>(f)</sup>  | 450 | 467 |
|  Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(f)</sup>  | 1 | 1 |
|  Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(f)</sup>  | 37 | 38 |

---

---

| | |
|:---|:---|
| **79** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(f)(g)</sup>  | USD160 | $161 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(f)</sup>  | 85 | 81 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(f)</sup>  | 177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(f)(g)</sup>  | 170 | 162 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(f)(g)</sup>  | 78 | 72 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(f)</sup>  | 65 | 60 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(f)(g)</sup>  | 13 | 12 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058 <sup>(f)</sup>  | 808 | 726 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(f)</sup>  | 268 | 262 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(f)</sup>  | 426 | 415 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058 <sup>(f)</sup>  | 11 | 11 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(f)</sup>  | 8 | 7 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(f)</sup>  | 644 | 634 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029 <sup>(f)</sup>  | 927 | 893 |
|  Government National Mortgage Assn. 4.50% 1/1/2056 <sup>(f)(h)</sup>  | 48 | 47 |
|  Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049 <sup>(f)</sup>  | 151 | 150 |
|  Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(f)</sup>  | 2647 | 2523 |
|  Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(f)</sup>  | 56 | 53 |
|  Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(f)</sup>  | 199 | 190 |
|  Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(f)</sup>  | 358 | 359 |
|  Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(f)</sup>  | 963 | 965 |
|  Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(f)</sup>  | 24 | 23 |
|  Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(f)</sup>  | 432 | 437 |
|  Government National Mortgage Assn. Pool #MB0259 5.50% 3/20/2055 <sup>(f)</sup>  | 95 | 96 |
|  Government National Mortgage Assn. Pool #694836 5.683% 9/20/2059 <sup>(f)</sup>  | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064 <sup>(f)</sup>  | – <sup>(c)</sup> | – <sup>(c)</sup> |
|  Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(f)(h)</sup>  | 212 | 171 |
|  Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(f)(h)</sup>  | 261 | 231 |
|  Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(f)(h)</sup>  | 1 | 1 |
|  Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(f)(h)</sup>  | 248 | 242 |
|  Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(f)(h)</sup>  | 78 | 78 |
|  Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(f)(h)</sup>  | 403 | 419 |
|  Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(f)(h)</sup>  | 1166 | 1227 |
|  Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(f)(h)</sup>  | 173 | 160 |
|  |  | 69743 |
|  **Commercial mortgage-backed securities 0.45%** |  |  |
|  Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class A, 5.59% 11/10/2029 <sup>(f)(g)(i)</sup>  | 296 | 302 |
|  Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(f)(g)</sup>  | 41 | 43 |
|  BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(f)(g)</sup>  | 122 | 128 |
|  BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 5.865% 6/15/2027 <sup>(f)(g)(i)</sup>  | 332 | 333 |
|  BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(f)(g)(i)</sup>  | 106 | 106 |
|  BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(f)(g)(i)</sup>  | 79 | 79 |
|  BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.365% 11/15/2038 <sup>(f)(g)(i)</sup>  | 78 | 78 |
|  BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(f)(g)(i)</sup>  | 590 | 599 |
|  BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(f)(g)(i)</sup>  | 169 | 170 |
|  BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(f)(g)(i)</sup>  | 732 | 734 |
|  CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% 7/15/2041 <sup>(f)(g)(i)</sup>  | 100 | 100 |
|  CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(f)(g)(i)</sup>  | 120 | 120 |
|  Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(f)(g)(i)</sup>  | 237 | 244 |
|  DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(f)(g)(i)</sup>  | 574 | 589 |
|  ELM Trust 2024, Series 2024-ELM, Class B10, 6.195% 6/10/2039 <sup>(f)(g)(i)</sup>  | 213 | 214 |
|  ELM Trust 2024, Series 2024-ELM, Class B15, 6.195% 6/10/2039 <sup>(f)(g)(i)</sup>  | 191 | 192 |
|  ELM Trust 2024, Series 2024-ELM, Class C15, 6.396% 6/10/2039 <sup>(f)(g)(i)</sup>  | 133 | 134 |
|  ELM Trust 2024, Series 2024-ELM, Class C10, 6.396% 6/10/2039 <sup>(f)(g)(i)</sup>  | 120 | 121 |
|  ELM Trust 2024, Series 2024-ELM, Class D10, 6.847% 6/10/2039 <sup>(f)(g)(i)</sup>  | 100 | 100 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **80** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Commercial mortgage-backed securities (continued)** |  |  |
|  ELM Trust 2024, Series 2024-ELM, Class D15, 6.897% 6/10/2039 <sup>(f)(g)(i)</sup>  | USD100 | $100 |
|  FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(f)(g)</sup>  | 73 | 75 |
|  GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(f)(g)(i)</sup>  | 592 | 599 |
|  Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(f)(g)(i)</sup>  | 329 | 342 |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(f)(g)(i)</sup>  | 100 | 101 |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class B, 6.555% 5/10/2039 <sup>(f)(g)(i)</sup>  | 243 | 247 |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(f)(g)(i)</sup>  | 541 | 561 |
|  Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) 6.624% 7/25/2054 <sup>(f)(g)(i)</sup>  | 108 | 110 |
|  NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(f)(g)(i)</sup>  | 312 | 313 |
|  SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (1-month USD CME Term SOFR + 2.591%) 6.391% 2/15/2042 <sup>(f)(g)(i)</sup>  | 597 | 593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7427 |
|  **Collateralized mortgage-backed obligations (privately originated) 0.39%** |  |  |
|  Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(f)(g)(i)</sup>  | 72 | 66 |
|  Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(f)(i)(j)</sup>  | 489 | 479 |
|  BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 <sup>(f)(g)(i)</sup>  | 56 | 53 |
|  Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(f)(g)(i)</sup>  | 142 | 141 |
|  Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(f)(g)(i)</sup>  | 358 | 352 |
|  CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(f)(g)(i)</sup>  | 131 | 125 |
|  Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(f)(g)(i)</sup>  | 6 | 5 |
|  Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 6.274% 12/25/2042 <sup>(f)(g)(i)</sup>  | 25 | 25 |
|  Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 5.774%<br>6/25/2043 <sup>(f)(g)(i)</sup>  | 187 | 188 |
|  Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 5.574%<br>7/25/2043 <sup>(f)(g)(i)</sup>  | 58 | 58 |
|  Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) 4.974%<br>5/25/2044 <sup>(f)(g)(i)</sup>  | 38 | 38 |
|  Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) 5.474%<br>9/25/2044 <sup>(f)(g)(i)</sup>  | 87 | 87 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average |  |  |
|  USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(f)(g)(i)</sup>  | 7 | 7 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average |  |  |
|  USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(f)(g)(i)</sup>  | 64 | 67 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average |  |  |
|  USD-SOFR + 1.20%) 5.074% 5/25/2044 <sup>(f)(g)(i)</sup>  | 160 | 160 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average |  |  |
|  USD-SOFR + 1.45%) 5.324% 10/25/2044 <sup>(f)(g)(i)</sup>  | 90 | 90 |
|  GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(f)(i)(j)</sup>  | 81 | 81 |
|  Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039 <sup>(f)(i)</sup>  | 48 | 48 |
|  HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(f)(i)(j)</sup>  | 670 | 677 |
|  Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(f)(i)</sup>  | 54 | 54 |
|  Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(f)(i)</sup>  | 90 | 90 |
|  MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(f)(i)(j)</sup>  | 392 | 393 |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% on<br>5/1/2028) <sup>(f)(i)(j)</sup>  | 101 | 102 |
|  Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.637% 3/25/2053 <sup>(f)(g)(i)</sup>  | 138 | 138 |
|  Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(f)(i)(j)</sup>  | 141 | 143 |
|  Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(f)(i)(j)</sup>  | 317 | 321 |
|  Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(f)(i)(j)</sup>  | 814 | 823 |
|  Progress Residential Trust, Series 2024-SFR5, Class B, 3.25% 8/9/2029 <sup>(f)(i)</sup>  | 554 | 527 |
|  Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(f)(i)</sup>  | 95 | 94 |
|  Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) 5.50% 10/17/2041 <sup>(f)(g)(i)</sup>  | 140 | 140 |
|  Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057 <sup>(f)(g)(i)</sup>  | 13 | 13 |
|  Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058 <sup>(f)(g)(i)</sup>  | 11 | 11 |

---

---

| | |
|:---|:---|
| **81** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
|  Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058 <sup>(f)(g)(i)</sup>  | USD6 | $6 |
|  Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(f)(i)</sup>  | 304 | 279 |
|  Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(b)(i)</sup>  | 100 | 100 |
|  Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(f)(i)</sup>  | 195 | 193 |
|  Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(f)(i)</sup>  | 167 | 167 |
|  Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(f)(i)(j)</sup>  | 64 | 65 |
|  Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(f)(g)(i)</sup>  | 87 | 88 |
|  |  | 6494 |
|  **Total mortgage-backed obligations** |  | &nbsp;&nbsp;&nbsp;&nbsp;83664 |
|  **Corporate bonds and notes 2.84%** |  |  |
|  **Financials 0.49%** |  |  |
|  American Express Co. 4.90% 2/13/2026 | 28 | 28 |
|  American Express Co. 5.085% 1/30/2031 (USD-SOFR + 1.02% on 1/30/2030) <sup>(j)</sup>  | 50 | 52 |
|  American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(j)</sup>  | 28 | 29 |
|  American International Group, Inc. 4.85% 5/7/2030 | 685 | 703 |
|  American International Group, Inc. 5.125% 3/27/2033 | 17 | 18 |
|  Aon Corp. 5.35% 2/28/2033 | 21 | 22 |
|  Arthur J. Gallagher & Co. 4.85% 12/15/2029 | 125 | 128 |
|  Arthur J. Gallagher & Co. 5.00% 2/15/2032 | 50 | 51 |
|  Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(j)</sup>  | 22 | 20 |
|  Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(j)</sup>  | 238 | 213 |
|  Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(j)</sup>  | 118 | 122 |
|  Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(j)</sup>  | 75 | 78 |
|  CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(i)(j)</sup>  | 400 | 416 |
|  CaixaBank SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(i)(j)</sup>  | 200 | 213 |
|  Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(j)</sup>  | 45 | 49 |
|  Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(j)</sup>  | 95 | 101 |
|  Chubb INA Holdings, LLC 5.00% 3/15/2034 | 35 | 36 |
|  Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(j)</sup>  | 86 | 88 |
|  Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(j)</sup>  | 35 | 32 |
|  Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(j)</sup>  | 44 | 46 |
|  Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(j)</sup>  | 55 | 56 |
|  Corebridge Financial, Inc. 3.85% 4/5/2029 | 180 | 177 |
|  Corebridge Financial, Inc. 3.90% 4/5/2032 | 32 | 30 |
|  Corebridge Financial, Inc. 4.35% 4/5/2042 | 7 | 6 |
|  Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027) <sup>(i)(j)</sup>  | 200 | 200 |
|  Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(j)</sup>  | 300 | 320 |
|  Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(j)</sup>  | 150 | 152 |
|  Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(j)</sup>  | 5 | 5 |
|  Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(j)</sup>  | 45 | 46 |
|  Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(j)</sup>  | 60 | 63 |
|  Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(j)</sup>  | 40 | 40 |
|  JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(j)</sup>  | 65 | 66 |
|  JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(j)</sup>  | 50 | 52 |
|  JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(j)</sup>  | 198 | 203 |
|  JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(j)</sup>  | 52 | 52 |
|  JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(j)</sup>  | 20 | 18 |
|  JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(j)</sup>  | 328 | 339 |
|  JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(j)</sup>  | 412 | 432 |
|  Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 | 25 | 25 |
|  Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 | 25 | 24 |
|  Mastercard, Inc. 4.875% 3/9/2028 | 31 | 32 |
|  Morgan Stanley 5.652% 4/13/2028 (USD-SOFR + 1.01% on 4/13/2027) <sup>(j)</sup>  | 25 | 26 |
|  Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(j)</sup>  | 10 | 10 |
|  Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(j)</sup>  | 140 | 146 |
|  Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(j)</sup>  | 488 | 494 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **82** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Financials (continued)** |  |  |
|  Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(j)</sup>  | USD35 | $36 |
|  Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(j)</sup>  | 57 | 59 |
|  Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(j)</sup>  | 129 | 128 |
|  Navient Corp. 5.00% 3/15/2027 | 150 | 150 |
|  Navient Corp. 5.625% 8/1/2033 | 125 | 114 |
|  New York Life Global Funding 3.00% 1/10/2028 <sup>(i)</sup>  | 150 | 147 |
|  OneMain Finance Corp. 6.625% 5/15/2029 | 540 | 560 |
|  Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(i)</sup>  | 25 | 26 |
|  PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(j)</sup>  | 50 | 52 |
|  Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(i)</sup>  | 100 | 102 |
|  Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(j)</sup>  | 11 | 11 |
|  Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(j)</sup>  | 50 | 52 |
|  Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(j)</sup>  | 10 | 11 |
|  Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(j)</sup>  | 40 | 42 |
|  Truist Financial Corp. 4.964% 10/23/2036 (USD-SOFR + 1.395% on 10/23/2035) <sup>(j)</sup>  | 97 | 96 |
|  U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028) <sup>(j)</sup>  | 70 | 73 |
|  U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(j)</sup>  | 85 | 88 |
|  UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(i)(j)</sup>  | 200 | 209 |
|  UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(i)(j)</sup>  | 374 | 371 |
|  Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(j)</sup>  | 98 | 100 |
|  Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(j)</sup>  | 55 | 57 |
|  Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(j)</sup>  | 104 | 115 |
|  Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(j)</sup>  | 80 | 84 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8142 |
|  **Health care 0.36%** |  |  |
|  AbbVie, Inc. 5.05% 3/15/2034 | 175 | 180 |
|  AbbVie, Inc. 5.35% 3/15/2044 | 25 | 25 |
|  AbbVie, Inc. 5.40% 3/15/2054 | 240 | 234 |
|  AbbVie, Inc. 5.50% 3/15/2064 | 25 | 24 |
|  Amgen, Inc. 5.15% 3/2/2028 | 55 | 56 |
|  Amgen, Inc. 4.05% 8/18/2029 | 100 | 100 |
|  Amgen, Inc. 5.25% 3/2/2030 | 124 | 129 |
|  Amgen, Inc. 4.20% 3/1/2033 | 133 | 130 |
|  Amgen, Inc. 5.25% 3/2/2033 | 71 | 74 |
|  Amgen, Inc. 5.60% 3/2/2043 | 105 | 106 |
|  Amgen, Inc. 4.20% 2/22/2052 | 19 | 15 |
|  Amgen, Inc. 4.875% 3/1/2053 | 25 | 22 |
|  Amgen, Inc. 5.65% 3/2/2053 | 37 | 36 |
|  Amgen, Inc. 5.75% 3/2/2063 | 85 | 83 |
|  AstraZeneca Finance, LLC 5.00% 2/26/2034 | 50 | 52 |
|  Baxter International, Inc. 4.45% 2/15/2029 | 271 | 272 |
|  Baxter International, Inc. 4.90% 12/15/2030 | 338 | 341 |
|  Baxter International, Inc. 3.132% 12/1/2051 | 25 | 16 |
|  Bristol-Myers Squibb Co. 5.10% 2/22/2031 | 260 | 271 |
|  Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 295 | 307 |
|  Bristol-Myers Squibb Co. 5.50% 2/22/2044 | 25 | 25 |
|  Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 325 | 319 |
|  Centene Corp. 4.625% 12/15/2029 | 530 | 515 |
|  Centene Corp. 2.625% 8/1/2031 | 40 | 35 |
|  CVS Health Corp. 5.125% 2/21/2030 | 50 | 51 |
|  CVS Health Corp. 5.25% 2/21/2033 | 23 | 24 |
|  CVS Health Corp. 5.70% 6/1/2034 | 97 | 102 |
|  CVS Health Corp. 6.00% 6/1/2044 | 50 | 50 |
|  CVS Health Corp. 6.05% 6/1/2054 | 50 | 50 |
|  CVS Health Corp. 6.20% 9/15/2055 | 50 | 51 |
|  Elevance Health, Inc. 4.95% 11/1/2031 | 30 | 31 |
|  Elevance Health, Inc. 5.20% 2/15/2035 | 13 | 13 |

---

---

| | |
|:---|:---|
| **83** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Health care (continued)** |  |  |
|  Gilead Sciences, Inc. 1.65% 10/1/2030 | USD8 | $7 |
|  HCA, Inc. 2.375% 7/15/2031 | 18 | 16 |
|  Humana, Inc. 3.70% 3/23/2029 | 12 | 12 |
|  Humana, Inc. 5.375% 4/15/2031 | 35 | 36 |
|  Medline Borrower, LP 6.25% 4/1/2029 <sup>(i)</sup>  | 380 | 393 |
|  Merck & Co., Inc. 1.70% 6/10/2027 | 118 | 115 |
|  Merck & Co., Inc. 3.40% 3/7/2029 | 110 | 108 |
|  Merck & Co., Inc. 4.50% 5/17/2033 | 35 | 35 |
|  Merck & Co., Inc. 4.90% 5/17/2044 | 35 | 33 |
|  Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(i)</sup>  | 290 | 285 |
|  Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(i)</sup>  | 40 | 36 |
|  Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(i)</sup>  | 105 | 67 |
|  Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030 | 10 | 10 |
|  Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 23 | 23 |
|  Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 17 | 16 |
|  Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 362 | 366 |
|  Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 600 | 661 |
|  Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 89 | 67 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6025 |
|  **Communication services 0.34%** |  |  |
|  Alphabet, Inc. 4.375% 11/15/2032 | 22 | 22 |
|  Alphabet, Inc. 4.70% 11/15/2035 | 28 | 28 |
|  America Movil, SAB de CV, 8.46% 12/18/2036 | MXN1,300 | 65 |
|  AT&T, Inc. 3.50% 6/1/2041 | USD75 | 59 |
|  CCO Holdings, LLC 4.75% 2/1/2032 <sup>(i)</sup>  | 25 | 23 |
|  CCO Holdings, LLC 4.25% 1/15/2034 <sup>(i)</sup>  | 655 | 558 |
|  Charter Communications Operating, LLC 6.10% 6/1/2029 | 41 | 43 |
|  Charter Communications Operating, LLC 5.85% 12/1/2035 | 17 | 17 |
|  Charter Communications Operating, LLC 6.70% 12/1/2055 | 10 | 10 |
|  Discovery Communications, LLC 3.625% 5/15/2030 | 42 | 37 |
|  EchoStar Corp. 10.75% 11/30/2029 | 64 | 71 |
|  EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(k)</sup>  | 313 | 321 |
|  Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(i)</sup>  | 195 | 203 |
|  Meta Platforms, Inc. 4.30% 8/15/2029 | 40 | 40 |
|  Meta Platforms, Inc. 4.75% 8/15/2034 | 53 | 53 |
|  Meta Platforms, Inc. 4.875% 11/15/2035 | 325 | 325 |
|  Meta Platforms, Inc. 5.50% 11/15/2045 | 134 | 130 |
|  Meta Platforms, Inc. 5.40% 8/15/2054 | 29 | 27 |
|  Meta Platforms, Inc. 5.625% 11/15/2055 | 287 | 276 |
|  Meta Platforms, Inc. 5.55% 8/15/2064 | 40 | 37 |
|  Meta Platforms, Inc. 5.75% 11/15/2065 | 138 | 132 |
|  SBA Tower Trust 1.631% 11/15/2026 <sup>(i)</sup>  | 253 | 248 |
|  Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(i)</sup>  | 780 | 763 |
|  TEGNA, Inc. 5.00% 9/15/2029 | 360 | 357 |
|  T-Mobile USA, Inc. 3.875% 4/15/2030 | 625 | 615 |
|  T-Mobile USA, Inc. 2.55% 2/15/2031 | 203 | 185 |
|  T-Mobile USA, Inc. 6.00% 6/15/2054 | 69 | 70 |
|  Univision Communications, Inc. 7.375% 6/30/2030 <sup>(i)</sup>  | 340 | 347 |
|  Verizon Communications, Inc. 1.75% 1/20/2031 | 142 | 125 |
|  WarnerMedia Holdings, Inc. 4.054% 3/15/2029 | 250 | 232 |
|  WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 374 | 264 |
|  |  | 5683 |
|  **Industrials 0.26%** |  |  |
|  BAE Systems PLC 5.30% 3/26/2034 <sup>(i)</sup>  | 200 | 207 |
|  Boeing Co. (The) 2.75% 2/1/2026 | 91 | 91 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **84** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Industrials (continued)** |  |  |
|  Boeing Co. (The) 6.259% 5/1/2027 | USD376 | $386 |
|  Boeing Co. (The) 6.298% 5/1/2029 | 12 | 13 |
|  Boeing Co. (The) 3.625% 2/1/2031 | 178 | 171 |
|  Boeing Co. (The) 6.388% 5/1/2031 | 92 | 100 |
|  Boeing Co. (The) 6.528% 5/1/2034 | 1291 | 1429 |
|  Boeing Co. (The) 5.805% 5/1/2050 | 136 | 134 |
|  Canadian Pacific Railway Co. 3.00% 12/2/2041 | 25 | 19 |
|  Canadian Pacific Railway Co. 3.10% 12/2/2051 | 80 | 53 |
|  CSX Corp. 4.75% 11/15/2048 | 50 | 45 |
|  CSX Corp. 4.50% 11/15/2052 | 35 | 30 |
|  EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(i)</sup>  | 430 | 455 |
|  Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(i)</sup>  | 90 | 95 |
|  Icahn Enterprises, LP 5.25% 5/15/2027 | 440 | 434 |
|  L3Harris Technologies, Inc. 5.60% 7/31/2053 | 13 | 13 |
|  L3Harris Technologies, Inc. 5.40% 7/31/2033 | 15 | 16 |
|  Moog, Inc. 4.25% 12/9/2027 <sup>(i)</sup>  | 55 | 54 |
|  Norfolk Southern Corp. 5.35% 8/1/2054 | 51 | 49 |
|  Northrop Grumman Corp. 4.95% 3/15/2053 | 21 | 19 |
|  QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(i)</sup>  | 190 | 199 |
|  Republic Services, Inc. 5.00% 4/1/2034 | 13 | 13 |
|  RTX Corp. 6.00% 3/15/2031 | 35 | 38 |
|  RTX Corp. 6.10% 3/15/2034 | 27 | 29 |
|  RTX Corp. 6.40% 3/15/2054 | 22 | 24 |
|  Union Pacific Corp. 2.80% 2/14/2032 | 17 | 16 |
|  Union Pacific Corp. 3.50% 2/14/2053 | 20 | 14 |
|  Waste Management, Inc. 4.625% 2/15/2030 | 60 | 61 |
|  Waste Management, Inc. 4.95% 3/15/2035 | 16 | 16 |
|  Waste Management, Inc. 5.35% 10/15/2054 | 25 | 24 |
|  |  | 4247 |
|  **Consumer discretionary 0.25%** |  |  |
|  Advance Auto Parts, Inc. 3.90% 4/15/2030 | 8 | 7 |
|  Advance Auto Parts, Inc. 3.50% 3/15/2032 | 7 | 6 |
|  Amazon.com, Inc. 4.65% 11/20/2035 | 34 | 34 |
|  Amazon.com, Inc. 5.45% 11/20/2055 | 155 | 151 |
|  Amazon.com, Inc. 5.55% 11/20/2065 | 70 | 68 |
|  BMW US Capital, LLC 4.15% 4/9/2030 <sup>(i)</sup>  | 290 | 288 |
|  BMW US Capital, LLC 3.70% 4/1/2032 <sup>(i)</sup>  | 25 | 24 |
|  Carnival Corp. 5.75% 3/15/2030 <sup>(i)</sup>  | 310 | 319 |
|  Carnival Corp. 6.125% 2/15/2033 <sup>(i)</sup>  | 175 | 181 |
|  Ford Motor Credit Co., LLC 2.70% 8/10/2026 | 306 | 303 |
|  Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 604 | 607 |
|  Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 622 | 637 |
|  Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 200 | 210 |
|  Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 970 | 916 |
|  General Motors Financial Co., Inc. 5.45% 9/6/2034 | 11 | 11 |
|  General Motors Financial Co., Inc. 6.15% 7/15/2035 | 16 | 17 |
|  Hyundai Capital America 5.275% 6/24/2027 <sup>(i)</sup>  | 55 | 56 |
|  McDonald's Corp. 5.15% 9/9/2052 | 10 | 9 |
|  Newell Brands, Inc. 6.375% 5/15/2030 | 160 | 157 |
|  Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(i)</sup>  | 150 | 150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151 |
|  **Information technology 0.23%** |  |  |
|  Broadcom, Inc. 5.05% 7/12/2027 | 40 | 41 |
|  Broadcom, Inc. 4.00% 4/15/2029 <sup>(i)</sup>  | 3 | 3 |
|  Broadcom, Inc. 5.05% 7/12/2029 | 45 | 46 |

---

---

| | |
|:---|:---|
| **85** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  Information technology (continued) |  |  |
|  Broadcom, Inc. 5.15% 11/15/2031 | USD104 | $108 |
|  Broadcom, Inc. 4.15% 4/15/2032 <sup>(i)</sup>  | 11 | 11 |
|  Broadcom, Inc. 4.80% 10/15/2034 | 12 | 12 |
|  Broadcom, Inc. 3.137% 11/15/2035 <sup>(i)</sup>  | 2 | 2 |
|  Cisco Systems, Inc. 4.95% 2/26/2031 | 11 | 11 |
|  Cisco Systems, Inc. 5.05% 2/26/2034 | 4 | 4 |
|  Cisco Systems, Inc. 5.10% 2/24/2035 | 14 | 14 |
|  Cisco Systems, Inc. 5.30% 2/26/2054 | 8 | 8 |
|  Cisco Systems, Inc. 5.35% 2/26/2064 | 11 | 10 |
|  Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(i)</sup>  | 200 | 209 |
|  Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(i)</sup>  | 250 | 267 |
|  Fair Isaac Corp. 6.00% 5/15/2033 <sup>(i)</sup>  | 100 | 103 |
|  Hughes Satellite Systems Corp. 5.25% 8/1/2026 | 832 | 796 |
|  Hughes Satellite Systems Corp. 6.625% 8/1/2026 | 58 | 53 |
|  Intel Corp. 3.05% 8/12/2051 | 10 | 6 |
|  Intel Corp. 5.60% 2/21/2054 | 42 | 39 |
|  Intel Corp. 3.10% 2/15/2060 | 110 | 62 |
|  Oracle Corp. 4.80% 9/26/2032 | 55 | 53 |
|  Oracle Corp. 5.50% 8/3/2035 | 18 | 18 |
|  Oracle Corp. 5.20% 9/26/2035 | 405 | 388 |
|  Oracle Corp. 5.875% 9/26/2045 | 40 | 36 |
|  Oracle Corp. 6.00% 8/3/2055 | 110 | 97 |
|  Oracle Corp. 5.95% 9/26/2055 | 95 | 84 |
|  Oracle Corp. 6.10% 9/26/2065 | 40 | 35 |
|  Synopsys, Inc. 4.65% 4/1/2028 | 40 | 41 |
|  Synopsys, Inc. 4.85% 4/1/2030 | 40 | 41 |
|  Synopsys, Inc. 5.00% 4/1/2032 | 40 | 41 |
|  Synopsys, Inc. 5.15% 4/1/2035 | 780 | 793 |
|  Synopsys, Inc. 5.70% 4/1/2055 | 380 | 377 |
|  WULF Compute, LLC 7.75% 10/15/2030 <sup>(i)</sup>  | 75 | 77 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886 |
|  **Energy 0.23%** |  |  |
|  APA Corp. 4.25% 1/15/2030 | 385 | 379 |
|  Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(i)</sup>  | 300 | 302 |
|  Cenovus Energy, Inc. 5.40% 6/15/2047 | 44 | 40 |
|  Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(i)</sup>  | 9 | 10 |
|  ConocoPhillips Co. 5.50% 1/15/2055 | 50 | 48 |
|  Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(i)</sup>  | 270 | 256 |
|  Energy Transfer, LP 6.10% 12/1/2028 | 41 | 43 |
|  Energy Transfer, LP 5.25% 7/1/2029 | 23 | 24 |
|  Energy Transfer, LP 6.40% 12/1/2030 | 34 | 37 |
|  Enterprise Products Operating, LLC 4.95% 2/15/2035 | 6 | 6 |
|  EOG Resources, Inc. 5.95% 7/15/2055 | 110 | 112 |
|  Equinor ASA 2.375% 5/22/2030 | 365 | 340 |
|  Exxon Mobil Corp. 3.452% 4/15/2051 | 210 | 151 |
|  Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(i)</sup>  | 35 | 36 |
|  Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(i)</sup>  | 400 | 375 |
|  NFE Financing, LLC 12.00% 11/15/2029 <sup>(i)(l)</sup>  | 148 | 43 |
|  Occidental Petroleum Corp. 5.55% 10/1/2034 | 124 | 127 |
|  Petroleos Mexicanos 6.50% 1/23/2029 | 20 | 20 |
|  Petroleos Mexicanos 8.75% 6/2/2029 | 177 | 189 |
|  Petroleos Mexicanos 6.84% 1/23/2030 | 300 | 305 |
|  Sunoco, LP 5.625% 3/15/2031 <sup>(i)</sup>  | 20 | 20 |
|  Sunoco, LP 5.875% 3/15/2034 <sup>(i)</sup>  | 20 | 20 |
|  TotalEnergies Capital SA 4.724% 9/10/2034 | 17 | 17 |
|  Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(i)</sup>  | 595 | 542 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **86** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Energy (continued)** |  |  |
|  Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(i)</sup>  | USD195 | $200 |
|  Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(i)</sup>  | 100 | 102 |
|  Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(i)</sup>  | 75 | 82 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826 |
|  **Utilities 0.21%** |  |  |
|  AEP Transmission Co., LLC 2.75% 8/15/2051 | 50 | 31 |
|  DTE Energy Co. 3.00% 3/1/2032 | 42 | 39 |
|  Duke Energy Florida, LLC 5.95% 11/15/2052 | 25 | 26 |
|  Edison International 4.125% 3/15/2028 | 132 | 131 |
|  Edison International 5.45% 6/15/2029 | 100 | 102 |
|  Edison International 5.25% 3/15/2032 | 389 | 389 |
|  Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(i)(j)</sup>  | 200 | 233 |
|  FirstEnergy Corp. 2.65% 3/1/2030 | 393 | 367 |
|  FirstEnergy Corp. 2.25% 9/1/2030 | 107 | 97 |
|  Florida Power & Light Co. 5.10% 4/1/2033 | 35 | 36 |
|  NiSource, Inc. 5.40% 6/30/2033 | 25 | 26 |
|  Pacific Gas and Electric Co. 2.95% 3/1/2026 | 97 | 97 |
|  Pacific Gas and Electric Co. 3.75% 7/1/2028 | 105 | 104 |
|  Pacific Gas and Electric Co. 4.65% 8/1/2028 | 284 | 286 |
|  Pacific Gas and Electric Co. 2.50% 2/1/2031 | 375 | 338 |
|  Pacific Gas and Electric Co. 6.40% 6/15/2033 | 50 | 54 |
|  Pacific Gas and Electric Co. 5.70% 3/1/2035 | 377 | 388 |
|  Pacific Gas and Electric Co. 4.95% 7/1/2050 | 162 | 137 |
|  Pacific Gas and Electric Co. 3.50% 8/1/2050 | 256 | 173 |
|  Pacific Gas and Electric Co. 5.90% 10/1/2054 | 25 | 24 |
|  PacifiCorp 5.50% 5/15/2054 | 95 | 85 |
|  PacifiCorp 5.80% 1/15/2055 | 25 | 23 |
|  Southern California Edison Co. 5.20% 6/1/2034 | 40 | 40 |
|  Southern California Edison Co. 3.60% 2/1/2045 | 206 | 149 |
|  Southern California Edison Co. 5.90% 3/1/2055 | 30 | 29 |
|  Union Electric Co. 3.90% 4/1/2052 | 25 | 19 |
|  WEC Energy Group, Inc. 5.15% 10/1/2027 | 25 | 26 |
|  |  | 3449 |
|  **Real estate 0.18%** |  |  |
|  American Tower Corp. 4.05% 3/15/2032 | 11 | 11 |
|  Boston Properties, LP 2.45% 10/1/2033 | 7 | 6 |
|  Boston Properties, LP 6.50% 1/15/2034 | 38 | 41 |
|  Boston Properties, LP 5.75% 1/15/2035 | 95 | 98 |
|  Crown Castle, Inc. 5.00% 1/11/2028 | 54 | 55 |
|  Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(i)</sup>  | 530 | 505 |
|  Kennedy-Wilson, Inc. 5.00% 3/1/2031 | 550 | 518 |
|  Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(i)</sup>  | 20 | 21 |
|  MPT Operating Partnership, LP 5.00% 10/15/2027 | 475 | 460 |
|  Piedmont Operating Partnership, LP 5.625% 1/15/2033 | 99 | 100 |
|  Prologis, LP 5.00% 3/15/2034 | 40 | 41 |
|  Service Properties Trust 0% 9/30/2027 <sup>(i)</sup>  | 45 | 41 |
|  Service Properties Trust 3.95% 1/15/2028 | 480 | 453 |
|  Service Properties Trust 8.375% 6/15/2029 | 680 | 684 |
|  |  | 3034 |
|  **Consumer staples 0.17%** |  |  |
|  Altria Group, Inc. 4.875% 2/4/2028 | 13 | 13 |
|  Altria Group, Inc. 5.25% 8/6/2035 | 48 | 49 |

---

---

| | |
|:---|:---|
| **87** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Consumer staples (continued)** |  |  |
|  B&G Foods, Inc. 8.00% 9/15/2028 <sup>(i)</sup>  | USD260 | $256 |
|  BAT Capital Corp. 6.343% 8/2/2030 | 9 | 10 |
|  BAT Capital Corp. 5.35% 8/15/2032 | 413 | 430 |
|  BAT Capital Corp. 6.421% 8/2/2033 | 38 | 42 |
|  BAT Capital Corp. 7.079% 8/2/2043 | 31 | 35 |
|  BAT Capital Corp. 4.54% 8/15/2047 | 55 | 46 |
|  BAT Capital Corp. 4.758% 9/6/2049 | 121 | 102 |
|  BAT Capital Corp. 7.081% 8/2/2053 | 69 | 78 |
|  BAT International Finance PLC 4.448% 3/16/2028 | 150 | 151 |
|  Coty, Inc. 5.60% 1/15/2031 <sup>(i)</sup>  | 119 | 120 |
|  H.J. Heinz Co. 4.875% 10/1/2049 | 235 | 202 |
|  Mars, Inc. 4.80% 3/1/2030 <sup>(i)</sup>  | 25 | 26 |
|  Mars, Inc. 5.20% 3/1/2035 <sup>(i)</sup>  | 165 | 170 |
|  Mars, Inc. 5.65% 5/1/2045 <sup>(i)</sup>  | 71 | 72 |
|  Mars, Inc. 5.70% 5/1/2055 <sup>(i)</sup>  | 145 | 144 |
|  Mars, Inc. 5.80% 5/1/2065 <sup>(i)</sup>  | 24 | 24 |
|  Mondelez International, Inc. 4.75% 8/28/2034 | 127 | 127 |
|  Philip Morris International, Inc. 5.125% 11/17/2027 | 43 | 44 |
|  Philip Morris International, Inc. 5.625% 11/17/2029 | 23 | 24 |
|  Philip Morris International, Inc. 5.125% 2/15/2030 | 56 | 58 |
|  Philip Morris International, Inc. 5.50% 9/7/2030 | 70 | 74 |
|  Philip Morris International, Inc. 5.75% 11/17/2032 | 16 | 17 |
|  Philip Morris International, Inc. 5.375% 2/15/2033 | 55 | 57 |
|  Philip Morris International, Inc. 5.625% 9/7/2033 | 30 | 32 |
|  Philip Morris International, Inc. 4.90% 11/1/2034 | 90 | 91 |
|  Post Holdings, Inc. 6.375% 3/1/2033 <sup>(i)</sup>  | 330 | 334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828 |
|  Materials 0.12% |  |  |
|  BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026 | 35 | 35 |
|  BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028 | 35 | 36 |
|  BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033 | 16 | 16 |
|  BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033 | 7 | 7 |
|  BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055 | 60 | 61 |
|  Celanese US Holdings, LLC 6.85% 11/15/2028 | 36 | 38 |
|  Celanese US Holdings, LLC 7.05% 11/15/2030 | 27 | 29 |
|  Celanese US Holdings, LLC 6.879% 7/15/2032 | 10 | 10 |
|  Celanese US Holdings, LLC 7.20% 11/15/2033 | 23 | 24 |
|  Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(i)</sup>  | 545 | 575 |
|  Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(i)</sup>  | 40 | 42 |
|  Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(i)</sup>  | 750 | 488 |
|  Dow Chemical Co. (The) 5.35% 3/15/2035 | 7 | 7 |
|  Dow Chemical Co. (The) 5.65% 3/15/2036 | 4 | 4 |
|  Dow Chemical Co. (The) 5.55% 11/30/2048 | 15 | 13 |
|  Dow Chemical Co. (The) 3.60% 11/15/2050 | 75 | 49 |
|  Dow Chemical Co. (The) 6.90% 5/15/2053 | 6 | 6 |
|  Dow Chemical Co. (The) 5.60% 2/15/2054 | 63 | 55 |
|  LYB International Finance III, LLC 5.125% 1/15/2031 | 2 | 2 |
|  LYB International Finance III, LLC 5.50% 3/1/2034 | 5 | 5 |
|  LYB International Finance III, LLC 5.875% 1/15/2036 | 32 | 32 |
|  LYB International Finance III, LLC 3.625% 4/1/2051 | 102 | 66 |
|  NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(i)</sup>  | 10 | 11 |
|  NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(i)</sup>  | 325 | 318 |
|  |  | 1929 |
|  **Total corporate bonds and notes** |  | 47200 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **88** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Asset-backed obligations 0.73%** |  |  |
|  **Other asset-backed securities 0.39%** |  |  |
|  ACHD Trust, Series 2025-DS1, Class A, 5.978% 1/9/2034 <sup>(f)(i)</sup>  | USD100 | $100 |
|  Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(f)(i)</sup>  | 215 | 215 |
|  Auxilior Term Funding, LLC, Series 2024-1, Class A2, 5.84% 3/15/2027 <sup>(f)(i)</sup>  | 61 | 61 |
|  AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(f)(i)</sup>  | 277 | 281 |
|  Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(f)(i)</sup>  | 42 | 43 |
|  Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(f)(i)</sup>  | 554 | 565 |
|  CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(f)(i)</sup>  | 347 | 294 |
|  CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(f)(i)</sup>  | 86 | 73 |
|  CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(f)(i)</sup>  | 90 | 57 |
|  CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(f)(i)</sup>  | 90 | 58 |
|  CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(f)(i)</sup>  | 312 | 254 |
|  CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(f)(i)</sup>  | 483 | 477 |
|  Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(f)(i)</sup>  | 181 | 182 |
|  EquipmentShare, Series 2024-2M, Class B, 6.43% 12/20/2032 <sup>(f)(i)</sup>  | 134 | 135 |
|  GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(f)(i)</sup>  | 322 | 309 |
|  GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(f)(i)</sup>  | 60 | 56 |
|  Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(f)(i)</sup>  | 73 | 72 |
|  Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(f)(i)</sup>  | 278 | 267 |
|  Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(f)(i)</sup>  | 354 | 359 |
|  Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(f)(i)</sup>  | 138 | 139 |
|  New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(f)(i)</sup>  | 935 | 783 |
|  NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(f)(i)</sup>  | 315 | 317 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(f)(i)</sup>  | 100 | 101 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(f)(i)</sup>  | 127 | 128 |
|  Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031 <sup>(f)(i)</sup>  | 20 | 19 |
|  PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(f)(i)</sup>  | 85 | 85 |
|  PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(f)(i)</sup>  | 139 | 141 |
|  PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(f)(i)</sup>  | 175 | 176 |
|  PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(f)(i)</sup>  | 175 | 176 |
|  Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(f)(i)</sup>  | 45 | 46 |
|  Reach Financial, LLC, Series 2024-2, Class A, 5.88% 7/15/2031 <sup>(f)(i)</sup>  | 94 | 94 |
|  SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(f)(i)</sup>  | 28 | 28 |
|  Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(f)(i)</sup>  | 72 | 70 |
|  U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(f)(i)</sup>  | 189 | 190 |
|  Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(f)(i)</sup>  | 69 | 70 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6421 |
|  **Auto loan 0.27%** |  |  |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(f)(i)</sup>  | 66 | 66 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(f)(i)</sup>  | 33 | 33 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(f)(i)</sup>  | 339 | 353 |
|  CPS Auto Receivables Trust, Series 2024-C, Class B, 5.68% 12/15/2028 <sup>(f)(i)</sup>  | 497 | 499 |
|  Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(f)</sup>  | 11 | 11 |
|  Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(f)(i)</sup>  | 185 | 185 |
|  Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(f)(i)</sup>  | 150 | 151 |
|  Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(f)(i)</sup>  | 273 | 275 |
|  Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(f)(i)</sup>  | 176 | 180 |
|  Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(f)(i)</sup>  | 181 | 187 |
|  Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(f)(i)</sup>  | 188 | 189 |
|  GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(f)(i)</sup>  | 65 | 65 |
|  GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(f)(i)</sup>  | 285 | 293 |
|  GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(f)(i)</sup>  | 184 | 191 |
|  GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/2028 <sup>(f)</sup>  | 10 | 10 |
|  GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/2028 <sup>(f)</sup>  | 48 | 48 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(f)(i)</sup>  | 268 | 263 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(f)(i)</sup>  | 100 | 98 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(f)(i)</sup>  | 100 | 98 |
|  Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(f)(i)</sup>  | 187 | 191 |

---

---

| | |
|:---|:---|
| **89** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Asset-backed obligations (continued)** |  |  |
|  **Auto loan (continued)** |  |  |
|  Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/2027 <sup>(f)</sup>  | USD5 | $5 |
|  Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/2028 <sup>(f)</sup>  | 28 | 28 |
|  Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(f)(i)</sup>  | 335 | 334 |
|  Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(f)(i)</sup>  | 632 | 639 |
|  Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(f)(i)</sup>  | 188 | 190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4582 |
|  **Credit card 0.04%** |  |  |
|  Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(f)(i)</sup>  | 400 | 401 |
|  Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(f)(i)</sup>  | 246 | 248 |
|  |  | 649 |
|  **Student loan 0.03%** |  |  |
|  Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(f)(i)</sup>  | 23 | 21 |
|  Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(f)(i)</sup>  | 42 | 39 |
|  Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(f)(i)</sup>  | 94 | 89 |
|  Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(f)(i)</sup>  | 188 | 178 |
|  Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588%<br>4/20/2062 <sup>(f)(g)(i)</sup>  | 98 | 98 |
|  SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 <sup>(f)(i)</sup>  | 39 | 35 |
|  |  | 460 |
|  **Total asset-backed obligations** |  | 12112 |
|  **Bonds & notes of governments & government agencies outside the U.S. 0.05%** |  |  |
|  **Mexico 0.03%** |  |  |
|  United Mexican States 3.25% 4/16/2030 | 200 | 189 |
|  United Mexican States 7.375% 5/13/2055 | 245 | 265 |
|  |  | 454 |
|  **Saudi Arabia 0.01%** |  |  |
|  Saudi Arabia (Kingdom of) 3.625% 3/4/2028 | 200 | 198 |
|  **Peru 0.01%** |  |  |
|  Peru (Republic of) 2.783% 1/23/2031 | 190 | 176 |
|  **Total bonds & notes of governments & government agencies outside the U.S.** |  | 828 |
|  **Municipals 0.02%** |  |  |
|  **Illinois 0.01%** |  |  |
|  GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 196 | 201 |
|  **Massachusetts 0.01%** |  |  |
|  Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049 | 135 | 140 |
|  **Total municipals** |  | 341 |
|  **Loans 0.02%** |  |  |
|  **Financials 0.02%** |  |  |
|  Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(b)(g)(i)(m)</sup>  | 221 | 220 |
|  **Total bonds, notes & other debt instruments** (cost: $243,321,000) |  | 242696 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **90** |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Investment funds 2.29% | Shares | Value<br> (000) |
|  Capital Group Central Corporate Bond Fund <sup>(n)</sup>  | 4482146 | $38098 |
|  **Total investment funds** (cost: $40,853,000) |  | 38098 |
| Short-term securities 5.53% |  |  |
|  **Money market investments 4.90%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(n)(o)</sup>  | 814073 | 81415 |
|  **Money market investments purchased with collateral from securities on loan 0.63%** |  |  |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(o)(p)</sup>  | 10408626 | 10409 |
|  **Total short-term securities** (cost: $91,803,000) |  | 91824 |
|  **Total investment securities 100.57%** (cost: $1,246,392,000) |  | 1669897 |
|  Other assets less liabilities (0.57)% |  | (9521) |
|  **Net assets 100.00%** |  | $1660376 |

---

#### Futures contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  2 Year U.S. Treasury Note Futures | Long | 389 | 4/6/2026 | USD81,219 | $(17) |
|  5 Year U.S. Treasury Note Futures | Long | 251 | 4/6/2026 | 27436 | (61) |
|  10 Year U.S. Treasury Note Futures | Short | 21 | 3/31/2026 | (2361) | 21 |
|  10 Year Ultra U.S. Treasury Note Futures | Short | 40 | 3/31/2026 | (4601) | 15 |
|  20 Year U.S. Treasury Bond Futures | Long | 32 | 3/31/2026 | 3699 | (41) |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 99 | 3/31/2026 | 11682 | <u>(196</u>) |
|  |  |  |  |  | <u>$(279</u>) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Swap contracts** |  |  |  |  |  |  |  |  |
|  **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** |  |  |  |  |  |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  |  |  |  |  |  |  | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Receive | Receive | Pay | Pay |  | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  | Payment |  | Payment | Expiration | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | frequency | Rate | frequency | date | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  3.16% | At maturity | U.S. Urban CPI | At maturity | 6/23/2026 | USD350 | $1 | $– | $1 |
|  U.S. Urban CPI | At maturity | 3.17% | At maturity | 6/23/2026 | USD338 | (1) |  | (1) |
|  SOFR | Annual | 3.055% | Annual | 4/6/2031 | USD6,700 | 139 |  | 139 |
|  SOFR | Annual | 4.1275% | Annual | 7/27/2050 | USD310 | 3 |  | 3 |
|  SOFR | Annual | 2.91% | Annual | 9/18/2050 | USD592 | <u>118</u> | <u>–</u> | <u>118</u> |
|  |  |  |  |  |  | $<u>260</u> | <u>$–</u> | <u>$260</u> |

---

---

| | |
|:---|:---|
| **91** | American Funds Insurance Series |

---

------

Capital Income Builder (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Swap contracts** (continued)

**Credit default swaps**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – sell protection**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  | premium | appreciation |
|  |  |  |  | Notional | Value at | paid | (depreciation) |
| Reference | Financing | Payment | Expiration | amount <sup>(q)</sup> | 12/31/2025 <sup>(r)</sup> | (received) | at 12/31/2025 |
| index | rate received | frequency | date | (000) | (000) | (000) | (000) |
|  CDX.NA.IG.45 | 1.00% | Quarterly | 12/20/2030 | USD5,044 | $114 | $116 | $(2) |

---

#### Investments in affiliates <sup>(n)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Investment funds 2.29% |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $30920 | $6389 | $– | $– | $789 | $38098 | $1550 |
|  Short-term securities 4.90% |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market investments 4.90%** |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(o)</sup>  | 60575 | 370953 | 350129 | 16 |  | 81415 | 4186 |
|  **Total 7.19%** |  |  |  | $16 | $789 | $119513 | $5736 |

---

<sup>(a)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand. 

<sup>(d)</sup> Non-income producing.

<sup>(e)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,717,000, which represented 0.10% of the net assets of the fund. 

<sup>(f)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(g)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(h)</sup> Represents securities transacted on a TBA basis.

<sup>(i)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $38,579,000, which represented 2.32% of the net assets of the fund. 

<sup>(j)</sup> Step bond; coupon rate may change at a later date.

<sup>(k)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(l)</sup> Scheduled interest and/or principal payment was not received.

<sup>(m)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $219,000, which represented 0.01% of the net assets of the fund. 

<sup>(n)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(o)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(p)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur. 

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

---

| | | |
|:---|:---|:---|
|  **Key to abbreviation(s)**  |  |  |
|  ADR = American Depositary Receipts | EUR = Euros | REIT = Real Estate Investment Trust |
|  Assn. = Association | Fncg. = Financing | Rev. = Revenue |
|  Auth. = Authority | GBP = British pounds | SOFR = Secured Overnight Financing Rate |
|  CAD = Canadian dollars | GO = General Obligation | TBA = To be announced |
|  CME = CME Group | ICE = Intercontinental Exchange, Inc. | USD = U.S. dollars |
|  CPI = Consumer Price Index | MXN = Mexican pesos | UST = U.S. Treasury |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **92** |

---

------

Asset Allocation Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 65.21% | Shares | Value<br> (000) |
|  **Information technology 17.87%** |  |  |
|  Broadcom, Inc. | 3822547 | $1322984 |
|  Microsoft Corp. | 2068123 | 1000186 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 2399280 | 729117 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 2384000 | 116467 |
|  NVIDIA Corp. | 2011419 | 375130 |
|  Apple, Inc. | 1295354 | 352155 |
|  Micron Technology, Inc. | 764060 | 218070 |
|  Intel Corp. <sup>(a)</sup>  | 5553952 | 204941 |
|  Salesforce, Inc. | 503780 | 133456 |
|  International Business Machines Corp. | 427285 | 126566 |
|  ASML Holding NV (ADR) | 93894 | 100453 |
|  KLA Corp. | 77592 | 94280 |
|  Hewlett Packard Enterprise Co. | 2023462 | 48604 |
|  Strategy, Inc., Class A <sup>(a)</sup>  | 295563 | 44911 |
|  Diebold Nixdorf, Inc. <sup>(a)</sup>  | 532940 | 36181 |
|  Adobe, Inc. <sup>(a)</sup>  | 62600 | 21909 |
|  Applied Materials, Inc. | 79781 | 20503 |
|  |  | 4945913 |
|  **Financials 10.49%** |  |  |
|  Apollo Asset Management, Inc. | 1920083 | 277951 |
|  Arthur J. Gallagher & Co. | 854008 | 221009 |
|  Mastercard, Inc., Class A | 361601 | 206431 |
|  Synchrony Financial | 2440754 | 203632 |
|  Aon PLC, Class A | 569972 | 201132 |
|  Visa, Inc., Class A | 553014 | 193948 |
|  Bank of America Corp. | 3142147 | 172818 |
|  Capital One Financial Corp. | 702338 | 170219 |
|  Blue Owl Capital, Inc., Class A <sup>(b)</sup>  | 9813216 | 146609 |
|  Ares Management Corp., Class A | 845012 | 136579 |
|  American Express Co. | 337999 | 125043 |
|  Wells Fargo & Co. | 1334032 | 124332 |
|  JPMorgan Chase & Co. | 295492 | 95213 |
|  Fiserv, Inc. <sup>(a)</sup>  | 1269859 | 85296 |
|  Brookfield Corp., Class A | 1805226 | 82842 |
|  Citigroup, Inc. | 700000 | 81683 |
|  Brown & Brown, Inc. | 964468 | 76868 |
|  Chubb, Ltd. | 235906 | 73631 |
|  Progressive Corp. | 280641 | 63908 |
|  Intercontinental Exchange, Inc. | 374162 | 60599 |
|  Blackstone, Inc. | 320000 | 49325 |
|  Kinsale Capital Group, Inc. | 65779 | 25728 |
|  Goldman Sachs Group, Inc. | 24707 | 21717 |
|  Figure Technology Solutions, Inc. <sup>(a)(b)</sup>  | 152555 | 6230 |
|  Sberbank of Russia PJSC <sup>(c)</sup>  | 8880000 | – <sup>(d)</sup> |
|  |  | 2902743 |
|  **Industrials 9.72%** |  |  |
|  ATI, Inc. <sup>(a)</sup>  | 3475291 | 398824 |
|  Boeing Co. (The) <sup>(a)</sup>  | 1355000 | 294198 |
|  TransDigm Group, Inc. | 160869 | 213932 |
|  L3Harris Technologies, Inc. | 644021 | 189065 |
|  General Electric Co. | 602503 | 185589 |
|  Deere & Co. | 377997 | 175984 |
|  Parker-Hannifin Corp. | 183536 | 161321 |
|  Union Pacific Corp. | 677572 | 156736 |
|  Caterpillar, Inc. | 190000 | 108845 |
|  Safran SA | 312100 | 108605 |
|  United Rentals, Inc. | 125193 | 101321 |

---

---

| | |
|:---|:---|
| **93** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Industrials (continued)** |  |  |
|  Northrop Grumman Corp. | 173106 | $98707 |
|  GE Vernova, Inc. | 150939 | 98649 |
|  Ingersoll-Rand, Inc. | 1177013 | 93243 |
|  Quanta Services, Inc. | 152260 | 64263 |
|  Airbus SE, non-registered shares | 230632 | 53496 |
|  Trane Technologies PLC | 137366 | 53463 |
|  FTAI Aviation, Ltd. | 249989 | 49210 |
|  CSX Corp. | 1000000 | 36250 |
|  Copart, Inc. <sup>(a)</sup>  | 835833 | 32723 |
|  Carrier Global Corp. | 283011 | 14954 |
|  |  | 2689378 |
|  **Health care 6.97%** |  |  |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 720148 | 326486 |
|  Gilead Sciences, Inc. | 1904140 | 233714 |
|  Eli Lilly and Co. | 186995 | 200960 |
|  UnitedHealth Group, Inc. | 596573 | 196935 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 405917 | 161413 |
|  Amgen, Inc. | 441538 | 144520 |
|  Thermo Fisher Scientific, Inc. | 217042 | 125765 |
|  CVS Health Corp. | 1451353 | 115179 |
|  Illumina, Inc. <sup>(a)</sup>  | 699527 | 91750 |
|  Abbott Laboratories | 637270 | 79844 |
|  Cooper Cos., Inc. <sup>(a)</sup>  | 889428 | 72897 |
|  Johnson & Johnson | 311733 | 64513 |
|  AbbVie, Inc. | 129914 | 29684 |
|  Boston Scientific Corp. <sup>(a)</sup>  | 300752 | 28677 |
|  Centene Corp. <sup>(a)</sup>  | 675000 | 27776 |
|  Rotech Healthcare, Inc. <sup>(a)(c)(e)</sup>  | 184138 | 12613 |
|  Medline, Inc., Class A <sup>(a)(b)</sup>  | 272900 | 11462 |
|  Mallinckrodt PLC <sup>(a)</sup>  | 36079 | 3227 |
|  Par Health, Inc. <sup>(a)(f)</sup>  | 36079 | 338 |
|  Carbon Health Technologies, Inc., Class A <sup>(a)(c)</sup>  | 4955500 | 50 |
|  |  | 1927803 |
|  **Consumer discretionary 5.73%** |  |  |
|  Booking Holdings, Inc. | 52599 | 281685 |
|  Royal Caribbean Cruises, Ltd. | 648815 | 180967 |
|  Amazon.com, Inc. <sup>(a)</sup>  | 780642 | 180188 |
|  Starbucks Corp. | 1513090 | 127417 |
|  D.R. Horton, Inc. | 700917 | 100953 |
|  NIKE, Inc., Class B | 1525710 | 97203 |
|  Carnival Corp. | 2758206 | 84236 |
|  Darden Restaurants, Inc. | 424583 | 78132 |
|  Compagnie Financiere Richemont SA, Class A | 346887 | 74864 |
|  Home Depot, Inc. | 191765 | 65986 |
|  Texas Roadhouse, Inc. | 385658 | 64019 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 1692984 | 62640 |
|  Tesla, Inc. <sup>(a)</sup>  | 94134 | 42334 |
|  Hilton Worldwide Holdings, Inc. | 122663 | 35235 |
|  Toll Brothers, Inc. | 246730 | 33363 |
|  Restaurant Brands International, Inc. | 461542 | 31491 |
|  AutoZone, Inc. <sup>(a)</sup>  | 7013 | 23785 |
|  YUM! Brands, Inc. | 91381 | 13824 |
|  DraftKings, Inc., Class A <sup>(a)</sup>  | 237954 | 8200 |
|  Aimbridge Topco, LLC <sup>(a)(c)</sup>  | 10722 | 793 |
|  |  | 1587315 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **94** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Communication services 4.71%** |  |  |
|  Alphabet, Inc., Class C | 1147684 | $360143 |
|  Alphabet, Inc., Class A | 1068646 | 334486 |
|  Meta Platforms, Inc., Class A | 553906 | 365628 |
|  Comcast Corp., Class A | 6199119 | 185292 |
|  Netflix, Inc. <sup>(a)</sup>  | 346997 | 32534 |
|  Tencent Holdings, Ltd. | 321500 | 24636 |
|  |  | 1302719 |
|  **Materials 4.10%** |  |  |
|  Royal Gold, Inc. | 1301065 | 289214 |
|  Wheaton Precious Metals Corp. | 2388702 | 280720 |
|  Franco-Nevada Corp. (CAD denominated) | 1179377 | 244468 |
|  Lundin Mining Corp. | 7678233 | 165027 |
|  First Quantum Minerals, Ltd. <sup>(a)</sup>  | 3889750 | 104290 |
|  Corteva, Inc. | 466775 | 31288 |
|  Air Products and Chemicals, Inc. | 45664 | 11280 |
|  Agnico Eagle Mines, Ltd. | 56110 | 9515 |
|  Venator Materials PLC <sup>(a)(c)</sup>  | 4096 | – <sup>(d)</sup> |
|  |  | 1135802 |
|  **Consumer staples 3.48%** |  |  |
|  Philip Morris International, Inc. | 3615272 | 579890 |
|  Constellation Brands, Inc., Class A | 629955 | 86909 |
|  Keurig Dr Pepper, Inc. | 3042963 | 85233 |
|  Nestle SA | 617055 | 61331 |
|  Costco Wholesale Corp. | 69889 | 60268 |
|  US Foods Holding Corp. <sup>(a)</sup>  | 514932 | 38785 |
|  Estee Lauder Cos., Inc. (The), Class A | 275858 | 28888 |
|  Coca-Cola Co. | 160431 | 11216 |
|  Procter & Gamble Co. | 75358 | 10799 |
|  |  | 963319 |
|  **Utilities 1.01%** |  |  |
|  Southern Co. (The) | 1503479 | 131104 |
|  DTE Energy Co. | 848144 | 109394 |
|  Vistra Corp. | 144910 | 23378 |
|  FirstEnergy Corp. | 323684 | 14491 |
|  |  | 278367 |
|  **Energy 0.92%** |  |  |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 3480603 | 117892 |
|  ConocoPhillips | 824000 | 77135 |
|  EOG Resources, Inc. | 222924 | 23409 |
|  Halliburton Co. | 593792 | 16781 |
|  SLB, Ltd. | 286500 | 10996 |
|  Exxon Mobil Corp. | 58185 | 7002 |
|  Constellation Oil Services Holding SA (NDR) <sup>(a)</sup>  | 76004 | 897 |
|  Altera Infrastructure, LP <sup>(c)</sup>  | 16129 | 655 |
|  New Fortress Energy, Inc., Class A <sup>(a)</sup>  | 150315 | 171 |
|  Expand Energy Corp. | 636 | 70 |
|  |  | 255008 |

---

---

| | |
|:---|:---|
| **95** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Real estate 0.21%** |  |  |
|  American Tower Corp. REIT | 136942 | $24043 |
|  Simon Property Group, Inc. REIT | 114326 | 21163 |
|  Crown Castle, Inc. REIT | 134329 | 11938 |
|  |  | 57144 |
|  **Total common stocks** (cost: $10,036,058,000) |  | 18045511 |
| Preferred securities 0.00% |  |  |
|  **Industrials 0.00%** |  |  |
|  ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(c)(f)</sup>  | 450 | 755 |
|  **Total preferred securities** (cost: $465,000) |  | 755 |
| Rights & warrants 0.00% |  |  |
|  **Energy 0.00%** |  |  |
|  Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(a)</sup>  | 1201 | 119 |
|  Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071 <sup>(a)(c)</sup>  | 4 | – <sup>(d)</sup> |
|  **Total rights & warrants** (cost: $875,000) |  | 119 |
| Convertible stocks 0.12% |  |  |
|  **Industrials 0.07%** |  |  |
|  Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027 | 262145 | 18104 |
|  **Information technology 0.05%** |  |  |
|  Strategy, Inc. 8.00% perpetual convertible preferred shares | 189521 | 14926 |
|  **Total convertible stocks** (cost: $30,331,000) |  | 33030 |
| Convertible bonds & notes 0.10% | Principal amount<br>(000) |  |
|  **Information technology 0.03%** |  |  |
|  Macom Technology Solutions Holdings, convertible notes, 0.25% 3/15/2026 | USD1,529 | 3180 |
|  Seagate HDD Cayman, convertible notes, 3.50% 6/1/2028 | 536 | 1803 |
|  Terawulf, Inc., convertible notes, 1.00% 9/1/2031 <sup>(f)</sup>  | 1739 | 2060 |
|  Western Digital Corp., convertible notes, 3.00% 11/15/2028 | 416 | 1908 |
|  |  | 8951 |
|  **Communication services 0.02%** |  |  |
|  EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(g)</sup>  | 1290 | 4312 |
|  Spotify USA, Inc., convertible notes, 0% 3/15/2026 | 1800 | 2048 |
|  |  | 6360 |
|  **Real estate 0.02%** |  |  |
|  Ventas Realty, LP, convertible notes, 3.75% 6/1/2026 | 1873 | 2649 |
|  Welltower OP, LLC, convertible notes, 2.75% 5/15/2028 <sup>(f)</sup>  | 1422 | 2789 |
|  |  | 5438 |
|  **Utilities 0.01%** |  |  |
|  CenterPoint Energy, Inc., convertible notes, 3.00% 8/1/2028 <sup>(f)</sup>  | 2785 | 2822 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **96** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Convertible bonds & notes (continued) | Principal amount<br>(000) | Value<br> (000) | Value<br> (000) |
|  **Health care 0.01%** |  |  |  |
|  Halozyme Therapeutics, Inc. convertible notes, 1.00% 8/15/2028 | USD1,818 | $| 2417 |
|  **Industrials 0.01%** |  |  |  |
|  Axon Enterprise, Inc., convertible notes, 0.50% 12/15/2027 | 692 |  | 1743 |
|  **Total convertible bonds & notes** (cost: $25,052,000) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27731 |
| Bonds, notes & other debt instruments 28.07% |  |  |  |
| **Mortgage-backed obligations 10.22%** | **Mortgage-backed obligations 10.22%** | **Mortgage-backed obligations 10.22%** | **Mortgage-backed obligations 10.22%** |
|  **Federal agency mortgage-backed obligations 9.21%** |  |  |  |
|  Fannie Mae Pool #AH6431 4.00% 2/1/2026 <sup>(h)</sup>  | 2 |  | 2 |
|  Fannie Mae Pool #AH5618 4.00% 2/1/2026 <sup>(h)</sup>  | – <sup>(d)</sup> |  | – <sup>(d)</sup> |
|  Fannie Mae Pool #890329 4.00% 4/1/2026 <sup>(h)</sup>  | – <sup>(d)</sup> |  | – <sup>(d)</sup> |
|  Fannie Mae Pool #MA1109 4.00% 5/1/2027 <sup>(h)</sup>  | – <sup>(d)</sup> |  | – <sup>(d)</sup> |
|  Fannie Mae Pool #MA3653 3.00% 3/1/2029 <sup>(h)</sup>  | 5 |  | 5 |
|  Fannie Mae Pool #AL8347 4.00% 3/1/2029 <sup>(h)</sup>  | 2 |  | 2 |
|  Fannie Mae Pool #254767 5.50% 6/1/2033 <sup>(h)</sup>  | 120 |  | 124 |
|  Fannie Mae Pool #555956 5.50% 12/1/2033 <sup>(h)</sup>  | 76 |  | 78 |
|  Fannie Mae Pool #BN1085 4.00% 1/1/2034 <sup>(h)</sup>  | 209 |  | 210 |
|  Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(h)</sup>  | 221 |  | 211 |
|  Fannie Mae Pool #929185 5.50% 1/1/2036 <sup>(h)</sup>  | 240 |  | 250 |
|  Fannie Mae Pool #893641 6.00% 9/1/2036 <sup>(h)</sup>  | 475 |  | 503 |
|  Fannie Mae Pool #893688 6.00% 10/1/2036 <sup>(h)</sup>  | 121 |  | 128 |
|  Fannie Mae Pool #AS8554 3.00% 12/1/2036 <sup>(h)</sup>  | 3745 |  | 3567 |
|  Fannie Mae Pool #907239 6.00% 12/1/2036 <sup>(h)</sup>  | 11 |  | 11 |
|  Fannie Mae Pool #928031 6.00% 1/1/2037 <sup>(h)</sup>  | 39 |  | 42 |
|  Fannie Mae Pool #888292 6.00% 3/1/2037 <sup>(h)</sup>  | 343 |  | 363 |
|  Fannie Mae Pool #AD0249 5.50% 4/1/2037 <sup>(h)</sup>  | 62 |  | 64 |
|  Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(h)</sup>  | 116 |  | 110 |
|  Fannie Mae Pool #190379 5.50% 5/1/2037 <sup>(h)</sup>  | 37 |  | 38 |
|  Fannie Mae Pool #924952 6.00% 8/1/2037 <sup>(h)</sup>  | 565 |  | 598 |
|  Fannie Mae Pool #888637 6.00% 9/1/2037 <sup>(h)</sup>  | 7 |  | 7 |
|  Fannie Mae Pool #995674 6.00% 5/1/2038 <sup>(h)</sup>  | 213 |  | 225 |
|  Fannie Mae Pool #AD0119 6.00% 7/1/2038 <sup>(h)</sup>  | 663 |  | 703 |
|  Fannie Mae Pool #995224 6.00% 9/1/2038 <sup>(h)</sup>  | 6 |  | 6 |
|  Fannie Mae Pool #AE0021 6.00% 10/1/2038 <sup>(h)</sup>  | 208 |  | 221 |
|  Fannie Mae Pool #AL7164 6.00% 10/1/2038 <sup>(h)</sup>  | 135 |  | 142 |
|  Fannie Mae Pool #889983 6.00% 10/1/2038 <sup>(h)</sup>  | 12 |  | 13 |
|  Fannie Mae Pool #AD0095 6.00% 11/1/2038 <sup>(h)</sup>  | 467 |  | 495 |
|  Fannie Mae Pool #AB0538 6.00% 11/1/2038 <sup>(h)</sup>  | 65 |  | 68 |
|  Fannie Mae Pool #995391 6.00% 11/1/2038 <sup>(h)</sup>  | 10 |  | 11 |
|  Fannie Mae Pool #AD0833 6.00% 1/1/2039 <sup>(h)</sup>  | – <sup>(d)</sup> |  | – <sup>(d)</sup> |
|  Fannie Mae Pool #AL0309 6.00% 1/1/2040 <sup>(h)</sup>  | 43 |  | 46 |
|  Fannie Mae Pool #AL0013 6.00% 4/1/2040 <sup>(h)</sup>  | 128 |  | 136 |
|  Fannie Mae Pool #AL7228 6.00% 4/1/2041 <sup>(h)</sup>  | 155 |  | 162 |
|  Fannie Mae Pool #AB4536 6.00% 6/1/2041 <sup>(h)</sup>  | 324 |  | 342 |
|  Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(h)</sup>  | 5259 |  | 4598 |
|  Fannie Mae Pool #FS0305 1.50% 1/1/2042 <sup>(h)</sup>  | 16006 |  | 13515 |
|  Fannie Mae Pool #AP2131 3.50% 8/1/2042 <sup>(h)</sup>  | 2339 |  | 2240 |
|  Fannie Mae Pool #AU8813 4.00% 11/1/2043 <sup>(h)</sup>  | 1283 |  | 1254 |
|  Fannie Mae Pool #AU9350 4.00% 11/1/2043 <sup>(h)</sup>  | 725 |  | 709 |
|  Fannie Mae Pool #AU9348 4.00% 11/1/2043 <sup>(h)</sup>  | 690 |  | 675 |
|  Fannie Mae Pool #AL8773 3.50% 2/1/2045 <sup>(h)</sup>  | 4040 |  | 3856 |
|  Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(h)</sup>  | 6624 |  | 6291 |
|  Fannie Mae Pool #AL8354 3.50% 10/1/2045 <sup>(h)</sup>  | 931 |  | 885 |
|  Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(h)</sup>  | 2088 |  | 1982 |
|  Fannie Mae Pool #BC7611 4.00% 5/1/2046 <sup>(h)</sup>  | 79 |  | 76 |
|  Fannie Mae Pool #AS8310 3.00% 11/1/2046 <sup>(h)</sup>  | 273 |  | 251 |

---

---

| | |
|:---|:---|
| **97** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #BD9307 4.00% 11/1/2046 <sup>(h)</sup>  | USD1,089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 |
|  Fannie Mae Pool #BD9699 3.50% 12/1/2046 <sup>(h)</sup>  | 1207 | 1137 |
|  Fannie Mae Pool #BE1290 3.50% 2/1/2047 <sup>(h)</sup>  | 1785 | 1685 |
|  Fannie Mae Pool #BM1179 3.00% 4/1/2047 <sup>(h)</sup>  | 358 | 328 |
|  Fannie Mae Pool #256975 7.00% 10/1/2047 <sup>(h)</sup>  | 2 | 2 |
|  Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(h)</sup>  | 1182 | 1110 |
|  Fannie Mae Pool #MA3211 4.00% 12/1/2047 <sup>(h)</sup>  | 1788 | 1734 |
|  Fannie Mae Pool #MA3277 4.00% 2/1/2048 <sup>(h)</sup>  | 7 | 7 |
|  Fannie Mae Pool #BK5255 4.00% 5/1/2048 <sup>(h)</sup>  | 8 | 7 |
|  Fannie Mae Pool #FM3278 3.50% 11/1/2048 <sup>(h)</sup>  | 12659 | 11913 |
|  Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(h)</sup>  | 1711 | 1626 |
|  Fannie Mae Pool #CA4756 3.00% 12/1/2049 <sup>(h)</sup>  | 1341 | 1215 |
|  Fannie Mae Pool #BN7443 2.50% 3/1/2050 <sup>(h)</sup>  | 30 | 26 |
|  Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(h)</sup>  | 4327 | 3740 |
|  Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(h)</sup>  | 414 | 351 |
|  Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(h)</sup>  | 298 | 253 |
|  Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(h)</sup>  | 9745 | 8426 |
|  Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(h)</sup>  | 515 | 418 |
|  Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(h)</sup>  | 286 | 256 |
|  Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(h)</sup>  | 1134 | 960 |
|  Fannie Mae Pool #BQ7589 2.00% 11/1/2050 <sup>(h)</sup>  | 2292 | 1856 |
|  Fannie Mae Pool #CA7737 2.50% 11/1/2050 <sup>(h)</sup>  | 7872 | 6762 |
|  Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(h)</sup>  | 1248 | 1082 |
|  Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(h)</sup>  | 685 | 581 |
|  Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(h)</sup>  | 38 | 33 |
|  Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(h)</sup>  | 10867 | 9832 |
|  Fannie Mae Pool #FM5218 2.00% 12/1/2050 <sup>(h)</sup>  | 3688 | 2993 |
|  Fannie Mae Pool #BQ7646 2.00% 12/1/2050 <sup>(h)</sup>  | 1924 | 1559 |
|  Fannie Mae Pool #BQ8497 2.00% 12/1/2050 <sup>(h)</sup>  | 1584 | 1285 |
|  Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(h)</sup>  | 920 | 914 |
|  Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(h)</sup>  | 4967 | 4057 |
|  Fannie Mae Pool #BR1283 2.00% 1/1/2051 <sup>(h)</sup>  | 196 | 159 |
|  Fannie Mae Pool #CA8513 2.50% 1/1/2051 <sup>(h)</sup>  | 1079 | 916 |
|  Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(h)</sup>  | 759 | 643 |
|  Fannie Mae Pool #FM5944 2.50% 1/1/2051 <sup>(h)</sup>  | 74 | 63 |
|  Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(h)</sup>  | 28 | 23 |
|  Fannie Mae Pool #BR3255 2.00% 2/1/2051 <sup>(h)</sup>  | 5851 | 4750 |
|  Fannie Mae Pool #BR2689 2.00% 2/1/2051 <sup>(h)</sup>  | 1860 | 1506 |
|  Fannie Mae Pool #FM5963 2.00% 2/1/2051 <sup>(h)</sup>  | 1806 | 1467 |
|  Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(h)</sup>  | 328 | 265 |
|  Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(h)</sup>  | 3067 | 2642 |
|  Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(h)</sup>  | 370 | 314 |
|  Fannie Mae Pool #CA8962 2.50% 2/1/2051 <sup>(h)</sup>  | 59 | 50 |
|  Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(h)</sup>  | 3989 | 3253 |
|  Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(h)</sup>  | 1708 | 1383 |
|  Fannie Mae Pool #CA9494 2.50% 4/1/2051 <sup>(h)</sup>  | 93 | 79 |
|  Fannie Mae Pool #FM7407 2.50% 4/1/2051 <sup>(h)</sup>  | 40 | 34 |
|  Fannie Mae Pool #FM6810 3.00% 4/1/2051 <sup>(h)</sup>  | 5630 | 4987 |
|  Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(h)</sup>  | 4366 | 3899 |
|  Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(h)</sup>  | 529 | 473 |
|  Fannie Mae Pool #FM7751 2.00% 5/1/2051 <sup>(h)</sup>  | 1943 | 1573 |
|  Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(h)</sup>  | 1933 | 1565 |
|  Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(h)</sup>  | 4751 | 4022 |
|  Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(h)</sup>  | 1336 | 1131 |
|  Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(h)</sup>  | 365 | 309 |
|  Fannie Mae Pool #BR9324 2.50% 5/1/2051 <sup>(h)</sup>  | 227 | 192 |
|  Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(h)</sup>  | 137 | 116 |
|  Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(h)</sup>  | 2078 | 1682 |
|  Fannie Mae Pool #CB0910 2.50% 6/1/2051 <sup>(h)</sup>  | 33828 | 28636 |
|  Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(h)</sup>  | 9006 | 7624 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **98** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(h)</sup>  | USD397 | $354 |
|  Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(h)</sup>  | 149 | 121 |
|  Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(h)</sup>  | 1988 | 1683 |
|  Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(h)</sup>  | 1226 | 1038 |
|  Fannie Mae Pool #FM8203 2.50% 7/1/2051 <sup>(h)</sup>  | 942 | 798 |
|  Fannie Mae Pool #FM8453 3.00% 8/1/2051 <sup>(h)</sup>  | 3723 | 3377 |
|  Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(h)</sup>  | 67 | 59 |
|  Fannie Mae Pool #BT7309 2.00% 9/1/2051 <sup>(h)</sup>  | 1898 | 1536 |
|  Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(h)</sup>  | 3960 | 3365 |
|  Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(h)</sup>  | 1498 | 1268 |
|  Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(h)</sup>  | 655 | 556 |
|  Fannie Mae Pool #BT4725 2.50% 9/1/2051 <sup>(h)</sup>  | 301 | 255 |
|  Fannie Mae Pool #BU0341 2.50% 9/1/2051 <sup>(h)</sup>  | 197 | 167 |
|  Fannie Mae Pool #BT9289 2.50% 9/1/2051 <sup>(h)</sup>  | 34 | 28 |
|  Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(h)</sup>  | 1462 | 1237 |
|  Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(h)</sup>  | 766 | 648 |
|  Fannie Mae Pool #FS3298 2.50% 10/1/2051 <sup>(h)</sup>  | 516 | 438 |
|  Fannie Mae Pool #BU2530 2.50% 10/1/2051 <sup>(h)</sup>  | 131 | 111 |
|  Fannie Mae Pool #FM9335 2.50% 10/1/2051 <sup>(h)</sup>  | 86 | 73 |
|  Fannie Mae Pool #BU0968 2.00% 11/1/2051 <sup>(h)</sup>  | 11198 | 9064 |
|  Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(h)</sup>  | 7447 | 6051 |
|  Fannie Mae Pool #BU1027 2.00% 11/1/2051 <sup>(h)</sup>  | 4515 | 3655 |
|  Fannie Mae Pool #CB2092 2.50% 11/1/2051 <sup>(h)</sup>  | 2938 | 2487 |
|  Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(h)</sup>  | 998 | 845 |
|  Fannie Mae Pool #CB2078 3.00% 11/1/2051 <sup>(h)</sup>  | 7616 | 6799 |
|  Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(h)</sup>  | 2352 | 1910 |
|  Fannie Mae Pool #CB2361 2.00% 12/1/2051 <sup>(h)</sup>  | 174 | 141 |
|  Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(h)</sup>  | 41191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34868 |
|  Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(h)</sup>  | 13649 | 11740 |
|  Fannie Mae Pool #CB2375 2.50% 12/1/2051 <sup>(h)</sup>  | 6406 | 5514 |
|  Fannie Mae Pool #CB2319 2.50% 12/1/2051 <sup>(h)</sup>  | 155 | 133 |
|  Fannie Mae Pool #BT9510 2.50% 12/1/2051 <sup>(h)</sup>  | 74 | 64 |
|  Fannie Mae Pool #BT9483 2.50% 12/1/2051 <sup>(h)</sup>  | 74 | 64 |
|  Fannie Mae Pool #CB2372 2.50% 12/1/2051 <sup>(h)</sup>  | 74 | 63 |
|  Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(h)</sup>  | 2869 | 2331 |
|  Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(h)</sup>  | 1189 | 965 |
|  Fannie Mae Pool #FS0235 2.50% 1/1/2052 <sup>(h)</sup>  | 7061 | 5977 |
|  Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(h)</sup>  | 982 | 831 |
|  Fannie Mae Pool #FP0038 2.50% 1/1/2052 <sup>(h)</sup>  | 713 | 605 |
|  Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(h)</sup>  | 695 | 589 |
|  Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(h)</sup>  | 405 | 343 |
|  Fannie Mae Pool #MA4512 2.50% 1/1/2052 <sup>(h)</sup>  | 119 | 101 |
|  Fannie Mae Pool #FS3549 2.50% 1/1/2052 <sup>(h)</sup>  | 63 | 53 |
|  Fannie Mae Pool #FS2534 2.50% 1/1/2052 <sup>(h)</sup>  | 23 | 20 |
|  Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(h)</sup>  | 22 | 18 |
|  Fannie Mae Pool #FS0182 3.00% 1/1/2052 <sup>(h)</sup>  | 9435 | 8425 |
|  Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(h)</sup>  | 6414 | 5193 |
|  Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(h)</sup>  | 4953 | 4020 |
|  Fannie Mae Pool #BT1968 2.00% 2/1/2052 <sup>(h)</sup>  | 1800 | 1458 |
|  Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(h)</sup>  | 963 | 780 |
|  Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(h)</sup>  | 8024 | 6805 |
|  Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(h)</sup>  | 1897 | 1606 |
|  Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(h)</sup>  | 949 | 805 |
|  Fannie Mae Pool #BV3674 2.50% 2/1/2052 <sup>(h)</sup>  | 675 | 574 |
|  Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(h)</sup>  | 657 | 557 |
|  Fannie Mae Pool #FS6380 2.50% 2/1/2052 <sup>(h)</sup>  | 548 | 465 |
|  Fannie Mae Pool #BV2784 2.50% 2/1/2052 <sup>(h)</sup>  | 141 | 120 |
|  Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(h)</sup>  | 51302 | 46443 |
|  Fannie Mae Pool #CB2913 3.50% 2/1/2052 <sup>(h)</sup>  | 2077 | 1926 |
|  Fannie Mae Pool #CB2912 3.50% 2/1/2052 <sup>(h)</sup>  | 38 | 35 |

---

---

| | |
|:---|:---|
| **99** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(h)</sup>  | USD2,845 | $2303 |
|  Fannie Mae Pool #CB3040 2.00% 3/1/2052 <sup>(h)</sup>  | 2578 | 2092 |
|  Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(h)</sup>  | 2382 | 1932 |
|  Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(h)</sup>  | 1765 | 1432 |
|  Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(h)</sup>  | 1261 | 1021 |
|  Fannie Mae Pool #BV4169 2.00% 3/1/2052 <sup>(h)</sup>  | 1255 | 1016 |
|  Fannie Mae Pool #FS1978 2.50% 3/1/2052 <sup>(h)</sup>  | 4296 | 3636 |
|  Fannie Mae Pool #BV4173 2.50% 3/1/2052 <sup>(h)</sup>  | 786 | 669 |
|  Fannie Mae Pool #CB3063 2.50% 3/1/2052 <sup>(h)</sup>  | 769 | 653 |
|  Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(h)</sup>  | 611 | 520 |
|  Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(h)</sup>  | 158 | 135 |
|  Fannie Mae Pool #CB3744 2.50% 3/1/2052 <sup>(h)</sup>  | 24 | 20 |
|  Fannie Mae Pool #FS0931 3.00% 3/1/2052 <sup>(h)</sup>  | 336 | 298 |
|  Fannie Mae Pool #BV3799 3.50% 3/1/2052 <sup>(h)</sup>  | 40 | 37 |
|  Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(h)</sup>  | 5722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643 |
|  Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(h)</sup>  | 2913 | 2363 |
|  Fannie Mae Pool #CB3346 2.00% 4/1/2052 <sup>(h)</sup>  | 2069 | 1675 |
|  Fannie Mae Pool #BV4182 2.50% 4/1/2052 <sup>(h)</sup>  | 871 | 741 |
|  Fannie Mae Pool #BV5332 2.50% 4/1/2052 <sup>(h)</sup>  | 857 | 729 |
|  Fannie Mae Pool #FS1749 2.50% 4/1/2052 <sup>(h)</sup>  | 856 | 728 |
|  Fannie Mae Pool #BU9507 2.50% 4/1/2052 <sup>(h)</sup>  | 157 | 134 |
|  Fannie Mae Pool #BV5370 2.50% 4/1/2052 <sup>(h)</sup>  | 134 | 114 |
|  Fannie Mae Pool #BV6683 3.50% 4/1/2052 <sup>(h)</sup>  | 23 | 21 |
|  Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(h)</sup>  | 615 | 587 |
|  Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(h)</sup>  | 9376 | 7619 |
|  Fannie Mae Pool #BT2353 2.00% 5/1/2052 <sup>(h)</sup>  | 998 | 808 |
|  Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(h)</sup>  | 898 | 764 |
|  Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(h)</sup>  | 836 | 711 |
|  Fannie Mae Pool #BW2204 2.50% 5/1/2052 <sup>(h)</sup>  | 151 | 128 |
|  Fannie Mae Pool #BW0462 2.50% 5/1/2052 <sup>(h)</sup>  | 151 | 128 |
|  Fannie Mae Pool #BV8592 2.50% 5/1/2052 <sup>(h)</sup>  | 110 | 93 |
|  Fannie Mae Pool #FS5033 2.50% 5/1/2052 <sup>(h)</sup>  | 40 | 34 |
|  Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(h)</sup>  | 2584 | 2396 |
|  Fannie Mae Pool #CB3597 3.50% 5/1/2052 <sup>(h)</sup>  | 44 | 41 |
|  Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(h)</sup>  | 2335 | 1892 |
|  Fannie Mae Pool #FS9860 2.00% 6/1/2052 <sup>(h)</sup>  | 1940 | 1571 |
|  Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(h)</sup>  | 690 | 559 |
|  Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(h)</sup>  | 1413 | 1202 |
|  Fannie Mae Pool #FS6634 3.00% 6/1/2052 <sup>(h)</sup>  | 324 | 287 |
|  Fannie Mae Pool #FS3546 3.50% 6/1/2052 <sup>(h)</sup>  | 38 | 35 |
|  Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(h)</sup>  | 5004 | 4778 |
|  Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(h)</sup>  | 1272 | 1214 |
|  Fannie Mae Pool #BW2918 4.50% 6/1/2052 <sup>(h)</sup>  | 4482 | 4398 |
|  Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(h)</sup>  | 4816 | 3904 |
|  Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(h)</sup>  | 59903 | 50708 |
|  Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(h)</sup>  | 14208 | 12049 |
|  Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(h)</sup>  | 162 | 138 |
|  Fannie Mae Pool #CB4315 3.00% 7/1/2052 <sup>(h)</sup>  | 99 | 88 |
|  Fannie Mae Pool #CB4123 4.00% 7/1/2052 <sup>(h)</sup>  | 22 | 21 |
|  Fannie Mae Pool #BV7912 2.50% 8/1/2052 <sup>(h)</sup>  | 154 | 131 |
|  Fannie Mae Pool #BV8015 2.50% 8/1/2052 <sup>(h)</sup>  | 92 | 79 |
|  Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(h)</sup>  | 2291 | 2029 |
|  Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(h)</sup>  | 545 | 537 |
|  Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(h)</sup>  | 862 | 868 |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(h)</sup>  | 15984 | 12983 |
|  Fannie Mae Pool #BX2841 4.00% 10/1/2052 <sup>(h)</sup>  | 15 | 14 |
|  Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(h)</sup>  | 9021 | 8845 |
|  Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(h)</sup>  | 832 | 817 |
|  Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(h)</sup>  | 388 | 390 |
|  Fannie Mae Pool #BX0463 4.00% 11/1/2052 <sup>(h)</sup>  | 866 | 826 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **100** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #BW1299 4.00% 11/1/2052 <sup>(h)</sup>  | USD862 | $823 |
|  Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(h)</sup>  | 9335 | 9152 |
|  Fannie Mae Pool #FS5554 4.50% 11/1/2052 <sup>(h)</sup>  | 2582 | 2534 |
|  Fannie Mae Pool #CB5764 2.50% 12/1/2052 <sup>(h)</sup>  | 873 | 740 |
|  Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(h)</sup>  | 2212 | 2255 |
|  Fannie Mae Pool #BW5062 4.00% 1/1/2053 <sup>(h)</sup>  | 21 | 20 |
|  Fannie Mae Pool #FS5520 4.50% 1/1/2053 <sup>(h)</sup>  | 2562 | 2512 |
|  Fannie Mae Pool #BX3263 4.00% 2/1/2053 <sup>(h)</sup>  | 560 | 535 |
|  Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(h)</sup>  | 907 | 921 |
|  Fannie Mae Pool #FS8509 3.50% 3/1/2053 <sup>(h)</sup>  | 282 | 261 |
|  Fannie Mae Pool #BW5000 4.00% 3/1/2053 <sup>(h)</sup>  | 887 | 847 |
|  Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(h)</sup>  | 2321 | 2372 |
|  Fannie Mae Pool #BX9358 4.00% 4/1/2053 <sup>(h)</sup>  | 301 | 287 |
|  Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(h)</sup>  | 2028 | 2032 |
|  Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(h)</sup>  | 6645 | 6336 |
|  Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(h)</sup>  | 10165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10195 |
|  Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(h)</sup>  | 662 | 665 |
|  Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(h)</sup>  | 896 | 910 |
|  Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(h)</sup>  | 157 | 160 |
|  Fannie Mae Pool #FS4736 6.50% 5/1/2053 <sup>(h)</sup>  | 211 | 220 |
|  Fannie Mae Pool #MA5063 2.50% 6/1/2053 <sup>(h)</sup>  | 290 | 245 |
|  Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(h)</sup>  | 279 | 247 |
|  Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(h)</sup>  | 22288 | 22347 |
|  Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(h)</sup>  | 564 | 574 |
|  Fannie Mae Pool #CB6491 6.50% 6/1/2053 <sup>(h)</sup>  | 1105 | 1158 |
|  Fannie Mae Pool #CB6490 6.50% 6/1/2053 <sup>(h)</sup>  | 402 | 419 |
|  Fannie Mae Pool #CB6468 6.50% 6/1/2053 <sup>(h)</sup>  | 312 | 327 |
|  Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(h)</sup>  | 11111 | 9008 |
|  Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(h)</sup>  | 811 | 688 |
|  Fannie Mae Pool #FS6632 2.50% 7/1/2053 <sup>(h)</sup>  | 758 | 643 |
|  Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(h)</sup>  | 8193 | 7791 |
|  Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(h)</sup>  | 13301 | 13030 |
|  Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(h)</sup>  | 2137 | 2174 |
|  Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(h)</sup>  | 93 | 95 |
|  Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(h)</sup>  | 5144 | 5247 |
|  Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(h)</sup>  | 17413 | 17924 |
|  Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(h)</sup>  | 1621 | 1649 |
|  Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(h)</sup>  | 3950 | 4066 |
|  Fannie Mae Pool #BY1418 4.00% 11/1/2053 <sup>(h)</sup>  | 13131 | 12499 |
|  Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(h)</sup>  | 12922 | 12314 |
|  Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(h)</sup>  | 3788 | 3852 |
|  Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(h)</sup>  | 6118 | 6297 |
|  Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(h)</sup>  | 27 | 28 |
|  Fannie Mae Pool #MA5262 3.50% 12/1/2053 <sup>(h)</sup>  | 33 | 31 |
|  Fannie Mae Pool #BY1448 4.00% 12/1/2053 <sup>(h)</sup>  | 10954 | 10413 |
|  Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(h)</sup>  | 260 | 264 |
|  Fannie Mae Pool #MA5247 6.00% 1/1/2054 <sup>(h)</sup>  | 144 | 148 |
|  Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(h)</sup>  | 6339 | 6599 |
|  Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(h)</sup>  | 1895 | 1987 |
|  Fannie Mae Pool #BY1343 4.00% 2/1/2054 <sup>(h)</sup>  | 12268 | 11652 |
|  Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(h)</sup>  | 1869 | 1783 |
|  Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(h)</sup>  | 575 | 584 |
|  Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(h)</sup>  | 504 | 512 |
|  Fannie Mae Pool #CB7932 6.00% 2/1/2054 <sup>(h)</sup>  | 3043 | 3135 |
|  Fannie Mae Pool #CB7933 6.50% 2/1/2054 <sup>(h)</sup>  | 1800 | 1871 |
|  Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(h)</sup>  | 10411 | 10571 |
|  Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(h)</sup>  | 4423 | 4499 |
|  Fannie Mae Pool #CB8163 6.00% 3/1/2054 <sup>(h)</sup>  | 805 | 831 |
|  Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(h)</sup>  | 783 | 805 |
|  Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(h)</sup>  | 8 | 8 |

---

---

| | |
|:---|:---|
| **101** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #CB8337 5.50% 4/1/2054 <sup>(h)</sup>  | USD6,917 | $7037 |
|  Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(h)</sup>  | 1025 | 1040 |
|  Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(h)</sup>  | 1833 | 1885 |
|  Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(h)</sup>  | 936 | 972 |
|  Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(h)</sup>  | 931 | 960 |
|  Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(h)</sup>  | 831 | 857 |
|  Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(h)</sup>  | 754 | 781 |
|  Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(h)</sup>  | 1843 | 1916 |
|  Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(h)</sup>  | 909 | 948 |
|  Fannie Mae Pool #DB5480 6.50% 6/1/2054 <sup>(h)</sup>  | 51 | 54 |
|  Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(h)</sup>  | 5332 | 5414 |
|  Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(h)</sup>  | 2307 | 2353 |
|  Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(h)</sup>  | 1398 | 1426 |
|  Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(h)</sup>  | 10396 | 10680 |
|  Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(h)</sup>  | 1133 | 1164 |
|  Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(h)</sup>  | 646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 |
|  Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(h)</sup>  | 415 | 428 |
|  Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(h)</sup>  | 112 | 115 |
|  Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(h)</sup>  | 4088 | 4294 |
|  Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(h)</sup>  | 3177 | 3327 |
|  Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(h)</sup>  | 1383 | 1448 |
|  Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(h)</sup>  | 379 | 396 |
|  Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(h)</sup>  | 229 | 240 |
|  Fannie Mae Pool #CB8977 5.00% 8/1/2054 <sup>(h)</sup>  | 401 | 402 |
|  Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(h)</sup>  | 1368 | 1391 |
|  Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(h)</sup>  | 7916 | 8133 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(h)</sup>  | 2684 | 2787 |
|  Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(h)</sup>  | 1347 | 1388 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(h)</sup>  | 1197 | 1234 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(h)</sup>  | 1088 | 1125 |
|  Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(h)</sup>  | 1053 | 1082 |
|  Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(h)</sup>  | 854 | 877 |
|  Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(h)</sup>  | 308 | 319 |
|  Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(h)</sup>  | 260 | 270 |
|  Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(h)</sup>  | 248 | 259 |
|  Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(h)</sup>  | 3859 | 4011 |
|  Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(h)</sup>  | 1451 | 1518 |
|  Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(h)</sup>  | 1212 | 1270 |
|  Fannie Mae Pool #MA5467 4.00% 9/1/2054 <sup>(h)</sup>  | 1162 | 1103 |
|  Fannie Mae Pool #CB9210 5.50% 9/1/2054 <sup>(h)</sup>  | 3687 | 3744 |
|  Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(h)</sup>  | 2297 | 2345 |
|  Fannie Mae Pool #CB9146 5.50% 9/1/2054 <sup>(h)</sup>  | 2080 | 2120 |
|  Fannie Mae Pool #BU4946 5.50% 9/1/2054 <sup>(h)</sup>  | 1072 | 1088 |
|  Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(h)</sup>  | 2704 | 2796 |
|  Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(h)</sup>  | 372 | 382 |
|  Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(h)</sup>  | 183 | 188 |
|  Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(h)</sup>  | 11790 | 12256 |
|  Fannie Mae Pool #MA5494 4.00% 10/1/2054 <sup>(h)</sup>  | 2115 | 2008 |
|  Fannie Mae Pool #DC4862 4.00% 10/1/2054 <sup>(h)</sup>  | 494 | 470 |
|  Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(h)</sup>  | 492 | 506 |
|  Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(h)</sup>  | 114 | 117 |
|  Fannie Mae Pool #FS9439 3.50% 11/1/2054 <sup>(h)</sup>  | 905 | 839 |
|  Fannie Mae Pool #DC5642 4.00% 11/1/2054 <sup>(h)</sup>  | 1665 | 1585 |
|  Fannie Mae Pool #DB7429 4.00% 11/1/2054 <sup>(h)</sup>  | 1059 | 1006 |
|  Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(h)</sup>  | 1812 | 1846 |
|  Fannie Mae Pool #DC6894 5.50% 11/1/2054 <sup>(h)</sup>  | 498 | 505 |
|  Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(h)</sup>  | 285 | 289 |
|  Fannie Mae Pool #BU5361 5.00% 12/1/2054 <sup>(h)</sup>  | 980 | 983 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(h)</sup>  | 83 | 83 |
|  Fannie Mae Pool #CB9616 5.50% 12/1/2054 <sup>(h)</sup>  | 1406 | 1432 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **102** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(h)</sup>  | USD23,968 | $24641 |
|  Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(h)</sup>  | 2749 | 2824 |
|  Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(h)</sup>  | 273 | 281 |
|  Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(h)</sup>  | 822 | 780 |
|  Fannie Mae Pool #CB9736 4.50% 1/1/2055 <sup>(h)</sup>  | 13465 | 13156 |
|  Fannie Mae Pool #CB9737 5.00% 1/1/2055 <sup>(h)</sup>  | 1773 | 1779 |
|  Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(h)</sup>  | 4294 | 4412 |
|  Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(h)</sup>  | 2640 | 2712 |
|  Fannie Mae Pool #MA5635 3.50% 2/1/2055 <sup>(h)</sup>  | – <sup>(d)</sup> | – <sup>(d)</sup> |
|  Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(h)</sup>  | 214 | 209 |
|  Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(h)</sup>  | 1673 | 1698 |
|  Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(h)</sup>  | 18858 | 19373 |
|  Fannie Mae Pool #MA5643 4.00% 3/1/2055 <sup>(h)</sup>  | 1500 | 1424 |
|  Fannie Mae Pool #MB0304 4.00% 3/1/2055 <sup>(h)</sup>  | 910 | 864 |
|  Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(h)</sup>  | 11592 | 11326 |
|  Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(h)</sup>  | 6556 | 6736 |
|  Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(h)</sup>  | 40481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42078 |
|  Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(h)</sup>  | 29589 | 30774 |
|  Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(h)</sup>  | 4987 | 4735 |
|  Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(h)</sup>  | 12283 | 12001 |
|  Fannie Mae Pool #DD6453 5.50% 4/1/2055 <sup>(h)</sup>  | 190 | 193 |
|  Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(h)</sup>  | 8403 | 8634 |
|  Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(h)</sup>  | 282 | 290 |
|  Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(h)</sup>  | 277 | 285 |
|  Fannie Mae Pool #DD6102 4.00% 5/1/2055 <sup>(h)</sup>  | 414 | 393 |
|  Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(h)</sup>  | 162 | 154 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(h)</sup>  | 16971 | 17438 |
|  Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(h)</sup>  | 5642 | 5726 |
|  Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(h)</sup>  | 2388 | 2454 |
|  Fannie Mae Pool #DE2192 6.00% 7/1/2055 <sup>(h)</sup>  | 1206 | 1239 |
|  Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(h)</sup>  | 957 | 984 |
|  Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(h)</sup>  | 14216 | 14775 |
|  Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(h)</sup>  | 9839 | 10233 |
|  Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(h)</sup>  | 1763 | 1788 |
|  Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(h)</sup>  | 2066 | 2123 |
|  Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(h)</sup>  | 1184 | 1232 |
|  Fannie Mae Pool #BV6044 3.50% 9/1/2055 <sup>(h)</sup>  | 2000 | 1854 |
|  Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(h)</sup>  | 4496 | 4562 |
|  Fannie Mae Pool #BV6254 4.00% 10/1/2055 <sup>(h)</sup>  | 592 | 562 |
|  Fannie Mae Pool #MA5876 4.00% 11/1/2055 <sup>(h)</sup>  | 1294 | 1228 |
|  Fannie Mae Pool #DF3744 4.00% 11/1/2055 <sup>(h)</sup>  | 550 | 522 |
|  Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(h)</sup>  | 447 | 424 |
|  Fannie Mae Pool #MA5942 4.00% 1/1/2056 <sup>(h)</sup>  | 442 | 419 |
|  Fannie Mae Pool #BF0133 4.00% 8/1/2056 <sup>(h)</sup>  | 5242 | 4991 |
|  Fannie Mae Pool #BM6736 4.50% 11/1/2059 <sup>(h)</sup>  | 9003 | 8883 |
|  Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(h)</sup>  | 3211 | 2799 |
|  Fannie Mae Pool #BF0546 2.50% 7/1/2061 <sup>(h)</sup>  | 8932 | 7368 |
|  Fannie Mae Pool #BF0762 3.00% 9/1/2063 <sup>(h)</sup>  | 731 | 632 |
|  Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(h)</sup>  | 3094 | 2816 |
|  Fannie Mae Pool #BF0786 4.00% 12/1/2063 <sup>(h)</sup>  | 3366 | 3175 |
|  Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(h)</sup>  | 18 | 19 |
|  Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041 <sup>(h)</sup>  | 50 | 52 |
|  Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036 <sup>(h)</sup>  | 23 | 21 |
|  Freddie Mac Pool #C91912 3.00% 2/1/2037 <sup>(h)</sup>  | 6741 | 6425 |
|  Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(h)</sup>  | 173 | 163 |
|  Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(h)</sup>  | 48 | 45 |
|  Freddie Mac Pool #G03978 5.00% 3/1/2038 <sup>(h)</sup>  | 282 | 290 |
|  Freddie Mac Pool #G04553 6.50% 9/1/2038 <sup>(h)</sup>  | 35 | 38 |
|  Freddie Mac Pool #G08347 4.50% 6/1/2039 <sup>(h)</sup>  | 41 | 42 |
|  Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(h)</sup>  | 17345 | 15228 |

---

---

| | |
|:---|:---|
| **103** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(h)</sup>  | USD398 | $410 |
|  Freddie Mac Pool #Q05807 4.00% 1/1/2042 <sup>(h)</sup>  | 1161 | 1138 |
|  Freddie Mac Pool #Q23185 4.00% 11/1/2043 <sup>(h)</sup>  | 776 | 760 |
|  Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(h)</sup>  | 510 | 499 |
|  Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(h)(i)</sup>  | 135 | 135 |
|  Freddie Mac Pool #Q37988 4.00% 12/1/2045 <sup>(h)</sup>  | 3402 | 3305 |
|  Freddie Mac Pool #G60344 4.00% 12/1/2045 <sup>(h)</sup>  | 3205 | 3122 |
|  Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(h)</sup>  | 3124 | 2905 |
|  Freddie Mac Pool #Q41090 4.50% 6/1/2046 <sup>(h)</sup>  | 169 | 168 |
|  Freddie Mac Pool #Q41909 4.50% 7/1/2046 <sup>(h)</sup>  | 149 | 149 |
|  Freddie Mac Pool #760015 4.021% 1/1/2047 <sup>(h)(i)</sup>  | 320 | 315 |
|  Freddie Mac Pool #Q46021 3.50% 2/1/2047 <sup>(h)</sup>  | 1036 | 979 |
|  Freddie Mac Pool #SI2002 4.00% 3/1/2048 <sup>(h)</sup>  | 1757 | 1699 |
|  Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(h)</sup>  | 1496 | 1489 |
|  Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(h)</sup>  | 724 | 614 |
|  Freddie Mac Pool #SI2046 2.50% 8/1/2050 <sup>(h)</sup>  | 2467 | 2095 |
|  Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(h)</sup>  | 279 | 249 |
|  Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(h)</sup>  | 24391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19925 |
|  Freddie Mac Pool #SD7528 2.00% 11/1/2050 <sup>(h)</sup>  | 14020 | 11609 |
|  Freddie Mac Pool #RA3952 2.00% 11/1/2050 <sup>(h)</sup>  | 1958 | 1589 |
|  Freddie Mac Pool #QB7306 2.00% 1/1/2051 <sup>(h)</sup>  | 1755 | 1420 |
|  Freddie Mac Pool #QB8422 2.00% 2/1/2051 <sup>(h)</sup>  | 2154 | 1743 |
|  Freddie Mac Pool #QB8934 2.50% 2/1/2051 <sup>(h)</sup>  | 56 | 47 |
|  Freddie Mac Pool #RA4542 2.50% 2/1/2051 <sup>(h)</sup>  | 23 | 20 |
|  Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(h)</sup>  | 57 | 48 |
|  Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(h)</sup>  | 25274 | 20734 |
|  Freddie Mac Pool #SD3984 2.00% 5/1/2051 <sup>(h)</sup>  | 1958 | 1585 |
|  Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(h)</sup>  | 51 | 41 |
|  Freddie Mac Pool #SD1852 2.50% 6/1/2051 <sup>(h)</sup>  | 396 | 336 |
|  Freddie Mac Pool #SD0862 2.50% 6/1/2051 <sup>(h)</sup>  | 51 | 43 |
|  Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(h)</sup>  | 640 | 542 |
|  Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(h)</sup>  | 318 | 287 |
|  Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(h)</sup>  | 764 | 622 |
|  Freddie Mac Pool #QC5527 2.50% 8/1/2051 <sup>(h)</sup>  | 857 | 725 |
|  Freddie Mac Pool #QC5857 3.00% 8/1/2051 <sup>(h)</sup>  | 322 | 286 |
|  Freddie Mac Pool #RA5782 2.50% 9/1/2051 <sup>(h)</sup>  | 7934 | 6858 |
|  Freddie Mac Pool #SD7545 2.50% 9/1/2051 <sup>(h)</sup>  | 5449 | 4723 |
|  Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(h)</sup>  | 1377 | 1166 |
|  Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(h)</sup>  | 1093 | 925 |
|  Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(h)</sup>  | 46 | 39 |
|  Freddie Mac Pool #RA5971 3.00% 9/1/2051 <sup>(h)</sup>  | 5282 | 4768 |
|  Freddie Mac Pool #QC6456 3.00% 9/1/2051 <sup>(h)</sup>  | 600 | 532 |
|  Freddie Mac Pool #RA5841 3.00% 9/1/2051 <sup>(h)</sup>  | 93 | 83 |
|  Freddie Mac Pool #RA6136 2.50% 10/1/2051 <sup>(h)</sup>  | 6616 | 5600 |
|  Freddie Mac Pool #QC8196 2.50% 10/1/2051 <sup>(h)</sup>  | 298 | 252 |
|  Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(h)</sup>  | 144 | 130 |
|  Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(h)</sup>  | 3564 | 2888 |
|  Freddie Mac Pool #QD2256 3.00% 11/1/2051 <sup>(h)</sup>  | 781 | 693 |
|  Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(h)</sup>  | 1565 | 1270 |
|  Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(h)</sup>  | 16714 | 14149 |
|  Freddie Mac Pool #RA6483 2.50% 12/1/2051 <sup>(h)</sup>  | 5300 | 4562 |
|  Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(h)</sup>  | 2929 | 2485 |
|  Freddie Mac Pool #QD2923 2.50% 12/1/2051 <sup>(h)</sup>  | 153 | 130 |
|  Freddie Mac Pool #QD6009 2.00% 1/1/2052 <sup>(h)</sup>  | 206 | 166 |
|  Freddie Mac Pool #SD0838 2.00% 1/1/2052 <sup>(h)</sup>  | 74 | 60 |
|  Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(h)</sup>  | 2530 | 2148 |
|  Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(h)</sup>  | 1888 | 1631 |
|  Freddie Mac Pool #RA6614 2.50% 1/1/2052 <sup>(h)</sup>  | 882 | 751 |
|  Freddie Mac Pool #SD0853 2.50% 1/1/2052 <sup>(h)</sup>  | 24 | 20 |
|  Freddie Mac Pool #QD5662 3.00% 1/1/2052 <sup>(h)</sup>  | 1983 | 1759 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **104** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(h)</sup>  | USD269 | $242 |
|  Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(h)</sup>  | 4236 | 3429 |
|  Freddie Mac Pool #QD7414 2.00% 2/1/2052 <sup>(h)</sup>  | 1623 | 1315 |
|  Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(h)</sup>  | 1548 | 1253 |
|  Freddie Mac Pool #QD5748 2.00% 2/1/2052 <sup>(h)</sup>  | 829 | 671 |
|  Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(h)</sup>  | 800 | 650 |
|  Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(h)</sup>  | 512 | 436 |
|  Freddie Mac Pool #QD6848 2.50% 2/1/2052 <sup>(h)</sup>  | 66 | 56 |
|  Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(h)</sup>  | 813 | 757 |
|  Freddie Mac Pool #SD4526 2.00% 3/1/2052 <sup>(h)</sup>  | 7311 | 5925 |
|  Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(h)</sup>  | 3659 | 2966 |
|  Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(h)</sup>  | 2808 | 2279 |
|  Freddie Mac Pool #QD7772 2.00% 3/1/2052 <sup>(h)</sup>  | 1702 | 1378 |
|  Freddie Mac Pool #QD8408 2.00% 3/1/2052 <sup>(h)</sup>  | 1054 | 855 |
|  Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(h)</sup>  | 823 | 667 |
|  Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(h)</sup>  | 249 | 201 |
|  Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(h)</sup>  | 54 | 44 |
|  Freddie Mac Pool #QD9460 2.50% 3/1/2052 <sup>(h)</sup>  | 775 | 659 |
|  Freddie Mac Pool #RA7091 2.50% 3/1/2052 <sup>(h)</sup>  | 28 | 24 |
|  Freddie Mac Pool #QD7983 3.50% 3/1/2052 <sup>(h)</sup>  | 456 | 423 |
|  Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(h)</sup>  | 2852 | 2314 |
|  Freddie Mac Pool #QD9950 2.00% 4/1/2052 <sup>(h)</sup>  | 1682 | 1362 |
|  Freddie Mac Pool #QD9791 2.00% 4/1/2052 <sup>(h)</sup>  | 1527 | 1237 |
|  Freddie Mac Pool #QE0312 2.00% 4/1/2052 <sup>(h)</sup>  | 1023 | 828 |
|  Freddie Mac Pool #QD9907 2.50% 4/1/2052 <sup>(h)</sup>  | 762 | 649 |
|  Freddie Mac Pool #QE0812 2.50% 4/1/2052 <sup>(h)</sup>  | 577 | 490 |
|  Freddie Mac Pool #QE1005 2.50% 4/1/2052 <sup>(h)</sup>  | 335 | 284 |
|  Freddie Mac Pool #RA7177 2.50% 4/1/2052 <sup>(h)</sup>  | 133 | 112 |
|  Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(h)</sup>  | 107 | 91 |
|  Freddie Mac Pool #SD7554 2.50% 4/1/2052 <sup>(h)</sup>  | 73 | 63 |
|  Freddie Mac Pool #QD9765 2.50% 4/1/2052 <sup>(h)</sup>  | 27 | 23 |
|  Freddie Mac Pool #QE0744 3.50% 4/1/2052 <sup>(h)</sup>  | 349 | 323 |
|  Freddie Mac Pool #QE1578 2.50% 5/1/2052 <sup>(h)</sup>  | 802 | 682 |
|  Freddie Mac Pool #QE2020 2.50% 5/1/2052 <sup>(h)</sup>  | 153 | 130 |
|  Freddie Mac Pool #QE2111 2.50% 5/1/2052 <sup>(h)</sup>  | 113 | 96 |
|  Freddie Mac Pool #QE3448 2.50% 5/1/2052 <sup>(h)</sup>  | 24 | 20 |
|  Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(h)</sup>  | 28843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25619 |
|  Freddie Mac Pool #SD4807 2.00% 6/1/2052 <sup>(h)</sup>  | 3427 | 2786 |
|  Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(h)</sup>  | 14498 | 12856 |
|  Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(h)</sup>  | 282 | 250 |
|  Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(h)</sup>  | 1748 | 1669 |
|  Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(h)</sup>  | 10697 | 9055 |
|  Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(h)</sup>  | 2478 | 2102 |
|  Freddie Mac Pool #SD4815 2.50% 7/1/2052 <sup>(h)</sup>  | 336 | 285 |
|  Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(h)</sup>  | 28640 | 25396 |
|  Freddie Mac Pool #QE8277 3.50% 7/1/2052 <sup>(h)</sup>  | 36 | 34 |
|  Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(h)</sup>  | 1110 | 994 |
|  Freddie Mac Pool #QE7976 4.50% 8/1/2052 <sup>(h)</sup>  | 34523 | 34040 |
|  Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(h)</sup>  | 157 | 154 |
|  Freddie Mac Pool #SD8262 2.50% 9/1/2052 <sup>(h)</sup>  | 839 | 713 |
|  Freddie Mac Pool #RA8252 2.50% 9/1/2052 <sup>(h)</sup>  | 712 | 607 |
|  Freddie Mac Pool #SD1581 2.50% 9/1/2052 <sup>(h)</sup>  | 96 | 82 |
|  Freddie Mac Pool #QF0925 3.00% 9/1/2052 <sup>(h)</sup>  | 1857 | 1646 |
|  Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(h)</sup>  | 687 | 674 |
|  Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(h)</sup>  | 161 | 158 |
|  Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(h)</sup>  | 101 | 99 |
|  Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(h)</sup>  | 875 | 879 |
|  Freddie Mac Pool #QF2023 4.00% 10/1/2052 <sup>(h)</sup>  | 28 | 27 |
|  Freddie Mac Pool #QF1236 4.50% 10/1/2052 <sup>(h)</sup>  | 997 | 978 |
|  Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(h)</sup>  | 67 | 66 |

---

---

| | |
|:---|:---|
| **105** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(h)</sup>  | USD2,573 | $2523 |
|  Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(h)</sup>  | 4928 | 4937 |
|  Freddie Mac Pool #QF5938 2.50% 1/1/2053 <sup>(h)</sup>  | 221 | 187 |
|  Freddie Mac Pool #SD8303 2.50% 1/1/2053 <sup>(h)</sup>  | 68 | 58 |
|  Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(h)</sup>  | 11528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11302 |
|  Freddie Mac Pool #RA8625 2.50% 2/1/2053 <sup>(h)</sup>  | 916 | 777 |
|  Freddie Mac Pool #SD8297 4.00% 2/1/2053 <sup>(h)</sup>  | 1774 | 1685 |
|  Freddie Mac Pool #RA8676 2.50% 3/1/2053 <sup>(h)</sup>  | 655 | 556 |
|  Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(h)</sup>  | 2159 | 2061 |
|  Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(h)</sup>  | 1008 | 1013 |
|  Freddie Mac Pool #SD8321 4.00% 5/1/2053 <sup>(h)</sup>  | 9888 | 9394 |
|  Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(h)</sup>  | 69 | 68 |
|  Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(h)</sup>  | 9024 | 9040 |
|  Freddie Mac Pool #SD8338 4.00% 6/1/2053 <sup>(h)</sup>  | 2887 | 2743 |
|  Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(h)</sup>  | 3457 | 3462 |
|  Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(h)</sup>  | 2536 | 2580 |
|  Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(h)</sup>  | 531 | 556 |
|  Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(h)</sup>  | 461 | 483 |
|  Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(h)</sup>  | 437 | 462 |
|  Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(h)</sup>  | 430 | 453 |
|  Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(h)</sup>  | 301 | 318 |
|  Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(h)</sup>  | 241 | 254 |
|  Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(h)</sup>  | 147 | 153 |
|  Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(h)</sup>  | 136 | 146 |
|  Freddie Mac Pool #SD3417 2.50% 7/1/2053 <sup>(h)</sup>  | 844 | 717 |
|  Freddie Mac Pool #SD8356 3.00% 7/1/2053 <sup>(h)</sup>  | 1684 | 1492 |
|  Freddie Mac Pool #SD8353 4.00% 7/1/2053 <sup>(h)</sup>  | 7856 | 7462 |
|  Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(h)</sup>  | 27 | 27 |
|  Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(h)</sup>  | 7840 | 7977 |
|  Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(h)</sup>  | 654 | 682 |
|  Freddie Mac Pool #SD8359 3.50% 8/1/2053 <sup>(h)</sup>  | 252 | 234 |
|  Freddie Mac Pool #QH1153 4.00% 9/1/2053 <sup>(h)</sup>  | 339 | 326 |
|  Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(h)</sup>  | 24494 | 24916 |
|  Freddie Mac Pool #SD4550 2.50% 10/1/2053 <sup>(h)</sup>  | 812 | 689 |
|  Freddie Mac Pool #SD4077 2.50% 10/1/2053 <sup>(h)</sup>  | 99 | 84 |
|  Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(h)</sup>  | 4194 | 4321 |
|  Freddie Mac Pool #SD8390 4.00% 11/1/2053 <sup>(h)</sup>  | 24 | 23 |
|  Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(h)</sup>  | 83473 | 83578 |
|  Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(h)</sup>  | 21615 | 21935 |
|  Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(h)</sup>  | 670 | 698 |
|  Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(h)</sup>  | 35 | 36 |
|  Freddie Mac Pool #SD8396 6.00% 1/1/2054 <sup>(h)</sup>  | 42 | 44 |
|  Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(h)</sup>  | 494 | 516 |
|  Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(h)</sup>  | 264 | 275 |
|  Freddie Mac Pool #QI0231 5.00% 2/1/2054 <sup>(h)</sup>  | 38 | 38 |
|  Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(h)</sup>  | 399 | 406 |
|  Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(h)</sup>  | 10952 | 11261 |
|  Freddie Mac Pool #RJ1871 4.00% 3/1/2054 <sup>(h)</sup>  | 299 | 284 |
|  Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(h)</sup>  | 10736 | 10901 |
|  Freddie Mac Pool #RJ1015 6.50% 3/1/2054 <sup>(h)</sup>  | 101 | 105 |
|  Freddie Mac Pool #QI3548 4.00% 4/1/2054 <sup>(h)</sup>  | 664 | 630 |
|  Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(h)</sup>  | 1452 | 1484 |
|  Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(h)</sup>  | 1070 | 1088 |
|  Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(h)</sup>  | 343 | 357 |
|  Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(h)</sup>  | 14898 | 15226 |
|  Freddie Mac Pool #RJ1419 5.50% 5/1/2054 <sup>(h)</sup>  | 7316 | 7436 |
|  Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(h)</sup>  | 2917 | 2965 |
|  Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(h)</sup>  | 484 | 504 |
|  Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(h)</sup>  | 413 | 422 |
|  Freddie Mac Pool #RJ1785 6.00% 6/1/2054 <sup>(h)</sup>  | 1550 | 1604 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **106** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(h)</sup>  | USD1,097 | $1141 |
|  Freddie Mac Pool #RJ1797 6.50% 6/1/2054 <sup>(h)</sup>  | 1489 | 1550 |
|  Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(h)</sup>  | 454 | 479 |
|  Freddie Mac Pool #QI8825 5.00% 7/1/2054 <sup>(h)</sup>  | 1882 | 1880 |
|  Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(h)</sup>  | 932 | 946 |
|  Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(h)</sup>  | 705 | 719 |
|  Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(h)</sup>  | 611 | 623 |
|  Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(h)</sup>  | 5767 | 5925 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(h)</sup>  | 2703 | 2789 |
|  Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(h)</sup>  | 614 | 633 |
|  Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(h)</sup>  | 179 | 184 |
|  Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(h)</sup>  | 9848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10237 |
|  Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(h)</sup>  | 4305 | 4481 |
|  Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(h)</sup>  | 1824 | 1910 |
|  Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(h)</sup>  | 335 | 336 |
|  Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(h)</sup>  | 238 | 238 |
|  Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(h)</sup>  | 213 | 213 |
|  Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(h)</sup>  | 5901 | 6000 |
|  Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(h)</sup>  | 3678 | 3742 |
|  Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(h)</sup>  | 3436 | 3499 |
|  Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(h)</sup>  | 1078 | 1102 |
|  Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(h)</sup>  | 618 | 630 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(h)</sup>  | 5363 | 5510 |
|  Freddie Mac Pool #RJ2212 6.00% 8/1/2054 <sup>(h)</sup>  | 2685 | 2796 |
|  Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(h)</sup>  | 2546 | 2624 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(h)</sup>  | 1659 | 1715 |
|  Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(h)</sup>  | 860 | 885 |
|  Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(h)</sup>  | 208 | 214 |
|  Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(h)</sup>  | 2356 | 2449 |
|  Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(h)</sup>  | 1562 | 1635 |
|  Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(h)</sup>  | 1234 | 1290 |
|  Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(h)</sup>  | 678 | 708 |
|  Freddie Mac Pool #RJ2422 5.50% 9/1/2054 <sup>(h)</sup>  | 3467 | 3526 |
|  Freddie Mac Pool #SD6328 5.50% 9/1/2054 <sup>(h)</sup>  | 2735 | 2799 |
|  Freddie Mac Pool #QJ3044 5.50% 9/1/2054 <sup>(h)</sup>  | 2212 | 2246 |
|  Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(h)</sup>  | 2189 | 2226 |
|  Freddie Mac Pool #RJ2415 5.50% 9/1/2054 <sup>(h)</sup>  | 1461 | 1496 |
|  Freddie Mac Pool #RJ2408 5.50% 9/1/2054 <sup>(h)</sup>  | 1324 | 1348 |
|  Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(h)</sup>  | 1071 | 1087 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(h)</sup>  | 5690 | 5867 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(h)</sup>  | 3067 | 3171 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(h)</sup>  | 2911 | 3030 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(h)</sup>  | 2831 | 2946 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(h)</sup>  | 1661 | 1712 |
|  Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(h)</sup>  | 1611 | 1655 |
|  Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(h)</sup>  | 1050 | 1097 |
|  Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(h)</sup>  | 532 | 558 |
|  Freddie Mac Pool #RJ2474 6.50% 9/1/2054 <sup>(h)</sup>  | 340 | 354 |
|  Freddie Mac Pool #RJ2411 6.50% 9/1/2054 <sup>(h)</sup>  | 200 | 209 |
|  Freddie Mac Pool #RJ2470 6.50% 9/1/2054 <sup>(h)</sup>  | 99 | 103 |
|  Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(h)</sup>  | 1457 | 1479 |
|  Freddie Mac Pool #RJ2850 4.50% 11/1/2054 <sup>(h)</sup>  | 2016 | 1981 |
|  Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(h)</sup>  | 116 | 114 |
|  Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(h)</sup>  | 5046 | 5041 |
|  Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(h)</sup>  | 6112 | 6202 |
|  Freddie Mac Pool #RJ2913 5.50% 11/1/2054 <sup>(h)</sup>  | 5252 | 5339 |
|  Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(h)</sup>  | 5602 | 5591 |
|  Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(h)</sup>  | 3365 | 3378 |
|  Freddie Mac Pool #QX1743 5.00% 12/1/2054 <sup>(h)</sup>  | 849 | 852 |
|  Freddie Mac Pool #QX2834 5.00% 12/1/2054 <sup>(h)</sup>  | 277 | 278 |

---

---

| | |
|:---|:---|
| **107** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(h)</sup>  | USD3,023 | $3068 |
|  Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(h)</sup>  | 1208 | 1231 |
|  Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(h)</sup>  | 277 | 281 |
|  Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(h)</sup>  | 4043 | 4103 |
|  Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(h)</sup>  | 9673 | 9938 |
|  Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(h)</sup>  | 1671 | 1717 |
|  Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(h)</sup>  | 3031 | 2878 |
|  Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(h)</sup>  | 3536 | 3454 |
|  Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(h)</sup>  | 165 | 168 |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(h)</sup>  | 28738 | 29525 |
|  Freddie Mac Pool #SL0588 3.50% 3/1/2055 <sup>(h)</sup>  | 231 | 214 |
|  Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(h)</sup>  | 987 | 1002 |
|  Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(h)</sup>  | 2499 | 2567 |
|  Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(h)</sup>  | 13606 | 14143 |
|  Freddie Mac Pool #QY1239 4.00% 4/1/2055 <sup>(h)</sup>  | 1683 | 1597 |
|  Freddie Mac Pool #QX9668 4.00% 4/1/2055 <sup>(h)</sup>  | 470 | 446 |
|  Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(h)</sup>  | 1655 | 1654 |
|  Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(h)</sup>  | 4818 | 4951 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(h)</sup>  | 3113 | 3199 |
|  Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(h)</sup>  | 84 | 86 |
|  Freddie Mac Pool #QY2186 6.50% 4/1/2055 <sup>(h)</sup>  | 4230 | 4398 |
|  Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(h)</sup>  | 3077 | 3122 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(h)(j)</sup>  | 61437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63132 |
|  Freddie Mac Pool #QY3774 6.00% 5/1/2055 <sup>(h)</sup>  | 4291 | 4410 |
|  Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(h)</sup>  | 664 | 682 |
|  Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(h)</sup>  | 616 | 633 |
|  Freddie Mac Pool #RJ4529 6.00% 5/1/2055 <sup>(h)</sup>  | 190 | 195 |
|  Freddie Mac Pool #QY5967 4.00% 6/1/2055 <sup>(h)</sup>  | 1558 | 1479 |
|  Freddie Mac Pool #RQ0010 4.00% 6/1/2055 <sup>(h)</sup>  | 526 | 499 |
|  Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(h)</sup>  | 75 | 76 |
|  Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(h)</sup>  | 7332 | 7621 |
|  Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(h)</sup>  | 331 | 314 |
|  Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(h)</sup>  | 3943 | 3935 |
|  Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(h)</sup>  | 4154 | 4214 |
|  Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(h)(j)</sup>  | 90173 | 92616 |
|  Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(h)</sup>  | 415 | 427 |
|  Freddie Mac Pool #SL1959 6.50% 7/1/2055 <sup>(h)</sup>  | 1072 | 1115 |
|  Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(h)</sup>  | 2884 | 2962 |
|  Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(h)</sup>  | 297 | 301 |
|  Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(h)</sup>  | 253 | 260 |
|  Freddie Mac Pool #RQ0061 4.00% 11/1/2055 <sup>(h)</sup>  | 1706 | 1619 |
|  Freddie Mac, Series T041, Class 3A, 4.449% 7/25/2032 <sup>(h)(i)</sup>  | 139 | 129 |
|  Freddie Mac, Series K755, Class A2, Multi Family, 5.203% 2/25/2031 <sup>(h)</sup>  | 10192 | 10682 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(h)</sup>  | 1948 | 1862 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056 <sup>(h)(i)</sup>  | 833 | 804 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(h)</sup>  | 3860 | 3666 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(h)(i)</sup>  | 3708 | 3540 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(h)(i)</sup>  | 737 | 674 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(h)</sup>  | 614 | 561 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(h)(i)</sup>  | 1159 | 1139 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(h)</sup>  | 1582 | 1425 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(h)</sup>  | 6428 | 6267 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(h)</sup>  | 3766 | 3548 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(h)</sup>  | 1503 | 1481 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029 <sup>(h)</sup>  | 2920 | 2874 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029 <sup>(h)</sup>  | 2455 | 2396 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(h)</sup>  | 1831 | 1742 |
|  Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048 <sup>(h)</sup>  | 269 | 255 |
|  Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048 <sup>(h)</sup>  | 241 | 239 |
|  Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050 <sup>(h)</sup>  | 144 | 142 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **108** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(h)</sup>  | USD6,356 | $5271 |
|  Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(h)</sup>  | 63574 | 52712 |
|  Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051 <sup>(h)</sup>  | 1236 | 1226 |
|  Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051 <sup>(h)</sup>  | 344 | 342 |
|  Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(h)</sup>  | 132 | 114 |
|  Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(h)</sup>  | 18684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16136 |
|  Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(h)</sup>  | 4536 | 3918 |
|  Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(h)</sup>  | 17043 | 15345 |
|  Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(h)</sup>  | 733 | 633 |
|  Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(h)</sup>  | 12969 | 11676 |
|  Government National Mortgage Assn. Pool #MA8099 3.50% 6/20/2052 <sup>(h)</sup>  | 122 | 112 |
|  Government National Mortgage Assn. Pool #MA8197 2.50% 8/20/2052 <sup>(h)</sup>  | 771 | 669 |
|  Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(h)</sup>  | 600 | 554 |
|  Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(h)</sup>  | 9110 | 8671 |
|  Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/2052 <sup>(h)</sup>  | 28825 | 26445 |
|  Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/2052 <sup>(h)</sup>  | 2027 | 1753 |
|  Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/2053 <sup>(h)</sup>  | 1747 | 1512 |
|  Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(h)</sup>  | 2799 | 2742 |
|  Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(h)</sup>  | 23698 | 23224 |
|  Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(h)</sup>  | 5029 | 4780 |
|  Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(h)</sup>  | 1995 | 1489 |
|  Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(h)(k)</sup>  | 1152 | 932 |
|  Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(h)(k)</sup>  | 4130 | 3654 |
|  Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(h)(k)</sup>  | 1189 | 1099 |
|  Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(h)(k)</sup>  | 14723 | 13967 |
|  Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(h)(k)</sup>  | 4947 | 4830 |
|  Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(h)(k)</sup>  | 29825 | 30627 |
|  Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(h)(k)</sup>  | 9035 | 9391 |
|  Uniform Mortgage-Backed Security 2.00% 2/1/2056 <sup>(h)(k)</sup>  | 10503 | 8490 |
|  Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(h)(k)</sup>  | 113416 | 104506 |
|  |  | 2549588 |
|  **Commercial mortgage-backed securities 0.76%** |  |  |
|  Bank Commercial Mortgage Trust, Series 2022-BNK43, Class A5, 4.399% 8/15/2055 <sup>(h)</sup>  | 1400 | 1376 |
|  Bank Commercial Mortgage Trust, Series 2023-BNK45, Class A5, 5.203% 2/15/2056 <sup>(h)</sup>  | 645 | 660 |
|  Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/2056 <sup>(h)</sup>  | 5368 | 5651 |
|  Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(h)(i)</sup>  | 857 | 914 |
|  Bank Commercial Mortgage Trust, Series 2024-5YR9, Class A3, 5.614% 8/15/2057 <sup>(h)</sup>  | 4615 | 4806 |
|  Bank Commercial Mortgage Trust, Series 2024-5YR8, Class A3, 5.884% 8/15/2057 <sup>(h)</sup>  | 1380 | 1446 |
|  Bank Commercial Mortgage Trust, Series 2024-5YR12, Class A3, 5.902% 12/15/2057 <sup>(h)(i)</sup>  | 4062 | 4274 |
|  Bank Commercial Mortgage Trust, Series 2024-5YR12, Class AS, 6.122% 12/15/2057 <sup>(h)(i)</sup>  | 1914 | 2003 |
|  Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(h)</sup>  | 2909 | 2672 |
|  Barclays Commercial Mortgage Securities, LLC, Series 2022-C16, Class A5, 4.60% 6/15/2055 <sup>(h)(i)</sup>  | 490 | 487 |
|  Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class A5, 5.451% 4/15/2056 <sup>(h)</sup>  | 3006 | 3120 |
|  Barclays Commercial Mortgage Securities, LLC, Series 2023-C21, Class A5, 6.00% 9/15/2056 <sup>(h)(i)</sup>  | 1792 | 1930 |
|  Barclays Commercial Mortgage Securities, LLC, Series 2024-5C31, Class AS, 5.852% 12/15/2057 <sup>(h)(i)</sup>  | 1828 | 1896 |
|  Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051 <sup>(h)</sup>  | 1000 | 991 |
|  Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053 <sup>(h)</sup>  | 2960 | 2679 |
|  Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(h)(i)</sup>  | 750 | 754 |
|  Benchmark Mortgage Trust, Series 2024-V9, Class A3, 5.602% 8/15/2057 <sup>(h)</sup>  | 2112 | 2196 |
|  Benchmark Mortgage Trust, Series 2024-V9, Class AS, 6.064% 8/15/2057 <sup>(h)(i)</sup>  | 590 | 615 |
|  Benchmark Mortgage Trust, Series 2024-V10, Class A3, 5.277% 9/15/2057 <sup>(h)</sup>  | 618 | 637 |
|  BMO Mortgage Trust, Series 2022-C2, Class A5, 4.974% 7/15/2054 <sup>(h)(i)</sup>  | 1750 | 1776 |
|  BMO Mortgage Trust, Series 2023-C5, Class A5, 5.765% 6/15/2056 <sup>(h)</sup>  | 1117 | 1171 |
|  BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.625% 12/15/2057 <sup>(h)(i)</sup>  | 6990 | 7282 |
|  BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(h)(i)</sup>  | 1450 | 1508 |
|  BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(h)(i)</sup>  | 3334 | 3493 |

---

---

| | |
|:---|:---|
| **109** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Commercial mortgage-backed securities (continued)** |  |  |
|  BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class A, (1-month USD CME Term SOFR + 1.60%) 5.45% 12/15/2042 <sup>(f)(h)(i)</sup>  | USD3,083 | $3092 |
|  BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 4.454% 9/15/2034 <sup>(f)(h)(i)</sup>  | 5525 | 5513 |
|  BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.715% 11/15/2038 <sup>(f)(h)(i)</sup>  | 4099 | 4097 |
|  BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.74% 1/17/2039 <sup>(f)(h)(i)</sup>  | 6334 | 6332 |
|  BX Trust, Series 2024-CNYN, Class A, (1-month USD CME Term SOFR + 1.442%) 5.192% 4/15/2041 <sup>(f)(h)(i)</sup>  | 4009 | 4017 |
|  BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(f)(h)(i)</sup>  | 11410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11577 |
|  BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(f)(h)(i)</sup>  | 7395 | 7419 |
|  CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% 7/15/2041 <sup>(f)(h)(i)</sup>  | 1153 | 1156 |
|  CALI Mortgage Trust, Series 24-SUN, Class B, (1-month USD CME Term SOFR + 2.34%) 6.091% 7/15/2041 <sup>(f)(h)(i)</sup>  | 1414 | 1420 |
|  CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(f)(h)(i)</sup>  | 5162 | 5161 |
|  Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(f)(h)(i)</sup>  | 3606 | 3718 |
|  DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(f)(h)</sup>  | 3677 | 3789 |
|  Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(f)(h)(i)</sup>  | 5942 | 6067 |
|  Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.20% 12/15/2039 <sup>(f)(h)(i)</sup>  | 2748 | 2757 |
|  Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040 <sup>(f)(h)</sup>  | 3795 | 3409 |
|  Great Wolf Trust, Series 2024-WLF2, Class A, (1-month USD CME Term SOFR + 1.691%) 5.441% 5/15/2041 <sup>(f)(h)(i)</sup>  | 8302 | 8335 |
|  GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 4.936% 9/10/2038 <sup>(f)(h)(i)</sup>  | 1214 | 1215 |
|  GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(h)</sup>  | 2489 | 2292 |
|  Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% 3/15/2042 <sup>(f)(h)(i)</sup>  | 2059 | 2064 |
|  Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(f)(h)(i)</sup>  | 5246 | 5445 |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(f)(h)(i)</sup>  | 10151 | 10533 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(f)(h)</sup>  | 1522 | 1378 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039 <sup>(f)(h)</sup>  | 578 | 523 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 1/5/2039 <sup>(f)(h)(i)</sup>  | 100 | 84 |
|  JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + 1.593%) 5.343% 11/15/2039 <sup>(f)(h)(i)</sup>  | 1960 | 1966 |
|  Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039 <sup>(f)(h)</sup>  | 13772 | 13256 |
|  Morgan Stanley Capital I Trust, Series 2022-L8, Class A5, 3.791% 4/15/2055 <sup>(h)(i)</sup>  | 370 | 349 |
|  Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) 6.274% 5/25/2055 <sup>(f)(h)(i)</sup>  | 577 | 580 |
|  NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(f)(h)(i)</sup>  | 627 | 629 |
|  SCG Hotel Issuer, Inc., Series 2025-SNIP, Class A, 5.25% 9/15/2042 <sup>(f)(h)(i)</sup>  | 1543 | 1548 |
|  SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) 5.142% 5/15/2039 <sup>(f)(h)(i)</sup>  | 3964 | 3963 |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(f)(h)</sup>  | 2194 | 1964 |
|  SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 4.595% 11/15/2038 <sup>(f)(h)(i)</sup>  | 4033 | 4032 |
|  StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 4.75% 1/15/2039 <sup>(f)(h)(i)</sup>  | 10709 | 10712 |
|  SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) 5.193% 2/15/2042 <sup>(f)(h)(i)</sup>  | 9322 | 9250 |
|  Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class A, 5.761% 9/15/2040 <sup>(f)(h)(i)</sup>  | 345 | 349 |
|  Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class A4, 4.00% 4/15/2055 <sup>(h)(i)</sup>  | 1620 | 1553 |
|  Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class AS, 6.52% 7/15/2057 <sup>(h)</sup>  | 430 | 451 |
|  WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 6.539% 11/15/2027 <sup>(f)(h)(i)</sup>  | 5000 | 5040 |
|  |  | 211372 |
|  **Collateralized mortgage-backed obligations (privately originated) 0.25%** |  |  |
|  Angel Oak Mortgage Trust, Series 2024-7, Class A1, 5.621% 5/25/2069 (6.621% on 7/1/2028) <sup>(f)(h)(l)</sup>  | 5331 | 5374 |
|  Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(f)(h)(i)</sup>  | 563 | 510 |
|  BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on 5/1/2027) <sup>(f)(h)(l)</sup>  | 461 | 465 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **110** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
|  **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |  |
|  Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(f)(h)(i)</sup>  | USD5,105 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5011 |
|  CIM Trust, Series 2025-R1, Class A1, 5.00% 2/25/2099 (8.00% on 3/1/2028) <sup>(f)(h)(l)</sup>  | 1487 |  | 1483 |
|  COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443% 9/25/2069 (6.443% on 8/1/2028) <sup>(f)(h)(l)</sup>  | 2457 |  | 2474 |
|  CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034 <sup>(h)</sup>  | 104 |  | 106 |
|  Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(f)(h)</sup>  | 6393 |  | 6198 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(f)(h)(i)</sup>  | 180 |  | 181 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class A1, (30-day Average USD-SOFR + 1.25%) 5.124% 5/25/2044 <sup>(f)(h)(i)</sup>  | 3385 |  | 3399 |
|  Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(f)(h)</sup>  | 3062 |  | 2999 |
|  IRV Trust, Series 2025-200P, Class A, 5.295% 3/14/2047 <sup>(f)(h)(i)</sup>  | 6890 |  | 7081 |
|  MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034 <sup>(h)</sup>  | 180 |  | 180 |
|  MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(f)(h)(l)</sup>  | 1943 |  | 1950 |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% on 5/1/2028) <sup>(f)(h)(l)</sup>  | 2073 |  | 2101 |
|  Onslow Bay Financial Mortgage Loan Trust, Series 2025-NQM8, Class A1, 5.472% 3/25/2065 (6.472% on 5/1/2029) <sup>(f)(h)(l)</sup>  | 567 |  | 572 |
|  Onslow Bay Financial, LLC, Series 2022-NQM6, Class A1, 4.70% 7/25/2062 (5.70% on 6/1/2026) <sup>(f)(h)(l)</sup>  | 4261 |  | 4237 |
|  Onslow Bay Financial, LLC, Series 2025-NQM14, Class A1A, 5.162% 7/25/2065 (6.162% on 7/1/2029) <sup>(f)(h)(l)</sup>  | 1833 |  | 1843 |
|  Progress Residential Trust, Series 2021-SFR6, Class A, 1.524% 7/17/2038 <sup>(f)(h)</sup>  | 2436 |  | 2405 |
|  Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(f)(h)</sup>  | 2635 |  | 2513 |
|  Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) 5.50%<br>10/17/2041 <sup>(f)(h)(i)</sup>  | 4921 |  | 4941 |
|  Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) 5.201%<br>2/17/2042 <sup>(f)(h)(i)</sup>  | 674 |  | 675 |
|  Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063 <sup>(f)(h)</sup>  | 2312 |  | 2250 |
|  Verus Securitization Trust, Series 2025-R1, Class A1, 5.402% 5/25/2065 (6.402% on 7/1/2029) <sup>(f)(h)(l)</sup>  | 1048 |  | 1056 |
|  Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027) <sup>(f)(h)(l)</sup>  | 1616 |  | 1623 |
|  Verus Securitization Trust, Series 2024-R1, Class A1, 5.218% 9/25/2069 <sup>(f)(h)(i)</sup>  | 1754 |  | 1757 |
|  Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(f)(h)(l)</sup>  | 1104 |  | 1114 |
|  Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(f)(h)(l)</sup>  | 492 |  | 494 |
|  Verus Securitization Trust, Series 2025-8, Class A1A, 4.869% 9/25/2070 (5.869% on 9/1/2029) <sup>(f)(h)(l)</sup>  | 2504 |  | 2507 |
|  |  |  | 67499 |
|  **Total mortgage-backed obligations** |  |  | 2828459 |
| **U.S. Treasury bonds & notes 8.24%** | **U.S. Treasury bonds & notes 8.24%** | **U.S. Treasury bonds & notes 8.24%** | **U.S. Treasury bonds & notes 8.24%** |
|  **U.S. Treasury 8.20%** |  |  |  |
|  U.S. Treasury 0.50% 2/28/2026 | 42515 |  | 42299 |
|  U.S. Treasury 4.625% 2/28/2026 | 1878 |  | 1881 |
|  U.S. Treasury 3.625% 5/15/2026 | 1071 |  | 1071 |
|  U.S. Treasury 4.625% 6/30/2026 | 17210 |  | 17301 |
|  U.S. Treasury 4.125% 2/15/2027 | 1258 |  | 1266 |
|  U.S. Treasury 2.625% 5/31/2027 | 96250 |  | 95098 |
|  U.S. Treasury 0.50% 6/30/2027 | 28098 |  | 26887 |
|  U.S. Treasury 3.75% 6/30/2027 | 18100 |  | 18170 |
|  U.S. Treasury 4.125% 9/30/2027 | 90000 |  | 90969 |
|  U.S. Treasury 3.375% 11/30/2027 | 118 |  | 118 |
|  U.S. Treasury 4.00% 12/15/2027 | 40000 |  | 40391 |
|  U.S. Treasury 3.375% 12/31/2027 | 233676 |  | 233229 |
|  U.S. Treasury 4.00% 2/29/2028 | 46200 |  | 46687 |
|  U.S. Treasury 3.625% 3/31/2028 | 9 |  | 9 |
|  U.S. Treasury 3.50% 4/30/2028 | 5600 |  | 5599 |
|  U.S. Treasury 3.50% 12/15/2028 | 66245 |  | 66170 |
|  U.S. Treasury 4.00% 1/31/2029 | 8844 |  | 8958 |
|  U.S. Treasury 2.875% 4/30/2029 | 50000 |  | 48902 |
|  U.S. Treasury 4.25% 6/30/2029 | 28885 |  | 29502 |
|  U.S. Treasury 4.00% 3/31/2030 | 83865 |  | 84946 |
|  U.S. Treasury 0.625% 5/15/2030 | 9358 |  | 8214 |

---

---

| | |
|:---|:---|
| **111** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** | **U.S. Treasury bonds & notes (continued)** |
|  **U.S. Treasury (continued)** |  |  |  |
|  U.S. Treasury 3.875% 6/30/2030 | USD21,920 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22087 |
|  U.S. Treasury 4.00% 7/31/2030 | 8160 |  | 8265 |
|  U.S. Treasury 4.875% 10/31/2030 | 35491 |  | 37293 |
|  U.S. Treasury 3.50% 11/30/2030 | 7890 |  | 7813 |
|  U.S. Treasury 3.625% 12/31/2030 | 426135 |  | 424188 |
|  U.S. Treasury 4.25% 6/30/2031 | 17165 |  | 17561 |
|  U.S. Treasury 2.875% 5/15/2032 | 50000 |  | 47164 |
|  U.S. Treasury 4.00% 6/30/2032 | 17325 |  | 17435 |
|  U.S. Treasury 4.125% 11/15/2032 | 648 |  | 656 |
|  U.S. Treasury 3.875% 12/31/2032 | 97124 |  | 96737 |
|  U.S. Treasury 3.50% 2/15/2033 | 27034 |  | 26284 |
|  U.S. Treasury 3.875% 8/15/2033 <sup>(j)</sup>  | 114911 |  | 114031 |
|  U.S. Treasury 4.375% 5/15/2034 | 14285 |  | 14611 |
|  U.S. Treasury 4.25% 11/15/2034 | 2075 |  | 2098 |
|  U.S. Treasury 4.00% 11/15/2035 | 126327 |  | 124610 |
|  U.S. Treasury 1.375% 11/15/2040 | 51338 |  | 33394 |
|  U.S. Treasury 1.75% 8/15/2041 | 24960 |  | 16877 |
|  U.S. Treasury 2.00% 11/15/2041 | 1058 |  | 740 |
|  U.S. Treasury 4.625% 5/15/2044 | 14927 |  | 14680 |
|  U.S. Treasury 5.00% 5/15/2045 | 3325 |  | 3418 |
|  U.S. Treasury 4.625% 11/15/2045 | 100612 |  | 98443 |
|  U.S. Treasury 2.50% 2/15/2046 | 3365 |  | 2347 |
|  U.S. Treasury 3.00% 5/15/2047 | 8383 |  | 6305 |
|  U.S. Treasury 3.00% 2/15/2048 | 301 |  | 225 |
|  U.S. Treasury 2.25% 2/15/2052 | 72025 |  | 43815 |
|  U.S. Treasury 4.00% 11/15/2052 | 5700 |  | 4953 |
|  U.S. Treasury 3.625% 2/15/2053 <sup>(j)</sup>  | 121025 |  | 98188 |
|  U.S. Treasury 3.625% 5/15/2053 | 18989 |  | 15393 |
|  U.S. Treasury 4.25% 2/15/2054 | 17191 |  | 15578 |
|  U.S. Treasury 4.25% 8/15/2054 | 37315 |  | 33817 |
|  U.S. Treasury 4.625% 2/15/2055 | 6175 |  | 5961 |
|  U.S. Treasury 4.75% 8/15/2055 | 46670 |  | 45984 |
|  |  |  | 2268618 |
|  **U.S. Treasury inflation-protected securities 0.04%** |  |  |  |
|  U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(m)</sup>  | 12655 |  | 12008 |
|  **Total U.S. Treasury bonds & notes** |  |  | 2280626 |
| **Corporate bonds and notes 7.15%** | **Corporate bonds and notes 7.15%** | **Corporate bonds and notes 7.15%** | **Corporate bonds and notes 7.15%** |
|  **Financials 1.38%** |  |  |  |
|  AerCap Ireland Capital DAC 2.45% 10/29/2026 | 4890 |  | 4825 |
|  AG Issuer, LLC 6.25% 3/1/2028 <sup>(f)</sup>  | 4470 |  | 4505 |
|  Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(f)</sup>  | 1940 |  | 1936 |
|  Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(f)</sup>  | 2295 |  | 2305 |
|  Ally Financial, Inc. 8.00% 11/1/2031 | 2688 |  | 3054 |
|  American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(l)</sup>  | 2407 |  | 2630 |
|  American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(l)</sup>  | 2885 |  | 2998 |
|  American International Group, Inc. 5.125% 3/27/2033 | 2187 |  | 2252 |
|  American International Group, Inc. 5.45% 5/7/2035 | 530 |  | 552 |
|  AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(f)</sup>  | 1348 |  | 1327 |
|  Aon North America, Inc. 5.45% 3/1/2034 | 600 |  | 624 |
|  Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(f)</sup>  | 2415 |  | 2520 |
|  Aretec Group, Inc. 7.50% 4/1/2029 <sup>(f)</sup>  | 1250 |  | 1261 |
|  Arthur J. Gallagher & Co. 5.15% 2/15/2035 | 3194 |  | 3229 |
|  Arthur J. Gallagher & Co. 5.55% 2/15/2055 | 567 |  | 545 |
|  Asurion, LLC 8.00% 12/31/2032 <sup>(f)</sup>  | 3600 |  | 3737 |
|  Athene Holding, Ltd. 6.625% 5/19/2055 | 770 |  | 785 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **112** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Financials (continued)** |  |  |
|  Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029) <sup>(l)</sup>  | USD2,176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066 |
|  Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(l)</sup>  | 485 | 463 |
|  Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(l)</sup>  | 5533 | 5776 |
|  Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(l)</sup>  | 1000 | 895 |
|  Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(l)</sup>  | 4064 | 4185 |
|  Bank of Montreal 4.10% 12/15/2027 (USD-SOFR + 0.525% on 12/15/2026) <sup>(l)</sup>  | 2000 | 2005 |
|  BBVA Bancomer SA 7.625% 2/11/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.375% on 2/11/2030) <sup>(f)(l)</sup>  | 2220 | 2337 |
|  Berkshire Hathaway, Inc. 3.125% 3/15/2026 | 448 | 447 |
|  Blackstone Private Credit Fund 5.95% 7/16/2029 | 8721 | 8902 |
|  Blackstone Private Credit Fund 6.00% 11/22/2034 | 2020 | 2041 |
|  Block, Inc. 5.625% 8/15/2030 <sup>(f)</sup>  | 2110 | 2154 |
|  Block, Inc. 3.50% 6/1/2031 | 2325 | 2187 |
|  Blue Owl Credit Income Corp. 4.70% 2/8/2027 | 1230 | 1226 |
|  Blue Owl Credit Income Corp. 6.65% 3/15/2031 | 800 | 825 |
|  BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(f)(l)</sup>  | 2535 | 2400 |
|  Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(f)</sup>  | 1150 | 1223 |
|  BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(f)(l)</sup>  | 8155 | 8527 |
|  Brown & Brown, Inc. 4.60% 12/23/2026 | 1250 | 1257 |
|  Brown & Brown, Inc. 5.25% 6/23/2032 | 358 | 367 |
|  Brown & Brown, Inc. 5.55% 6/23/2035 | 7665 | 7864 |
|  Brown & Brown, Inc. 6.25% 6/23/2055 | 5952 | 6197 |
|  CaixaBank SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(f)(l)</sup>  | 938 | 975 |
|  Chubb INA Holdings, LLC 3.35% 5/3/2026 | 880 | 878 |
|  Chubb INA Holdings, LLC 5.00% 3/15/2034 | 4623 | 4731 |
|  Chubb INA Holdings, LLC 4.90% 8/15/2035 | 600 | 603 |
|  Chubb INA Holdings, LLC 4.35% 11/3/2045 | 400 | 350 |
|  Cipher Compute, LLC 7.125% 11/15/2030 <sup>(f)</sup>  | 1845 | 1881 |
|  Citibank, NA 4.914% 5/29/2030 | 4825 | 4965 |
|  Citigroup, Inc. 4.786% 3/4/2029 (USD-SOFR + 0.87% on 3/4/2028) <sup>(l)</sup>  | 6497 | 6591 |
|  Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(l)</sup>  | 2242 | 2301 |
|  Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(l)</sup>  | 4257 | 4294 |
|  Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030) <sup>(l)</sup>  | 53 | 49 |
|  Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031) <sup>(l)</sup>  | 2506 | 2246 |
|  Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(l)</sup>  | 1299 | 1361 |
|  Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(l)</sup>  | 1551 | 1587 |
|  CME Group, Inc. 3.75% 6/15/2028 | 3069 | 3074 |
|  Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(f)</sup>  | 6514 | 6211 |
|  Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(f)</sup>  | 5766 | 5145 |
|  Corebridge Financial, Inc. 3.65% 4/5/2027 | 914 | 909 |
|  Corebridge Financial, Inc. 3.85% 4/5/2029 | 556 | 547 |
|  Corebridge Financial, Inc. 3.90% 4/5/2032 | 315 | 299 |
|  Corebridge Financial, Inc. 4.35% 4/5/2042 | 182 | 156 |
|  Corebridge Financial, Inc. 4.40% 4/5/2052 | 438 | 356 |
|  Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(l)</sup>  | 6650 | 6542 |
|  Deutsche Bank AG 5.706% 2/8/2028 (USD-SOFR + 1.594% on 2/8/2027) <sup>(l)</sup>  | 1109 | 1127 |
|  Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(l)</sup>  | 2016 | 2111 |
|  Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(l)</sup>  | 750 | 801 |
|  Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(l)</sup>  | 300 | 286 |
|  Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(f)</sup>  | 3600 | 3604 |
|  Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(l)</sup>  | 1970 | 1937 |
|  Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(l)</sup>  | 3584 | 3529 |
|  Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(l)</sup>  | 1375 | 1437 |
|  Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(l)</sup>  | 2184 | 2214 |
|  Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(l)</sup>  | 5033 | 5022 |
|  Goldman Sachs Group, Inc. 4.939% 10/21/2036 (USD-SOFR + 1.33% on 10/21/2035) <sup>(l)</sup>  | 1443 | 1433 |
|  Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041) <sup>(l)</sup>  | 1792 | 1389 |
|  HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031) <sup>(l)</sup>  | 937 | 858 |
|  HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(l)</sup>  | 873 | 794 |

---

---

| | |
|:---|:---|
| **113** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Financials (continued)** |  |  |
|  HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(l)</sup>  | USD15,084 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15569 |
|  HSBC Holdings PLC 5.79% 5/13/2036 (USD-SOFR + 1.88% on 5/13/2035) <sup>(l)</sup>  | 809 | 855 |
|  HSBC Holdings PLC 5.133% 11/6/2036 (USD-SOFR + 1.43% on 11/6/2035) <sup>(l)</sup>  | 480 | 481 |
|  HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(l)</sup>  | 537 | 589 |
|  HUB International, Ltd. 7.375% 1/31/2032 <sup>(f)</sup>  | 690 | 725 |
|  Intercontinental Exchange, Inc. 5.25% 6/15/2031 | 2020 | 2117 |
|  Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032) <sup>(f)(l)</sup>  | 4122 | 4869 |
|  ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(f)</sup>  | 560 | 568 |
|  ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(f)</sup>  | 1485 | 1411 |
|  Jane Street Group, LLC 6.75% 5/1/2033 <sup>(f)</sup>  | 4700 | 4909 |
|  Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(f)</sup>  | 330 | 347 |
|  JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(l)</sup>  | 2666 | 2659 |
|  JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(l)</sup>  | 1066 | 1077 |
|  JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027) <sup>(l)</sup>  | 1550 | 1557 |
|  JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027) <sup>(l)</sup>  | 3351 | 3395 |
|  JPMorgan Chase & Co. 4.505% 10/22/2028 (USD-SOFR + 0.86% on 10/22/2027) <sup>(l)</sup>  | 3630 | 3666 |
|  JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028) <sup>(l)</sup>  | 4250 | 4478 |
|  JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(l)</sup>  | 927 | 967 |
|  JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(l)</sup>  | 4261 | 4322 |
|  JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(l)</sup>  | 2360 | 2105 |
|  JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(l)</sup>  | 1081 | 1116 |
|  JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(l)</sup>  | 2931 | 3076 |
|  Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026) <sup>(l)</sup>  | 1222 | 1207 |
|  Marsh & McLennan Cos., Inc. 4.375% 3/15/2029 | 1705 | 1723 |
|  Marsh & McLennan Cos., Inc. 4.85% 11/15/2031 | 7000 | 7184 |
|  Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 | 2250 | 2280 |
|  Marsh & McLennan Cos., Inc. 4.90% 3/15/2049 | 719 | 652 |
|  Marsh & McLennan Cos., Inc. 2.90% 12/15/2051 | 920 | 586 |
|  Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 | 2000 | 1927 |
|  Mastercard, Inc. 4.35% 1/15/2032 | 551 | 554 |
|  Mastercard, Inc. 4.85% 3/9/2033 | 258 | 265 |
|  Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(f)</sup>  | 1600 | 1647 |
|  Morgan Stanley 3.125% 7/27/2026 | 325 | 324 |
|  Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(l)</sup>  | 2013 | 2053 |
|  Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(l)</sup>  | 3995 | 4086 |
|  Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028) <sup>(l)</sup>  | 1547 | 1597 |
|  Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(l)</sup>  | 3121 | 3201 |
|  Morgan Stanley 5.23% 1/15/2031 (USD-SOFR + 1.108% on 1/15/2030) <sup>(l)</sup>  | 875 | 903 |
|  Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030) <sup>(l)</sup>  | 575 | 540 |
|  Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(l)</sup>  | 410 | 423 |
|  Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(l)</sup>  | 3906 | 3894 |
|  Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(l)</sup>  | 6468 | 6413 |
|  Navient Corp. 6.75% 6/15/2026 | 150 | 152 |
|  Navient Corp. 5.50% 3/15/2029 | 11105 | 11032 |
|  Navient Corp. 11.50% 3/15/2031 | 4860 | 5447 |
|  Navient Corp. 7.875% 6/15/2032 | 1095 | 1147 |
|  New York Life Global Funding 2.35% 7/14/2026 <sup>(f)</sup>  | 529 | 525 |
|  New York Life Global Funding 4.55% 1/28/2033 <sup>(f)</sup>  | 1132 | 1129 |
|  Northwestern Mutual Global Funding 1.75% 1/11/2027 <sup>(f)</sup>  | 2240 | 2194 |
|  PayPal Holdings, Inc. 2.65% 10/1/2026 | 593 | 588 |
|  PayPal Holdings, Inc. 2.30% 6/1/2030 | 552 | 511 |
|  PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(f)</sup>  | 1375 | 1436 |
|  Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(f)</sup>  | 221 | 233 |
|  PNC Bank, NA 4.543% 5/13/2027 (USD-SOFR + 0.63% on 5/13/2026) <sup>(l)</sup>  | 1720 | 1723 |
|  PNC Bank, NA 5.373% 7/21/2036 (USD-SOFR + 1.417% on 7/21/2035) <sup>(l)</sup>  | 442 | 455 |
|  PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) <sup>(l)</sup>  | 596 | 622 |
|  Power Finance Corp., Ltd. 5.25% 8/10/2028 | 383 | 392 |
|  Power Finance Corp., Ltd. 6.15% 12/6/2028 | 350 | 368 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **114** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Financials (continued)** |  |  |
|  Power Finance Corp., Ltd. 4.50% 6/18/2029 | USD554 | $554 |
|  Power Finance Corp., Ltd. 3.95% 4/23/2030 | 1213 | 1183 |
|  Prudential Financial, Inc. 4.35% 2/25/2050 | 1976 | 1644 |
|  Prudential Financial, Inc. 3.70% 3/13/2051 | 677 | 507 |
|  Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(f)</sup>  | 1230 | 1295 |
|  Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(f)</sup>  | 2110 | 2081 |
|  Rocket Mortgage, LLC 3.625% 3/1/2029 <sup>(f)</sup>  | 1505 | 1455 |
|  SLM Corp. 6.50% 1/31/2030 | 1460 | 1513 |
|  Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(f)</sup>  | 3580 | 3560 |
|  Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(f)</sup>  | 4650 | 4701 |
|  Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(f)</sup>  | 970 | 1026 |
|  Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029) <sup>(f)(l)</sup>  | 1000 | 1008 |
|  Travelers Cos., Inc. 4.00% 5/30/2047 | 771 | 629 |
|  Truist Bank 4.671% 5/20/2027 (USD-SOFR + 0.59% on 5/20/2026) <sup>(l)</sup>  | 2000 | 2004 |
|  Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(l)</sup>  | 1677 | 1809 |
|  Truist Financial Corp. 5.071% 5/20/2031 (USD-SOFR + 1.309% on 5/20/2030) <sup>(l)</sup>  | 506 | 520 |
|  U.S. Bancorp 2.375% 7/22/2026 | 3584 | 3558 |
|  U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) <sup>(l)</sup>  | 3808 | 3959 |
|  UBS Group AG 3.869% 1/12/2029 (3-month USD CME Term SOFR + 1.672% on 1/12/2028) <sup>(f)(l)</sup>  | 800 | 796 |
|  UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on 2/8/2029) <sup>(f)(l)</sup>  | 3575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699 |
|  UniCredit SpA 4.625% 4/12/2027 <sup>(f)</sup>  | 625 | 629 |
|  Voyager Parent, LLC 9.25% 7/1/2032 <sup>(f)</sup>  | 5950 | 6317 |
|  Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(l)</sup>  | 6295 | 6426 |
|  Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(l)</sup>  | 358 | 350 |
|  Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028) <sup>(l)</sup>  | 6474 | 6842 |
|  Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(l)</sup>  | 3360 | 3721 |
|  Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030) <sup>(l)</sup>  | 2980 | 2701 |
|  Westpac Banking Corp. 2.963% 11/16/2040 | 1344 | 1025 |
|  WEX, Inc. 6.50% 3/15/2033 <sup>(f)</sup>  | 1025 | 1053 |
|  |  | 381858 |
|  **Communication services 1.00%** |  |  |
|  Alphabet, Inc. 4.375% 11/15/2032 | 177 | 178 |
|  Alphabet, Inc. 4.70% 11/15/2035 | 4643 | 4646 |
|  Alphabet, Inc. 5.25% 5/15/2055 | 4660 | 4467 |
|  Alphabet, Inc. 5.45% 11/15/2055 | 7155 | 7024 |
|  Alphabet, Inc. 5.30% 5/15/2065 | 1654 | 1557 |
|  Altice France 6.50% 4/15/2032 <sup>(f)</sup>  | 3440 | 3300 |
|  AT&T, Inc. 3.50% 9/15/2053 | 5140 | 3442 |
|  CCO Holdings, LLC 5.125% 5/1/2027 <sup>(f)</sup>  | 3200 | 3197 |
|  CCO Holdings, LLC 4.75% 3/1/2030 <sup>(f)</sup>  | 1350 | 1290 |
|  CCO Holdings, LLC 4.75% 2/1/2032 <sup>(f)</sup>  | 3115 | 2849 |
|  CCO Holdings, LLC 4.50% 5/1/2032 | 7189 | 6457 |
|  CCO Holdings, LLC 4.50% 6/1/2033 <sup>(f)</sup>  | 2085 | 1828 |
|  CCO Holdings, LLC 4.25% 1/15/2034 <sup>(f)</sup>  | 3260 | 2775 |
|  Charter Communications Operating, LLC 4.40% 4/1/2033 | 1000 | 942 |
|  Charter Communications Operating, LLC 4.80% 3/1/2050 | 4823 | 3627 |
|  Charter Communications Operating, LLC 3.70% 4/1/2051 | 5493 | 3471 |
|  Charter Communications Operating, LLC 3.90% 6/1/2052 | 11863 | 7667 |
|  Charter Communications Operating, LLC 5.25% 4/1/2053 | 4965 | 3933 |
|  Charter Communications Operating, LLC 6.70% 12/1/2055 | 1048 | 1006 |
|  Comcast Corp. 2.35% 1/15/2027 | 57 | 56 |
|  Connect Finco SARL 9.00% 9/15/2029 <sup>(f)</sup>  | 8125 | 8629 |
|  CSC Holdings, LLC 5.50% 4/15/2027 <sup>(f)</sup>  | 1400 | 1201 |
|  DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(f)</sup>  | 2352 | 2367 |

---

---

| | |
|:---|:---|
| **115** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Communication services (continued)** |  |  |
|  DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(f)</sup>  | USD2,825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862 |
|  Discovery Communications, LLC 4.125% 5/15/2029 | 1100 | 1064 |
|  DISH Network Corp. 11.75% 11/15/2027 <sup>(f)</sup>  | 10154 | 10574 |
|  EchoStar Corp. 10.75% 11/30/2029 | 6925 | 7663 |
|  EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(g)</sup>  | 3759 | 3855 |
|  Embarq, LLC 7.995% 6/1/2036 | 8084 | 3355 |
|  Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(f)</sup>  | 6550 | 6604 |
|  Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 5591 | 5663 |
|  Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(f)</sup>  | 3196 | 3253 |
|  Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(f)</sup>  | 1100 | 1150 |
|  Gray Media, Inc. 10.50% 7/15/2029 <sup>(f)</sup>  | 6574 | 7081 |
|  Gray Media, Inc. 4.75% 10/15/2030 <sup>(f)</sup>  | 1656 | 1286 |
|  Gray Media, Inc. 5.375% 11/15/2031 <sup>(f)</sup>  | 4790 | 3596 |
|  Gray Media, Inc. 9.625% 7/15/2032 <sup>(f)</sup>  | 495 | 514 |
|  Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(f)(g)(n)</sup>  | 7520 | 1918 |
|  Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(f)</sup>  | 815 | 851 |
|  Meta Platforms, Inc. 4.60% 11/15/2032 | 10688 | 10777 |
|  Meta Platforms, Inc. 4.875% 11/15/2035 | 11777 | 11766 |
|  Meta Platforms, Inc. 5.50% 11/15/2045 | 3092 | 3004 |
|  Meta Platforms, Inc. 5.40% 8/15/2054 | 7084 | 6596 |
|  Meta Platforms, Inc. 5.625% 11/15/2055 | 4890 | 4697 |
|  Meta Platforms, Inc. 5.75% 11/15/2065 | 3180 | 3036 |
|  Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(f)</sup>  | 1875 | 1886 |
|  Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(f)</sup>  | 2950 | 2930 |
|  SBA Tower Trust 1.631% 11/15/2026 <sup>(f)</sup>  | 7802 | 7635 |
|  Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(f)</sup>  | 1375 | 1437 |
|  Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(f)</sup>  | 6650 | 6509 |
|  Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(f)</sup>  | 7282 | 6931 |
|  Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(f)</sup>  | 7547 | 6955 |
|  Take-Two Interactive Software, Inc. 4.00% 4/14/2032 | 2185 | 2120 |
|  T-Mobile USA, Inc. 1.50% 2/15/2026 | 52 | 52 |
|  T-Mobile USA, Inc. 2.05% 2/15/2028 | 34 | 33 |
|  T-Mobile USA, Inc. 4.95% 3/15/2028 | 1918 | 1955 |
|  T-Mobile USA, Inc. 4.80% 7/15/2028 | 416 | 424 |
|  T-Mobile USA, Inc. 5.30% 5/15/2035 | 3347 | 3433 |
|  T-Mobile USA, Inc. 4.95% 11/15/2035 | 833 | 828 |
|  Univision Communications, Inc. 8.00% 8/15/2028 <sup>(f)</sup>  | 300 | 311 |
|  Univision Communications, Inc. 4.50% 5/1/2029 <sup>(f)</sup>  | 6234 | 5993 |
|  Univision Communications, Inc. 7.375% 6/30/2030 <sup>(f)</sup>  | 1216 | 1240 |
|  Univision Communications, Inc. 9.375% 8/1/2032 <sup>(f)</sup>  | 1375 | 1479 |
|  Verizon Communications, Inc. 2.55% 3/21/2031 | 410 | 375 |
|  Verizon Communications, Inc. 2.355% 3/15/2032 | 4078 | 3595 |
|  Verizon Communications, Inc. 4.75% 1/15/2033 | 3196 | 3194 |
|  Verizon Communications, Inc. 5.05% 5/9/2033 | 1946 | 1997 |
|  Verizon Communications, Inc. 5.25% 4/2/2035 | 5810 | 5907 |
|  Verizon Communications, Inc. 5.00% 1/15/2036 | 6873 | 6817 |
|  Verizon Communications, Inc. 5.401% 7/2/2037 <sup>(f)</sup>  | 181 | 183 |
|  Verizon Communications, Inc. 2.85% 9/3/2041 | 238 | 172 |
|  Verizon Communications, Inc. 5.75% 11/30/2045 | 1493 | 1483 |
|  Verizon Communications, Inc. 5.875% 11/30/2055 | 2781 | 2750 |
|  Verizon Communications, Inc. 2.987% 10/30/2056 | 1537 | 916 |
|  Verizon Communications, Inc. 6.00% 11/30/2065 | 1681 | 1661 |
|  Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(f)</sup>  | 1445 | 1492 |
|  WarnerMedia Holdings, Inc. 3.755% 3/15/2027 | 2163 | 2152 |
|  WarnerMedia Holdings, Inc. 4.054% 3/15/2029 | 825 | 803 |
|  WarnerMedia Holdings, Inc. 4.279% 3/15/2032 | 6050 | 5318 |
|  WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 9640 | 6808 |
|  WarnerMedia Holdings, Inc. 5.141% 3/15/2052 | 1425 | 942 |
|  |  | 275790 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **116** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Consumer discretionary 0.91%** |  |  |
|  Alibaba Group Holding, Ltd. 2.125% 2/9/2031 | USD501 | $455 |
|  Alibaba Group Holding, Ltd. 4.50% 11/28/2034 | 766 | 757 |
|  Alibaba Group Holding, Ltd. 4.00% 12/6/2037 | 200 | 184 |
|  Amazon.com, Inc. 4.10% 11/20/2030 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702 |
|  Amazon.com, Inc. 4.65% 11/20/2035 | 7700 | 7672 |
|  Amazon.com, Inc. 5.45% 11/20/2055 | 6392 | 6243 |
|  Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(f)</sup>  | 2115 | 2081 |
|  Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(f)(g)</sup>  | 7125 | 7871 |
|  Carnival Corp. 4.00% 8/1/2028 <sup>(f)</sup>  | 2375 | 2341 |
|  Carnival Corp. 5.125% 5/1/2029 <sup>(f)</sup>  | 1500 | 1517 |
|  Carnival Corp. 6.125% 2/15/2033 <sup>(f)</sup>  | 1270 | 1312 |
|  Daimler Trucks Finance North America, LLC 4.95% 1/13/2028 <sup>(f)</sup>  | 6570 | 6672 |
|  Daimler Trucks Finance North America, LLC 5.125% 1/19/2028 <sup>(f)</sup>  | 604 | 616 |
|  Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(f)</sup>  | 1350 | 1285 |
|  Daimler Trucks Finance North America, LLC 5.125% 9/25/2029 <sup>(f)</sup>  | 3281 | 3370 |
|  Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(f)</sup>  | 8140 | 8387 |
|  Flutter Treasury DAC 5.875% 6/4/2031 <sup>(f)</sup>  | 5937 | 6023 |
|  Flutter Treasury DAC 6.125% 6/4/2031 | GBP1,700 | 2312 |
|  Ford Motor Credit Co., LLC 6.798% 11/7/2028 | USD2,111 | 2215 |
|  Ford Motor Credit Co., LLC 5.80% 3/8/2029 | 3385 | 3460 |
|  Ford Motor Credit Co., LLC 5.875% 11/7/2029 | 6830 | 7014 |
|  Ford Motor Credit Co., LLC 5.73% 9/5/2030 | 6818 | 6926 |
|  Ford Motor Credit Co., LLC 6.532% 3/19/2032 | 4600 | 4813 |
|  Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 1425 | 1531 |
|  Ford Motor Credit Co., LLC 6.125% 3/8/2034 | 10930 | 11111 |
|  Ford Motor Credit Co., LLC 6.50% 2/7/2035 | 4800 | 4975 |
|  Ford Motor Credit Co., LLC 5.869% 10/31/2035 | 16021 | 15829 |
|  General Motors Financial Co., Inc. 5.35% 1/7/2030 | 10705 | 11058 |
|  General Motors Financial Co., Inc. 5.90% 1/7/2035 | 5417 | 5651 |
|  Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(f)</sup>  | 3525 | 3563 |
|  Group 1 Automotive, Inc. 6.375% 1/15/2030 <sup>(f)</sup>  | 1385 | 1428 |
|  Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(f)</sup>  | 1885 | 1806 |
|  Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(f)</sup>  | 3580 | 3480 |
|  Home Depot, Inc. 1.50% 9/15/2028 | 3000 | 2832 |
|  Home Depot, Inc. 3.90% 12/6/2028 | 825 | 828 |
|  Home Depot, Inc. 2.95% 6/15/2029 | 1174 | 1136 |
|  Home Depot, Inc. 1.875% 9/15/2031 | 3000 | 2646 |
|  Home Depot, Inc. 4.50% 12/6/2048 | 428 | 370 |
|  Home Depot, Inc. 5.30% 6/25/2054 | 3000 | 2872 |
|  Hyatt Hotels Corp. 5.05% 3/30/2028 | 3726 | 3796 |
|  Hyatt Hotels Corp. 5.75% 3/30/2032 | 3520 | 3690 |
|  Hyundai Capital America 1.50% 6/15/2026 <sup>(f)</sup>  | 762 | 753 |
|  Hyundai Capital America 5.45% 6/24/2026 <sup>(f)</sup>  | 3905 | 3929 |
|  Hyundai Capital America 4.875% 6/23/2027 <sup>(f)</sup>  | 1334 | 1349 |
|  Hyundai Capital America 5.275% 6/24/2027 <sup>(f)</sup>  | 6273 | 6381 |
|  Hyundai Capital America 2.375% 10/15/2027 <sup>(f)</sup>  | 2311 | 2244 |
|  Hyundai Capital America 4.90% 6/23/2028 <sup>(f)</sup>  | 4992 | 5071 |
|  Hyundai Capital America 2.10% 9/15/2028 <sup>(f)</sup>  | 2756 | 2608 |
|  Hyundai Capital America 5.30% 1/8/2030 <sup>(f)</sup>  | 10081 | 10392 |
|  Hyundai Capital America 5.10% 6/24/2030 <sup>(f)</sup>  | 4980 | 5098 |
|  Hyundai Capital America 5.40% 1/8/2031 <sup>(f)</sup>  | 991 | 1024 |
|  International Game Technology PLC 5.25% 1/15/2029 <sup>(f)</sup>  | 2445 | 2448 |
|  KB Home 7.25% 7/15/2030 | 1295 | 1339 |
|  LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(f)</sup>  | 440 | 434 |
|  LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(f)</sup>  | 1025 | 1085 |
|  Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(f)</sup>  | 2900 | 2806 |
|  Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(f)</sup>  | 1025 | 986 |
|  Marriott International, Inc. 4.90% 4/15/2029 | 1207 | 1236 |
|  Marriott International, Inc. 2.75% 10/15/2033 | 2500 | 2188 |
|  Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(f)</sup>  | 528 | 505 |

---

---

| | |
|:---|:---|
| **117** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Consumer discretionary (continued)** |  |  |
|  McDonald's Corp. 4.60% 9/9/2032 | USD642 | $654 |
|  Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(f)</sup>  | 1710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711 |
|  Newell Brands, Inc. 8.50% 6/1/2028 <sup>(f)</sup>  | 715 | 751 |
|  Newell Brands, Inc. 6.625% 9/15/2029 | 1850 | 1846 |
|  Newell Brands, Inc. 6.375% 5/15/2030 | 535 | 523 |
|  Newell Brands, Inc. 6.625% 5/15/2032 | 385 | 374 |
|  Newell Brands, Inc. 7.375% 4/1/2036 | 1025 | 964 |
|  Newell Brands, Inc. 7.50% 4/1/2046 | 475 | 397 |
|  Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(f)</sup>  | 320 | 313 |
|  Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(f)</sup>  | 1940 | 2037 |
|  Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(f)</sup>  | 1600 | 1701 |
|  Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(f)</sup>  | 1220 | 1297 |
|  Party City Holdings, Inc. 0% 8/27/2030 <sup>(c)</sup>  | 1355 | 27 |
|  Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027 <sup>(f)</sup>  | 910 | 917 |
|  Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(f)</sup>  | 1030 | 1059 |
|  Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036 | 6767 | 6798 |
|  Sally Holdings, LLC 6.75% 3/1/2032 | 920 | 962 |
|  Sands China, Ltd. 2.30% 3/8/2027 | 1859 | 1817 |
|  Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(f)</sup>  | 530 | 471 |
|  Starbucks Corp. 5.00% 2/15/2034 | 1457 | 1489 |
|  Starbucks Corp. 5.40% 5/15/2035 | 2997 | 3118 |
|  Toyota Motor Credit Corp. 0.80% 1/9/2026 | 384 | 384 |
|  Toyota Motor Credit Corp. 1.90% 1/13/2027 | 2240 | 2199 |
|  Travel + Leisure Co. 4.50% 12/1/2029 <sup>(f)</sup>  | 2100 | 2057 |
|  Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(f)</sup>  | 1475 | 1449 |
|  |  | 251021 |
|  **Health care 0.80%** |  |  |
|  1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(f)</sup>  | 5606 | 5834 |
|  AbbVie, Inc. 5.20% 3/15/2035 | 3056 | 3166 |
|  AbbVie, Inc. 5.40% 3/15/2054 | 4085 | 3975 |
|  AbbVie, Inc. 5.60% 3/15/2055 | 2261 | 2268 |
|  AdaptHealth, LLC 6.125% 8/1/2028 <sup>(f)</sup>  | 545 | 551 |
|  AdaptHealth, LLC 4.625% 8/1/2029 <sup>(f)</sup>  | 1990 | 1937 |
|  AdaptHealth, LLC 5.125% 3/1/2030 <sup>(f)</sup>  | 945 | 926 |
|  Amgen, Inc. 5.25% 3/2/2030 | 129 | 134 |
|  Amgen, Inc. 5.25% 3/2/2033 | 4050 | 4194 |
|  Amgen, Inc. 5.60% 3/2/2043 | 1500 | 1510 |
|  Amgen, Inc. 5.65% 3/2/2053 | 2464 | 2414 |
|  Amgen, Inc. 4.40% 2/22/2062 | 1521 | 1190 |
|  Amgen, Inc. 5.75% 3/2/2063 | 231 | 226 |
|  AstraZeneca Finance, LLC 1.75% 5/28/2028 | 1677 | 1603 |
|  AstraZeneca Finance, LLC 4.90% 2/26/2031 | 1658 | 1717 |
|  AstraZeneca Finance, LLC 2.25% 5/28/2031 | 665 | 606 |
|  AstraZeneca Finance, LLC 5.00% 2/26/2034 | 3181 | 3293 |
|  Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(f)</sup>  | 4000 | 3964 |
|  Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(f)</sup>  | 1236 | 1107 |
|  Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(f)</sup>  | 620 | 643 |
|  Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(f)</sup>  | 1000 | 656 |
|  Baxter International, Inc. 1.915% 2/1/2027 | 2061 | 2012 |
|  Baxter International, Inc. 2.272% 12/1/2028 | 3180 | 3003 |
|  Baxter International, Inc. 4.45% 2/15/2029 | 259 | 260 |
|  Baxter International, Inc. 4.90% 12/15/2030 | 941 | 949 |
|  Baxter International, Inc. 5.65% 12/15/2035 | 682 | 690 |
|  Bayer US Finance, LLC 6.125% 11/21/2026 <sup>(f)</sup>  | 5419 | 5498 |
|  Bayer US Finance, LLC 6.25% 1/21/2029 <sup>(f)</sup>  | 3092 | 3254 |
|  Bristol-Myers Squibb Co. 5.10% 2/22/2031 | 187 | 195 |
|  Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 825 | 858 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **118** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Health care (continued)** |  |  |
|  CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(f)</sup>  | USD1,750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 |
|  CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(f)</sup>  | 257 | 281 |
|  Cigna Group (The) 5.25% 1/15/2036 | 7390 | 7528 |
|  Cigna Group (The) 6.00% 1/15/2056 | 4957 | 5101 |
|  CVS Health Corp. 5.00% 1/30/2029 | 3831 | 3913 |
|  CVS Health Corp. 5.40% 6/1/2029 | 4144 | 4294 |
|  CVS Health Corp. 5.55% 6/1/2031 | 3039 | 3182 |
|  CVS Health Corp. 5.70% 6/1/2034 | 4053 | 4249 |
|  CVS Health Corp. 6.20% 9/15/2055 | 4630 | 4704 |
|  DaVita, Inc. 3.75% 2/15/2031 <sup>(f)</sup>  | 2865 | 2653 |
|  DaVita, Inc. 6.875% 9/1/2032 <sup>(f)</sup>  | 810 | 844 |
|  DaVita, Inc. 6.75% 7/15/2033 <sup>(f)</sup>  | 1600 | 1660 |
|  Elevance Health, Inc. 5.20% 2/15/2035 | 610 | 624 |
|  Elevance Health, Inc. 5.125% 2/15/2053 | 308 | 279 |
|  Elevance Health, Inc. 5.70% 9/15/2055 | 7000 | 6863 |
|  Eli Lilly and Co. 5.10% 2/12/2035 | 8075 | 8351 |
|  Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(f)</sup>  | 2200 | 2328 |
|  GE HealthCare Technologies, Inc. 4.80% 8/14/2029 | 1522 | 1556 |
|  Gilead Sciences, Inc. 5.25% 10/15/2033 | 2642 | 2777 |
|  Gilead Sciences, Inc. 5.10% 6/15/2035 | 500 | 513 |
|  Humana, Inc. 5.375% 4/15/2031 | 2862 | 2960 |
|  Humana, Inc. 5.55% 5/1/2035 | 6289 | 6424 |
|  Humana, Inc. 5.75% 4/15/2054 | 1359 | 1284 |
|  Insulet Corp. 6.50% 4/1/2033 <sup>(f)</sup>  | 2885 | 3018 |
|  Medline Borrower, LP 6.25% 4/1/2029 <sup>(f)</sup>  | 2050 | 2122 |
|  Medtronic Global Holdings S.C.A. 4.25% 3/30/2028 | 1983 | 1998 |
|  Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(f)</sup>  | 545 | 536 |
|  Novant Health, Inc. 3.168% 11/1/2051 | 3360 | 2246 |
|  Novartis Capital Corp. 2.00% 2/14/2027 | 570 | 560 |
|  Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(f)</sup>  | 6269 | 4260 |
|  Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(f)</sup>  | 2300 | 1470 |
|  Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 1000 | 947 |
|  Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(f)</sup>  | 4445 | 4649 |
|  Roche Holdings, Inc. 4.203% 9/9/2029 <sup>(f)</sup>  | 3450 | 3476 |
|  Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(f)</sup>  | 2244 | 2240 |
|  Summa Health 3.511% 11/15/2051 | 1483 | 1200 |
|  Takeda U.S. Financing, Inc. 5.20% 7/7/2035 | 8987 | 9158 |
|  Takeda U.S. Financing, Inc. 5.90% 7/7/2055 | 656 | 664 |
|  Tenet Healthcare Corp. 4.625% 6/15/2028 | 645 | 649 |
|  Tenet Healthcare Corp. 4.25% 6/1/2029 | 1975 | 1947 |
|  Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 5360 | 5310 |
|  Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 11995 | 12140 |
|  Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 2000 | 2305 |
|  UnitedHealth Group, Inc. 4.95% 1/15/2032 | 5863 | 6012 |
|  UnitedHealth Group, Inc. 5.15% 7/15/2034 | 3650 | 3740 |
|  UnitedHealth Group, Inc. 5.30% 6/15/2035 | 5621 | 5822 |
|  UnitedHealth Group, Inc. 5.625% 7/15/2054 | 5400 | 5303 |
|  UnitedHealth Group, Inc. 5.95% 6/15/2055 | 4549 | 4674 |
|  Viatris, Inc. 4.00% 6/22/2050 | 2937 | 1957 |
|  |  | 221160 |
|  **Information technology 0.67%** |  |  |
|  Accenture Capital, Inc. 4.25% 10/4/2031 | 4734 | 4740 |
|  Accenture Capital, Inc. 4.50% 10/4/2034 | 4453 | 4393 |
|  Amphenol Corp. 3.90% 11/15/2028 | 1500 | 1499 |
|  Amphenol Corp. 4.40% 2/15/2033 | 743 | 735 |
|  Amphenol Corp. 4.625% 2/15/2036 | 12046 | 11806 |
|  Amphenol Corp. 5.30% 11/15/2055 | 5758 | 5505 |

---

---

| | |
|:---|:---|
| **119** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Information technology (continued)** |  |  |
|  ams-OSRAM AG 12.25% 3/30/2029 <sup>(f)</sup>  | USD1,340 | $1430 |
|  Analog Devices, Inc. 5.05% 4/1/2034 | 1148 | 1187 |
|  Analog Devices, Inc. 5.30% 4/1/2054 | 1579 | 1521 |
|  Broadcom, Inc. 5.20% 7/15/2035 | 190 | 195 |
|  Broadcom, Inc. 3.137% 11/15/2035 <sup>(f)</sup>  | 600 | 517 |
|  Broadcom, Inc. 4.90% 2/15/2038 | 6167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6049 |
|  Cisco Systems, Inc. 5.10% 2/24/2035 | 8669 | 8911 |
|  Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(f)</sup>  | 4125 | 4182 |
|  Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(f)</sup>  | 3750 | 3908 |
|  Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(f)</sup>  | 2975 | 3111 |
|  CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(f)</sup>  | 5703 | 5694 |
|  CommScope, LLC 8.25% 3/1/2027 <sup>(f)</sup>  | 1527 | 1540 |
|  CommScope, LLC 7.125% 7/1/2028 <sup>(f)</sup>  | 1973 | 1985 |
|  CommScope, LLC 9.50% 12/15/2031 <sup>(f)</sup>  | 325 | 329 |
|  Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(f)</sup>  | 7575 | 8080 |
|  Fair Isaac Corp. 4.00% 6/15/2028 <sup>(f)</sup>  | 1050 | 1039 |
|  Fair Isaac Corp. 6.00% 5/15/2033 <sup>(f)</sup>  | 3925 | 4044 |
|  Gen Digital, Inc. 6.25% 4/1/2033 <sup>(f)</sup>  | 1375 | 1424 |
|  Hughes Satellite Systems Corp. 5.25% 8/1/2026 | 12971 | 12405 |
|  Hughes Satellite Systems Corp. 6.625% 8/1/2026 | 9228 | 8437 |
|  Intel Corp. 3.05% 8/12/2051 | 3212 | 1977 |
|  Intel Corp. 5.60% 2/21/2054 | 6636 | 6131 |
|  Microchip Technology, Inc. 5.05% 3/15/2029 | 2688 | 2744 |
|  NCR Atleos Corp. 9.50% 4/1/2029 <sup>(f)</sup>  | 4144 | 4500 |
|  Oracle Corp. 5.25% 2/3/2032 | 493 | 493 |
|  Oracle Corp. 5.50% 8/3/2035 | 647 | 634 |
|  Oracle Corp. 5.20% 9/26/2035 | 7845 | 7519 |
|  Oracle Corp. 5.875% 9/26/2045 | 280 | 253 |
|  Oracle Corp. 6.00% 8/3/2055 | 4451 | 3929 |
|  Oracle Corp. 5.95% 9/26/2055 | 4112 | 3646 |
|  Oracle Corp. 6.10% 9/26/2065 | 3733 | 3295 |
|  Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(f)</sup>  | 3700 | 3231 |
|  Roper Technologies, Inc. 5.10% 9/15/2035 | 357 | 360 |
|  Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(f)</sup>  | 2400 | 2479 |
|  Synopsys, Inc. 5.15% 4/1/2035 | 4181 | 4251 |
|  Synopsys, Inc. 5.70% 4/1/2055 | 2521 | 2503 |
|  Texas Instruments, Inc. 4.60% 2/8/2029 | 2222 | 2271 |
|  Texas Instruments, Inc. 4.85% 2/8/2034 | 1203 | 1234 |
|  Texas Instruments, Inc. 5.10% 5/23/2035 | 4500 | 4642 |
|  Texas Instruments, Inc. 5.15% 2/8/2054 | 4750 | 4495 |
|  UKG, Inc. 6.875% 2/1/2031 <sup>(f)</sup>  | 950 | 977 |
|  Unisys Corp. 10.625% 1/15/2031 <sup>(f)</sup>  | 1228 | 1259 |
|  Viasat, Inc. 5.625% 4/15/2027 <sup>(f)</sup>  | 6733 | 6748 |
|  Viasat, Inc. 6.50% 7/15/2028 <sup>(f)</sup>  | 1900 | 1849 |
|  Viasat, Inc. 7.50% 5/30/2031 <sup>(f)</sup>  | 3626 | 3452 |
|  Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(e)(g)</sup>  | 945 | 1030 |
|  WULF Compute, LLC 7.75% 10/15/2030 <sup>(f)</sup>  | 2770 | 2856 |
|  X.AI Corp. 12.50% 6/30/2030 | 2485 | 2651 |
|  |  | 186075 |
|  **Energy 0.54%** |  |  |
|  Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(f)</sup>  | 2390 | 2392 |
|  Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(f)</sup>  | 175 | 181 |
|  Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(f)</sup>  | 1270 | 1278 |
|  Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(f)</sup>  | 510 | 529 |
|  Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(f)</sup>  | 430 | 445 |
|  Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(f)</sup>  | 2960 | 2979 |
|  Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(f)</sup>  | 203 | 203 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **120** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Energy (continued)** |  |  |
|  Canadian Natural Resources, Ltd. 4.95% 6/1/2047 | USD1,397 | $1235 |
|  Chord Energy Corp. 6.75% 3/15/2033 <sup>(f)</sup>  | 1325 | 1371 |
|  Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(f)</sup>  | 480 | 480 |
|  Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(f)</sup>  | 2780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868 |
|  Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(f)</sup>  | 525 | 551 |
|  Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(f)</sup>  | 735 | 763 |
|  CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(f)</sup>  | 1055 | 1028 |
|  CNX Resources Corp. 6.00% 1/15/2029 <sup>(f)</sup>  | 2675 | 2696 |
|  CNX Resources Corp. 7.375% 1/15/2031 <sup>(f)</sup>  | 553 | 575 |
|  CNX Resources Corp. 7.25% 3/1/2032 <sup>(f)</sup>  | 1180 | 1233 |
|  Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(f)</sup>  | 2320 | 2415 |
|  Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(f)</sup>  | 1510 | 1465 |
|  Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(f)</sup>  | 1210 | 1149 |
|  Devon Energy Corp. 5.20% 9/15/2034 | 1933 | 1925 |
|  Devon Energy Corp. 5.75% 9/15/2054 | 7476 | 6874 |
|  Diamondback Energy, Inc. 5.75% 4/18/2054 | 2481 | 2347 |
|  Enbridge, Inc. 3.70% 7/15/2027 | 56 | 56 |
|  Enterprise Products Operating, LLC 5.05% 1/10/2026 | 3153 | 3153 |
|  Enterprise Products Operating, LLC 5.20% 1/15/2036 | 987 | 1005 |
|  Enterprise Products Operating, LLC 4.90% 5/15/2046 | 448 | 406 |
|  EOG Resources, Inc. 4.40% 7/15/2028 | 410 | 415 |
|  EOG Resources, Inc. 5.65% 12/1/2054 | 3079 | 3014 |
|  EQT Corp. 7.50% 6/1/2030 | 642 | 707 |
|  EQT Corp. 4.75% 1/15/2031 | 1635 | 1646 |
|  Equinor ASA 4.25% 11/23/2041 | 1792 | 1593 |
|  Expand Energy Corp. 4.875% 4/15/2022 <sup>(n)</sup>  | 7225 | 1 |
|  Expand Energy Corp. 5.875% 2/1/2029 <sup>(f)</sup>  | 790 | 790 |
|  Expand Energy Corp. 5.375% 3/15/2030 | 1645 | 1668 |
|  Expand Energy Corp. 4.75% 2/1/2032 | 810 | 799 |
|  Exxon Mobil Corp. 2.44% 8/16/2029 | 213 | 204 |
|  Exxon Mobil Corp. 3.452% 4/15/2051 | 555 | 399 |
|  Genesis Energy, LP 7.75% 2/1/2028 | 350 | 352 |
|  Genesis Energy, LP 8.25% 1/15/2029 | 670 | 702 |
|  Genesis Energy, LP 8.875% 4/15/2030 | 884 | 934 |
|  Genesis Energy, LP 7.875% 5/15/2032 | 1120 | 1168 |
|  Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(f)</sup>  | 420 | 427 |
|  Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(f)</sup>  | 190 | 198 |
|  Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(f)</sup>  | 750 | 767 |
|  Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(f)</sup>  | 1655 | 1663 |
|  Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(f)</sup>  | 960 | 942 |
|  Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(f)</sup>  | 400 | 407 |
|  Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(f)</sup>  | 465 | 454 |
|  Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(f)</sup>  | 540 | 515 |
|  Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(f)</sup>  | 475 | 487 |
|  Matador Resources Co. 6.50% 4/15/2032 <sup>(f)</sup>  | 1325 | 1345 |
|  MPLX, LP 4.125% 3/1/2027 | 448 | 448 |
|  MPLX, LP 5.40% 9/15/2035 | 1329 | 1339 |
|  Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(f)</sup>  | 1745 | 1831 |
|  New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(f)</sup>  | 1375 | 106 |
|  NFE Financing, LLC 12.00% 11/15/2029 <sup>(f)(n)</sup>  | 20423 | 5923 |
|  Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(f)</sup>  | 300 | 303 |
|  Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(f)</sup>  | 725 | 706 |
|  Occidental Petroleum Corp. 6.60% 3/15/2046 | 2268 | 2353 |
|  Occidental Petroleum Corp. 6.05% 10/1/2054 | 6482 | 6203 |
|  Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(f)</sup>  | 586 | 632 |
|  Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(f)</sup>  | 1020 | 1067 |
|  Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(f)</sup>  | 800 | 821 |
|  Petrobras Global Finance BV 5.125% 9/10/2030 | 5550 | 5446 |
|  Petroleos Mexicanos 6.84% 1/23/2030 | 1925 | 1956 |
|  Petroleos Mexicanos 5.95% 1/28/2031 | 1925 | 1864 |

---

---

| | |
|:---|:---|
| **121** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Energy (continued)** |  |  |
|  Petroleos Mexicanos 6.50% 6/2/2041 | USD41 | $36 |
|  Petroleos Mexicanos 6.375% 1/23/2045 | 16 | 13 |
|  Petroleos Mexicanos 6.75% 9/21/2047 | 139 | 114 |
|  Petroleos Mexicanos 6.35% 2/12/2048 | 23 | 18 |
|  Petroleos Mexicanos 7.69% 1/23/2050 | 2548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 |
|  Petroleos Mexicanos 6.95% 1/28/2060 | 163 | 133 |
|  Plains All American Pipeline, LP 3.80% 9/15/2030 | 101 | 98 |
|  Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(f)</sup>  | 3799 | 3711 |
|  Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(f)</sup>  | 625 | 650 |
|  South Bow USA Infrastructure Holdings, LLC 5.026% 10/1/2029 | 1668 | 1693 |
|  Sunoco, LP 5.875% 7/15/2027 <sup>(f)</sup>  | 1550 | 1559 |
|  Sunoco, LP 7.00% 9/15/2028 <sup>(f)</sup>  | 1475 | 1527 |
|  Sunoco, LP 4.50% 5/15/2029 | 925 | 909 |
|  Sunoco, LP 4.50% 4/30/2030 | 1105 | 1080 |
|  Sunoco, LP 4.625% 5/1/2030 <sup>(f)</sup>  | 510 | 496 |
|  Sunoco, LP 5.625% 3/15/2031 <sup>(f)</sup>  | 550 | 554 |
|  Sunoco, LP 6.25% 7/1/2033 <sup>(f)</sup>  | 530 | 543 |
|  Sunoco, LP 5.875% 3/15/2034 <sup>(f)</sup>  | 580 | 580 |
|  Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 4.23% on 9/18/2030) <sup>(f)(l)</sup>  | 1470 | 1511 |
|  Talos Production, Inc. 9.00% 2/1/2029 <sup>(f)</sup>  | 500 | 521 |
|  Talos Production, Inc. 9.375% 2/1/2031 <sup>(f)</sup>  | 85 | 89 |
|  TGS ASA 8.50% 1/15/2030 <sup>(f)</sup>  | 1235 | 1294 |
|  Tidewater, Inc. 9.125% 7/15/2030 <sup>(f)</sup>  | 445 | 478 |
|  TotalEnergies Capital SA 5.275% 9/10/2054 | 3750 | 3527 |
|  TransCanada Pipelines, Ltd. 4.25% 5/15/2028 | 977 | 979 |
|  TransCanada Pipelines, Ltd. 4.10% 4/15/2030 | 536 | 530 |
|  Transocean International, Ltd. 7.875% 10/15/2032 <sup>(f)</sup>  | 1125 | 1180 |
|  Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(f)</sup>  | 358 | 366 |
|  Transocean, Inc. 8.50% 5/15/2031 <sup>(f)</sup>  | 2000 | 1982 |
|  Valero Energy Corp. 4.00% 4/1/2029 | 3584 | 3558 |
|  Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(f)</sup>  | 3625 | 3674 |
|  Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(f)</sup>  | 3680 | 3662 |
|  Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(f)(l)</sup>  | 2000 | 1581 |
|  Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(f)</sup>  | 925 | 942 |
|  Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(f)</sup>  | 5730 | 5872 |
|  Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(f)</sup>  | 2035 | 2085 |
|  Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(f)</sup>  | 3298 | 3383 |
|  Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(f)</sup>  | 3030 | 3105 |
|  |  | 150515 |
|  **Industrials 0.49%** |  |  |
|  AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(f)</sup>  | 167 | 168 |
|  Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(f)</sup>  | 3525 | 3693 |
|  Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(f)</sup>  | 5175 | 5355 |
|  Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(f)</sup>  | 5835 | 6095 |
|  BAE Systems PLC 5.125% 3/26/2029 <sup>(f)</sup>  | 3403 | 3502 |
|  BAE Systems PLC 5.25% 3/26/2031 <sup>(f)</sup>  | 2663 | 2769 |
|  BAE Systems PLC 5.30% 3/26/2034 <sup>(f)</sup>  | 2772 | 2872 |
|  BAE Systems PLC 5.50% 3/26/2054 <sup>(f)</sup>  | 599 | 603 |
|  Boeing Co. (The) 3.10% 5/1/2026 | 251 | 250 |
|  Boeing Co. (The) 3.25% 2/1/2028 | 2000 | 1968 |
|  Boeing Co. (The) 5.15% 5/1/2030 | 945 | 971 |
|  Boeing Co. (The) 3.625% 2/1/2031 | 178 | 171 |
|  Boeing Co. (The) 6.388% 5/1/2031 | 227 | 246 |
|  Boeing Co. (The) 3.60% 5/1/2034 | 2500 | 2276 |
|  Boeing Co. (The) 6.528% 5/1/2034 | 6029 | 6672 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **122** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Industrials (continued)** |  |  |
|  Boeing Co. (The) 5.805% 5/1/2050 | USD3,605 | $3551 |
|  Boeing Co. (The) 6.858% 5/1/2054 | 2113 | 2375 |
|  Boeing Co. (The) 7.008% 5/1/2064 | 1301 | 1484 |
|  Brink's Co. (The) 4.625% 10/15/2027 <sup>(f)</sup>  | 2385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386 |
|  Brink's Co. (The) 6.50% 6/15/2029 <sup>(f)</sup>  | 485 | 502 |
|  Brink's Co. (The) 6.75% 6/15/2032 <sup>(f)</sup>  | 850 | 890 |
|  Canadian Pacific Railway Co. 1.75% 12/2/2026 | 1385 | 1358 |
|  Canadian Pacific Railway Co. 5.20% 3/30/2035 | 2705 | 2786 |
|  Canadian Pacific Railway Co. 3.00% 12/2/2041 | 209 | 157 |
|  Canadian Pacific Railway Co. 3.10% 12/2/2051 | 653 | 434 |
|  Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(f)</sup>  | 1795 | 1825 |
|  Chart Industries, Inc. 7.50% 1/1/2030 <sup>(f)</sup>  | 1347 | 1406 |
|  CSX Corp. 4.25% 3/15/2029 | 1062 | 1072 |
|  CSX Corp. 5.05% 6/15/2035 | 6111 | 6218 |
|  FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(f)</sup>  | 1540 | 1545 |
|  General Electric Co. 4.90% 1/29/2036 | 1627 | 1653 |
|  Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(f)</sup>  | 1510 | 1590 |
|  Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(f)</sup>  | 505 | 536 |
|  Icahn Enterprises, LP 4.375% 2/1/2029 | 2500 | 2166 |
|  L3Harris Technologies, Inc. 5.40% 7/31/2033 | 4059 | 4229 |
|  Lockheed Martin Corp. 5.70% 11/15/2054 | 1657 | 1675 |
|  Norfolk Southern Corp. 4.45% 3/1/2033 | 1515 | 1511 |
|  Norfolk Southern Corp. 5.10% 5/1/2035 | 2842 | 2912 |
|  Norfolk Southern Corp. 3.05% 5/15/2050 | 2746 | 1813 |
|  Norfolk Southern Corp. 5.35% 8/1/2054 | 4136 | 3954 |
|  Northrop Grumman Corp. 3.25% 1/15/2028 | 3132 | 3093 |
|  OneSky Flight, LLC 8.875% 12/15/2029 <sup>(f)</sup>  | 1125 | 1205 |
|  Otis Worldwide Corp. 2.293% 4/5/2027 | 1913 | 1875 |
|  Paychex, Inc. 5.60% 4/15/2035 | 427 | 447 |
|  QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(f)</sup>  | 1455 | 1521 |
|  Reworld Holding Corp. 4.875% 12/1/2029 <sup>(f)</sup>  | 1035 | 996 |
|  RTX Corp. 5.15% 2/27/2033 | 2669 | 2758 |
|  RTX Corp. 5.375% 2/27/2053 | 3950 | 3816 |
|  Science Applications International Corp. 5.875% 11/1/2033 <sup>(f)</sup>  | 480 | 487 |
|  Siemens Funding BV 5.80% 5/28/2055 <sup>(f)</sup>  | 6288 | 6588 |
|  Siemens Funding BV 5.90% 5/28/2065 <sup>(f)</sup>  | 5581 | 5861 |
|  Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(f)</sup>  | 2480 | 2535 |
|  Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(c)(f)</sup>  | 393 | 393 |
|  TransDigm, Inc. 6.625% 3/1/2032 <sup>(f)</sup>  | 1485 | 1547 |
|  TransDigm, Inc. 6.25% 1/31/2034 <sup>(f)</sup>  | 4100 | 4257 |
|  TransDigm, Inc. 6.75% 1/31/2034 <sup>(f)</sup>  | 2625 | 2736 |
|  Union Pacific Corp. 2.40% 2/5/2030 | 2163 | 2026 |
|  Union Pacific Corp. 5.10% 2/20/2035 | 2865 | 2958 |
|  Union Pacific Corp. 3.50% 2/14/2053 | 42 | 30 |
|  Union Pacific Corp. 5.60% 12/1/2054 | 2614 | 2609 |
|  Union Pacific Corp. 3.839% 3/20/2060 | 546 | 395 |
|  Union Pacific Corp. 3.799% 4/6/2071 | 545 | 375 |
|  |  | 136147 |
|  **Consumer staples 0.37%** |  |  |
|  7-Eleven, Inc. 0.95% 2/10/2026 <sup>(f)</sup>  | 739 | 736 |
|  Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(f)</sup>  | 1000 | 993 |
|  Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(f)</sup>  | 2960 | 2995 |
|  Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(f)</sup>  | 2750 | 2765 |
|  B&G Foods, Inc. 5.25% 9/15/2027 | 2090 | 2049 |
|  B&G Foods, Inc. 8.00% 9/15/2028 <sup>(f)</sup>  | 2010 | 1980 |
|  BAT Capital Corp. 6.343% 8/2/2030 | 124 | 134 |
|  BAT Capital Corp. 4.625% 3/22/2033 | 2026 | 2015 |

---

---

| | |
|:---|:---|
| **123** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Consumer staples (continued)** |  |  |
|  BAT Capital Corp. 6.421% 8/2/2033 | USD134 | $148 |
|  BAT Capital Corp. 5.625% 8/15/2035 | 631 | 658 |
|  BAT Capital Corp. 4.54% 8/15/2047 | 627 | 521 |
|  BAT Capital Corp. 6.25% 8/15/2055 | 6250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482 |
|  Campbell's Co. (The) 4.75% 3/23/2035 | 952 | 920 |
|  Coca-Cola Co. 1.00% 3/15/2028 | 842 | 795 |
|  Constellation Brands, Inc. 3.60% 2/15/2028 | 560 | 555 |
|  Constellation Brands, Inc. 2.25% 8/1/2031 | 1333 | 1183 |
|  Coty, Inc. 5.60% 1/15/2031 <sup>(f)</sup>  | 507 | 512 |
|  Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(f)</sup>  | 400 | 420 |
|  Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(f)</sup>  | 1400 | 1412 |
|  Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(f)</sup>  | 2250 | 2314 |
|  Imperial Brands Finance PLC 6.375% 7/1/2055 <sup>(f)</sup>  | 2101 | 2148 |
| J. M. Smucker Co. (The) 5.90% 11/15/2028 | 2385 | 2500 |
| J. M. Smucker Co. (The) 6.20% 11/15/2033 | 1554 | 1685 |
| J. M. Smucker Co. (The) 6.50% 11/15/2043 | 229 | 246 |
| J. M. Smucker Co. (The) 6.50% 11/15/2053 | 806 | 873 |
|  Mars, Inc. 4.80% 3/1/2030 <sup>(f)</sup>  | 3408 | 3483 |
|  Mars, Inc. 5.00% 3/1/2032 <sup>(f)</sup>  | 1855 | 1913 |
|  Mars, Inc. 5.20% 3/1/2035 <sup>(f)</sup>  | 385 | 396 |
|  Mars, Inc. 5.70% 5/1/2055 <sup>(f)</sup>  | 6678 | 6657 |
|  Mondelez International, Inc. 5.125% 5/6/2035 | 2176 | 2227 |
|  Philip Morris International, Inc. 5.125% 11/17/2027 | 319 | 326 |
|  Philip Morris International, Inc. 4.875% 2/15/2028 | 623 | 635 |
|  Philip Morris International, Inc. 4.625% 11/1/2029 | 703 | 716 |
|  Philip Morris International, Inc. 5.625% 11/17/2029 | 154 | 162 |
|  Philip Morris International, Inc. 5.125% 2/15/2030 | 433 | 448 |
|  Philip Morris International, Inc. 5.125% 2/13/2031 | 2275 | 2359 |
|  Philip Morris International, Inc. 4.75% 11/1/2031 | 6194 | 6328 |
|  Philip Morris International, Inc. 4.25% 10/29/2032 | 770 | 758 |
|  Philip Morris International, Inc. 4.90% 11/1/2034 | 6755 | 6812 |
|  Philip Morris International, Inc. 4.875% 4/30/2035 | 6407 | 6431 |
|  Philip Morris International, Inc. 4.625% 10/29/2035 | 5859 | 5735 |
|  Post Holdings, Inc. 4.625% 4/15/2030 <sup>(f)</sup>  | 2886 | 2813 |
|  Post Holdings, Inc. 6.25% 2/15/2032 <sup>(f)</sup>  | 13279 | 13660 |
|  Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(f)</sup>  | 1115 | 1045 |
|  Reynolds American, Inc. 5.85% 8/15/2045 | 2030 | 2004 |
|  |  | 101947 |
|  **Real estate 0.35%** |  |  |
|  Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026 | 282 | 282 |
|  Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028 | 1093 | 1089 |
|  Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029 | 1738 | 1632 |
|  Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031 | 1183 | 1107 |
|  Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033 | 3670 | 3011 |
|  Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049 | 367 | 311 |
|  American Tower Corp. 1.45% 9/15/2026 | 246 | 242 |
|  American Tower Corp. 3.55% 7/15/2027 | 1277 | 1268 |
|  American Tower Corp. 3.60% 1/15/2028 | 896 | 888 |
|  American Tower Corp. 1.50% 1/31/2028 | 2240 | 2128 |
|  American Tower Corp. 2.30% 9/15/2031 | 1344 | 1194 |
|  American Tower Corp. 2.95% 1/15/2051 | 1792 | 1146 |
|  Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(f)</sup>  | 3040 | 2955 |
|  Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(f)</sup>  | 1975 | 1975 |
|  Boston Properties, LP 6.50% 1/15/2034 | 2223 | 2395 |
|  Boston Properties, LP 5.75% 1/15/2035 | 3143 | 3234 |
|  Extra Space Storage, LP 2.35% 3/15/2032 | 1241 | 1087 |
|  Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(f)</sup>  | 1705 | 1713 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **124** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Real estate (continued)** |  |  |
|  Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(f)</sup>  | USD2,855 | $2777 |
|  Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(f)</sup>  | 3900 | 3716 |
|  Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 | 2152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 |
|  Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(f)</sup>  | 3785 | 3742 |
|  Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(f)</sup>  | 2650 | 2528 |
|  Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 | 1884 | 1929 |
|  MPT Operating Partnership, LP 5.00% 10/15/2027 | 5137 | 4979 |
|  MPT Operating Partnership, LP 4.625% 8/1/2029 | 630 | 528 |
|  MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(f)</sup>  | 3968 | 4240 |
|  Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(f)</sup>  | 2280 | 2228 |
|  Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(f)</sup>  | 1000 | 1030 |
|  Piedmont Operating Partnership, LP 5.625% 1/15/2033 | 101 | 102 |
|  Prologis, LP 4.875% 6/15/2028 | 1357 | 1390 |
|  Prologis, LP 4.75% 6/15/2033 | 2359 | 2383 |
|  Prologis, LP 5.00% 3/15/2034 | 1850 | 1887 |
|  Prologis, LP 5.00% 1/31/2035 | 1033 | 1048 |
|  Public Storage Operating Co. 1.85% 5/1/2028 | 2231 | 2131 |
|  Public Storage Operating Co. 1.95% 11/9/2028 | 1816 | 1721 |
|  Public Storage Operating Co. 2.30% 5/1/2031 | 644 | 583 |
|  Scentre Group Trust 1 3.75% 3/23/2027 <sup>(f)</sup>  | 2178 | 2169 |
|  Service Properties Trust 0% 9/30/2027 <sup>(f)</sup>  | 1000 | 905 |
|  Service Properties Trust 5.50% 12/15/2027 | 655 | 647 |
|  Service Properties Trust 3.95% 1/15/2028 | 1815 | 1715 |
|  Service Properties Trust 8.375% 6/15/2029 | 4228 | 4254 |
|  Service Properties Trust 4.95% 10/1/2029 | 2715 | 2368 |
|  Service Properties Trust 4.375% 2/15/2030 | 705 | 598 |
|  Service Properties Trust 8.625% 11/15/2031 <sup>(f)</sup>  | 6775 | 7130 |
|  Service Properties Trust 8.875% 6/15/2032 | 4628 | 4569 |
|  Sun Communities Operating, LP 2.30% 11/1/2028 | 1653 | 1574 |
|  Sun Communities Operating, LP 2.70% 7/15/2031 | 785 | 714 |
|  Trust 2401 7.70% 1/23/2032 <sup>(f)</sup>  | 396 | 438 |
|  Trust Fibra Uno 7.70% 1/23/2032 <sup>(f)</sup>  | 789 | 865 |
|  UDR, Inc. 2.95% 9/1/2026 | 681 | 677 |
|  |  | 97105 |
|  **Materials 0.33%** |  |  |
|  Avient Corp. 7.125% 8/1/2030 <sup>(f)</sup>  | 855 | 884 |
|  Avient Corp. 6.25% 11/1/2031 <sup>(f)</sup>  | 170 | 175 |
|  BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055 | 2648 | 2703 |
|  Celanese US Holdings, LLC 6.665% 7/15/2027 | 1996 | 2059 |
|  Celanese US Holdings, LLC 7.05% 11/15/2030 | 2501 | 2637 |
|  Celanese US Holdings, LLC 7.00% 2/15/2031 | 705 | 722 |
|  Celanese US Holdings, LLC 7.20% 11/15/2033 | 1618 | 1711 |
|  Century Aluminum Co. 6.875% 8/1/2032 <sup>(f)</sup>  | 1300 | 1341 |
|  Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(f)</sup>  | 3625 | 3573 |
|  Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(f)</sup>  | 1650 | 1710 |
|  Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(f)</sup>  | 2275 | 2342 |
|  Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(f)</sup>  | 775 | 747 |
|  Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(f)</sup>  | 2000 | 2111 |
|  Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(f)</sup>  | 2695 | 2766 |
|  Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(f)</sup>  | 900 | 941 |
|  Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(f)</sup>  | 1480 | 1048 |
|  Dow Chemical Co. (The) 4.80% 1/15/2031 | 1290 | 1283 |
|  Dow Chemical Co. (The) 5.35% 3/15/2035 | 1735 | 1720 |
|  Dow Chemical Co. (The) 5.65% 3/15/2036 | 920 | 917 |
|  Dow Chemical Co. (The) 4.80% 5/15/2049 | 435 | 343 |
|  Dow Chemical Co. (The) 3.60% 11/15/2050 | 1057 | 683 |
|  Dow Chemical Co. (The) 5.95% 3/15/2055 | 4720 | 4299 |

---

---

| | |
|:---|:---|
| **125** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Materials (continued)** |  |  |
|  First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(f)</sup>  | USD5,370 | $5661 |
|  FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(f)(g)(l)</sup>  | 2659 | 1516 |
|  FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(f)</sup>  | 4548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4093 |
|  International Flavors & Fragrances, Inc. 1.832% 10/15/2027 <sup>(f)</sup>  | 1406 | 1350 |
|  JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(f)</sup>  | 1700 | 1738 |
|  JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(f)</sup>  | 1335 | 1371 |
|  Linde, Inc. 1.10% 8/10/2030 | 2633 | 2314 |
|  LYB International Finance III, LLC 5.50% 3/1/2034 | 778 | 770 |
|  LYB International Finance III, LLC 6.15% 5/15/2035 | 560 | 574 |
|  LYB International Finance III, LLC 5.875% 1/15/2036 | 5842 | 5817 |
|  Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(f)</sup>  | 6734 | 6976 |
|  Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(f)</sup>  | 945 | 993 |
|  Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(f)</sup>  | 1525 | 1587 |
|  Mosaic Co. 4.05% 11/15/2027 | 941 | 941 |
|  NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(f)</sup>  | 1270 | 1243 |
|  NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(f)</sup>  | 3775 | 4036 |
|  NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(f)</sup>  | 1130 | 1207 |
|  Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(f)</sup>  | 1050 | 1097 |
|  Rio Tinto Finance (USA) PLC 5.25% 3/14/2035 | 1339 | 1380 |
|  Rio Tinto Finance (USA) PLC 5.75% 3/14/2055 | 3244 | 3312 |
|  Sherwin-Williams Co. 5.15% 8/15/2035 | 473 | 482 |
|  Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(f)</sup>  | 1290 | 1302 |
|  Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(f)</sup>  | 1110 | 1154 |
|  Veritiv Operating Co. 10.50% 11/30/2030 <sup>(f)</sup>  | 640 | 689 |
|  Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(f)</sup>  | 2212 | 2265 |
|  Westlake Corp. 4.375% 11/15/2047 | 448 | 348 |
|  |  | 90931 |
|  **Utilities 0.31%** |  |  |
|  Calpine Corp. 3.75% 3/1/2031 <sup>(f)</sup>  | 1975 | 1910 |
|  CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.961% on 6/1/2035) <sup>(l)</sup>  | 1375 | 1415 |
|  Commonwealth Edison Co. 4.35% 11/15/2045 | 972 | 827 |
|  Commonwealth Edison Co. 3.85% 3/15/2052 | 2330 | 1755 |
|  Connecticut Light and Power Co. (The) 4.95% 8/15/2034 | 1837 | 1856 |
|  Consumers Energy Co. 5.05% 5/15/2035 | 525 | 534 |
|  Duke Energy Florida, LLC 4.85% 12/1/2035 | 2725 | 2714 |
|  Duke Energy Indiana, LLC 3.25% 10/1/2049 | 850 | 582 |
|  Duke Energy Progress, LLC 3.70% 10/15/2046 | 457 | 350 |
|  Duke Energy Progress, LLC 2.50% 8/15/2050 | 202 | 118 |
|  Duke Energy Progress, LLC 2.90% 8/15/2051 | 91 | 58 |
|  Edison International 4.125% 3/15/2028 | 1225 | 1212 |
|  Edison International 5.25% 11/15/2028 | 1537 | 1558 |
|  Edison International 5.45% 6/15/2029 | 1419 | 1446 |
|  Edison International 6.95% 11/15/2029 | 2280 | 2430 |
|  Edison International 6.25% 3/15/2030 | 3493 | 3655 |
|  Edison International 5.25% 3/15/2032 | 6672 | 6680 |
|  Electricite de France SA 6.25% 5/23/2033 <sup>(f)</sup>  | 1075 | 1165 |
|  Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(f)(l)</sup>  | 1475 | 1721 |
|  Emera US Finance, LP 3.55% 6/15/2026 | 287 | 286 |
|  Enel Finance International NV 5.00% 9/30/2035 <sup>(f)</sup>  | 1280 | 1275 |
|  Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.975% on 3/15/2035) <sup>(l)</sup>  | 1000 | 1041 |
|  FirstEnergy Transmission, LLC 2.866% 9/15/2028 <sup>(f)</sup>  | 605 | 585 |
|  Florida Power & Light Co. 4.70% 2/15/2036 | 1525 | 1511 |
|  Florida Power & Light Co. 5.60% 2/15/2066 | 100 | 99 |
|  Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(f)</sup>  | 1000 | 1036 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **126** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** | **Corporate bonds and notes (continued)** |
|  **Utilities (continued)** |  |  |  |
|  MidAmerican Energy Co. 5.85% 9/15/2054 | USD875 | $| 904 |
|  NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027 | 700 |  | 709 |
|  Northern States Power Co. 5.40% 3/15/2054 | 175 |  | 171 |
|  Pacific Gas and Electric Co. 2.10% 8/1/2027 | 125 |  | 121 |
|  Pacific Gas and Electric Co. 3.00% 6/15/2028 | 450 |  | 437 |
|  Pacific Gas and Electric Co. 6.40% 6/15/2033 | 192 |  | 207 |
|  Pacific Gas and Electric Co. 6.95% 3/15/2034 | 4588 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106 |
|  Pacific Gas and Electric Co. 5.70% 3/1/2035 | 5359 |  | 5513 |
|  Pacific Gas and Electric Co. 6.00% 8/15/2035 | 4962 |  | 5219 |
|  Pacific Gas and Electric Co. 3.30% 8/1/2040 | 90 |  | 68 |
|  Pacific Gas and Electric Co. 4.95% 7/1/2050 | 2744 |  | 2322 |
|  Pacific Gas and Electric Co. 3.50% 8/1/2050 | 206 |  | 139 |
|  PacifiCorp 5.30% 2/15/2031 | 1258 |  | 1296 |
|  PacifiCorp 5.45% 2/15/2034 | 796 |  | 808 |
|  PacifiCorp 5.35% 12/1/2053 | 3298 |  | 2900 |
|  PacifiCorp 5.80% 1/15/2055 | 575 |  | 537 |
|  Public Service Electric and Gas Co. 3.60% 12/1/2047 | 548 |  | 413 |
|  Rockies Express Pipeline, LLC 4.95% 7/15/2029 <sup>(f)</sup>  | 2689 |  | 2685 |
|  Southern California Edison Co. 2.85% 8/1/2029 | 3988 |  | 3783 |
|  Southern California Edison Co. 2.50% 6/1/2031 | 260 |  | 233 |
|  Southern California Edison Co. 5.45% 6/1/2031 | 2240 |  | 2319 |
|  Southern California Edison Co. 5.20% 6/1/2034 | 2260 |  | 2273 |
|  Southern California Edison Co. 5.75% 4/1/2035 | 605 |  | 625 |
|  Southern California Edison Co. 5.35% 7/15/2035 | 2688 |  | 2707 |
|  Southern California Edison Co. 4.50% 9/1/2040 | 452 |  | 396 |
|  Southern California Edison Co. 3.65% 2/1/2050 | 693 |  | 485 |
|  Southern California Edison Co. 2.95% 2/1/2051 | 128 |  | 78 |
|  Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(f)</sup>  | 400 |  | 424 |
|  Virginia Electric & Power 2.40% 3/30/2032 | 2307 |  | 2055 |
|  Wisconsin Electric Power Co. 4.15% 10/15/2030 | 2000 |  | 2000 |
|  Xcel Energy, Inc. 5.60% 4/15/2035 | 23 |  | 24 |
|  XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(f)</sup>  | 1150 |  | 1209 |
|  |  |  | 85985 |
|  **Total corporate bonds and notes** |  |  | 1978534 |
| **Asset-backed obligations 1.91%** | **Asset-backed obligations 1.91%** | **Asset-backed obligations 1.91%** | **Asset-backed obligations 1.91%** |
|  **Auto loan 0.84%** |  |  |  |
|  American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(f)(h)</sup>  | 76 |  | 76 |
|  American Credit Acceptance Receivables Trust, Series 2024-3, Class B, 5.66% 8/14/2028 <sup>(f)(h)</sup>  | 1131 |  | 1133 |
|  American Credit Acceptance Receivables Trust, Series 2025-2, Class B, 4.85% 5/14/2029 <sup>(f)(h)</sup>  | 232 |  | 233 |
|  American Credit Acceptance Receivables Trust, Series 2024-3, Class C, 5.73% 7/12/2030 <sup>(f)(h)</sup>  | 3332 |  | 3365 |
|  American Credit Acceptance Receivables Trust, Series 2024-4, Class C, 4.91% 8/12/2031 <sup>(f)(h)</sup>  | 1005 |  | 1011 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(f)(h)</sup>  | 6748 |  | 6735 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(f)(h)</sup>  | 46 |  | 46 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(f)(h)</sup>  | 10410 |  | 10290 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(f)(h)</sup>  | 29013 |  | 29532 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(f)(h)</sup>  | 4960 |  | 5164 |
|  BofA Auto Trust, Series 2024-1, Class A3, 5.35% 11/15/2028 <sup>(f)(h)</sup>  | 2074 |  | 2096 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(h)</sup>  | 52 |  | 52 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A3, 5.34% 4/17/2028 <sup>(h)</sup>  | 950 |  | 952 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A3, 4.72% 9/15/2028 <sup>(h)</sup>  | 856 |  | 858 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class B, 4.77% 8/15/2030 <sup>(h)</sup>  | 1679 |  | 1687 |
|  CarMax Auto Owner Trust, Series 2024-2, Class A2A, 5.65% 5/17/2027 <sup>(h)</sup>  | 48 |  | 48 |
|  CarMax Auto Owner Trust, Series 2024-3, Class A3, 4.89% 7/16/2029 <sup>(h)</sup>  | 8604 |  | 8712 |
|  CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78% 9/15/2027 <sup>(h)</sup>  | 193 |  | 193 |
|  Chase Auto Owner Trust, Series 2024-4A, Class A2, 5.25% 9/27/2027 <sup>(f)(h)</sup>  | 359 |  | 360 |
|  Chase Auto Owner Trust, Series 2024-3, Class A2, 5.53% 9/27/2027 <sup>(f)(h)</sup>  | 174 |  | 174 |
|  Chase Auto Owner Trust, Series 2024-4A, Class A3, 4.94% 7/25/2029 <sup>(f)(h)</sup>  | 5309 |  | 5362 |

---

---

| | |
|:---|:---|
| **127** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
|  **Auto loan (continued)** |  |  |
|  Chase Auto Owner Trust, Series 2024-3, Class A3, 5.22% 7/25/2029 <sup>(f)(h)</sup>  | USD4,257 | $4308 |
|  CPS Auto Receivables Trust, Series 2024-C, Class A, 5.88% 2/15/2028 <sup>(f)(h)</sup>  | 161 | 161 |
|  Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/2033 <sup>(f)(h)</sup>  | 1025 | 1030 |
|  Enterprise Fleet Financing, LLC, Series 2024-2, Class A2, 5.74% 12/20/2026 <sup>(f)(h)</sup>  | 317 | 318 |
|  Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(f)(h)</sup>  | 1744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 |
|  Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(f)(h)</sup>  | 136 | 136 |
|  Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029 <sup>(f)(h)</sup>  | 458 | 460 |
|  Exeter Automobile Receivables Trust, Series 2025-1A, Class A2, 4.70% 9/15/2027 <sup>(h)</sup>  | 249 | 249 |
|  Exeter Automobile Receivables Trust, Series 2025-1A, Class A3, 4.67% 8/15/2028 <sup>(h)</sup>  | 930 | 932 |
|  Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(f)(h)</sup>  | 5998 | 6205 |
|  Ford Credit Auto Owner Trust, Series 2024-1, Class A, 4.87% 8/15/2036 <sup>(f)(h)(i)</sup>  | 13442 | 13799 |
|  Ford Credit Floorplan Master Owner Trust, Series 2024-3, Class A1, 4.30% 9/15/2029 <sup>(f)(h)</sup>  | 3235 | 3263 |
|  Ford Credit Floorplan Master Owner Trust, Series 2025-2, Class A1, 4.06% 9/15/2030 <sup>(h)</sup>  | 7319 | 7350 |
|  GLS Auto Receivables Trust, Series 2025-2A, Class A2, 4.75% 3/15/2028 <sup>(f)(h)</sup>  | 364 | 365 |
|  GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(f)(h)</sup>  | 667 | 669 |
|  GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71% 4/15/2030 <sup>(f)(h)</sup>  | 623 | 628 |
|  GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(f)(h)</sup>  | 8654 | 9090 |
|  GM Financial Revolving Receivables Trust, Series 2024-2, Class A, 4.52% 3/11/2037 <sup>(f)(h)</sup>  | 6768 | 6887 |
|  GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A3, 4.85% 12/18/2028 <sup>(h)</sup>  | 1762 | 1774 |
|  Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028 <sup>(f)(h)</sup>  | 4391 | 4291 |
|  Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028 <sup>(f)(h)</sup>  | 4445 | 4423 |
|  Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/2030 <sup>(f)(h)</sup>  | 4585 | 4807 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(f)(h)</sup>  | 9236 | 9064 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(f)(h)</sup>  | 685 | 672 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(f)(h)</sup>  | 429 | 421 |
|  Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(f)(h)</sup>  | 4771 | 4875 |
|  Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(f)(h)</sup>  | 1448 | 1467 |
|  Hertz Vehicle Financing, LLC, Series 2025-5A, Class A, 4.62% 5/25/2030 <sup>(f)(h)</sup>  | 1610 | 1609 |
|  Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(h)</sup>  | 238 | 239 |
|  Hyundai Auto Receivables Trust, Series 2024-A, Class A3, 4.99% 2/15/2029 <sup>(h)</sup>  | 3179 | 3207 |
|  Hyundai Floorplan Master Owner Trust, Series 2025-1A, Class A, 4.01% 10/15/2030 <sup>(f)(h)</sup>  | 3632 | 3636 |
|  LAD Auto Receivables Trust, Series 2024-3A, Class A2, 4.64% 11/15/2027 <sup>(f)(h)</sup>  | 448 | 449 |
|  LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(f)(h)</sup>  | 249 | 250 |
|  LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(f)(h)</sup>  | 954 | 958 |
|  LAD Auto Receivables Trust, Series 2024-3A, Class A4, 4.60% 12/17/2029 <sup>(f)(h)</sup>  | 504 | 509 |
|  Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(h)</sup>  | 117 | 117 |
|  Santander Drive Auto Receivables Trust, Series 2024-2, Class A3, 5.63% 11/15/2028 <sup>(h)</sup>  | 2889 | 2899 |
|  Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(h)</sup>  | 5062 | 5111 |
|  Santander Drive Auto Receivables Trust, Series 2024-4, Class A3, 4.85% 1/16/2029 <sup>(h)</sup>  | 4123 | 4134 |
|  SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(f)(h)</sup>  | 695 | 696 |
|  SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56% 11/22/2027 <sup>(f)(h)</sup>  | 1037 | 1042 |
|  SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A2, 4.71% 5/22/2028 <sup>(f)(h)</sup>  | 498 | 499 |
|  SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(f)(h)</sup>  | 1713 | 1725 |
|  SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A2, 4.52% 11/20/2028 <sup>(f)(h)</sup>  | 401 | 402 |
|  SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A3, 4.55% 6/20/2030 <sup>(f)(h)</sup>  | 2966 | 2987 |
|  Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(f)(h)</sup>  | 6503 | 6475 |
|  Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/2028 <sup>(h)</sup>  | 2960 | 2977 |
|  Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/2029 <sup>(h)</sup>  | 1822 | 1851 |
|  Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728% 9/26/2033 <sup>(f)(h)</sup>  | 864 | 866 |
|  United Auto Credit Securitization Trust, Series 2025-1, Class A, 4.80% 6/10/2027 <sup>(f)(h)</sup>  | 156 | 156 |
|  Westlake Automobile Receivables Trust, Series 2025-1A, Class A2A, 4.66% 1/18/2028 <sup>(f)(h)</sup>  | 3372 | 3379 |
|  Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65% 2/15/2028 <sup>(f)(h)</sup>  | 376 | 377 |
|  Westlake Automobile Receivables Trust, Series 2024-3A, Class A3, 4.71% 4/17/2028 <sup>(f)(h)</sup>  | 2142 | 2149 |
|  Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A, 4.66% 9/15/2028 <sup>(f)(h)</sup>  | 1052 | 1055 |
|  Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(f)(h)</sup>  | 2001 | 2005 |
|  Westlake Automobile Receivables Trust, Series 2024-3A, Class B, 4.72% 11/15/2029 <sup>(f)(h)</sup>  | 6520 | 6550 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **128** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
|  **Auto loan (continued)** |  |  |
|  Westlake Automobile Receivables Trust, Series 2025-1A, Class C, 5.14% 10/15/2030 <sup>(f)(h)</sup>  | USD1,973 | $1995 |
|  World OMNI Select Auto Trust, Series 2024-A, Class A2A, 5.37% 2/15/2028 <sup>(h)</sup>  | 285 | 285 |
|  World OMNI Select Auto Trust, Series 2024-A, Class A3, 4.98% 2/15/2030 <sup>(h)</sup>  | 4143 | 4165 |
|  |  | 232227 |
|  **Other asset-backed securities 0.81%** |  |  |
|  Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(f)(h)</sup>  | 10457 | 10487 |
|  Affirm Master Trust, Series 2025-3A, Class A, 4.45% 10/16/2034 <sup>(f)(h)</sup>  | 1923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931 |
|  Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(f)(h)</sup>  | 2962 | 2967 |
|  Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(f)(h)</sup>  | 109 | 109 |
|  Ansley Park Capital, LLC, Series 2025-A, Class A2, 4.43% 4/20/2035 <sup>(f)(h)</sup>  | 2934 | 2944 |
|  APL Finance, LLC, Series 2025-1A, Class A, 4.81% 3/20/2036 <sup>(f)(h)</sup>  | 1870 | 1878 |
|  Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(f)(h)</sup>  | 6878 | 6906 |
|  Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(f)(h)</sup>  | 3772 | 3802 |
|  Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033 <sup>(f)(h)</sup>  | 58 | 58 |
|  CAL Funding IV, Ltd., Series 2020-1A, Class A, 2.22% 9/25/2045 <sup>(f)(h)</sup>  | 826 | 793 |
|  Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(f)(h)</sup>  | 3998 | 3794 |
|  Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(f)(h)</sup>  | 36 | 36 |
|  Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(f)(h)</sup>  | 4526 | 4605 |
|  CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(f)(h)</sup>  | 5080 | 4316 |
|  CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(f)(h)</sup>  | 1686 | 1426 |
|  CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(f)(h)</sup>  | 5962 | 4846 |
|  CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(f)(h)</sup>  | 872 | 824 |
|  CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045 <sup>(f)(h)</sup>  | 3301 | 3119 |
|  CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(f)(h)</sup>  | 689 | 652 |
|  CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046 <sup>(f)(h)</sup>  | 940 | 876 |
|  CNH Equipment Trust, Series 2024-B, Class A2A, 5.42% 10/15/2027 <sup>(h)</sup>  | 680 | 681 |
|  Daimler Trucks Retail Trust, Series 2024-1, Class A3, 5.49% 12/15/2027 <sup>(h)</sup>  | 2518 | 2540 |
|  Dext ABS, LLC, Series 2025-2, Class A2, 4.10% 4/17/2028 <sup>(f)(h)</sup>  | 320 | 320 |
|  EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(f)(h)</sup>  | 192 | 180 |
|  EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(f)(h)</sup>  | 2350 | 2386 |
|  EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(f)(h)</sup>  | 862 | 868 |
|  GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(f)(h)</sup>  | 388 | 373 |
|  GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045 <sup>(f)(h)</sup>  | 175 | 167 |
|  GGAM Master Trust International, Ltd., Series 2025-1A, Class A, 5.923% 9/30/2060 <sup>(f)(h)</sup>  | 4277 | 4314 |
|  Global SC Finance SRL, Series 2025-1H, Class A, 6.169% 9/20/2045 <sup>(f)(h)</sup>  | 6241 | 6258 |
|  Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(f)(h)</sup>  | 1344 | 1319 |
|  Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(f)(h)</sup>  | 5750 | 5527 |
|  Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(f)(h)</sup>  | 7403 | 7120 |
|  Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(f)(h)</sup>  | 2510 | 2351 |
|  Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(f)(h)</sup>  | 3708 | 3495 |
|  Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(f)(h)</sup>  | 293 | 274 |
|  Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(f)(h)</sup>  | 2453 | 2483 |
|  John Deere Owner Trust, Series 2024-A, Class A3, 4.96% 11/15/2028 <sup>(h)</sup>  | 2894 | 2920 |
|  MMP Capital, Series 2025-A, Class A, 5.36% 12/15/2031 <sup>(f)(h)</sup>  | 118 | 119 |
|  Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(f)(h)</sup>  | 4586 | 4385 |
|  New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(f)(h)</sup>  | 26263 | 22003 |
|  NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 <sup>(f)(h)</sup>  | 677 | 680 |
|  PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(f)(h)</sup>  | 1069 | 1076 |
|  PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(f)(h)</sup>  | 5298 | 5323 |
|  PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2038 <sup>(h)</sup>  | 2442 | 2380 |
|  PK ALIFT Loan Funding, Series 2025-2, Class A, 4.75% 3/15/2043 <sup>(f)(h)</sup>  | 418 | 420 |
|  PK ALIFT Loan Funding 3, LP, Series 2024-1, Class AF, (1-month USD CME Term SOFR + 1.70%) 5.45% 9/15/2039 <sup>(f)(h)(i)</sup>  | 496 | 502 |
|  PK ALIFT Loan Funding 3, LP, Series 2024-1, Class A1, 5.842% 9/15/2039 <sup>(f)(h)</sup>  | 682 | 698 |
|  SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(f)(h)</sup>  | 2586 | 2470 |
|  SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(f)(h)</sup>  | 1636 | 1602 |
|  Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(f)(h)</sup>  | 1440 | 1420 |

---

---

| | |
|:---|:---|
| **129** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
|  **Other asset-backed securities (continued)** |  |  |
|  Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(f)(h)</sup>  | USD843 | $823 |
|  Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(f)(h)</sup>  | 691 | 674 |
|  Subway Funding, LLC, Series 2024-3, Class A2I, 5.246% 7/30/2054 <sup>(f)(h)</sup>  | 5226 | 5217 |
|  Subway Funding, LLC, Series 2024-3A, Class A2II, 5.566% 7/30/2054 <sup>(f)(h)</sup>  | 6170 | 6132 |
|  SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(f)(h)</sup>  | 1132 | 1106 |
|  Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(h)</sup>  | 2840 | 2864 |
|  Synchrony Card Issuance Trust, Series 2025-A1, Class A, 4.78% 2/15/2031 <sup>(h)</sup>  | 4155 | 4229 |
|  Synchrony Card Issuance Trust, Series 2025-A3, Class A, 4.06% 11/15/2031 <sup>(h)</sup>  | 5377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5406 |
|  TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(f)(h)</sup>  | 1069 | 1025 |
|  Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(f)(h)</sup>  | 497 | 472 |
|  Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(f)(h)</sup>  | 664 | 626 |
|  Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(f)(h)</sup>  | 1924 | 1825 |
|  Textainer Marine Containers, Ltd., Series 2025-1H, Class A, 6.43% 7/23/2050 <sup>(f)(h)</sup>  | 1947 | 1959 |
|  T-Mobile US Trust, Series 2024-1, Class A, 5.05% 9/20/2029 <sup>(f)(h)</sup>  | 5582 | 5617 |
|  Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(f)(h)</sup>  | 7083 | 6693 |
|  Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(f)(h)</sup>  | 1277 | 1189 |
|  U.S. Bank National Association, Series 2025-SUP2, Class B1, 4.818% 9/25/2032 <sup>(f)(h)</sup>  | 1660 | 1670 |
|  Verdant Receivables, LLC, Series 2025-1A, Class A2, 4.85% 3/13/2028 <sup>(f)(h)</sup>  | 623 | 626 |
|  Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(f)(h)</sup>  | 941 | 960 |
|  Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026) <sup>(h)(l)</sup>  | 6704 | 6706 |
|  Verizon Master Trust, Series 2024-3, Class A1A, 5.34% 4/22/2030 <sup>(h)</sup>  | 9409 | 9597 |
|  Verizon Master Trust, Series 2025-9, Class A1A, 3.96% 10/21/2030 (4.67% on 10/20/2027) <sup>(h)(l)</sup>  | 1462 | 1470 |
|  Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(f)(h)</sup>  | 8048 | 8195 |
|  Verizon Master Trust, Series 2025-7, Class A1A, 3.96% 8/20/2031 <sup>(h)</sup>  | 4253 | 4268 |
|  Verizon Master Trust, Series 24-5, Class A, 5.00% 6/21/2032 <sup>(f)(h)</sup>  | 934 | 964 |
|  Volvo Financial Equipment, LLC, Series 2025-1A, Class A2, 4.41% 11/15/2027 <sup>(f)(h)</sup>  | 1879 | 1883 |
|  Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(f)(h)</sup>  | 389 | 391 |
|  Wingspire Equipment Finance, LLC, Series 2025-1A, Class A2, 4.33% 9/20/2033 <sup>(f)(h)</sup>  | 137 | 137 |
|  |  | 225747 |
|  **Credit card 0.14%** |  |  |
|  Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(f)(h)</sup>  | 8500 | 8521 |
|  Avant Credit Card Master Trust, Series 2024-2A, Class B, 5.73% 5/15/2029 <sup>(f)(h)</sup>  | 4100 | 4115 |
|  Avant Credit Card Master Trust, Series 2024-2A, Class C, 6.41% 5/15/2029 <sup>(f)(h)</sup>  | 2715 | 2733 |
|  Barclays Dryrock Issuance Trust, Series 2025-1, Class A, 3.97% 7/15/2031 <sup>(h)</sup>  | 4171 | 4182 |
|  First National Master Note Trust, Series 2025-1, Class A, 4.85% 2/15/2030 <sup>(h)</sup>  | 4558 | 4652 |
|  First National Master Note Trust, Series 2024-1, Class A, 5.34% 5/15/2030 <sup>(h)</sup>  | 3970 | 4050 |
|  Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(f)(h)</sup>  | 2043 | 2049 |
|  Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(f)(h)</sup>  | 404 | 406 |
|  World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030 <sup>(h)</sup>  | 7030 | 7058 |
|  |  | 37766 |
|  **Student loan 0.08%** |  |  |
|  Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(f)(h)</sup>  | 2480 | 2510 |
|  Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(f)(h)</sup>  | 2485 | 2281 |
|  Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(f)(h)</sup>  | 3240 | 2947 |
|  Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(f)(h)</sup>  | 4222 | 3968 |
|  Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(f)(h)</sup>  | 2626 | 2485 |
|  Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(f)(h)</sup>  | 4441 | 4213 |
|  SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%)<br>4.595% 1/15/2053 <sup>(f)(h)(i)</sup>  | 3493 | 3462 |
|  |  | 21866 |
|  **Collateralized loan obligations 0.04%** |  |  |
|  Flatiron CLO, Ltd., Series 2024-1A, Class A1R, (3-month USD CME Term SOFR + 1.08%) 4.985% 7/15/2036 <sup>(f)(h)(i)</sup>  | 3240 | 3246 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **130** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
|  **Collateralized loan obligations (continued)** |  |  |  |
|  Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% 7/25/2030 <sup>(f)(h)(i)</sup>  | USD321 | $| 322 |
|  Palmer Square Loan Funding, Ltd., CLO, Series 2024-2A, Class A1N, (3-month USD CME Term SOFR + 1.00%) 4.905% 1/15/2033 <sup>(f)(h)(i)</sup>  | 3469 |  | 3470 |
|  Thompson Park CLO, Ltd., Series 2021-1A, Class A1R, (3-month USD CME Term SOFR + 1.05%) 4.955% 4/15/2034 <sup>(f)(h)(i)</sup>  | 3229 |  | 3231 |
|  Trinitas CLO, Ltd., Series 2020-12A, Class A1R2, (3-month USD CME Term SOFR + 1.05%) 4.908% 4/25/2033 <sup>(f)(h)(i)</sup>  | 1285 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286 |
|  |  |  | 11555 |
|  **Total asset-backed obligations** |  |  | 529161 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.32%** | **Bonds & notes of governments & government agencies outside the U.S. 0.32%** | **Bonds & notes of governments & government agencies outside the U.S. 0.32%** | **Bonds & notes of governments & government agencies outside the U.S. 0.32%** |
|  **Mexico 0.16%** |  |  |  |
|  Eagle Funding LuxCo SARL 5.50% 8/17/2030 | 18285 |  | 18648 |
|  Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(f)</sup>  | 10645 |  | 10856 |
|  United Mexican States 4.75% 4/27/2032 | 2305 |  | 2249 |
|  United Mexican States 5.375% 3/22/2033 | 1295 |  | 1288 |
|  United Mexican States 3.50% 2/12/2034 | 1790 |  | 1552 |
|  United Mexican States 6.875% 5/13/2037 | 2720 |  | 2909 |
|  United Mexican States 6.625% 1/29/2038 | 200 |  | 209 |
|  United Mexican States 7.375% 5/13/2055 | 4235 |  | 4573 |
|  United Mexican States 3.771% 5/24/2061 | 1528 |  | 946 |
|  |  |  | 43230 |
|  **Canada 0.07%** |  |  |  |
|  CPPIB Capital, Inc. 2.75% 11/2/2027 <sup>(f)</sup>  | 5914 |  | 5824 |
|  OMERS Finance Trust 3.50% 4/19/2032 <sup>(f)</sup>  | 3867 |  | 3719 |
|  OMERS Finance Trust 4.00% 4/19/2052 <sup>(f)</sup>  | 3867 |  | 2980 |
|  Ontario (Province of) 3.90% 9/4/2030 | 8228 |  | 8238 |
|  |  |  | 20761 |
|  **Kuwait 0.04%** |  |  |  |
|  Kuwait (State of) 4.652% 10/9/2035 <sup>(f)</sup>  | 11750 |  | 11764 |
|  **Peru 0.02%** |  |  |  |
|  Peru (Republic of) 1.862% 12/1/2032 | 2525 |  | 2091 |
|  Peru (Republic of) 5.875% 8/8/2054 | 2310 |  | 2294 |
|  Peru (Republic of) 2.78% 12/1/2060 | 3383 |  | 1845 |
|  |  |  | 6230 |
|  **Panama 0.02%** |  |  |  |
|  Panama (Republic of) 7.50% 3/1/2031 | 1765 |  | 1961 |
|  Panama (Republic of) 2.252% 9/29/2032 | 4306 |  | 3568 |
|  |  |  | 5529 |
|  **Qatar 0.01%** |  |  |  |
|  Qatar (State of) 4.00% 3/14/2029 <sup>(f)</sup>  | 745 |  | 748 |
|  Qatar (State of) 4.817% 3/14/2049 <sup>(f)</sup>  | 750 |  | 708 |
|  |  |  | 1456 |
|  **Total bonds & notes of governments & government agencies outside the U.S.** |  |  | 88970 |

---

---

| | |
|:---|:---|
| **131** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Loans 0.15%** | **Loans 0.15%** | **Loans 0.15%** |
|  **Communication services 0.05%** |  |  |
|  Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(i)(o)</sup>  | USD2,344 | $2344 |
|  CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.75% 4/15/2027 <sup>(i)(o)</sup>  | 967 | 847 |
|  Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(i)(o)</sup>  | 22 | 22 |
|  Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(c)(g)(o)</sup>  | 2157 | 2157 |
|  Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.672% 2/1/2029 <sup>(i)(o)</sup>  | 2285 | 1812 |
|  Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(i)(o)</sup>  | 1280 | 1283 |
|  X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(o)</sup>  | 2675 | 2671 |
|  X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(i)(o)</sup>  | 2762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718 |
|  |  | 13854 |
|  **Information technology 0.04%** |  |  |
|  CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(i)(o)</sup>  | 485 | 487 |
|  Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(i)(o)</sup>  | 225 | 227 |
|  Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(e)(i)(o)</sup>  | 724 | 729 |
|  Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(i)(o)</sup>  | 2180 | 2138 |
|  Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(i)(o)</sup>  | 1737 | 1740 |
|  Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(i)(o)</sup>  | 900 | 882 |
|  Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(i)(o)</sup>  | 4031 | 4026 |
|  Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(i)(o)</sup>  | 105 | 104 |
|  |  | 10333 |
|  **Financials 0.03%** |  |  |
|  Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(c)(f)(i)(o)</sup>  | 4566 | 4532 |
|  CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(i)(o)</sup>  | 2190 | 2223 |
|  Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.227% 8/26/2032 <sup>(i)(o)</sup>  | 2036 | 2064 |
|  |  | 8819 |
|  **Health care 0.01%** |  |  |
|  Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(i)(o)</sup>  | 2543 | 2527 |
|  **Consumer discretionary 0.01%** |  |  |
|  Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% 3/11/2030 <sup>(c)(i)(o)</sup>  | 127 | 127 |
|  Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and 5.573% Cash 3/11/2030 <sup>(c)(g)(i)(o)</sup>  | 120 | 120 |
|  Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(i)(o)</sup>  | 2109 | 2113 |
|  |  | 2360 |
|  **Materials 0.01%** |  |  |
|  Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(c)(g)(i)(n)(o)</sup>  | 797 | 252 |
|  Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(c)(g)(i)(n)(o)</sup>  | 802 | 254 |
|  Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(c)(g)(i)(n)(o)</sup>  | 1319 | 418 |
|  |  | 924 |
|  **Industrials 0.00%** |  |  |
|  Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(i)(o)</sup>  | 982 | 914 |
|  **Total loans** |  | 39731 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **132** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
| **Municipals 0.08%** | **Municipals 0.08%** | **Municipals 0.08%** |
|  **Florida 0.03%** |  |  |
|  Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027 | USD4,781 | $4639 |
|  Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030 | 4808 | 4426 |
|  |  | 9065 |
|  **Illinois 0.01%** |  |  |
|  GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 3224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312 |
|  **Ohio 0.02%** |  |  |
|  Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 4.425% 5/1/2031 | 4930 | 4480 |
|  **Puerto Rico 0.00%** |  |  |
|  GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051 | 418 | 274 |
|  **Wisconsin 0.02%** |  |  |
|  Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 | 5735 | 5696 |
|  **Total municipals** |  | 22827 |
|  **Total bonds, notes & other debt instruments** (cost: $7,832,741,000) |  | 7768308 |
| Investment funds 3.06% | Shares |  |
|  Capital Group Central Corporate Bond Fund <sup>(p)</sup>  | 99619082 | 846762 |
|  **Total investment funds** (cost: $864,770,000) |  | 846762 |
| Short-term securities 3.70% |  |  |
| **Money market investments 3.63%** | **Money market investments 3.63%** | **Money market investments 3.63%** |
|  Capital Group Central Cash Fund 3.79% <sup>(p)(q)</sup>  | 10047098 | 1004810 |
| **Money market investments purchased with collateral from securities on loan 0.07%** | **Money market investments purchased with collateral from securities on loan 0.07%** | **Money market investments purchased with collateral from securities on loan 0.07%** |
|  Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(q)(r)</sup>  | 18905590 | 18905 |
|  **Total short-term securities** (cost: $1,023,511,000) |  | 1023715 |
|  **Total investment securities 100.26%** (cost: $19,813,803,000) |  | 27745931 |
|  Other assets less liabilities (0.26)% |  | (70891) |
|  **Net assets 100.00%** |  | $27675040 |

---

---

| | |
|:---|:---|
| **133** | American Funds Insurance Series |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Futures contracts
<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | Value and |
|  | | | | | unrealized |
|  | | | | | appreciation |
|  | | | | Notional | (depreciation) |
|  | | Number of | Expiration | amount | at 12/31/2025 |
| Contracts | Type | contracts | date | (000) | (000) |
|  2 Year U.S. Treasury Note Futures | Long | 8836 | 4/6/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD1,844,860 | $(403) |
|  5 Year U.S. Treasury Note Futures | Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4708 | 4/6/2026 | 514606 | (1134) |
|  10 Year U.S. Treasury Note Futures | Long | 3234 | 3/31/2026 | 363623 | (2694) |
|  10 Year Ultra U.S. Treasury Note Futures | Short | 262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/31/2026 | (30134) | 100 |
|  20 Year U.S. Treasury Bond Futures | Long | 1200 | 3/31/2026 | 138713 | (1838) |
|  30 Year Ultra U.S. Treasury Bond Futures | Short | 794 | 3/31/2026 | (93692) | 1825 |
|  |  |  |  |  | $(4144) |

---

#### Swap contracts

#### Interest rate swaps

#### Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  |  | | |  |  | | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Receive | Receive | Pay | Pay |  | Notional | Value at | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  | Payment |  | Payment | Expiration | amount | 12/31/2025 | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | frequency | Rate | frequency | date | (000) | (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  SOFR | Annual | 3.473% | Annual | 10/2/2032 | USD112,900 | $814 | $– | $814 |
|  SOFR | Annual | 3.4805% | Annual | 10/2/2032 | USD37,800 | 255 |  | 255 |
|  SOFR | Annual | 3.48% | Annual | 10/2/2032 | USD12,601 | 86 |  | 86 |
|  SOFR | Annual | 3.4815% | Annual | 10/2/2032 | USD12,612 | 84 |  | 84 |
|  SOFR | Annual | 3.482% | Annual | 10/2/2032 | USD12,286 | 82 |  | 82 |
|  SOFR | Annual | 3.50061% | Annual | 11/3/2032 | USD74,795 | 442 |  | 442 |
|  SOFR | Annual | 3.6385% | Annual | 10/2/2035 | USD55,884 | 685 |  | 685 |
|  SOFR | Annual | 3.6775% | Annual | 10/8/2035 | USD55,754 | 511 |  | 511 |
|  SOFR | Annual | 3.66593% | Annual | 11/3/2035 | USD55,430 | <u>584</u> | <u>–</u> | <u>584</u> |
|  |  |  |  |  |  | <u>$3543</u> | <u>$–</u> | <u>$3543</u> |

---

#### Credit default swaps

#### Centrally cleared credit default swaps on credit indices – buy protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  | premium | appreciation |
|  |  |  |  | Notional | Value at | paid | (depreciation) |
|  Reference | Financing | Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 |
|  index | rate paid | frequency | date | (000) | (000) | (000) | (000) |
|  CDX.NA.IG.45 | 1.00% | Quarterly | 12/20/2030 | USD3,826 | $(87) | $(86) | $(1) |
|  CDX.NA.HY.45 | 5.00% | Quarterly | 12/20/2030 | 38950 | <u>(2976</u>) | <u>(2542</u>) | <u>(434</u>) |
|  |  |  |  |  | <u>$(3063</u>) | <u>$(2628</u>)  | <u>$(435</u>) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **134** |

---

------

Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Investments in affiliates <sup>(p)</sup>
<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Investment funds 3.06% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund | $1368034 | $95934 | $634718 | $(136730) | $154242 | $846762 | $47796 |
|  Short-term securities 3.63% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 3.63%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(q)</sup>  | 855747 | 6829389 | 6680500 | 185 | (11) | 1004810 | 61071 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total 6.69%** |  |  |  | $(136545) | $154231 | $1851572 | $108867 |

---

#### Restricted securities <sup>(e)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Rotech Healthcare, Inc. <sup>(a)(c)</sup>  | 8/22/2014 | $6949 | $12613 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(g)</sup>  | 9/29/2025 | 937 | 1030 | 0.00 <sup>(s)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(i)(o)</sup>  | 9/13/2023 | 714 | 729 | 0.00 <sup>(s)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $8600 | $14372 | 0.05% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand. 

<sup>(e)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,434,326,000, which represented 5.18% of the net assets of the fund. 

<sup>(g)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(h)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(i)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(j)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $41,456,000, which represented 0.15% of the net assets of the fund. 

<sup>(k)</sup> Represents securities transacted on a TBA basis.

<sup>(l)</sup> Step bond; coupon rate may change at a later date.

<sup>(m)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(n)</sup> Scheduled interest and/or principal payment was not received.

<sup>(o)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $39,730,000, which represented 0.14% of the net assets of the fund. 

<sup>(p)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(q)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(r)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(s)</sup> Amount less than 0.01%. 

---

| | | |
|:---|:---|:---|
|  **Key to abbreviation(s)** |  |  |
|  ADR = American Depositary Receipts | DAC = Designated Activity Company | REIT = Real Estate Investment Trust |
|  Assn. = Association | Fin. = Finance | Rev. = Revenue |
|  Auth. = Authority | Fncg. = Financing | SOFR = Secured Overnight Financing Rate |
|  CAB = Capital Appreciation Bonds | GBP = British pounds | TBA = To be announced |
|  CAD = Canadian dollars | GO = General Obligation | USD = U.S. dollars |
|  CLO = Collateralized Loan Obligations | NDR = Norwegian Depositary Receipts | UST = U.S. Treasury |
|  CME = CME Group | PIK = Payment In Kind |  |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **135** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 63.00% | Shares | Value<br>(000) |
|  **Information technology 11.69%** |  |  |
|  Broadcom, Inc. | 34396 | $11904 |
|  Microsoft Corp. | 21713 | 10501 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 214000 | 10455 |
|  NVIDIA Corp. | 54735 | 10208 |
|  Apple, Inc. | 13709 | 3727 |
|  Corning, Inc. | 37498 | 3283 |
|  ARM Holdings PLC (ADR) <sup>(a)</sup>  | 9479 | 1036 |
|  Applied Materials, Inc. | 3494 | 898 |
|  Accenture PLC, Class A | 2486 | 667 |
|  |  | 52679 |
|  **Financials 10.05%** |  |  |
|  B3 SA - Brasil, Bolsa, Balcao | 1689969 | 4399 |
|  Standard Chartered PLC | 149081 | 3641 |
|  ING Groep NV | 129152 | 3631 |
|  Banco Bilbao Vizcaya Argentaria SA | 138658 | 3243 |
|  JPMorgan Chase & Co. | 9865 | 3179 |
|  Chubb, Ltd. | 9664 | 3016 |
|  Marsh & McLennan Cos., Inc. | 13476 | 2500 |
|  HDFC Bank, Ltd. (ADR) | 49471 | 1808 |
|  HDFC Bank, Ltd. | 46716 | 516 |
|  Morgan Stanley | 10778 | 1913 |
|  Mastercard, Inc., Class A | 3306 | 1887 |
|  BlackRock, Inc. | 1721 | 1842 |
|  Munchener Ruckversicherungs-Gesellschaft AG | 2492 | 1646 |
|  Zurich Insurance Group AG | 1994 | 1513 |
|  Banco BPM SpA | 95108 | 1445 |
|  NatWest Group PLC | 154953 | 1351 |
|  Mizuho Financial Group, Inc. | 34600 | 1256 |
|  BNP Paribas SA | 10716 | 1014 |
|  Swiss Re AG | 5412 | 902 |
|  AIA Group, Ltd. | 74200 | 762 |
|  Wells Fargo & Co. | 7990 | 745 |
|  PICC Property and Casualty Co., Ltd., Class H | 320000 | 671 |
|  3i Group PLC | 15320 | 667 |
|  U.S. Bancorp | 12427 | 663 |
|  BPER Banca SpA | 39690 | 537 |
|  Hannover Rueck SE | 1705 | 533 |
|  |  | 45280 |
|  **Industrials 9.63%** |  |  |
|  RTX Corp. | 46281 | 8488 |
|  IHI Corp. | 186108 | 3282 |
|  Hitachi, Ltd. | 82300 | 2553 |
|  Volvo AB, Class B | 76848 | 2463 |
|  General Dynamics Corp. | 7150 | 2407 |
|  TransDigm Group, Inc. | 1573 | 2092 |
|  BAE Systems PLC | 85249 | 1960 |
|  Deutsche Post AG | 35349 | 1936 |
|  Union Pacific Corp. | 8297 | 1919 |
|  Airbus SE, non-registered shares | 7673 | 1780 |
|  Waste Management, Inc. | 7570 | 1663 |
|  Uber Technologies, Inc. <sup>(a)</sup>  | 20061 | 1639 |
|  ITOCHU Corp. | 128500 | 1622 |
|  Rolls-Royce Holdings PLC | 90309 | 1404 |
|  Automatic Data Processing, Inc. | 4193 | 1079 |
|  Ryanair Holdings PLC | 21391 | 743 |
|  Bouygues SA | 13919 | 722 |
|  Bombardier, Inc., Class B <sup>(a)</sup>  | 4123 | 701 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **136** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Industrials (continued)** |  |  |
|  Safran SA | 1987 | $691 |
|  PACCAR, Inc. | 6185 | 677 |
|  Qantas Airways, Ltd. | 97783 | 675 |
|  United Rentals, Inc. | 817 | 661 |
|  Paychex, Inc. | 5809 | 652 |
|  Caterpillar, Inc. | 1022 | 585 |
|  GFL Environmental, Inc., subordinate voting shares | 11594 | 498 |
|  AtkinsRealis Group, Inc. | 7290 | 471 |
|  |  | 43363 |
|  **Health care 7.73%** |  |  |
|  Eli Lilly and Co. | 7436 | 7991 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 11410 | 5173 |
|  Novo Nordisk AS, Class B | 67966 | 3464 |
|  Abbott Laboratories | 27403 | 3433 |
|  Sanofi | 25714 | 2495 |
|  Gilead Sciences, Inc. | 18827 | 2311 |
|  UnitedHealth Group, Inc. | 6188 | 2043 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 3997 | 1589 |
|  Medtronic PLC | 13170 | 1265 |
|  Stryker Corp. | 3371 | 1185 |
|  AbbVie, Inc. | 5175 | 1183 |
|  AstraZeneca PLC | 3470 | 639 |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 10659 | 634 |
|  Molina Healthcare, Inc. <sup>(a)</sup>  | 3573 | 620 |
|  GE HealthCare Technologies, Inc. | 5321 | 436 |
|  Cencora, Inc. | 1074 | 363 |
|  |  | 34824 |
|  **Consumer discretionary 4.68%** |  |  |
|  Amazon.com, Inc. <sup>(a)</sup>  | 28311 | 6535 |
|  Ferrari NV | 3878 | 1433 |
|  Ferrari NV (EUR denominated) | 1664 | 620 |
|  Starbucks Corp. | 23917 | 2014 |
|  Midea Group Co., Ltd., Class A | 166950 | 1866 |
|  Maruti Suzuki India, Ltd. | 9473 | 1761 |
|  Compagnie Financiere Richemont SA, Class A | 6565 | 1417 |
|  LVMH Moet Hennessy-Louis Vuitton SE | 1773 | 1337 |
|  Compagnie Generale des Etablissements Michelin | 33369 | 1107 |
|  Royal Caribbean Cruises, Ltd. | 3526 | 983 |
|  Viking Holdings, Ltd. <sup>(a)</sup>  | 9998 | 714 |
|  Compass Group PLC | 21303 | 678 |
|  Accor SA | 10541 | 597 |
|  |  | 21062 |
|  **Materials 4.32%** |  |  |
|  Nitto Denko Corp. | 122500 | 2911 |
|  Grupo Mexico, SAB de CV, Series B | 295899 | 2794 |
|  Lundin Gold, Inc. | 31847 | 2645 |
|  Vale SA, ordinary nominative shares | 120881 | 1581 |
|  Vale SA (ADR), ordinary nominative shares | 53750 | 700 |
|  Franco-Nevada Corp. | 5241 | 1086 |
|  Franco-Nevada Corp. (CAD denominated) | 4075 | 845 |
|  Anglo American PLC | 43941 | 1811 |
|  Smurfit Westrock PLC | 40261 | 1557 |
|  Air Products and Chemicals, Inc. | 4593 | 1134 |
|  Freeport-McMoRan, Inc. | 19198 | 975 |

---

---

| | |
|:---|:---|
| **137** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br>(000) |
|  **Materials (continued)** |  |  |
|  Newmont Corp. | 7198 | $719 |
|  Air Liquide SA | 2774 | 522 |
|  Celanese Corp. | 4784 | 202 |
|  |  | 19482 |
|  **Communication services 4.18%** |  |  |
|  Alphabet, Inc., Class A | 19544 | 6117 |
|  Alphabet, Inc., Class C | 6924 | 2173 |
|  AT&T, Inc. | 134741 | 3347 |
|  Meta Platforms, Inc., Class A | 4442 | 2932 |
|  Comcast Corp., Class A | 41626 | 1244 |
|  Omnicom Group, Inc. | 12053 | 973 |
|  Netflix, Inc. <sup>(a)</sup>  | 9170 | 860 |
|  SoftBank Group Corp. | 21252 | 599 |
|  Nintendo Co., Ltd. | 8400 | 568 |
|  |  | 18813 |
|  **Utilities 4.00%** |  |  |
|  Dominion Energy, Inc. | 72580 | 4252 |
|  DTE Energy Co. | 17918 | 2311 |
|  National Grid PLC | 125726 | 1938 |
|  Power Grid Corp. of India, Ltd. | 588187 | 1730 |
|  Duke Energy Corp. | 14059 | 1648 |
|  E.ON SE | 67347 | 1277 |
|  PG&E Corp. | 78708 | 1265 |
|  Constellation Energy Corp. | 3350 | 1183 |
|  Pinnacle West Capital Corp. | 12517 | 1110 |
|  NextEra Energy, Inc. | 12754 | 1024 |
|  SembCorp Industries, Ltd. | 57400 | 268 |
|  |  | 18006 |
|  **Consumer staples 3.38%** |  |  |
|  Philip Morris International, Inc. | 28949 | 4643 |
|  Imperial Brands PLC | 108137 | 4546 |
|  British American Tobacco PLC | 75162 | 4260 |
|  Nestle SA | 9977 | 992 |
|  Sysco Corp. | 10540 | 777 |
|  |  | 15218 |
|  **Energy 2.76%** |  |  |
|  Canadian Natural Resources, Ltd. (CAD denominated) | 245684 | 8321 |
|  Shell PLC (GBP denominated) | 45924 | 1687 |
|  Chevron Corp. | 6750 | 1029 |
|  Cameco Corp. (CAD denominated) | 7668 | 702 |
|  Expand Energy Corp. | 6349 | 701 |
|  |  | 12440 |
|  **Real estate 0.58%** |  |  |
|  CTP NV | 50979 | 1068 |
|  Embassy Office Parks REIT | 181378 | 879 |
|  Goodman Logistics (HK), Ltd. REIT | 31735 | 652 |
|  |  | 2599 |
|  **Total common stocks** (cost: $198,233,000) |  | 283766 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **138** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Convertible stocks 0.65% | Shares | Value<br>(000) |
|  **Financials 0.35%** |  |  |
|  Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026 | 20865 | $1576 |
|  **Utilities 0.30%** |  |  |
|  NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027 | 27600 | &nbsp;&nbsp;&nbsp;&nbsp;1345 |
|  **Total convertible stocks** (cost: $2,894,000) |  | 2921 |
| Bonds, notes & other debt instruments 29.38% | Principal amount<br>(000) |  |
|  **Bonds & notes of governments & government agencies outside the U.S. 12.73%** |  |  |
|  **Japan 2.26%** |  |  |
|  Japan, Series 150, 0.005% 12/20/2026 | JPY84,950 | 538 |
|  Japan, Series 346, 0.10% 3/20/2027 | 134150 | 848 |
|  Japan, Series 474, 0.70% 7/1/2027 | 106550 | 677 |
|  Japan, Series 358, 0.10% 3/20/2030 | 37400 | 225 |
|  Japan, Series 363, 0.10% 6/20/2031 | 174700 | 1028 |
|  Japan, Series 373, 0.60% 12/20/2033 | 55750 | 323 |
|  Japan, Series 152, 1.20% 3/20/2035 | 465250 | 2774 |
|  Japan, Series 173, 0.40% 6/20/2040 | 50350 | 238 |
|  Japan, Series 176, 0.50% 3/20/2041 | 109950 | 516 |
|  Japan, Series 179, 0.50% 12/20/2041 | 50500 | 231 |
|  Japan, Series 42, 1.70% 3/20/2044 | 86550 | 463 |
|  Japan, Series 192, 2.40% 3/20/2045 | 165550 | 979 |
|  Japan, Series 37, 0.60% 6/20/2050 | 26950 | 95 |
|  Japan, Series 74, 1.00% 3/20/2052 | 84000 | 316 |
|  Japan, Series 76, 1.40% 9/20/2052 | 41100 | 172 |
|  Japan, Series 77, 1.60% 12/20/2052 | 76750 | 337 |
|  Japan, Series 84, 2.10% 9/20/2054 | 82450 | 404 |
|  |  | 10164 |
|  **China 1.23%** |  |  |
|  Agricultural Development Bank of China 3.75% 1/25/2029 | CNY550 | 83 |
|  China (People's Republic of), Series INBK, 2.64% 1/15/2028 | 4100 | 602 |
|  China (People's Republic of), Series INBK, 2.37% 1/15/2029 | 3860 | 568 |
|  China (People's Republic of), Series INBK, 2.62% 6/25/2030 | 6220 | 930 |
|  China (People's Republic of), Series INBK, 2.88% 2/25/2033 | 2870 | 443 |
|  China (People's Republic of), Series INBK, 2.27% 5/25/2034 | 2410 | 357 |
|  China (People's Republic of), Series INBK, 1.65% 5/15/2035 | 3980 | 560 |
|  China (People's Republic of), Series INBK, 3.00% 10/15/2053 | 360 | 58 |
|  China (People's Republic of), Series INBK, 1.92% 1/15/2055 | 1520 | 201 |
|  China Development Bank Corp., Series 2004, 3.43% 1/14/2027 | 1060 | 155 |
|  China Development Bank Corp., Series 2009, 3.39% 7/10/2027 | 8580 | 1259 |
|  China Development Bank Corp., Series 1805, 4.88% 2/9/2028 | 2040 | 311 |
|  |  | 5527 |
|  **Supra National 1.07%** |  |  |
|  Asian Development Bank 6.72% 2/8/2028 | INR18,000 | 201 |
|  European Bank for Reconstruction and Development 5.25% 1/12/2027 | 10100 | 111 |
|  European Bank for Reconstruction and Development 6.30% 10/26/2027 | 4300 | 48 |
|  European Bank for Reconstruction and Development 6.75% 1/13/2032 | 43800 | 487 |
|  European Investment Bank 0.375% 9/15/2027 | EUR110 | 126 |
|  European Investment Bank 6.95% 3/1/2029 | INR5,700 | 64 |
|  European Investment Bank 0.25% 1/20/2032 | EUR860 | 873 |
|  European Investment Bank 7.40% 10/23/2033 | INR19,300 | 222 |
|  European Investment Bank 2.875% 1/15/2035 | EUR45 | 52 |
|  European Union 2.50% 10/14/2030 | 80 | 93 |

---

---

| | |
|:---|:---|
| **139** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
|  **Supra National (continued)** |  |  |
|  European Union 2.75% 12/13/2032 | EUR70 | $82 |
|  European Union 3.375% 10/4/2039 | 40 | 46 |
|  European Union 3.625% 12/12/2040 | 1475 | 1728 |
|  European Union 4.00% 10/12/2055 | 215 | 249 |
|  Inter-American Development Bank 7.00% 1/25/2029 | INR22,000 | 247 |
|  International Bank for Reconstruction and Development 6.75% 7/13/2029 | 16200 | 181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4810 |
|  **Germany 1.05%** |  |  |
|  Germany (Federal Republic of) 0% 8/15/2030 | EUR2,459 | 2592 |
|  Germany (Federal Republic of) 0% 2/15/2032 | 540 | 544 |
|  Germany (Federal Republic of) 1.70% 8/15/2032 | 674 | 750 |
|  Germany (Federal Republic of) 2.30% 2/15/2033 | 300 | 345 |
|  Germany (Federal Republic of) 2.50% 2/15/2035 | 130 | 149 |
|  Germany (Federal Republic of) 1.00% 5/15/2038 | 180 | 166 |
|  Germany (Federal Republic of) 0% 8/15/2050 | 300 | 152 |
|  Germany (Federal Republic of) 0% 8/15/2052 | 80 | 38 |
|  |  | 4736 |
|  **United Kingdom 1.00%** |  |  |
|  United Kingdom 1.25% 7/22/2027 | GBP410 | 533 |
|  United Kingdom 0.375% 10/22/2030 | 210 | 240 |
|  United Kingdom 1.00% 1/31/2032 | 750 | 845 |
|  United Kingdom 4.25% 6/7/2032 | 785 | 1068 |
|  United Kingdom 3.25% 1/31/2033 | 330 | 418 |
|  United Kingdom 3.25% 1/22/2044 | 644 | 680 |
|  United Kingdom 1.25% 7/31/2051 | 413 | 247 |
|  United Kingdom 4.375% 7/31/2054 | 205 | 242 |
|  United Kingdom 2.50% 7/22/2065 | 340 | 256 |
|  |  | 4529 |
|  **Italy 0.84%** |  |  |
|  Italy (Republic of) 1.35% 4/1/2030 | EUR250 | 279 |
|  Italy (Republic of) 4.40% 5/1/2033 | 10 | 13 |
|  Italy (Republic of) 4.35% 11/1/2033 | 740 | 937 |
|  Italy (Republic of) 4.20% 3/1/2034 | 900 | 1127 |
|  Italy (Republic of) 3.65% 8/1/2035 | 795 | 949 |
|  Italy (Republic of) 4.50% 10/1/2053 | 210 | 253 |
|  Italy (Republic of) 4.30% 10/1/2054 | 200 | 233 |
|  |  | 3791 |
|  **Brazil 0.77%** |  |  |
|  Brazil (Federative Republic of) 0% 1/1/2026 | BRL10,887 | 1985 |
|  Brazil (Federative Republic of) 10.00% 1/1/2029 | 2230 | 377 |
|  Brazil (Federative Republic of) 10.00% 1/1/2031 | 1142 | 183 |
|  Brazil (Federative Republic of) 10.00% 1/1/2035 | 4075 | 610 |
|  Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(b)</sup>  | 229 | 37 |
|  Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(b)</sup>  | 1653 | 263 |
|  Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(b)</sup>  | 229 | 36 |
|  |  | 3491 |
|  **France 0.66%** |  |  |
|  French Republic O.A.T. 0.75% 2/25/2028 | EUR410 | 466 |
|  French Republic O.A.T. 0% 11/25/2030 | 1320 | 1355 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **140** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
|  **France (continued)** |  |  |
|  French Republic O.A.T. 2.00% 11/25/2032 | EUR610 | $667 |
|  French Republic O.A.T. 3.25% 5/25/2045 | 160 | 166 |
|  French Republic O.A.T. 3.75% 5/25/2056 | 295 | 305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2959 |
|  **Hungary 0.56%** |  |  |
|  Hungary (Republic of) 3.00% 8/21/2030 | HUF548,270 | 1456 |
|  Hungary (Republic of) 4.50% 5/27/2032 | 336000 | 920 |
|  Magyar Export-Import Bank 6.00% 5/16/2029 | EUR100 | 126 |
|  |  | 2502 |
|  **Spain 0.53%** |  |  |
|  Spain (Kingdom of) 0% 1/31/2027 | 335 | 385 |
|  Spain (Kingdom of) 0.80% 7/30/2027 | 490 | 564 |
|  Spain (Kingdom of) 0.50% 10/31/2031 | 165 | 171 |
|  Spain (Kingdom of) 3.15% 4/30/2033 | 317 | 376 |
|  Spain (Kingdom of) 3.55% 10/31/2033 | 370 | 450 |
|  Spain (Kingdom of) 3.25% 4/30/2034 | 120 | 142 |
|  Spain (Kingdom of) 3.45% 10/31/2034 | 240 | 288 |
|  |  | 2376 |
|  **South Korea 0.46%** |  |  |
|  South Korea (Republic of), Series 2712, 2.375% 12/10/2027 | KRW348,590 | 240 |
|  South Korea (Republic of), Series 3212, 4.25% 12/10/2032 | 1830410 | 1339 |
|  South Korea (Republic of), Series 3512, 3.25% 12/10/2035 | 688360 | 474 |
|  |  | 2053 |
|  **Australia 0.45%** |  |  |
|  Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | AUD115 | 66 |
|  Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 | 725 | 433 |
|  Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 | 905 | 567 |
|  New South Wales Treasury Corp. 4.25% 2/20/2036 | 340 | 208 |
|  Treasury Corp. of Victoria 5.50% 9/15/2039 | 813 | 530 |
|  Treasury Corp. of Victoria 3.625% 9/29/2040 | EUR200 | 231 |
|  |  | 2035 |
|  **Malaysia 0.36%** |  |  |
|  Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR3,466 | 876 |
|  Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 | 601 | 152 |
|  Malaysia (Federation of), Series 0221, 4.417% 9/30/2041 | 180 | 48 |
|  Malaysia (Federation of), Series 0223, 4.291% 8/14/2043 | 653 | 170 |
|  Malaysia (Federation of), Series 0224, 4.18% 5/16/2044 | 1307 | 336 |
|  Malaysia (Federation of), Series 0417, 4.895% 5/8/2047 | 93 | 26 |
|  |  | 1608 |
|  **Canada 0.31%** |  |  |
|  Canada (Government) 0.25% 3/1/2026 | CAD246 | 179 |
|  Canada (Government) 3.50% 3/1/2028 | 1119 | 830 |
|  Canada (Government) 1.50% 12/1/2031 | 60 | 40 |
|  Nova Scotia (Province of) 3.15% 12/1/2051 | 170 | 95 |
|  Ontario (Province of) 3.25% 7/3/2035 | EUR200 | 233 |
|  |  | 1377 |

---

---

| | |
|:---|:---|
| **141** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
|  **Panama 0.18%** |  |  |
|  Panama (Republic of) 7.50% 3/1/2031 | USD560 | $622 |
|  Panama (Republic of) 6.40% 2/14/2035 | 200 | 212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 |
|  **Greece 0.17%** |  |  |
|  Greece (Hellenic Republic of) 3.875% 6/15/2028 | EUR65 | 79 |
|  Greece (Hellenic Republic of) 1.50% 6/18/2030 | 90 | 101 |
|  Greece (Hellenic Republic of) 1.75% 6/18/2032 | 530 | 578 |
|  |  | 758 |
|  **Mexico 0.15%** |  |  |
|  United Mexican States, Series M, 5.75% 3/5/2026 | MXN10,710 | 593 |
|  United Mexican States, Series M, 8.00% 7/31/2053 | 881 | 42 |
|  United Mexican States, Series S, 4.00% 10/29/2054 <sup>(b)</sup>  | 543 | 28 |
|  |  | 663 |
|  **Republic of Austria 0.14%** |  |  |
|  Austria (Republic of) 0% 2/20/2031 | EUR500 | 514 |
|  Austria (Republic of) 2.90% 2/20/2034 | 120 | 140 |
|  |  | 654 |
|  **Indonesia 0.11%** |  |  |
|  Indonesia (Republic of), Series FR87, 6.50% 2/15/2031 | IDR1,253,000 | 77 |
|  Indonesia (Republic of), Series FR96, 7.00% 2/15/2033 | 2543000 | 161 |
|  Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 | 1026000 | 64 |
|  Indonesia (Republic of), Series 103, 6.75% 7/15/2035 | 2889000 | 182 |
|  |  | 484 |
|  **Colombia 0.08%** |  |  |
|  Colombia (Republic of) 7.375% 4/25/2030 | USD335 | 355 |
|  **Belgium 0.07%** |  |  |
|  Belgium (Kingdom of), Series 97, 3.00% 6/22/2033 | EUR270 | 316 |
|  **Turkey 0.05%** |  |  |
|  Turkey (Republic of) 7.125% 7/17/2032 | USD200 | 212 |
|  **Ireland 0.04%** |  |  |
|  Ireland (Republic of) 2.60% 10/18/2034 | EUR100 | 114 |
|  Ireland (Republic of) 3.00% 10/18/2043 | 80 | 88 |
|  |  | 202 |
|  **Estonia 0.04%** |  |  |
|  Estonia (Republic of) 3.25% 1/17/2034 | 160 | 187 |
|  **Bulgaria 0.03%** |  |  |
|  Bulgaria (Republic of) 4.50% 1/27/2033 | 120 | 152 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **142** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
|  **Portugal 0.03%** |  |  |
|  Portugal (Republic of) 0.475% 10/18/2030 | EUR50 | $53 |
|  Portugal (Republic of) 3.375% 6/15/2040 | 5 | 6 |
|  Portugal (Republic of) 3.625% 6/12/2054 | 70 | 77 |
|  |  | 136 |
|  **Philippines 0.03%** |  |  |
|  Philippines (Republic of) 0.875% 5/17/2027 | 110 | 126 |
|  **Netherlands 0.03%** |  |  |
|  Netherlands (Kingdom of the) 5.50% 1/15/2028 | 100 | 125 |
|  **Poland 0.02%** |  |  |
|  Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN410 | 108 |
|  **Chile 0.01%** |  |  |
|  Chile (Republic of) 4.70% 9/1/2030 | CLP55,000 | 60 |
|  **Total bonds & notes of governments & government agencies outside the U.S.** |  | 57330 |
|  **U.S. Treasury bonds & notes 5.53%** |  |  |
|  **U.S. Treasury 5.05%** |  |  |
|  U.S. Treasury 4.50% 4/15/2027 | USD1,160 | 1174 |
|  U.S. Treasury 3.75% 4/30/2027 | 1710 | 1715 |
|  U.S. Treasury 3.75% 6/30/2027 | 1510 | 1516 |
|  U.S. Treasury 4.00% 6/30/2028 <sup>(c)</sup>  | 4484 | 4537 |
|  U.S. Treasury 4.625% 9/30/2028 | 1875 | 1928 |
|  U.S. Treasury 4.125% 3/31/2029 | 822 | 836 |
|  U.S. Treasury 3.50% 9/30/2029 | 755 | 752 |
|  U.S. Treasury 4.00% 2/28/2030 | 1094 | 1108 |
|  U.S. Treasury 4.00% 5/31/2030 | 1090 | 1104 |
|  U.S. Treasury 3.875% 6/30/2030 | 2117 | 2133 |
|  U.S. Treasury 3.50% 11/30/2030 | 210 | 208 |
|  U.S. Treasury 2.875% 5/15/2032 | 306 | 289 |
|  U.S. Treasury 4.625% 2/15/2035 <sup>(c)</sup>  | 1544 | 1604 |
|  U.S. Treasury 4.25% 5/15/2035 | 326 | 329 |
|  U.S. Treasury 4.00% 11/15/2035 | 390 | 385 |
|  U.S. Treasury 1.875% 2/15/2041 | 285 | 199 |
|  U.S. Treasury 2.25% 5/15/2041 | 873 | 643 |
|  U.S. Treasury 2.875% 11/15/2046 | 200 | 148 |
|  U.S. Treasury 1.25% 5/15/2050 | 1155 | 554 |
|  U.S. Treasury 1.375% 8/15/2050 | 570 | 281 |
|  U.S. Treasury 2.375% 5/15/2051 | 510 | 322 |
|  U.S. Treasury 2.00% 8/15/2051 | 560 | 322 |
|  U.S. Treasury 4.00% 11/15/2052 | 270 | 235 |
|  U.S. Treasury 3.625% 2/15/2053 | 149 | 121 |
|  U.S. Treasury 4.25% 8/15/2054 | 320 | 290 |
|  |  | 22733 |
|  **U.S. Treasury inflation-protected securities 0.48%** |  |  |
|  U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027 <sup>(b)</sup>  | 377 | 373 |

---

---

| | |
|:---|:---|
| **143** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **U.S. Treasury bonds & notes (continued)** |  |  |
|  **U.S. Treasury inflation-protected securities (continued)** |  |  |
|  U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(b)</sup>  | USD698 | $719 |
|  U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(b)</sup>  | 272 | 196 |
|  U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(b)</sup>  | 934 | 886 |
|  |  | 2174 |
|  **Total U.S. Treasury bonds & notes** |  | 24907 |
|  **Mortgage-backed obligations 5.43%** |  |  |
|  **Federal agency mortgage-backed obligations 4.11%** |  |  |
|  Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup>  | 32 | 31 |
|  Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup>  | 242 | 248 |
|  Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup>  | 64 | 67 |
|  Fannie Mae Pool #BW9648 3.50% 7/1/2053 <sup>(d)</sup>  | 86 | 79 |
|  Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup>  | 319 | 325 |
|  Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup>  | 387 | 398 |
|  Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup>  | 19 | 19 |
|  Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup>  | 14 | 14 |
|  Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup>  | 2458 | &nbsp;&nbsp;&nbsp;&nbsp;2526 |
|  Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup>  | 88 | 90 |
|  Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup>  | 68 | 71 |
|  Fannie Mae Pool #DB8491 5.50% 7/1/2054 <sup>(d)</sup>  | 467 | 475 |
|  Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(d)</sup>  | 178 | 182 |
|  Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup>  | 133 | 135 |
|  Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup>  | 94 | 97 |
|  Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup>  | 67 | 69 |
|  Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup>  | 85 | 86 |
|  Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup>  | 72 | 75 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup>  | 67 | 69 |
|  Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup>  | 51 | 53 |
|  Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(d)</sup>  | 6 | 7 |
|  Fannie Mae Pool #DC0495 5.50% 9/1/2054 <sup>(d)</sup>  | 316 | 320 |
|  Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(d)</sup>  | 3 | 3 |
|  Fannie Mae Pool #MA5471 6.00% 9/1/2054 <sup>(d)</sup>  | 999 | 1026 |
|  Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup>  | 84 | 87 |
|  Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(d)</sup>  | 14 | 15 |
|  Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup>  | 10 | 10 |
|  Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(d)</sup>  | 281 | 275 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup>  | 13 | 13 |
|  Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(d)</sup>  | 177 | 168 |
|  Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(d)</sup>  | 395 | 386 |
|  Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(d)</sup>  | 99 | 101 |
|  Fannie Mae Pool #DD2618 4.00% 3/1/2055 <sup>(d)</sup>  | 931 | 883 |
|  Fannie Mae Pool #DD0782 5.50% 3/1/2055 <sup>(d)</sup>  | 39 | 40 |
|  Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(d)</sup>  | 37 | 38 |
|  Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(d)</sup>  | 1470 | 1547 |
|  Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(d)</sup>  | 38 | 36 |
|  Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(d)</sup>  | 57 | 54 |
|  Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup>  | 98 | 98 |
|  Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup>  | 50 | 50 |
|  Fannie Mae Pool #MA5737 6.50% 6/1/2055 <sup>(d)</sup>  | 41 | 43 |
|  Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(d)</sup>  | 235 | 238 |
|  Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(d)</sup>  | 155 | 147 |
|  Fannie Mae Pool #DF7614 6.50% 12/1/2055 <sup>(d)</sup>  | 81 | 86 |
|  Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(d)</sup>  | 323 | 262 |
|  Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(d)</sup>  | 66 | 61 |
|  Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup>  | 95 | 93 |
|  Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup>  | 53 | 52 |
|  Freddie Mac Pool #SL1880 6.50% 11/1/2053 <sup>(d)</sup>  | 14 | 14 |
|  Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup>  | 448 | 455 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **144** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(d)</sup>  | USD195 | $198 |
|  Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup>  | 26 | 26 |
|  Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup>  | 40 | 41 |
|  Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(d)</sup>  | 78 | 81 |
|  Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup>  | 35 | 35 |
|  Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup>  | 102 | 106 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup>  | 64 | 66 |
|  Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup>  | 52 | 54 |
|  Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(d)</sup>  | 21 | 21 |
|  Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(d)</sup>  | 5 | 5 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup>  | 151 | 156 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup>  | 76 | 79 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup>  | 75 | 78 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup>  | 72 | 75 |
|  Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup>  | 32 | 33 |
|  Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(d)</sup>  | 175 | 166 |
|  Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup>  | 72 | 70 |
|  Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup>  | 64 | 65 |
|  Freddie Mac Pool #SD8487 4.00% 12/1/2054 <sup>(d)</sup>  | 94 | 89 |
|  Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup>  | 205 | 205 |
|  Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup>  | 60 | 61 |
|  Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup>  | 1 | 1 |
|  Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(d)</sup>  | 330 | 347 |
|  Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(d)</sup>  | 961 | 975 |
|  Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup>  | 43 | 43 |
|  Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup>  | 89 | 89 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup>  | 237 | 237 |
|  Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(d)</sup>  | 874 | 873 |
|  Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(d)(e)</sup>  | 1030 | 833 |
|  Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(d)(e)</sup>  | 7 | 7 |
|  Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(d)(e)</sup>  | 485 | 460 |
|  Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(d)(e)</sup>  | 338 | 330 |
|  Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(d)(e)</sup>  | 483 | 490 |
|  Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(d)(e)</sup>  | 20 | 20 |
|  Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(d)(e)</sup>  | 392 | 361 |
|  |  | 18493 |
|  **Commercial mortgage-backed securities 0.61%** |  |  |
|  BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(f)</sup>  | 55 | 57 |
|  BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(g)</sup>  | 140 | 144 |
|  BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(d)(f)(g)</sup>  | 335 | 339 |
|  BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(d)(f)(g)</sup>  | 298 | 299 |
|  Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(f)(g)</sup>  | 100 | 104 |
|  Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(f)(g)</sup>  | 135 | 139 |
|  Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.20% 12/15/2039 <sup>(d)(f)(g)</sup>  | 24 | 24 |
|  Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% 3/15/2042 <sup>(d)(f)(g)</sup>  | 100 | 100 |
|  Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(d)(f)(g)</sup>  | 157 | 163 |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(d)(f)(g)</sup>  | 100 | 101 |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(d)(f)(g)</sup>  | 131 | 136 |
|  INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% 3/15/2042 <sup>(d)(f)(g)</sup>  | 295 | 296 |
|  KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) 5.293% 12/15/2039 <sup>(d)(f)(g)</sup>  | 139 | 139 |

---

---

| | |
|:---|:---|
| **145** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Commercial mortgage-backed securities (continued)** |  |  |
|  Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) 6.624%<br>7/25/2054 <sup>(d)(f)(g)</sup>  | USD50 | $51 |
|  NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(d)(f)(g)</sup>  | 128 | 128 |
|  SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) 5.193%<br>2/15/2042 <sup>(d)(f)(g)</sup>  | 555 | 551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2771 |
|  Collateralized mortgage-backed obligations (privately originated) 0.49% |  |  |
|  Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(f)(g)</sup>  | 66 | 66 |
|  Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 6.174% 5/25/2043 <sup>(d)(f)(g)</sup>  | 122 | 124 |
|  Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 5.774% 6/25/2043 <sup>(d)(f)(g)</sup>  | 55 | 55 |
|  Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 5.574% 7/25/2043 <sup>(d)(f)(g)</sup>  | 35 | 35 |
|  Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) 5.674% 1/25/2044 <sup>(d)(f)(g)</sup>  | 55 | 55 |
|  Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) 4.974% 5/25/2044 <sup>(d)(f)(g)</sup>  | 36 | 36 |
|  Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) 5.524% 5/25/2044 <sup>(d)(f)(g)</sup>  | 121 | 122 |
|  Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) 4.874% 2/25/2045 <sup>(d)(f)(g)</sup>  | 20 | 20 |
|  Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) 5.024% 2/25/2045 <sup>(d)(f)(g)</sup>  | 35 | 36 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average USD-SOFR + 0.95%) 4.824% 1/25/2045 <sup>(d)(f)(g)</sup>  | 23 | 23 |
|  GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(d)(g)(h)</sup>  | 189 | 191 |
|  MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(d)(g)(h)</sup>  | 98 | 99 |
|  MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(d)(g)(h)</sup>  | 96 | 97 |
|  New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(f)(g)</sup>  | 82 | 77 |
|  Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(d)(g)(h)</sup>  | 70 | 70 |
|  Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(d)(g)(h)</sup>  | 136 | 138 |
|  Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(d)(g)(h)</sup>  | 180 | 182 |
|  Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) <sup>(d)(g)(h)</sup>  | 197 | 198 |
|  Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) 5.201% 2/17/2042 <sup>(d)(f)(g)</sup>  | 100 | 100 |
|  Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(d)(g)(h)</sup>  | 196 | 199 |
|  Verus Securitization Trust, Series 2024-4, Class A2, 6.572% 6/25/2069 (7.572% on 5/1/2028) <sup>(d)(g)(h)</sup>  | 98 | 100 |
|  Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(f)(g)</sup>  | 84 | 84 |
|  Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(d)(g)(h)</sup>  | 120 | 120 |
|  |  | 2227 |
|  **Other mortgage-backed securities 0.22%** |  |  |
|  Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037 <sup>(d)</sup>  | DKK397 | 58 |
|  Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040 <sup>(d)</sup>  | 1054 | 151 |
|  Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup>  | 4925 | 637 |
|  Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050 <sup>(d)</sup>  | 438 | 50 |
|  Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050 <sup>(d)</sup>  | 530 | 65 |
|  Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup>  | 176 | 22 |
|  |  | 983 |
|  **Total mortgage-backed obligations** |  | 24474 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **146** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds and notes 5.05%** |  |  |
|  **Financials 1.32%** |  |  |
|  200 Park Funding Trust 5.74% 2/15/2055 <sup>(g)</sup>  | USD100 | $100 |
|  AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(h)</sup>  | EUR230 | 257 |
|  AIB Group PLC 5.75% 2/16/2029 (1-year EUR Mid-Swap + 2.85% on 2/16/2028) <sup>(h)</sup>  | 100 | 125 |
|  Banco de Sabadell SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(h)</sup>  | 100 | 123 |
|  Banco de Sabadell SA 5.125% 6/27/2034 (5-year EUR Mid-Swap + 2.40% on 6/7/2029) <sup>(h)</sup>  | 100 | 124 |
|  Barclays PLC 7.09% 11/6/2029 (1-year GBP-OIS SONIO/N + 2.553% on 11/6/2028) <sup>(h)</sup>  | GBP100 | 143 |
|  Barclays PLC 4.616% 3/26/2037 (5-year EUR Mid-Swap + 2.05% on 3/26/2032) <sup>(h)</sup>  | EUR100 | 121 |
|  BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033) <sup>(h)</sup>  | USD200 | 221 |
|  BPCE SA 4.50% 1/13/2033 | EUR100 | 123 |
|  Brown & Brown, Inc. 5.55% 6/23/2035 | USD7 | 7 |
|  CaixaBank SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(g)(h)</sup>  | 200 | 208 |
|  CaixaBank SA 4.375% 8/8/2036 (5-year EUR-ICE Swap EURIBOR + 1.95% on 8/8/2031) <sup>(h)</sup>  | EUR200 | 242 |
|  Chubb INA Holdings, LLC 3.35% 5/3/2026 | USD10 | 10 |
|  Chubb INA Holdings, LLC 4.35% 11/3/2045 | 20 | 17 |
|  Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(h)</sup>  | 70 | 71 |
|  Corebridge Financial, Inc. 3.90% 4/5/2032 | 59 | 56 |
|  Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(h)</sup>  | 160 | 157 |
|  Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(h)</sup>  | EUR200 | 222 |
|  DNB Bank ASA 4.00% 8/17/2027 (1-year GBP-GILT + 2.15% on 8/17/2026) <sup>(h)</sup>  | GBP100 | 135 |
|  Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(h)</sup>  | USD135 | 141 |
|  HSBC Holdings PLC 7.39% 11/3/2028 (USD-SOFR + 7.39% on 11/3/2027) <sup>(h)</sup>  | 360 | 381 |
|  HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(h)</sup>  | 200 | 201 |
|  HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(h)</sup>  | 290 | 331 |
|  ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(h)</sup>  | EUR100 | 130 |
|  JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(h)</sup>  | USD85 | 86 |
|  JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(h)</sup>  | 280 | 250 |
|  JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(h)</sup>  | 220 | 231 |
|  Mastercard, Inc. 2.00% 11/18/2031 | 102 | 91 |
|  Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.65% on 7/6/2028) <sup>(h)</sup>  | 294 | 306 |
|  Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(h)</sup>  | 150 | 156 |
|  NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(h)</sup>  | EUR175 | 192 |
|  New York Life Insurance Co. 3.75% 5/15/2050 <sup>(g)</sup>  | USD23 | 17 |
|  PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(h)</sup>  | 65 | 74 |
|  PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(h)</sup>  | 25 | 26 |
|  PT Bank Negara Indonesia (Persero) Tbk 5.28% 4/5/2029 | 280 | 287 |
|  Standard Chartered PLC 5.244% 5/13/2031 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 5/13/2030) <sup>(g)(h)</sup>  | 330 | 340 |
|  Toronto-Dominion Bank (The) 4.808% 6/3/2030 | 75 | 77 |
|  Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(h)(i)</sup>  | EUR150 | 181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5960 |
|  **Utilities 0.61%** |  |  |
|  Alfa Transmisora De Energia SA 4.55% 9/27/2051 | USD197 | 159 |
|  CMS Energy Corp. 3.00% 5/15/2026 | 180 | 179 |
|  Duke Energy Corp. 3.75% 4/1/2031 | EUR100 | 119 |
|  Electricite de France SA 4.25% 1/25/2032 | 100 | 123 |
|  Electricite de France SA 4.00% 5/7/2037 | 100 | 117 |
|  Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028) <sup>(h)</sup>  | 200 | 230 |
|  Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on 12/6/2028) <sup>(h)</sup>  | 200 | 256 |
|  Enel Finance International NV 2.125% 7/12/2028 <sup>(g)</sup>  | USD200 | 190 |
|  Enfragen Energia Sur SA 5.375% 12/30/2030 | 200 | 186 |
|  Engie SA 7.00% 10/30/2028 | GBP50 | 72 |
|  Exelon Corp. 3.40% 4/15/2026 | USD75 | 75 |
|  Interstate Power and Light Co. 2.30% 6/1/2030 | 50 | 46 |

---

---

| | |
|:---|:---|
| **147** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Utilities (continued)** |  |  |
|  Pacific Gas and Electric Co. 6.15% 1/15/2033 | USD78 | $83 |
|  Pacific Gas and Electric Co. 6.00% 8/15/2035 | 120 | 126 |
|  Pacific Gas and Electric Co. 4.95% 7/1/2050 | 120 | 102 |
|  Pacific Gas and Electric Co. 3.50% 8/1/2050 | 137 | 93 |
|  Public Service Co. of Colorado 2.70% 1/15/2051 | 125 | 76 |
|  Southern California Edison Co. 5.45% 3/1/2035 | 150 | 152 |
|  Southern California Edison Co. 6.20% 9/15/2055 | 60 | 61 |
|  SP Transmission PLC 2.00% 11/13/2031 | GBP100 | 117 |
|  Xcel Energy, Inc. 3.35% 12/1/2026 | USD200 | 199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2761 |
|  **Energy 0.59%** |  |  |
|  Ecopetrol SA 8.625% 1/19/2029 | 125 | 134 |
|  Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(g)</sup>  | 200 | 210 |
|  Enterprise Products Operating, LLC 4.95% 2/15/2035 | 25 | 25 |
|  GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(g)</sup>  | 225 | 236 |
|  Petroleos Mexicanos 6.84% 1/23/2030 | 1455 | 1479 |
|  Petroleos Mexicanos 6.95% 1/28/2060 | 80 | 65 |
|  Qatar Energy 3.125% 7/12/2041 <sup>(g)</sup>  | 320 | 247 |
|  Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(g)</sup>  | 200 | 163 |
|  TotalEnergies Capital SA 5.488% 4/5/2054 | 85 | 82 |
|  |  | 2641 |
|  **Communication services 0.57%** |  |  |
|  America Movil, SAB de CV, 10.125% 1/22/2029 | MXN9,100 | 522 |
|  America Movil, SAB de CV, 9.50% 1/27/2031 | 2000 | 113 |
|  America Movil, SAB de CV, 10.30% 1/30/2034 | 2000 | 117 |
|  AT&T, Inc. 2.75% 6/1/2031 | USD165 | 152 |
|  AT&T, Inc. 5.20% 11/18/2033 | GBP100 | 136 |
|  AT&T, Inc. 2.55% 12/1/2033 | USD64 | 55 |
|  CCO Holdings, LLC 4.25% 1/15/2034 <sup>(g)</sup>  | 75 | 64 |
|  Comcast Corp. 3.55% 5/1/2028 | 70 | 69 |
|  Comcast Corp. 0.25% 9/14/2029 | EUR250 | 267 |
|  Deutsche Telekom International Finance BV 9.25% 6/1/2032 | USD45 | 56 |
|  Orange 3.625% 11/16/2031 | EUR100 | 120 |
|  Orange 5.625% 1/23/2034 | GBP90 | 127 |
|  T-Mobile USA, Inc. 2.05% 2/15/2028 | USD200 | 192 |
|  T-Mobile USA, Inc. 3.15% 2/11/2032 | EUR100 | 116 |
|  T-Mobile USA, Inc. 5.15% 4/15/2034 | USD115 | 118 |
|  Verizon Communications, Inc. 0.375% 3/22/2029 | EUR140 | 152 |
|  Verizon Communications, Inc. 2.355% 3/15/2032 | USD100 | 88 |
|  Verizon Communications, Inc. 0.75% 3/22/2032 | EUR100 | 101 |
|  |  | 2565 |
|  **Industrials 0.43%** |  |  |
|  Boeing Co. (The) 6.298% 5/1/2029 | USD95 | 101 |
|  Boeing Co. (The) 6.528% 5/1/2034 | 604 | 668 |
|  Canadian Pacific Railway Co. 3.00% 12/2/2041 | 42 | 32 |
|  Canadian Pacific Railway Co. 3.10% 12/2/2051 | 129 | 86 |
|  Carrier Global Corp. 2.493% 2/15/2027 | 7 | 7 |
|  CSX Corp. 3.80% 4/15/2050 | 6 | 5 |
|  CSX Corp. 2.50% 5/15/2051 | 75 | 45 |
|  GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/2035 | 200 | 195 |
|  Honeywell International, Inc. 3.75% 3/1/2036 | EUR100 | 116 |
|  Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(g)</sup>  | USD76 | 79 |
|  MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(g)</sup>  | 200 | 199 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **148** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Industrials (continued)** |  |  |
|  RTX Corp. 4.125% 11/16/2028 | USD100 | $100 |
|  RTX Corp. 6.10% 3/15/2034 | 55 | 60 |
|  RTX Corp. 4.50% 6/1/2042 | 70 | 63 |
|  Veralto Corp. 4.15% 9/19/2031 | EUR100 | 122 |
|  Veralto Corp. 5.45% 9/18/2033 | USD40 | 42 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1920 |
|  **Consumer discretionary 0.33%** |  |  |
|  BMW International Investment BV 4.75% 9/4/2030 | GBP100 | 137 |
|  Ford Motor Credit Co., LLC 3.622% 7/27/2028 | EUR200 | 237 |
|  Ford Motor Credit Co., LLC 5.73% 9/5/2030 | USD200 | 203 |
|  Ford Motor Credit Co., LLC 6.50% 2/7/2035 | 200 | 207 |
|  General Motors Financial Co., Inc. 5.90% 1/7/2035 | 140 | 146 |
|  Hyundai Capital America 1.50% 6/15/2026 <sup>(g)</sup>  | 100 | 99 |
|  Hyundai Capital America 5.10% 6/24/2030 <sup>(g)</sup>  | 72 | 74 |
|  Hyundai Capital America 4.50% 9/18/2030 <sup>(g)</sup>  | 100 | 100 |
|  McDonald's Corp. 1.60% 3/15/2031 <sup>(i)</sup>  | EUR100 | 109 |
|  Sands China, Ltd. 4.375% 6/18/2030 | USD200 | 197 |
|  |  | 1509 |
|  **Health care 0.33%** |  |  |
|  AbbVie, Inc. 5.05% 3/15/2034 | 25 | 26 |
|  AbbVie, Inc. 5.35% 3/15/2044 | 25 | 25 |
|  AbbVie, Inc. 5.40% 3/15/2054 | 25 | 24 |
|  AbbVie, Inc. 5.50% 3/15/2064 | 25 | 24 |
|  Amgen, Inc. 2.20% 2/21/2027 | 200 | 196 |
|  Amgen, Inc. 4.20% 3/1/2033 | 200 | 196 |
|  Amgen, Inc. 5.65% 3/2/2053 | 300 | 294 |
|  Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 60 | 59 |
|  CVS Health Corp. 5.40% 6/1/2029 | 125 | 129 |
|  GE HealthCare Technologies, Inc. 4.80% 8/14/2029 | 33 | 34 |
|  Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 107 | 108 |
|  Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 21 | 20 |
|  Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026 | EUR100 | 117 |
|  UnitedHealth Group, Inc. 4.00% 5/15/2029 | USD150 | 150 |
|  UnitedHealth Group, Inc. 5.625% 7/15/2054 | 65 | 64 |
|  |  | 1466 |
|  **Consumer staples 0.32%** |  |  |
|  Altria Group, Inc. 2.20% 6/15/2027 | EUR170 | 199 |
|  BAT Capital Corp. 3.215% 9/6/2026 | USD62 | 62 |
|  BAT Capital Corp. 3.557% 8/15/2027 | 105 | 104 |
|  BAT Capital Corp. 3.462% 9/6/2029 | 75 | 73 |
|  BAT Capital Corp. 5.625% 8/15/2035 | 243 | 253 |
|  Campbell's Co. (The) 4.75% 3/23/2035 | 47 | 45 |
|  Coca-Cola Co. 4.65% 8/14/2034 | 61 | 62 |
|  Coca-Cola Co. 3.75% 8/15/2053 | EUR125 | 133 |
|  Mars, Inc. 5.20% 3/1/2035 <sup>(g)</sup>  | USD105 | 108 |
|  Minerva Luxembourg SA 8.875% 9/13/2033 | 200 | 219 |
|  Philip Morris International, Inc. 4.00% 10/29/2030 | 60 | 60 |
|  Philip Morris International, Inc. 5.75% 11/17/2032 | 110 | 118 |
|  |  | 1436 |
|  **Materials 0.30%** |  |  |
|  Braskem Netherlands Finance BV 4.50% 1/31/2030 | 220 | 86 |

---

---

| | |
|:---|:---|
| **149** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Materials (continued)** |  |  |
|  Braskem Netherlands Finance BV 8.50% 1/12/2031 | USD400 | $157 |
|  First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(g)</sup>  | 250 | 263 |
|  Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(g)</sup>  | 200 | 208 |
|  Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(h)(j)</sup>  | 276 | 280 |
|  Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(g)(h)(j)</sup>  | 46 | 47 |
|  Vale Overseas, Ltd. 3.75% 7/8/2030 | 94 | 91 |
|  Verallia SAS 3.875% 11/4/2032 | EUR200 | 229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1361 |
|  **Information technology 0.15%** |  |  |
|  Amphenol Corp. 3.125% 6/16/2032 | 100 | 116 |
|  Broadcom, Inc. 4.00% 4/15/2029 <sup>(g)</sup>  | USD21 | 21 |
|  Broadcom, Inc. 4.15% 11/15/2030 | 30 | 30 |
|  Broadcom, Inc. 3.469% 4/15/2034 | 123 | 112 |
|  Oracle Corp. 2.65% 7/15/2026 | 216 | 214 |
|  SK hynix, Inc. 1.50% 1/19/2026 | 200 | 200 |
|  |  | 693 |
|  **Real estate 0.10%** |  |  |
|  American Tower Corp. 0.875% 5/21/2029 | EUR130 | 143 |
|  Equinix Europe 2 Financing Corp., LLC 5.50% 6/15/2034 | USD100 | 103 |
|  Equinix, Inc. 2.15% 7/15/2030 | 176 | 160 |
|  Essex Portfolio, LP 3.375% 4/15/2026 | 40 | 40 |
|  |  | 446 |
|  **Total corporate bonds and notes** |  | 22758 |
|  **Asset-backed obligations 0.54%** |  |  |
|  **Other asset-backed securities 0.29%** |  |  |
|  Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(d)(g)</sup>  | 323 | 324 |
|  Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(g)</sup>  | 93 | 95 |
|  NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(g)</sup>  | 76 | 76 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(g)</sup>  | 208 | 211 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(g)</sup>  | 100 | 101 |
|  PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(g)</sup>  | 86 | 87 |
|  SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(g)</sup>  | 231 | 236 |
|  U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(g)</sup>  | 161 | 162 |
|  |  | 1292 |
|  **Credit card 0.11%** |  |  |
|  Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(d)(g)</sup>  | 100 | 100 |
|  Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(g)</sup>  | 113 | 114 |
|  Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(g)</sup>  | 100 | 100 |
|  Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(d)(g)</sup>  | 100 | 101 |
|  Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(d)(g)</sup>  | 100 | 101 |
|  |  | 516 |
|  **Auto loan 0.09%** |  |  |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(g)</sup>  | 125 | 126 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(g)</sup>  | 148 | 154 |
|  Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(g)</sup>  | 100 | 101 |
|  Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(g)</sup>  | 10 | 10 |
|  |  | 391 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **150** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br>(000) |
|  **Asset-backed obligations (continued)** |  |  |
|  **Collateralized loan obligations 0.04%** |  |  |
|  Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.905% 7/15/2032 <sup>(d)(f)(g)</sup>  | USD181 | $180 |
|  **Student loan 0.01%** |  |  |
|  SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% 11/15/2052 <sup>(d)(f)(g)</sup>  | 62 | 63 |
|  **Total asset-backed obligations** |  | 2442 |
|  **Federal agency bonds & notes 0.07%** |  |  |
|  Export-Import Bank of Thailand 5.354% 5/16/2029 | 200 | 208 |
|  Korea Development Bank 6.75% 7/1/2030 | INR10,000 | 110 |
|  |  | 318 |
|  **Municipals 0.03%** |  |  |
|  **Ohio 0.02%** |  |  |
|  Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048 | USD100 | 74 |
|  **Texas 0.01%** |  |  |
|  Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 | 80 | 55 |
|  **Total municipals** |  | 129 |
|  **Total bonds, notes & other debt instruments** (cost: $134,692,000) |  | 132358 |
| Investment funds 0.94% | Shares |  |
|  Capital Group Central Corporate Bond Fund <sup>(k)</sup>  | 499957 | 4250 |
|  **Total investment funds** (cost: $3,967,000) |  | 4250 |
| Short-term securities 6.16% |  |  |
|  **Money market investments 6.16%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup>  | 277543 | 27757 |
|  **Total short-term securities** (cost: $27,752,000) |  | 27757 |
| Options purchased (equity style) 0.00% |  |  |
|  Options purchased (equity style)\* |  | 2 |
|  **Total options purchased (equity style)** (cost: $10,000) |  | 2 |
|  **Total investment securities 100.13**% (cost: $367,548,000) |  | 451054 |
|  Other assets less liabilities (0.13)% |  | (587) |
|  **Net assets 100.00%** |  | $450467 |

---

---

| | |
|:---|:---|
| **151** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **\*Options purchased (equity style)** |  |  |  |  |  |
|  **Options on foreign currencies** |  |  |  |  |  |
| Description | Counterparty | Expiration<br>date | Exercise<br>price | Notional<br>amount<br>(000) | Value at<br>12/31/2025<br>(000) |
|  **Put** |  |  |  |  |  |
|  USD/JPY Foreign Currency Options | BNP Paribas | 2/18/2026 | JPY147.00 | USD2,000 | $2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Options purchased (futures style)** |  |  |  |  |  |
|  **Options on futures** |  |  |  |  |  |
| Description | Number of<br>contracts | Expiration<br>date | Exercise<br>price | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation) at<br>12/31/2025<br>(000) |
|  **Put** |  |  |  |  |  |
|  10 Year Euro-Bund Futures Option | 18 | 1/23/2026 | EUR126.50 | EUR1,800 | $– <sup>(m)</sup> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Options written (futures style)** |  |  |  |  |  |
|  **Options on futures** |  |  |  |  |  |
| Description | Number of<br>contracts | Expiration<br>date | Exercise<br>price | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation) at<br>12/31/2025<br>(000) |
|  **Call** |  |  |  |  |  |
|  10 Year Euro-Bund Futures Option | (18) | 1/23/2026 | EUR131.50 | EUR(1800) | $4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts** |  |  |  |  |  |
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  3 Month CORRA Futures | Long | 96 | 6/17/2026 | USD17,086 | $52 |
|  3 Month CORRA Futures | Short | 4 | 9/16/2026 | (712) | 1 |
|  2 Year Italy Government Bond Futures | Long | 44 | 3/10/2026 | 5550 | (10) |
|  2 Year Euro-Schatz Futures | Short | 22 | 3/10/2026 | (2761) | 3 |
|  2 Year Canadian Government Bond Futures | Long | 12 | 3/31/2026 | 923 | <sup>(3</sup><sup>)</sup> |
|  2 Year U.S. Treasury Note Futures | Long | 111 | 4/6/2026 | 23176 | <sup>(5</sup><sup>)</sup> |
|  5 Year Euro-Bobl Futures | Long | 22 | 3/10/2026 | 3003 | (15) |
|  5 Year Canadian Government Bond Futures | Long | 14 | 3/31/2026 | 1156 | (10) |
|  5 Year U.S. Treasury Note Futures | Long | 15 | 4/6/2026 | 1640 | <sup>(5</sup><sup>)</sup> |
|  10 Year Euro-Bund Futures | Long | 5 | 3/10/2026 | 750 | <sup>(5</sup><sup>)</sup> |
|  10 Year French Government Bond Futures | Short | 3 | 3/10/2026 | (425) | 3 |
|  10 Year Italy Government Bond Futures | Short | 8 | 3/10/2026 | (1130) | 5 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **152** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts** (continued) |  |  |  |  |  |
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  10 Year Australian Treasury Bond Futures | Long | 8 | 3/16/2026 | USD584 | $3 |
|  10 Year Japanese Government Bond Futures | Short | 3 | 3/23/2026 | (2536) | 18 |
|  10 Year U.S. Treasury Note Futures | Long | 26 | 3/31/2026 | 2923 | (21) |
|  10 Year Ultra U.S. Treasury Note Futures | Long | 6 | 3/31/2026 | 690 | (7) |
|  10 Year UK Gilt Futures | Short | 2 | 3/31/2026 | (246) | 1 |
|  10 Year Canadian Government Bond Futures | Short | 7 | 3/31/2026 | (617) | 9 |
|  20 Year U.S. Treasury Bond Futures | Long | 15 | 3/31/2026 | 1734 | (24) |
|  30 Year Euro-Buxl Futures | Short | 8 | 3/10/2026 | (1035) | 23 |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 13 | 3/31/2026 | 1534 | (27) |
|  |  |  |  |  | $(14) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** |  |  |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br>appreciation<br>(depreciation) |
| Currency purchased<br>(000) | Currency purchased<br>(000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br>date | at 12/31/2025<br>(000) |
|  TRY | 13630 | USD | 312 | Citibank | 1/7/2026 | $3 |
|  USD | 899 | MYR | 3710 | JPMorgan Chase | 1/8/2026 | (16) |
|  USD | 725 | JPY | 112210 | Bank of America | 1/9/2026 | 8 |
|  USD | 355 | JPY | 54745 | Citibank | 1/9/2026 | 5 |
|  USD | 277 | JPY | 42750 | Citibank | 1/9/2026 | 4 |
|  CHF | 130 | USD | 163 | JPMorgan Chase | 1/9/2026 | 1 |
|  CZK | 13595 | EUR | 562 | JPMorgan Chase | 1/9/2026 | 1 |
|  USD | 21 | CLP | 19505 | Citibank | 1/9/2026 | – <sup>(m)</sup> |
|  USD | 464 | IDR | 7740641 | Citibank | 1/9/2026 | – <sup>(m)</sup> |
|  JPY | 33170 | USD | 212 | BNP Paribas | 1/9/2026 | – <sup>(m)</sup> |
|  USD | 244 | MXN | 4405 | Morgan Stanley | 1/9/2026 | – <sup>(m)</sup> |
|  USD | 78 | COP | 300000 | Citibank | 1/9/2026 | (1) |
|  USD | 517 | CHF | 410 | Bank of America | 1/9/2026 | (1) |
|  JPY | 10610 | USD | 69 | Morgan Stanley | 1/9/2026 | (1) |
|  USD | 339 | CHF | 270 | Goldman Sachs | 1/9/2026 | (2) |
|  USD | 1134 | INR | 102200 | HSBC Bank | 1/9/2026 | (2) |
|  USD | 415 | CZK | 8586 | JPMorgan Chase | 1/9/2026 | (3) |
|  USD | 334 | GBP | 250 | Bank of America | 1/9/2026 | (3) |
|  USD | 291 | MXN | 5330 | UBS AG | 1/9/2026 | (4) |
|  USD | 606 | EUR | 520 | Citibank | 1/9/2026 | (6) |
|  USD | 443 | KRW | 655190 | Citibank | 1/9/2026 | (11) |
|  USD | 1103 | CAD | 1535 | Barclays Bank PLC | 1/9/2026 | (16) |
|  USD | 1614 | KRW | 2363730 | Citibank | 1/9/2026 | (24) |
|  CNH | 17205 | USD | 2438 | Citibank | 1/12/2026 | 30 |
|  ZAR | 3460 | USD | 202 | Citibank | 1/12/2026 | 6 |
|  CNH | 4541 | USD | 646 | Goldman Sachs | 1/12/2026 | 5 |
|  EUR | 186 | CAD | 300 | HSBC Bank | 1/12/2026 | 1 |
|  NZD | 47 | USD | 27 | Bank of America | 1/12/2026 | – <sup>(m)</sup> |
|  EUR | 411 | GBP | 360 | UBS AG | 1/12/2026 | (1) |
|  USD | 64 | NOK | 651 | Morgan Stanley | 1/12/2026 | (1) |
|  USD | 71 | RON | 310 | Citibank | 1/12/2026 | (1) |
|  USD | 123 | SGD | 160 | Citibank | 1/12/2026 | (1) |
|  USD | 264 | MXN | 4785 | HSBC Bank | 1/12/2026 | (2) |
|  USD | 107 | PLN | 390 | Citibank | 1/12/2026 | (2) |
|  USD | 93 | SEK | 870 | HSBC Bank | 1/12/2026 | (2) |
|  USD | 2079 | AUD | 3141 | Morgan Stanley | 1/12/2026 | (17) |

---

---

| | |
|:---|:---|
| **153** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) |  |  |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br> appreciation<br>(depreciation) |
| Currency purchased<br>(000) | Currency purchased<br>(000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br>date | at 12/31/2025<br> (000) |
|  USD | 2316 | HUF | 767740 | Citibank | 1/12/2026 | $(29) |
|  USD | 668 | THB | 20965 | UBS AG | 1/14/2026 | 2 |
|  USD | 8604 | JPY | 1330280 | Goldman Sachs | 1/15/2026 | 100 |
|  EUR | 395 | DKK | 2950 | HSBC Bank | 1/15/2026 | – <sup>(m)</sup> |
|  EUR | 160 | USD | 188 | JPMorgan Chase | 1/15/2026 | – <sup>(m)</sup> |
|  USD | 93 | ILS | 300 | HSBC Bank | 1/15/2026 | (1) |
|  USD | 2540 | EUR | 2180 | Morgan Stanley | 1/15/2026 | (24) |
|  USD | 7733 | CNH | 54343 | Goldman Sachs | 1/15/2026 | (65) |
|  EUR | 529 | GBP | 465 | HSBC Bank | 1/16/2026 | (5) |
|  USD | 3966 | GBP | 2966 | Citibank | 1/16/2026 | (32) |
|  GBP | 466 | EUR | 530 | HSBC Bank | 1/22/2026 | 4 |
|  USD | 631 | GBP | 470 | Morgan Stanley | 1/22/2026 | (3) |
|  USD | 2832 | BRL | 15446 | Citibank | 1/23/2026 | 31 |
|  USD | 288 | BRL | 1600 | Citibank | 1/23/2026 | (2) |
|  USD | 26139 | EUR | 22194 | HSBC Bank | 1/26/2026 | 24 |
|  EUR | 1365 | USD | 1610 | Standard Chartered Bank | 1/29/2026 | (3) |
|  EUR | 3015 | USD | 3548 | Morgan Stanley | 1/30/2026 | 1 |
|  EUR | 1050 | USD | 1236 | Morgan Stanley | 3/16/2026 | 3 |
|  |  |  |  |  |  | $(52) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | | | |
| **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** | **Interest rate swaps** | | | |
| **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | **Centrally cleared interest rate swaps** | | | |
| Receive | Receive | Pay | Pay |  | Notional | Value at | Upfront<br>premium<br>paid | Unrealized<br>appreciation<br>(depreciation) |
| Rate | Payment<br>frequency | Rate | Payment<br>frequency | Expiration date | amount<br>(000) | 12/31/2025<br>(000) | (received)<br>(000) | at 12/31/2025<br>(000) |
|  3.79165% | Annual | SOFR | Annual | 1/13/2026 | USD865 | $– <sup>(m)</sup> | $– | $– <sup>(m)</sup> |
|  4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP70 | 1 |  | 1 |
|  3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD210 | 1 |  | 1 |
|  SOFR | Annual | 3.4925% | Annual | 8/19/2027 | USD8,340 | (21) |  | (21) |
|  SOFR | Annual | 3.3395% | Annual | 9/23/2027 | USD8,510 | (2) |  | (2) |
|  4.98038% | Annual | SONIA | Annual | 6/21/2028 | GBP267 | 12 |  | 12 |
|  SOFR | Annual | 3.29015% | Annual | 1/13/2030 | USD2,870 | 12 |  | 12 |
|  6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR310 | 4 |  | 4 |
|  6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR310 | 4 |  | 4 |
|  6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR310 | 3 |  | 3 |
|  3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK3,700 | (2) |  | (2) |
|  6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR280 | 4 |  | 4 |
|  4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK1,500 | 1 |  | 1 |
|  4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK960 | – <sup>(m)</sup> |  | – <sup>(m)</sup> |
|  4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK970 | – <sup>(m)</sup> |  | – <sup>(m)</sup> |
|  4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK3,540 | 1 |  | 1 |
|  6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | 9/22/2030 | NOK2,420 | 1 |  | 1 |
|  6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | 9/23/2030 | NOK2,390 | – <sup>(m)</sup> |  | – <sup>(m)</sup> |
|  6-month NOK-NIBOR | Semi-annual | 4.095% | Annual | 9/23/2030 | NOK2,390 | – <sup>(m)</sup> |  | – <sup>(m)</sup> |
|  6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | 9/23/2030 | NOK1,220 | – <sup>(m)</sup> |  | – <sup>(m)</sup> |
|  SONIA | Annual | 4.36738% | Annual | 6/21/2033 | GBP62 | (3) |  | (3) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **154** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap contracts** (continued) | **Swap contracts** (continued) | **Swap contracts** (continued) | **Swap contracts** (continued) | **Swap contracts** (continued) | **Swap contracts** (continued) | **Swap contracts** (continued) | | | |
| **Interest rate swaps** (continued) | **Interest rate swaps** (continued) | **Interest rate swaps** (continued) | **Interest rate swaps** (continued) | **Interest rate swaps** (continued) | **Interest rate swaps** (continued) | **Interest rate swaps** (continued) | | | |
| **Centrally cleared interest rate swaps** (continued) | **Centrally cleared interest rate swaps** (continued) | **Centrally cleared interest rate swaps** (continued) | **Centrally cleared interest rate swaps** (continued) | **Centrally cleared interest rate swaps** (continued) | **Centrally cleared interest rate swaps** (continued) | **Centrally cleared interest rate swaps** (continued) | | | |
| Receive | Receive | Pay | Pay |  | Notional | Value at | Value at | Upfront<br>premium<br>paid | Unrealized<br>appreciation<br>(depreciation) |
| Rate | Payment<br>frequency | Rate | Payment<br>frequency | Expiration<br> date | amount<br>(000) | 12/31/2025<br> (000) | 12/31/2025<br> (000) | (received)<br>(000) | at 12/31/2025<br>(000) |
|  6-month EURIBOR | Semi-annual | 2.8972% | Annual | 9/11/2055 | EUR180 |  | $14 | $– | $14 |
|  SOFR | Annual | 3.9305% | Annual | 9/23/2055 | USD940 |  | 38 |  | 38 |
|  |  |  |  |  |  |  | $68 | $– | $68 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Bilateral interest rate swaps** | **Bilateral interest rate swaps** | **Bilateral interest rate swaps** | **Bilateral interest rate swaps** | **Bilateral interest rate swaps** |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  |  |  | premium | appreciation |
| Receive | Receive | Pay | Pay |  |  | Notional | Value at | paid | (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Counterparty | Expiration<br>date | amount<br>(000) | 12/31/2025<br> (000) | (received)<br> (000) | at 12/31/2025<br> (000) |
|  11.91%  | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/4/2027 | BRL2,940 | $(22) | $– | $(22) |
|  13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL6,010 | 22 |  | 22 |
|  14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL1,660 | 8 |  | 8 |
|  14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL1,210 | 5 |  | 5 |
|  14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL740 | 3 |  | 3 |
|  11.495% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL1,530 | (22) |  | (22) |
|  |  |  |  |  |  |  | $(6) | $– | $(6) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Credit default swaps** | **Credit default swaps** | **Credit default swaps** |  |  |  |  |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices – buy protection** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices – buy protection** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices – buy protection** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices – buy protection** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices – buy protection** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared credit default swaps on credit indices – buy protection** |  |  |
|  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  | premium | appreciation |
|  |  |  |  | Notional | Value at | paid | (depreciation) |
| Reference | Financing | Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 |
| index | rate paid | frequency | date | (000) | (000) | (000) | (000) |
|  ITRAXX.EUR.44 | 1.00% | Quarterly | 12/20/2030 | EUR1,520 | $(41) | $(38) | $(3) |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared credit default swaps on credit indices – sell protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | | | Upfront | Unrealized |
|  |  |  |  | | | premium | appreciation |
|  |  |  |  | Notional | Value at | paid | (depreciation) |
| Reference | Financing | Payment | Expiration | amount <sup>(n)</sup> | 12/31/2025 <sup>(o)</sup> | (received) | at 12/31/2025 |
| index | rate received | frequency | date | (000) | (000) | (000) | (000) |
|  CDX.NA.IG.45 | 1.00% | Quarterly | 12/20/2030 | USD1,928 | $44 | $44 | $– <sup>(m)</sup> |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Investments in affiliates <sup>(k)</sup>**  |  |  |  |  |  |  |  |
|  |  |  |  |  | Net |  |  |
|  |  |  |  | Net | unrealized |  | Dividend |
|  | Value at |  |  | realized | appreciation | Value at | or interest |
|  | 1/1/2025 | Additions | Reductions | gain (loss) | (depreciation) | 12/31/2025 | income |
|  | (000) | (000) | (000) | (000) | (000) | (000) | (000) |
|  Investment funds 0.94% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Corporate Bond Fund | $3953 | $195 | $– | $– | $102 | $4250 | $195 |

---

---

| | |
|:---|:---|
| **155** | American Funds Insurance Series |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Investments in affiliates <sup>(k)</sup>** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br>(000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br>(000) | Value at<br>12/31/2025<br>(000) | Dividend<br>or interest<br>income<br>(000) |
|  Short-term securities 6.16% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 6.16%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(l)</sup>  | $22187 | $115565 | $109995 | $(2) | $2 | $27757 | $1158 |
|  **Total 7.10%** |  |  |  | $(2) | $104 | $32007 | $1353 |

---

#### Restricted securities <sup>(i)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(h)</sup>  | 12/4/2024 | $163 | $181 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. 1.60% 3/15/2031 | 9/30/2024 | 104 | 109 | 0.02 |
|  **Total** |  | $267 | $290 | 0.06% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(c)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $899,000, which represented 0.20% of the net assets of the fund. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(g)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,356,000, which represented 2.30% of the net assets of the fund. 

<sup>(h)</sup> Step bond; coupon rate may change at a later date.

<sup>(i)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(j)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(k)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(m)</sup> Amount less than one thousand. 

<sup>(n)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur. 

<sup>(o)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

---

| | |
|:---|:---|
| American Funds Insurance Series | **156** |

---

------

American Funds Global Balanced Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Key to abbreviation(s) |  |
| ADR = American Depositary Receipts | KRW = South Korean won |
| AUD = Australian dollars | MXN = Mexican pesos |
| BRL = Brazilian reais | MYR = Malaysian ringgits |
| BZDIOVER = Overnight Brazilian Interbank Deposit Rate | NIBOR = Norwegian Interbank Offered Rate |
| CAD = Canadian dollars | NOK = Norwegian kroner |
| CHF = Swiss francs | NZD = New Zealand dollars |
| CLO = Collateralized Loan Obligations | OIS = Overnight Index Swap |
| CLP = Chilean pesos | PIK = Payment In Kind |
| CME = CME Group | PLN = Polish zloty |
| CNH = Chinese yuan renminbi | Ref. = Refunding |
| CNY = Chinese yuan renminbi | REIT = Real Estate Investment Trust |
| COP = Colombian pesos | Rev. = Revenue |
| CORRA = Canadian Overnight Repo Rate Average | RON = Romanian leu |
| CZK = Czech korunas | SEK = Swedish kronor |
| DKK = Danish kroner | SGD = Singapore dollars |
| EUR = Euros | SOFR = Secured Overnight Financing Rate |
| EURIBOR = Euro Interbank Offered Rate | SONIA = Sterling Overnight Interbank Average Rate |
| GBP = British pounds | SONIO/N = Sonio O/N Deposit Rates Swap |
| HUF = Hungarian forints | TBA = To be announced |
| ICE = Intercontinental Exchange, Inc. | THB = Thai baht |
| IDR = Indonesian rupiah | TRY = Turkish lira |
| ILS = Israeli shekels | USD = U.S. dollars |
| INR = Indian rupees | UST = U.S. Treasury |
| JPY = Japanese yen | ZAR = South African rand |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **157** | American Funds Insurance Series |

---

------

The Bond Fund of America

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 95.01% | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations 32.02%** |  |  |
|  **Federal agency mortgage-backed obligations 25.58%** |  |  |
|  Fannie Mae Pool #AR3058 3.00% 1/1/2028 <sup>(a)</sup>  | USD17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
|  Fannie Mae Pool #AS8018 3.00% 9/1/2031 <sup>(a)</sup>  | 22 | 22 |
|  Fannie Mae Pool #BM4741 3.00% 4/1/2032 <sup>(a)</sup>  | 9 | 9 |
|  Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(a)</sup>  | 1896 | 1813 |
|  Fannie Mae Pool #CB2248 2.50% 11/1/2036 <sup>(a)</sup>  | 93 | 88 |
|  Fannie Mae Pool #913966 6.00% 2/1/2037 <sup>(a)</sup>  | 29 | 31 |
|  Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 1645 | 1557 |
|  Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup>  | 677 | 640 |
|  Fannie Mae Pool #945680 6.00% 9/1/2037 <sup>(a)</sup>  | 316 | 334 |
|  Fannie Mae Pool #924866 6.015% 10/1/2037 <sup>(a)(b)</sup>  | 125 | 127 |
|  Fannie Mae Pool #988588 5.50% 8/1/2038 <sup>(a)</sup>  | 140 | 146 |
|  Fannie Mae Pool #889982 5.50% 11/1/2038 <sup>(a)</sup>  | 594 | 620 |
|  Fannie Mae Pool #AB1297 5.00% 8/1/2040 <sup>(a)</sup>  | 134 | 138 |
|  Fannie Mae Pool #AH8144 5.00% 4/1/2041 <sup>(a)</sup>  | 671 | 686 |
|  Fannie Mae Pool #AH9479 5.00% 4/1/2041 <sup>(a)</sup>  | 666 | 685 |
|  Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup>  | 102235 | 89225 |
|  Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup>  | 639 | 658 |
|  Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup>  | 322 | 331 |
|  Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup>  | 292 | 300 |
|  Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup>  | 161 | 166 |
|  Fannie Mae Pool #AZ3904 4.00% 5/1/2045 <sup>(a)</sup>  | 38 | 37 |
|  Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup>  | 1540 | 1462 |
|  Fannie Mae Pool #MA5786 7.00% 7/1/2045 <sup>(a)</sup>  | 231 | 243 |
|  Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(a)</sup>  | 667 | 633 |
|  Fannie Mae Pool #BD1968 4.00% 7/1/2046 <sup>(a)</sup>  | 727 | 703 |
|  Fannie Mae Pool #BD5477 4.00% 7/1/2046 <sup>(a)</sup>  | 115 | 111 |
|  Fannie Mae Pool #BM5148 4.00% 10/1/2046 <sup>(a)</sup>  | 4084 | 3963 |
|  Fannie Mae Pool #BE0592 4.00% 11/1/2046 <sup>(a)</sup>  | 289 | 276 |
|  Fannie Mae Pool #BE8885 4.00% 3/1/2047 <sup>(a)</sup>  | 702 | 681 |
|  Fannie Mae Pool #MA3058 4.00% 7/1/2047 <sup>(a)</sup>  | 31 | 30 |
|  Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(a)</sup>  | 3647 | 3424 |
|  Fannie Mae Pool #BJ1515 4.00% 11/1/2047 <sup>(a)</sup>  | 1721 | 1668 |
|  Fannie Mae Pool #CA0706 4.00% 11/1/2047 <sup>(a)</sup>  | 64 | 62 |
|  Fannie Mae Pool #BM4413 4.50% 12/1/2047 <sup>(a)</sup>  | 1995 | 1983 |
|  Fannie Mae Pool #CA1189 3.50% 2/1/2048 <sup>(a)</sup>  | 1043 | 979 |
|  Fannie Mae Pool #BJ5749 4.00% 5/1/2048 <sup>(a)</sup>  | 14 | 13 |
|  Fannie Mae Pool #BF0293 3.00% 7/1/2048 <sup>(a)</sup>  | 5216 | 4728 |
|  Fannie Mae Pool #BF0318 3.50% 8/1/2048 <sup>(a)</sup>  | 3839 | 3614 |
|  Fannie Mae Pool #BM5349 4.00% 9/1/2048 <sup>(a)</sup>  | 16627 | 16110 |
|  Fannie Mae Pool #FM4891 3.50% 10/1/2048 <sup>(a)</sup>  | 15508 | 14679 |
|  Fannie Mae Pool #BM4676 4.00% 10/1/2048 <sup>(a)</sup>  | 9 | 9 |
|  Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup>  | 399 | 379 |
|  Fannie Mae Pool #CA3807 3.00% 7/1/2049 <sup>(a)</sup>  | 1046 | 951 |
|  Fannie Mae Pool #CA3806 3.00% 7/1/2049 <sup>(a)</sup>  | 703 | 640 |
|  Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(a)</sup>  | 2075 | 1957 |
|  Fannie Mae Pool #FM1262 4.00% 7/1/2049 <sup>(a)</sup>  | 16776 | 16198 |
|  Fannie Mae Pool #FM0007 3.50% 9/1/2049 <sup>(a)</sup>  | 11941 | 11207 |
|  Fannie Mae Pool #FM1589 3.50% 9/1/2049 <sup>(a)</sup>  | 3203 | 2996 |
|  Fannie Mae Pool #FM1954 3.50% 11/1/2049 <sup>(a)</sup>  | 5177 | 4840 |
|  Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(a)</sup>  | 23734 | 22304 |
|  Fannie Mae Pool #CA5504 2.50% 4/1/2050 <sup>(a)</sup>  | 11 | 9 |
|  Fannie Mae Pool #CA5659 2.50% 5/1/2050 <sup>(a)</sup>  | 249 | 212 |
|  Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(a)</sup>  | 4712 | 4072 |
|  Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(a)</sup>  | 520 | 441 |
|  Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(a)</sup>  | 40 | 33 |
|  Fannie Mae Pool #FM5507 3.00% 7/1/2050 <sup>(a)</sup>  | 14584 | 13192 |
|  Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(a)</sup>  | 4986 | 4532 |
|  Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(a)</sup>  | 1623 | 1441 |
|  Fannie Mae Pool #CA6727 2.50% 8/1/2050 <sup>(a)</sup>  | 4629 | 3931 |
|  Fannie Mae Pool #CA6918 2.50% 8/1/2050 <sup>(a)</sup>  | 926 | 785 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **158** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #FP0058 2.50% 8/1/2050 <sup>(a)</sup>  | USD595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 |
|  Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(a)</sup>  | 927 | 824 |
|  Fannie Mae Pool #BQ1226 2.00% 9/1/2050 <sup>(a)</sup>  | 1561 | 1277 |
|  Fannie Mae Pool #BP6715 2.00% 9/1/2050 <sup>(a)</sup>  | 1 | 1 |
|  Fannie Mae Pool #CA7040 2.50% 9/1/2050 <sup>(a)</sup>  | 16492 | 13964 |
|  Fannie Mae Pool #FM4256 2.50% 9/1/2050 <sup>(a)</sup>  | 2472 | 2140 |
|  Fannie Mae Pool #CA7028 2.50% 9/1/2050 <sup>(a)</sup>  | 854 | 739 |
|  Fannie Mae Pool #FM7195 2.50% 9/1/2050 <sup>(a)</sup>  | 405 | 343 |
|  Fannie Mae Pool #BQ2400 2.50% 9/1/2050 <sup>(a)</sup>  | 56 | 48 |
|  Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 289 | 258 |
|  Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(a)</sup>  | 872 | 738 |
|  Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup>  | 241 | 209 |
|  Fannie Mae Pool #FM4684 2.50% 10/1/2050 <sup>(a)</sup>  | 185 | 158 |
|  Fannie Mae Pool #FP0034 2.50% 10/1/2050 <sup>(a)</sup>  | 174 | 148 |
|  Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(a)</sup>  | 1369 | 1216 |
|  Fannie Mae Pool #FM4870 2.00% 11/1/2050 <sup>(a)</sup>  | 1748 | 1418 |
|  Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(a)</sup>  | 5795 | 5023 |
|  Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(a)</sup>  | 1078 | 916 |
|  Fannie Mae Pool #BQ7564 2.50% 11/1/2050 <sup>(a)</sup>  | 650 | 551 |
|  Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(a)</sup>  | 24 | 21 |
|  Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(a)</sup>  | 14135 | 12789 |
|  Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 1008 | 823 |
|  Fannie Mae Pool #CA8025 2.50% 12/1/2050 <sup>(a)</sup>  | 925 | 786 |
|  Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(a)</sup>  | 979 | 870 |
|  Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | 6320 | 5161 |
|  Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(a)</sup>  | 4745 | 3878 |
|  Fannie Mae Pool #CA8587 2.00% 1/1/2051 <sup>(a)</sup>  | 40 | 33 |
|  Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup>  | 20212 | 17285 |
|  Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(a)</sup>  | 1512 | 1282 |
|  Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(a)</sup>  | 886 | 751 |
|  Fannie Mae Pool #FM6293 3.00% 1/1/2051 <sup>(a)</sup>  | 62 | 55 |
|  Fannie Mae Pool #BR3283 2.00% 2/1/2051 <sup>(a)</sup>  | 3228 | 2613 |
|  Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup>  | 693 | 561 |
|  Fannie Mae Pool #BR2666 2.00% 2/1/2051 <sup>(a)</sup>  | 364 | 300 |
|  Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(a)</sup>  | 4808 | 4141 |
|  Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(a)</sup>  | 3395 | 2880 |
|  Fannie Mae Pool #FM6556 2.00% 3/1/2051 <sup>(a)</sup>  | 342 | 277 |
|  Fannie Mae Pool #FM6764 2.50% 3/1/2051 <sup>(a)</sup>  | 7274 | 6157 |
|  Fannie Mae Pool #CA9390 2.50% 3/1/2051 <sup>(a)</sup>  | 1651 | 1398 |
|  Fannie Mae Pool #BQ7729 2.50% 3/1/2051 <sup>(a)</sup>  | 938 | 794 |
|  Fannie Mae Pool #BR3771 2.00% 4/1/2051 <sup>(a)</sup>  | 8416 | 6815 |
|  Fannie Mae Pool #BR7191 2.00% 4/1/2051 <sup>(a)</sup>  | 1803 | 1460 |
|  Fannie Mae Pool #BR7719 2.00% 4/1/2051 <sup>(a)</sup>  | 563 | 456 |
|  Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 27 | 22 |
|  Fannie Mae Pool #BN9135 2.50% 4/1/2051 <sup>(a)</sup>  | 4788 | 4053 |
|  Fannie Mae Pool #FM6871 2.50% 4/1/2051 <sup>(a)</sup>  | 4506 | 3814 |
|  Fannie Mae Pool #MA4306 2.50% 4/1/2051 <sup>(a)</sup>  | 2365 | 2020 |
|  Fannie Mae Pool #CB0006 2.50% 4/1/2051 <sup>(a)</sup>  | 415 | 353 |
|  Fannie Mae Pool #FM6965 2.50% 4/1/2051 <sup>(a)</sup>  | 313 | 265 |
|  Fannie Mae Pool #FS0030 2.50% 4/1/2051 <sup>(a)</sup>  | 168 | 142 |
|  Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(a)</sup>  | 2923 | 2610 |
|  Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(a)</sup>  | 354 | 317 |
|  Fannie Mae Pool #BT0519 2.00% 5/1/2051 <sup>(a)</sup>  | 10452 | 8460 |
|  Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(a)</sup>  | 1714 | 1387 |
|  Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup>  | 16 | 13 |
|  Fannie Mae Pool #FM7325 2.50% 5/1/2051 <sup>(a)</sup>  | 1856 | 1578 |
|  Fannie Mae Pool #CB0396 2.50% 5/1/2051 <sup>(a)</sup>  | 1744 | 1476 |
|  Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(a)</sup>  | 573 | 485 |
|  Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(a)</sup>  | 464 | 393 |
|  Fannie Mae Pool #FM7409 2.50% 5/1/2051 <sup>(a)</sup>  | 157 | 133 |

---

---

| | |
|:---|:---|
| **159** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(a)</sup>  | USD32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
|  Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(a)</sup>  | 26 | 22 |
|  Fannie Mae Pool #BT0136 2.00% 6/1/2051 <sup>(a)</sup>  | 1826 | 1478 |
|  Fannie Mae Pool #FM7803 2.00% 6/1/2051 <sup>(a)</sup>  | 480 | 397 |
|  Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(a)</sup>  | 1359 | 1150 |
|  Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(a)</sup>  | 756 | 640 |
|  Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(a)</sup>  | 265 | 237 |
|  Fannie Mae Pool #FM7510 3.00% 6/1/2051 <sup>(a)</sup>  | 188 | 168 |
|  Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(a)</sup>  | 74 | 61 |
|  Fannie Mae Pool #CB0988 2.50% 7/1/2051 <sup>(a)</sup>  | 8398 | 7214 |
|  Fannie Mae Pool #BT0849 2.50% 7/1/2051 <sup>(a)</sup>  | 4659 | 3954 |
|  Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup>  | 4300 | 3640 |
|  Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(a)</sup>  | 2294 | 1942 |
|  Fannie Mae Pool #FM8315 2.50% 7/1/2051 <sup>(a)</sup>  | 950 | 808 |
|  Fannie Mae Pool #BT1288 2.50% 7/1/2051 <sup>(a)</sup>  | 545 | 462 |
|  Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 408 | 353 |
|  Fannie Mae Pool #CB1066 2.50% 7/1/2051 <sup>(a)</sup>  | 204 | 174 |
|  Fannie Mae Pool #CB0998 3.00% 7/1/2051 <sup>(a)</sup>  | 1940 | 1718 |
|  Fannie Mae Pool #CB1394 2.50% 8/1/2051 <sup>(a)</sup>  | 764 | 647 |
|  Fannie Mae Pool #FM8442 2.50% 8/1/2051 <sup>(a)</sup>  | 191 | 162 |
|  Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(a)</sup>  | 1275 | 1129 |
|  Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 3030 | 2565 |
|  Fannie Mae Pool #FM8761 2.50% 9/1/2051 <sup>(a)</sup>  | 1894 | 1607 |
|  Fannie Mae Pool #FM8658 2.50% 9/1/2051 <sup>(a)</sup>  | 1343 | 1139 |
|  Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 991 | 849 |
|  Fannie Mae Pool #CB1552 2.50% 9/1/2051 <sup>(a)</sup>  | 467 | 398 |
|  Fannie Mae Pool #FS4711 2.50% 9/1/2051 <sup>(a)</sup>  | 423 | 358 |
|  Fannie Mae Pool #BQ7428 2.50% 9/1/2051 <sup>(a)</sup>  | 297 | 253 |
|  Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(a)</sup>  | 289 | 245 |
|  Fannie Mae Pool #FM8692 2.50% 9/1/2051 <sup>(a)</sup>  | 54 | 46 |
|  Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(a)</sup>  | 1890 | 1600 |
|  Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(a)</sup>  | 309 | 261 |
|  Fannie Mae Pool #BT9147 2.50% 10/1/2051 <sup>(a)</sup>  | 21 | 18 |
|  Fannie Mae Pool #FS4628 3.00% 10/1/2051 <sup>(a)</sup>  | 2949 | 2633 |
|  Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(a)</sup>  | 4282 | 3479 |
|  Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 125 | 102 |
|  Fannie Mae Pool #CB2092 2.50% 11/1/2051 <sup>(a)</sup>  | 1978 | 1674 |
|  Fannie Mae Pool #CB2088 2.50% 11/1/2051 <sup>(a)</sup>  | 92 | 78 |
|  Fannie Mae Pool #FM9810 3.00% 11/1/2051 <sup>(a)</sup>  | 843 | 751 |
|  Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(a)</sup>  | 784 | 637 |
|  Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(a)</sup>  | 31768 | 26892 |
|  Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(a)</sup>  | 1865 | 1583 |
|  Fannie Mae Pool #FM9693 2.50% 12/1/2051 <sup>(a)</sup>  | 1577 | 1335 |
|  Fannie Mae Pool #CB2404 2.50% 12/1/2051 <sup>(a)</sup>  | 300 | 254 |
|  Fannie Mae Pool #BT5284 3.00% 12/1/2051 <sup>(a)</sup>  | 27 | 24 |
|  Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(a)</sup>  | 21 | 20 |
|  Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(a)</sup>  | 1799 | 1462 |
|  Fannie Mae Pool #FS0235 2.50% 1/1/2052 <sup>(a)</sup>  | 5999 | 5078 |
|  Fannie Mae Pool #CB2644 2.50% 1/1/2052 <sup>(a)</sup>  | 5816 | 4923 |
|  Fannie Mae Pool #FS6479 2.50% 1/1/2052 <sup>(a)</sup>  | 4273 | 3623 |
|  Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(a)</sup>  | 2043 | 1729 |
|  Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(a)</sup>  | 1913 | 1622 |
|  Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(a)</sup>  | 1695 | 1435 |
|  Fannie Mae Pool #FS0370 2.50% 1/1/2052 <sup>(a)</sup>  | 1120 | 948 |
|  Fannie Mae Pool #FS4203 2.50% 1/1/2052 <sup>(a)</sup>  | 1086 | 919 |
|  Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(a)</sup>  | 329 | 279 |
|  Fannie Mae Pool #BU3083 2.50% 1/1/2052 <sup>(a)</sup>  | 295 | 251 |
|  Fannie Mae Pool #FS0454 3.00% 1/1/2052 <sup>(a)</sup>  | 897 | 803 |
|  Fannie Mae Pool #BV0273 3.00% 1/1/2052 <sup>(a)</sup>  | 568 | 503 |
|  Fannie Mae Pool #BU1410 3.00% 1/1/2052 <sup>(a)</sup>  | 540 | 479 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **160** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup>  | USD14,514 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11751 |
|  Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(a)</sup>  | 2418 | 1962 |
|  Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(a)</sup>  | 787 | 637 |
|  Fannie Mae Pool #BT1967 2.50% 2/1/2052 <sup>(a)</sup>  | 1624 | 1383 |
|  Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(a)</sup>  | 1367 | 1160 |
|  Fannie Mae Pool #MA4548 2.50% 2/1/2052 <sup>(a)</sup>  | 849 | 723 |
|  Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(a)</sup>  | 712 | 603 |
|  Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(a)</sup>  | 490 | 416 |
|  Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(a)</sup>  | 473 | 401 |
|  Fannie Mae Pool #CB3099 2.50% 2/1/2052 <sup>(a)</sup>  | 253 | 215 |
|  Fannie Mae Pool #BV2784 2.50% 2/1/2052 <sup>(a)</sup>  | 30 | 26 |
|  Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup>  | 31130 | 28182 |
|  Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(a)</sup>  | 1510 | 1222 |
|  Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(a)</sup>  | 1214 | 985 |
|  Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(a)</sup>  | 1039 | 842 |
|  Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(a)</sup>  | 841 | 681 |
|  Fannie Mae Pool #BV4133 2.50% 3/1/2052 <sup>(a)</sup>  | 2639 | 2238 |
|  Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup>  | 1681 | 1431 |
|  Fannie Mae Pool #BV5800 2.50% 3/1/2052 <sup>(a)</sup>  | 1000 | 849 |
|  Fannie Mae Pool #FS4433 2.50% 3/1/2052 <sup>(a)</sup>  | 627 | 535 |
|  Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(a)</sup>  | 377 | 321 |
|  Fannie Mae Pool #MA4563 2.50% 3/1/2052 <sup>(a)</sup>  | 34 | 29 |
|  Fannie Mae Pool #BV4199 3.00% 3/1/2052 <sup>(a)</sup>  | 4985 | 4417 |
|  Fannie Mae Pool #FS1374 3.00% 3/1/2052 <sup>(a)</sup>  | 973 | 862 |
|  Fannie Mae Pool #CB3346 2.00% 4/1/2052 <sup>(a)</sup>  | 5431 | 4396 |
|  Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(a)</sup>  | 1603 | 1300 |
|  Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(a)</sup>  | 724 | 587 |
|  Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup>  | 30865 | 26126 |
|  Fannie Mae Pool #BV4656 2.50% 4/1/2052 <sup>(a)</sup>  | 1508 | 1282 |
|  Fannie Mae Pool #BV8126 2.50% 4/1/2052 <sup>(a)</sup>  | 161 | 137 |
|  Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(a)</sup>  | 1361 | 1301 |
|  Fannie Mae Pool #FS1655 4.00% 4/1/2052 <sup>(a)</sup>  | 251 | 240 |
|  Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(a)</sup>  | 3598 | 2923 |
|  Fannie Mae Pool #FS8650 2.50% 5/1/2052 <sup>(a)</sup>  | 20039 | 17013 |
|  Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(a)</sup>  | 2089 | 1778 |
|  Fannie Mae Pool #FS5033 2.50% 5/1/2052 <sup>(a)</sup>  | 1000 | 851 |
|  Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(a)</sup>  | 931 | 792 |
|  Fannie Mae Pool #FS7060 3.00% 5/1/2052 <sup>(a)</sup>  | 6239 | 5526 |
|  Fannie Mae Pool #CB3780 3.50% 5/1/2052 <sup>(a)</sup>  | 1992 | 1847 |
|  Fannie Mae Pool #FS5035 2.50% 6/1/2052 <sup>(a)</sup>  | 1366 | 1157 |
|  Fannie Mae Pool #FS7953 2.50% 6/1/2052 <sup>(a)</sup>  | 941 | 798 |
|  Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(a)</sup>  | 144 | 123 |
|  Fannie Mae Pool #FS7062 3.00% 6/1/2052 <sup>(a)</sup>  | 128 | 113 |
|  Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(a)</sup>  | 2816 | 2689 |
|  Fannie Mae Pool #BW1931 5.00% 6/1/2052 <sup>(a)</sup>  | 3048 | 3051 |
|  Fannie Mae Pool #BT8262 5.00% 6/1/2052 <sup>(a)</sup>  | 1360 | 1364 |
|  Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(a)</sup>  | 11030 | 9354 |
|  Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup>  | 2866 | 2426 |
|  Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(a)</sup>  | 713 | 606 |
|  Fannie Mae Pool #FS7057 2.50% 7/1/2052 <sup>(a)</sup>  | 486 | 412 |
|  Fannie Mae Pool #CB4274 2.50% 7/1/2052 <sup>(a)</sup>  | 416 | 354 |
|  Fannie Mae Pool #FS5493 2.50% 7/1/2052 <sup>(a)</sup>  | 131 | 112 |
|  Fannie Mae Pool #CB4370 3.50% 7/1/2052 <sup>(a)</sup>  | 133 | 123 |
|  Fannie Mae Pool #BW0959 5.00% 7/1/2052 <sup>(a)</sup>  | 2763 | 2770 |
|  Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(a)</sup>  | 4079 | 3613 |
|  Fannie Mae Pool #FS3955 3.50% 8/1/2052 <sup>(a)</sup>  | 988 | 917 |
|  Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup>  | 521 | 527 |
|  Fannie Mae Pool #FS2805 2.50% 9/1/2052 <sup>(a)</sup>  | 436 | 371 |
|  Fannie Mae Pool #FA1404 3.00% 9/1/2052 <sup>(a)</sup>  | 97 | 86 |
|  Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup>  | 246 | 243 |

---

---

| | |
|:---|:---|
| **161** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #BW8497 4.50% 9/1/2052 <sup>(a)</sup>  | USD57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
|  Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup>  | 8089 | 8150 |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 8787 | 7137 |
|  Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(a)</sup>  | 9197 | 9018 |
|  Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup>  | 2496 | 2452 |
|  Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup>  | 2325 | 2333 |
|  Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 2676 | 2726 |
|  Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 2446 | 2492 |
|  Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup>  | 203 | 212 |
|  Fannie Mae Pool #BX1132 4.50% 11/1/2052 <sup>(a)</sup>  | 747 | 732 |
|  Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup>  | 132 | 132 |
|  Fannie Mae Pool #CB5778 6.00% 12/1/2052 <sup>(a)</sup>  | 31 | 32 |
|  Fannie Mae Pool #MA4932 3.00% 1/1/2053 <sup>(a)</sup>  | 571 | 506 |
|  Fannie Mae Pool #BX5927 4.00% 1/1/2053 <sup>(a)</sup>  | 269 | 257 |
|  Fannie Mae Pool #FS6769 5.00% 1/1/2053 <sup>(a)</sup>  | 19964 | 20043 |
|  Fannie Mae Pool #FS4435 2.50% 2/1/2053 <sup>(a)</sup>  | 666 | 566 |
|  Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup>  | 4448 | 4245 |
|  Fannie Mae Pool #MA4918 5.00% 2/1/2053 <sup>(a)</sup>  | 562 | 563 |
|  Fannie Mae Pool #BW5268 4.00% 3/1/2053 <sup>(a)</sup>  | 292 | 279 |
|  Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(a)</sup>  | 146 | 146 |
|  Fannie Mae Pool #BX7779 5.50% 3/1/2053 <sup>(a)</sup>  | 3619 | 3693 |
|  Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(a)</sup>  | 391 | 399 |
|  Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 771 | 800 |
|  Fannie Mae Pool #BY0255 2.50% 4/1/2053 <sup>(a)</sup>  | 415 | 352 |
|  Fannie Mae Pool #MA4993 4.00% 4/1/2053 <sup>(a)</sup>  | 4195 | 3985 |
|  Fannie Mae Pool #MA4977 4.50% 4/1/2053 <sup>(a)</sup>  | 630 | 616 |
|  Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup>  | 14804 | 14830 |
|  Fannie Mae Pool #BX9041 5.00% 4/1/2053 <sup>(a)</sup>  | 79 | 79 |
|  Fannie Mae Pool #BY0130 5.50% 4/1/2053 <sup>(a)</sup>  | 900 | 917 |
|  Fannie Mae Pool #CB6033 6.00% 4/1/2053 <sup>(a)</sup>  | 16585 | 17191 |
|  Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup>  | 4543 | 4332 |
|  Fannie Mae Pool #CB6985 4.00% 5/1/2053 <sup>(a)</sup>  | 398 | 380 |
|  Fannie Mae Pool #CB6297 4.00% 5/1/2053 <sup>(a)</sup>  | 29 | 28 |
|  Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup>  | 2798 | 2811 |
|  Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup>  | 2618 | 2626 |
|  Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 5432 | 5531 |
|  Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 6260 | 6463 |
|  Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(a)</sup>  | 602 | 534 |
|  Fannie Mae Pool #CB6471 4.50% 6/1/2053 <sup>(a)</sup>  | 2798 | 2740 |
|  Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup>  | 5834 | 5938 |
|  Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup>  | 4483 | 4552 |
|  Fannie Mae Pool #BY3612 5.50% 6/1/2053 <sup>(a)</sup>  | 307 | 313 |
|  Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup>  | 3478 | 3580 |
|  Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup>  | 2196 | 2263 |
|  Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup>  | 1608 | 1666 |
|  Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(a)</sup>  | 5869 | 4759 |
|  Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(a)</sup>  | 3516 | 2981 |
|  Fannie Mae Pool #FS6037 2.50% 7/1/2053 <sup>(a)</sup>  | 147 | 125 |
|  Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup>  | 74 | 70 |
|  Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup>  | 19056 | 18668 |
|  Fannie Mae Pool #BY4459 5.00% 7/1/2053 <sup>(a)</sup>  | 573 | 575 |
|  Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(a)</sup>  | 93 | 93 |
|  Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 3147 | 3203 |
|  Fannie Mae Pool #CB6768 6.50% 7/1/2053 <sup>(a)</sup>  | 6667 | 6985 |
|  Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup>  | 16853 | 17147 |
|  Fannie Mae Pool #FS6666 5.50% 8/1/2053 <sup>(a)</sup>  | 11483 | 11698 |
|  Fannie Mae Pool #CB7108 5.50% 9/1/2053 <sup>(a)</sup>  | 5803 | 5912 |
|  Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(a)</sup>  | 499 | 509 |
|  Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(a)</sup>  | 4344 | 4471 |
|  Fannie Mae Pool #FS5749 6.50% 9/1/2053 <sup>(a)</sup>  | 12932 | 13443 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **162** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup>  | USD7,282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6932 |
|  Fannie Mae Pool #CB7332 5.50% 10/1/2053 <sup>(a)</sup>  | 11429 | 11637 |
|  Fannie Mae Pool #CB7331 5.50% 10/1/2053 <sup>(a)</sup>  | 6228 | 6344 |
|  Fannie Mae Pool #DA1557 6.00% 10/1/2053 <sup>(a)</sup>  | 122 | 126 |
|  Fannie Mae Pool #BY1399 3.50% 11/1/2053 <sup>(a)</sup>  | 996 | 924 |
|  Fannie Mae Pool #FS7252 5.00% 11/1/2053 <sup>(a)</sup>  | 59822 | 59898 |
|  Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(a)</sup>  | 1777 | 1855 |
|  Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(a)</sup>  | 26 | 27 |
|  Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup>  | 1830 | 1859 |
|  Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(a)</sup>  | 692 | 728 |
|  Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup>  | 4556 | 4777 |
|  Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 1089 | 1134 |
|  Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup>  | 2852 | 2787 |
|  Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup>  | 2362 | 2399 |
|  Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 1652 | 1678 |
|  Fannie Mae Pool #FS7031 6.00% 2/1/2054 <sup>(a)</sup>  | 6318 | 6548 |
|  Fannie Mae Pool #DA7831 6.00% 2/1/2054 <sup>(a)</sup>  | 1519 | 1563 |
|  Fannie Mae Pool #BY8083 4.00% 3/1/2054 <sup>(a)</sup>  | 24 | 23 |
|  Fannie Mae Pool #FS9508 4.50% 3/1/2054 <sup>(a)</sup>  | 13809 | 13524 |
|  Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(a)</sup>  | 17416 | 17717 |
|  Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 1474 | 1497 |
|  Fannie Mae Pool #FS7507 6.00% 3/1/2054 <sup>(a)</sup>  | 4540 | 4705 |
|  Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(a)</sup>  | 3068 | 3162 |
|  Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(a)</sup>  | 1522 | 1564 |
|  Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup>  | 3733 | 3921 |
|  Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup>  | 4653 | 4755 |
|  Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 5114 | 5317 |
|  Fannie Mae Pool #DB5160 5.50% 5/1/2054 <sup>(a)</sup>  | 508 | 517 |
|  Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(a)</sup>  | 330 | 339 |
|  Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(a)</sup>  | 180 | 185 |
|  Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(a)</sup>  | 2472 | 2509 |
|  Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(a)</sup>  | 1796 | 1836 |
|  Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup>  | 17336 | 18002 |
|  Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 1183 | 1220 |
|  Fannie Mae Pool #DB5030 6.00% 6/1/2054 <sup>(a)</sup>  | 988 | 1017 |
|  Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 9692 | 10110 |
|  Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup>  | 1788 | 1858 |
|  Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(a)</sup>  | 6662 | 6796 |
|  Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(a)</sup>  | 1423 | 1454 |
|  Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup>  | 22751 | 23374 |
|  Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup>  | 4671 | 4862 |
|  Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup>  | 2409 | 2490 |
|  Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup>  | 2072 | 2152 |
|  Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 1995 | 2050 |
|  Fannie Mae Pool #DB7685 6.00% 7/1/2054 <sup>(a)</sup>  | 1192 | 1228 |
|  Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 1011 | 1039 |
|  Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(a)</sup>  | 476 | 489 |
|  Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 14751 | 15441 |
|  Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 4002 | 4177 |
|  Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 2375 | 2495 |
|  Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(a)</sup>  | 132 | 135 |
|  Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | 37577 | 38607 |
|  Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(a)</sup>  | 1276 | 1312 |
|  Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 1163 | 1195 |
|  Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 805 | 828 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 211 | 219 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 98 | 101 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 88 | 91 |
|  Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(a)</sup>  | 2102 | 2201 |
|  Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup>  | 1776 | 1858 |

---

---

| | |
|:---|:---|
| **163** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup>  | USD83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
|  Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup>  | 3274 | 3323 |
|  Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(a)</sup>  | 1600 | 1639 |
|  Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup>  | 1203 | 1229 |
|  Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup>  | 362 | 372 |
|  Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup>  | 212 | 218 |
|  Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup>  | 177 | 182 |
|  Fannie Mae Pool #DC2270 6.00% 9/1/2054 <sup>(a)</sup>  | 82 | 85 |
|  Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup>  | 254 | 264 |
|  Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup>  | 765 | 786 |
|  Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup>  | 1794 | 1791 |
|  Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 4170 | 4231 |
|  Fannie Mae Pool #MA5532 6.00% 11/1/2054 <sup>(a)</sup>  | 3008 | 3091 |
|  Fannie Mae Pool #MA5550 4.00% 12/1/2054 <sup>(a)</sup>  | 9840 | 9342 |
|  Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup>  | 263 | 257 |
|  Fannie Mae Pool #CB9770 4.50% 12/1/2054 <sup>(a)</sup>  | 89 | 87 |
|  Fannie Mae Pool #CB9768 4.50% 12/1/2054 <sup>(a)</sup>  | 31 | 31 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 137 | 137 |
|  Fannie Mae Pool #CB9675 6.00% 12/1/2054 <sup>(a)</sup>  | 3685 | 3821 |
|  Fannie Mae Pool #BU5233 6.00% 12/1/2054 <sup>(a)</sup>  | 1407 | 1451 |
|  Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup>  | 426 | 437 |
|  Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup>  | 320 | 329 |
|  Fannie Mae Pool #BU5358 6.00% 12/1/2054 <sup>(a)</sup>  | 286 | 295 |
|  Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup>  | 726 | 754 |
|  Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(a)</sup>  | 1747 | 1772 |
|  Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup>  | 1418 | 1464 |
|  Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup>  | 408 | 419 |
|  Fannie Mae Pool #CB9840 6.50% 1/1/2055 <sup>(a)</sup>  | 1703 | 1774 |
|  Fannie Mae Pool #CB9836 6.50% 1/1/2055 <sup>(a)</sup>  | 1201 | 1259 |
|  Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(a)</sup>  | 2295 | 2242 |
|  Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 2689 | 2729 |
|  Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup>  | 11644 | 11962 |
|  Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup>  | 456 | 463 |
|  Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 4785 | 4916 |
|  Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup>  | 3293 | 3423 |
|  Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup>  | 638 | 664 |
|  Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup>  | 24751 | 26039 |
|  Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup>  | 7959 | 7557 |
|  Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 4581 | 4707 |
|  Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup>  | 273 | 281 |
|  Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup>  | 271 | 278 |
|  Fannie Mae Pool #DD6277 7.00% 4/1/2055 <sup>(a)</sup>  | 1000 | 1057 |
|  Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(a)</sup>  | 1744 | 1656 |
|  Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup>  | 271 | 271 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 4402 | 4523 |
|  Fannie Mae Pool #DD8411 7.00% 5/1/2055 <sup>(a)</sup>  | 1000 | 1053 |
|  Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup>  | 9433 | 9573 |
|  Fannie Mae Pool #DD7303 5.50% 6/1/2055 <sup>(a)</sup>  | 456 | 463 |
|  Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup>  | 9679 | 9946 |
|  Fannie Mae Pool #DE2192 6.00% 7/1/2055 <sup>(a)</sup>  | 4428 | 4550 |
|  Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup>  | 1916 | 1993 |
|  Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 1720 | 1788 |
|  Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup>  | 5302 | 5379 |
|  Fannie Mae Pool #CC0859 5.50% 8/1/2055 <sup>(a)</sup>  | 3902 | 3991 |
|  Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup>  | 2134 | 2221 |
|  Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup>  | 266 | 273 |
|  Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(a)</sup>  | 7268 | 7648 |
|  Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(a)</sup>  | 1778 | 1804 |
|  Fannie Mae Pool #MA5850 4.00% 10/1/2055 <sup>(a)</sup>  | 3032 | 2878 |
|  Fannie Mae Pool #DF4985 3.50% 11/1/2055 <sup>(a)</sup>  | 117 | 108 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **164** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup>  | USD64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
|  Fannie Mae Pool #BF0145 3.50% 3/1/2057 <sup>(a)</sup>  | 9299 | 8557 |
|  Fannie Mae Pool #BF0264 3.50% 5/1/2058 <sup>(a)</sup>  | 6890 | 6331 |
|  Fannie Mae Pool #BF0332 3.00% 1/1/2059 <sup>(a)</sup>  | 14526 | 12733 |
|  Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 17453 | 15210 |
|  Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 955 | 934 |
|  Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(a)</sup>  | 4507 | 4102 |
|  Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041 <sup>(a)</sup>  | 3 | 3 |
|  Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(a)</sup>  | 13 | 14 |
|  Fannie Mae, Series 2002-W1, Class 2A, 4.346% 2/25/2042 <sup>(a)(b)</sup>  | 14 | 14 |
|  Freddie Mac Pool #ZS8507 3.00% 11/1/2028 <sup>(a)</sup>  | 38 | 37 |
|  Freddie Mac Pool #ZK7590 3.00% 1/1/2029 <sup>(a)</sup>  | 645 | 639 |
|  Freddie Mac Pool #A15120 5.50% 10/1/2033 <sup>(a)</sup>  | 34 | 35 |
|  Freddie Mac Pool #QN1073 3.00% 12/1/2034 <sup>(a)</sup>  | 29 | 28 |
|  Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup>  | 2359 | 2233 |
|  Freddie Mac Pool #G05196 5.50% 10/1/2038 <sup>(a)</sup>  | 35 | 37 |
|  Freddie Mac Pool #G05267 5.50% 12/1/2038 <sup>(a)</sup>  | 27 | 28 |
|  Freddie Mac Pool #G06020 5.50% 12/1/2039 <sup>(a)</sup>  | 50 | 52 |
|  Freddie Mac Pool #G05860 5.50% 2/1/2040 <sup>(a)</sup>  | 165 | 172 |
|  Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(a)</sup>  | 1723 | 1512 |
|  Freddie Mac Pool #A93948 4.50% 9/1/2040 <sup>(a)</sup>  | 123 | 124 |
|  Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(a)</sup>  | 5103 | 4420 |
|  Freddie Mac Pool #G06868 4.50% 4/1/2041 <sup>(a)</sup>  | 123 | 124 |
|  Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(a)</sup>  | 8835 | 7709 |
|  Freddie Mac Pool #G06841 5.50% 6/1/2041 <sup>(a)</sup>  | 284 | 296 |
|  Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(a)</sup>  | 14578 | 13555 |
|  Freddie Mac Pool #RA6996 2.50% 3/1/2047 <sup>(a)</sup>  | 53 | 46 |
|  Freddie Mac Pool #ZT2100 3.00% 4/1/2047 <sup>(a)</sup>  | 86 | 77 |
|  Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup>  | 764 | 737 |
|  Freddie Mac Pool #G08789 4.00% 11/1/2047 <sup>(a)</sup>  | 467 | 454 |
|  Freddie Mac Pool #G61733 3.00% 12/1/2047 <sup>(a)</sup>  | 3819 | 3493 |
|  Freddie Mac Pool #G67709 3.50% 3/1/2048 <sup>(a)</sup>  | 9857 | 9326 |
|  Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup>  | 722 | 698 |
|  Freddie Mac Pool #G61628 3.50% 9/1/2048 <sup>(a)</sup>  | 229 | 216 |
|  Freddie Mac Pool #Q58494 4.00% 9/1/2048 <sup>(a)</sup>  | 927 | 898 |
|  Freddie Mac Pool #ZN4842 3.50% 4/1/2049 <sup>(a)</sup>  | 489 | 459 |
|  Freddie Mac Pool #RA1369 3.50% 9/1/2049 <sup>(a)</sup>  | 1487 | 1395 |
|  Freddie Mac Pool #SD7508 3.50% 10/1/2049 <sup>(a)</sup>  | 7977 | 7515 |
|  Freddie Mac Pool #QA4673 3.00% 11/1/2049 <sup>(a)</sup>  | 21733 | 19714 |
|  Freddie Mac Pool #QB1368 2.50% 7/1/2050 <sup>(a)</sup>  | 4364 | 3777 |
|  Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(a)</sup>  | 26 | 22 |
|  Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 281 | 251 |
|  Freddie Mac Pool #RA3515 2.50% 9/1/2050 <sup>(a)</sup>  | 1774 | 1506 |
|  Freddie Mac Pool #RA3528 2.50% 9/1/2050 <sup>(a)</sup>  | 62 | 52 |
|  Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(a)</sup>  | 1677 | 1497 |
|  Freddie Mac Pool #SD7525 2.50% 10/1/2050 <sup>(a)</sup>  | 5209 | 4516 |
|  Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup>  | 1176 | 997 |
|  Freddie Mac Pool #QB5799 2.50% 11/1/2050 <sup>(a)</sup>  | 54 | 46 |
|  Freddie Mac Pool #QB5838 2.50% 11/1/2050 <sup>(a)</sup>  | 24 | 20 |
|  Freddie Mac Pool #RA4206 2.50% 12/1/2050 <sup>(a)</sup>  | 1866 | 1581 |
|  Freddie Mac Pool #RA4242 2.50% 1/1/2051 <sup>(a)</sup>  | 929 | 794 |
|  Freddie Mac Pool #QB7973 3.00% 1/1/2051 <sup>(a)</sup>  | 627 | 556 |
|  Freddie Mac Pool #SD0776 2.00% 2/1/2051 <sup>(a)</sup>  | 1676 | 1360 |
|  Freddie Mac Pool #QB8605 2.00% 2/1/2051 <sup>(a)</sup>  | 402 | 331 |
|  Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 95 | 77 |
|  Freddie Mac Pool #SI2114 2.50% 2/1/2051 <sup>(a)</sup>  | 110 | 93 |
|  Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 60614 | 49440 |
|  Freddie Mac Pool #SD0537 2.00% 3/1/2051 <sup>(a)</sup>  | 1716 | 1391 |
|  Freddie Mac Pool #QB9901 2.50% 3/1/2051 <sup>(a)</sup>  | 2236 | 1893 |
|  Freddie Mac Pool #SD0934 2.00% 4/1/2051 <sup>(a)</sup>  | 2150 | 1751 |

---

---

| | |
|:---|:---|
| **165** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #QC0416 2.50% 4/1/2051 <sup>(a)</sup>  | USD217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 |
|  Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(a)</sup>  | 156 | 132 |
|  Freddie Mac Pool #QC2062 2.00% 5/1/2051 <sup>(a)</sup>  | 1783 | 1443 |
|  Freddie Mac Pool #RA5204 2.00% 5/1/2051 <sup>(a)</sup>  | 1748 | 1415 |
|  Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup>  | 1566 | 1268 |
|  Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 1219 | 1000 |
|  Freddie Mac Pool #RA5267 3.00% 5/1/2051 <sup>(a)</sup>  | 1050 | 937 |
|  Freddie Mac Pool #QC3423 2.00% 6/1/2051 <sup>(a)</sup>  | 1882 | 1523 |
|  Freddie Mac Pool #QC2817 2.50% 6/1/2051 <sup>(a)</sup>  | 2221 | 1918 |
|  Freddie Mac Pool #QC3428 2.50% 6/1/2051 <sup>(a)</sup>  | 736 | 623 |
|  Freddie Mac Pool #QC3532 2.50% 6/1/2051 <sup>(a)</sup>  | 65 | 56 |
|  Freddie Mac Pool #SD1852 2.50% 6/1/2051 <sup>(a)</sup>  | 57 | 48 |
|  Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(a)</sup>  | 1869 | 1583 |
|  Freddie Mac Pool #SD0926 2.50% 7/1/2051 <sup>(a)</sup>  | 539 | 458 |
|  Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup>  | 5474 | 4938 |
|  Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(a)</sup>  | 752 | 612 |
|  Freddie Mac Pool #RA5836 2.50% 9/1/2051 <sup>(a)</sup>  | 9553 | 8201 |
|  Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(a)</sup>  | 7375 | 6243 |
|  Freddie Mac Pool #QC7739 2.50% 9/1/2051 <sup>(a)</sup>  | 2089 | 1768 |
|  Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(a)</sup>  | 1784 | 1515 |
|  Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(a)</sup>  | 869 | 736 |
|  Freddie Mac Pool #RA5767 2.50% 9/1/2051 <sup>(a)</sup>  | 445 | 377 |
|  Freddie Mac Pool #QC6761 2.50% 9/1/2051 <sup>(a)</sup>  | 49 | 42 |
|  Freddie Mac Pool #RA5841 3.00% 9/1/2051 <sup>(a)</sup>  | 1824 | 1616 |
|  Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(a)</sup>  | 966 | 863 |
|  Freddie Mac Pool #SD1345 2.50% 10/1/2051 <sup>(a)</sup>  | 1848 | 1568 |
|  Freddie Mac Pool #SD2880 3.00% 10/1/2051 <sup>(a)</sup>  | 6114 | 5458 |
|  Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(a)</sup>  | 1727 | 1557 |
|  Freddie Mac Pool #SD0740 3.50% 10/1/2051 <sup>(a)</sup>  | 1991 | 1854 |
|  Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(a)</sup>  | 2230 | 1807 |
|  Freddie Mac Pool #QC9944 2.50% 11/1/2051 <sup>(a)</sup>  | 2658 | 2250 |
|  Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 1316 | 1138 |
|  Freddie Mac Pool #RA6411 2.50% 11/1/2051 <sup>(a)</sup>  | 101 | 85 |
|  Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(a)</sup>  | 1081 | 966 |
|  Freddie Mac Pool #QD0981 3.00% 11/1/2051 <sup>(a)</sup>  | 519 | 460 |
|  Freddie Mac Pool #SL1735 2.00% 12/1/2051 <sup>(a)</sup>  | 1638 | 1329 |
|  Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(a)</sup>  | 782 | 635 |
|  Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup>  | 5000 | 4242 |
|  Freddie Mac Pool #RA6433 2.50% 12/1/2051 <sup>(a)</sup>  | 2487 | 2105 |
|  Freddie Mac Pool #SD3729 2.50% 12/1/2051 <sup>(a)</sup>  | 1071 | 910 |
|  Freddie Mac Pool #QD2659 2.50% 12/1/2051 <sup>(a)</sup>  | 1000 | 848 |
|  Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(a)</sup>  | 625 | 529 |
|  Freddie Mac Pool #QD3209 3.00% 12/1/2051 <sup>(a)</sup>  | 30 | 27 |
|  Freddie Mac Pool #QD3310 3.00% 12/1/2051 <sup>(a)</sup>  | 18 | 16 |
|  Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(a)</sup>  | 3958 | 3360 |
|  Freddie Mac Pool #SD0855 2.50% 1/1/2052 <sup>(a)</sup>  | 2538 | 2162 |
|  Freddie Mac Pool #QD4840 2.50% 1/1/2052 <sup>(a)</sup>  | 656 | 555 |
|  Freddie Mac Pool #RA6634 2.50% 1/1/2052 <sup>(a)</sup>  | 481 | 409 |
|  Freddie Mac Pool #QD5254 2.50% 1/1/2052 <sup>(a)</sup>  | 461 | 393 |
|  Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(a)</sup>  | 9 | 7 |
|  Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup>  | 3749 | 3379 |
|  Freddie Mac Pool #SD2269 3.00% 1/1/2052 <sup>(a)</sup>  | 620 | 550 |
|  Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(a)</sup>  | 1583 | 1281 |
|  Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(a)</sup>  | 800 | 650 |
|  Freddie Mac Pool #QD7187 2.50% 2/1/2052 <sup>(a)</sup>  | 962 | 816 |
|  Freddie Mac Pool #SD0847 2.50% 2/1/2052 <sup>(a)</sup>  | 681 | 577 |
|  Freddie Mac Pool #SI2095 2.50% 2/1/2052 <sup>(a)</sup>  | 386 | 328 |
|  Freddie Mac Pool #SD8194 2.50% 2/1/2052 <sup>(a)</sup>  | 221 | 188 |
|  Freddie Mac Pool #QD7360 2.50% 2/1/2052 <sup>(a)</sup>  | 163 | 139 |
|  Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(a)</sup>  | 59 | 50 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **166** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | USD590 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 |
|  Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(a)</sup>  | 2211 | 1793 |
|  Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(a)</sup>  | 1749 | 1419 |
|  Freddie Mac Pool #QD8010 2.00% 3/1/2052 <sup>(a)</sup>  | 895 | 724 |
|  Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(a)</sup>  | 823 | 666 |
|  Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup>  | 477 | 387 |
|  Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(a)</sup>  | 166 | 134 |
|  Freddie Mac Pool #SD3226 2.50% 3/1/2052 <sup>(a)</sup>  | 1000 | 848 |
|  Freddie Mac Pool #SD8200 2.50% 3/1/2052 <sup>(a)</sup>  | 777 | 661 |
|  Freddie Mac Pool #QE0888 2.50% 3/1/2052 <sup>(a)</sup>  | 719 | 612 |
|  Freddie Mac Pool #QE0957 2.50% 3/1/2052 <sup>(a)</sup>  | 69 | 58 |
|  Freddie Mac Pool #SD2494 3.50% 3/1/2052 <sup>(a)</sup>  | 985 | 914 |
|  Freddie Mac Pool #QD8689 3.50% 3/1/2052 <sup>(a)</sup>  | 968 | 897 |
|  Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(a)</sup>  | 1222 | 992 |
|  Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(a)</sup>  | 1649 | 1396 |
|  Freddie Mac Pool #QE0521 2.50% 4/1/2052 <sup>(a)</sup>  | 536 | 454 |
|  Freddie Mac Pool #QE0292 2.50% 4/1/2052 <sup>(a)</sup>  | 249 | 212 |
|  Freddie Mac Pool #QE1102 2.50% 4/1/2052 <sup>(a)</sup>  | 217 | 184 |
|  Freddie Mac Pool #QE1585 2.50% 4/1/2052 <sup>(a)</sup>  | 189 | 160 |
|  Freddie Mac Pool #QE0322 2.50% 4/1/2052 <sup>(a)</sup>  | 120 | 101 |
|  Freddie Mac Pool #SD1658 2.50% 4/1/2052 <sup>(a)</sup>  | 116 | 99 |
|  Freddie Mac Pool #QD9585 3.50% 4/1/2052 <sup>(a)</sup>  | 1386 | 1286 |
|  Freddie Mac Pool #SD8212 2.50% 5/1/2052 <sup>(a)</sup>  | 1626 | 1383 |
|  Freddie Mac Pool #RA7139 2.50% 5/1/2052 <sup>(a)</sup>  | 359 | 305 |
|  Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 40800 | 36239 |
|  Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup>  | 3495 | 3099 |
|  Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(a)</sup>  | 46 | 41 |
|  Freddie Mac Pool #RA7258 3.50% 6/1/2052 <sup>(a)</sup>  | 743 | 689 |
|  Freddie Mac Pool #QE4084 6.50% 6/1/2052 <sup>(a)</sup>  | 96 | 101 |
|  Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup>  | 63490 | 53744 |
|  Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(a)</sup>  | 8319 | 7055 |
|  Freddie Mac Pool #SD4074 2.50% 7/1/2052 <sup>(a)</sup>  | 1927 | 1631 |
|  Freddie Mac Pool #SD3416 2.50% 7/1/2052 <sup>(a)</sup>  | 856 | 724 |
|  Freddie Mac Pool #SD3632 2.50% 7/1/2052 <sup>(a)</sup>  | 462 | 392 |
|  Freddie Mac Pool #SD2600 2.50% 7/1/2052 <sup>(a)</sup>  | 184 | 156 |
|  Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 4157 | 3686 |
|  Freddie Mac Pool #SL0643 3.00% 7/1/2052 <sup>(a)</sup>  | 825 | 732 |
|  Freddie Mac Pool #QE8971 3.50% 7/1/2052 <sup>(a)</sup>  | 165 | 153 |
|  Freddie Mac Pool #QE5698 5.00% 7/1/2052 <sup>(a)</sup>  | 1534 | 1538 |
|  Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup>  | 86 | 70 |
|  Freddie Mac Pool #SD1408 2.50% 8/1/2052 <sup>(a)</sup>  | 185 | 158 |
|  Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(a)</sup>  | 534 | 478 |
|  Freddie Mac Pool #SD3324 3.50% 8/1/2052 <sup>(a)</sup>  | 382 | 354 |
|  Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup>  | 71 | 70 |
|  Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup>  | 3868 | 3430 |
|  Freddie Mac Pool #SD6584 3.50% 9/1/2052 <sup>(a)</sup>  |  | – <sup>(c)</sup> |
|  Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup>  | 310 | 304 |
|  Freddie Mac Pool #QF1205 4.50% 9/1/2052 <sup>(a)</sup>  | 283 | 277 |
|  Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup>  | 73 | 71 |
|  Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup>  | 46 | 45 |
|  Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup>  | 30 | 30 |
|  Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup>  | 5497 | 5618 |
|  Freddie Mac Pool #SD1896 4.00% 11/1/2052 <sup>(a)</sup>  | 15322 | 14777 |
|  Freddie Mac Pool #SD1894 4.00% 11/1/2052 <sup>(a)</sup>  | 5294 | 5128 |
|  Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(a)</sup>  | 15567 | 15265 |
|  Freddie Mac Pool #QF2692 5.00% 11/1/2052 <sup>(a)</sup>  | 3449 | 3457 |
|  Freddie Mac Pool #QF2926 5.00% 11/1/2052 <sup>(a)</sup>  | 3079 | 3086 |
|  Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup>  | 1951 | 1987 |
|  Freddie Mac Pool #QF2862 6.50% 11/1/2052 <sup>(a)</sup>  | 61 | 63 |
|  Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup>  | 37 | 39 |

---

---

| | |
|:---|:---|
| **167** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup>  | USD1,005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 |
|  Freddie Mac Pool #SD2065 4.00% 12/1/2052 <sup>(a)</sup>  | 970 | 926 |
|  Freddie Mac Pool #RA8200 4.00% 12/1/2052 <sup>(a)</sup>  | 509 | 485 |
|  Freddie Mac Pool #RA8309 6.00% 12/1/2052 <sup>(a)</sup>  | 1035 | 1077 |
|  Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup>  | 14659 | 14371 |
|  Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup>  | 184 | 184 |
|  Freddie Mac Pool #RA8423 6.00% 1/1/2053 <sup>(a)</sup>  | 2713 | 2812 |
|  Freddie Mac Pool #SD8299 5.00% 2/1/2053 <sup>(a)</sup>  | 2093 | 2097 |
|  Freddie Mac Pool #SD2462 5.50% 2/1/2053 <sup>(a)</sup>  | 35993 | 36698 |
|  Freddie Mac Pool #RA8544 5.50% 2/1/2053 <sup>(a)</sup>  | 22138 | 22561 |
|  Freddie Mac Pool #QF8083 6.00% 2/1/2053 <sup>(a)</sup>  | 12706 | 13106 |
|  Freddie Mac Pool #QF9463 4.00% 3/1/2053 <sup>(a)</sup>  | 2564 | 2443 |
|  Freddie Mac Pool #SD2610 4.00% 3/1/2053 <sup>(a)</sup>  | 1624 | 1544 |
|  Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup>  | 72 | 69 |
|  Freddie Mac Pool #RA8720 4.00% 4/1/2053 <sup>(a)</sup>  | 2530 | 2414 |
|  Freddie Mac Pool #SD8314 4.50% 4/1/2053 <sup>(a)</sup>  | 186 | 182 |
|  Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup>  | 4268 | 4289 |
|  Freddie Mac Pool #QG1268 5.00% 4/1/2053 <sup>(a)</sup>  | 576 | 577 |
|  Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup>  | 516 | 515 |
|  Freddie Mac Pool #QG2977 4.00% 5/1/2053 <sup>(a)</sup>  | 185 | 177 |
|  Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup>  | 31 | 31 |
|  Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup>  | 7837 | 7851 |
|  Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup>  | 7503 | 7638 |
|  Freddie Mac Pool #QG3365 5.50% 5/1/2053 <sup>(a)</sup>  | 3211 | 3279 |
|  Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup>  | 2167 | 2199 |
|  Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup>  | 12391 | 12781 |
|  Freddie Mac Pool #QG5002 4.00% 6/1/2053 <sup>(a)</sup>  | 572 | 544 |
|  Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(a)</sup>  | 5257 | 5265 |
|  Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 17958 | 18267 |
|  Freddie Mac Pool #SD3177 6.00% 6/1/2053 <sup>(a)</sup>  | 5679 | 5852 |
|  Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup>  | 2746 | 2829 |
|  Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup>  | 604 | 633 |
|  Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup>  | 523 | 548 |
|  Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup>  | 497 | 524 |
|  Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup>  | 489 | 515 |
|  Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup>  | 343 | 362 |
|  Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup>  | 275 | 289 |
|  Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup>  | 166 | 173 |
|  Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup>  | 155 | 166 |
|  Freddie Mac Pool #QG7153 4.00% 7/1/2053 <sup>(a)</sup>  | 5072 | 4841 |
|  Freddie Mac Pool #QG6067 4.00% 7/1/2053 <sup>(a)</sup>  | 537 | 510 |
|  Freddie Mac Pool #QG7958 4.00% 7/1/2053 <sup>(a)</sup>  | 65 | 62 |
|  Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup>  | 243 | 243 |
|  Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 6917 | 7046 |
|  Freddie Mac Pool #QG7411 5.50% 7/1/2053 <sup>(a)</sup>  | 456 | 465 |
|  Freddie Mac Pool #RA9474 6.00% 7/1/2053 <sup>(a)</sup>  | 7709 | 7974 |
|  Freddie Mac Pool #SD3434 6.00% 7/1/2053 <sup>(a)</sup>  | 2669 | 2751 |
|  Freddie Mac Pool #QG8958 4.00% 8/1/2053 <sup>(a)</sup>  | 471 | 448 |
|  Freddie Mac Pool #QG9629 4.00% 8/1/2053 <sup>(a)</sup>  | 393 | 373 |
|  Freddie Mac Pool #QG9084 5.50% 8/1/2053 <sup>(a)</sup>  | 2170 | 2208 |
|  Freddie Mac Pool #QG9008 5.50% 8/1/2053 <sup>(a)</sup>  | 2138 | 2177 |
|  Freddie Mac Pool #QG9628 5.50% 8/1/2053 <sup>(a)</sup>  | 1725 | 1755 |
|  Freddie Mac Pool #QG9141 5.50% 8/1/2053 <sup>(a)</sup>  | 1330 | 1355 |
|  Freddie Mac Pool #SD3639 6.00% 8/1/2053 <sup>(a)</sup>  | 4095 | 4223 |
|  Freddie Mac Pool #QH1059 6.00% 9/1/2053 <sup>(a)</sup>  | 8774 | 9055 |
|  Freddie Mac Pool #SD3916 6.00% 9/1/2053 <sup>(a)</sup>  | 1324 | 1374 |
|  Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup>  | 1002 | 1042 |
|  Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup>  | 45147 | 46931 |
|  Freddie Mac Pool #SD4997 5.00% 10/1/2053 <sup>(a)</sup>  | 761 | 762 |
|  Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup>  | 12533 | 12903 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **168** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD8369 6.50% 10/1/2053 <sup>(a)</sup>  | USD3,006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128 |
|  Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup>  | 572 | 573 |
|  Freddie Mac Pool #SD4571 5.50% 11/1/2053 <sup>(a)</sup>  | 17181 | 17495 |
|  Freddie Mac Pool #SD8373 6.00% 11/1/2053 <sup>(a)</sup>  | 1888 | 1942 |
|  Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup>  | 11557 | 12126 |
|  Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup>  | 1610 | 1678 |
|  Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(a)</sup>  | 34 | 35 |
|  Freddie Mac Pool #RJ0440 6.00% 12/1/2053 <sup>(a)</sup>  | 4609 | 4749 |
|  Freddie Mac Pool #QH5936 6.00% 12/1/2053 <sup>(a)</sup>  | 2681 | 2790 |
|  Freddie Mac Pool #QH9285 2.50% 1/1/2054 <sup>(a)</sup>  | 108 | 91 |
|  Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup>  | 543 | 566 |
|  Freddie Mac Pool #SD5910 4.00% 2/1/2054 <sup>(a)</sup>  | 184 | 176 |
|  Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup>  | 703 | 714 |
|  Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup>  | 4478 | 4607 |
|  Freddie Mac Pool #SD4897 6.00% 2/1/2054 <sup>(a)</sup>  | 3302 | 3400 |
|  Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(a)</sup>  | 164 | 169 |
|  Freddie Mac Pool #SD4966 6.50% 2/1/2054 <sup>(a)</sup>  | 4155 | 4351 |
|  Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup>  | 376 | 382 |
|  Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 2336 | 2388 |
|  Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 1714 | 1742 |
|  Freddie Mac Pool #RJ1435 6.00% 4/1/2054 <sup>(a)</sup>  | 7087 | 7322 |
|  Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(a)</sup>  | 4925 | 5097 |
|  Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 4176 | 4339 |
|  Freddie Mac Pool #RJ1346 6.00% 4/1/2054 <sup>(a)</sup>  | 1879 | 1956 |
|  Freddie Mac Pool #SD8421 6.00% 4/1/2054 <sup>(a)</sup>  | 145 | 150 |
|  Freddie Mac Pool #SD5316 6.00% 4/1/2054 <sup>(a)</sup>  | 20 | 21 |
|  Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup>  | 5247 | 5510 |
|  Freddie Mac Pool #SD8430 5.00% 5/1/2054 <sup>(a)</sup>  | 1868 | 1865 |
|  Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(a)</sup>  | 35963 | 36756 |
|  Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(a)</sup>  | 4545 | 4653 |
|  Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 2621 | 2693 |
|  Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup>  | 5138 | 5371 |
|  Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(a)</sup>  | 2633 | 2689 |
|  Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(a)</sup>  | 925 | 946 |
|  Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(a)</sup>  | 22984 | 23769 |
|  Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup>  | 103 | 106 |
|  Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup>  | 5550 | 5829 |
|  Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(a)</sup>  | 1766 | 1801 |
|  Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup>  | 19112 | 19635 |
|  Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup>  | 12328 | 12863 |
|  Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup>  | 2726 | 2810 |
|  Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup>  | 2538 | 2625 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 207 | 213 |
|  Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | 6231 | 6477 |
|  Freddie Mac Pool #QI9151 6.50% 7/1/2054 <sup>(a)</sup>  | 2247 | 2358 |
|  Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(a)</sup>  | 2034 | 2044 |
|  Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(a)</sup>  | 1389 | 1392 |
|  Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(a)</sup>  | 1302 | 1302 |
|  Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup>  | 3 | 3 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 7892 | 8108 |
|  Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 4491 | 4623 |
|  Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 2184 | 2252 |
|  Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup>  | 523 | 539 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 128 | 133 |
|  Freddie Mac Pool #QJ1440 6.00% 8/1/2054 <sup>(a)</sup>  | 62 | 64 |
|  Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 11370 | 11901 |
|  Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup>  | 10081 | 10552 |
|  Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup>  | 6028 | 6266 |
|  Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup>  | 4125 | 4326 |
|  Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup>  | 2688 | 2815 |

---

---

| | |
|:---|:---|
| **169** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup>  | USD1,700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776 |
|  Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup>  | 887 | 925 |
|  Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup>  | 7 | 7 |
|  Freddie Mac Pool #SD6578 6.00% 9/1/2054 <sup>(a)</sup>  | 4124 | 4292 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 453 | 467 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 237 | 245 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 224 | 233 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 216 | 225 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 138 | 142 |
|  Freddie Mac Pool #QJ3982 6.00% 9/1/2054 <sup>(a)</sup>  | 42 | 43 |
|  Freddie Mac Pool #QJ3945 6.00% 9/1/2054 <sup>(a)</sup>  | 22 | 23 |
|  Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup>  | 4015 | 4192 |
|  Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(a)</sup>  | 2325 | 2430 |
|  Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup>  | 1696 | 1770 |
|  Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 1067 | 1109 |
|  Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(a)</sup>  | 922 | 967 |
|  Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 955 | 969 |
|  Freddie Mac Pool #QJ5971 6.00% 10/1/2054 <sup>(a)</sup>  | 144 | 149 |
|  Freddie Mac Pool #QJ5733 6.00% 10/1/2054 <sup>(a)</sup>  | 46 | 47 |
|  Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(a)</sup>  | 22 | 23 |
|  Freddie Mac Pool #SD6733 6.50% 10/1/2054 <sup>(a)</sup>  | 4703 | 4900 |
|  Freddie Mac Pool #QJ7714 6.50% 10/1/2054 <sup>(a)</sup>  | 123 | 128 |
|  Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(a)</sup>  | 4196 | 3984 |
|  Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(a)</sup>  | 4697 | 4590 |
|  Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(a)</sup>  | 2596 | 2593 |
|  Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(a)</sup>  | 10494 | 10659 |
|  Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 10239 | 10390 |
|  Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(a)</sup>  | 2822 | 2904 |
|  Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(a)</sup>  | 3344 | 3338 |
|  Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup>  | 6 | 6 |
|  Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 253 | 256 |
|  Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(a)</sup>  | 13 | 13 |
|  Freddie Mac Pool #QX1881 6.00% 12/1/2054 <sup>(a)</sup>  | 260 | 268 |
|  Freddie Mac Pool #QX0548 6.50% 12/1/2054 <sup>(a)</sup>  | 673 | 700 |
|  Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(a)</sup>  | 1300 | 1319 |
|  Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup>  | 5110 | 5292 |
|  Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup>  | 2130 | 2217 |
|  Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup>  | 2041 | 2097 |
|  Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup>  | 1547 | 1603 |
|  Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup>  | 517 | 531 |
|  Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup>  | 5331 | 5609 |
|  Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup>  | 4537 | 4432 |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 2707 | 2781 |
|  Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup>  | 1637 | 1692 |
|  Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 4159 | 4273 |
|  Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 6166 | 6409 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 6852 | 7040 |
|  Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup>  | 749 | 770 |
|  Freddie Mac Pool #QY1898 7.00% 4/1/2055 <sup>(a)</sup>  | 1000 | 1061 |
|  Freddie Mac Pool #QY0611 7.00% 4/1/2055 <sup>(a)</sup>  | 1000 | 1056 |
|  Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup>  | 190 | 190 |
|  Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(a)</sup>  | 5143 | 5218 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 3005 | 3088 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 859 | 858 |
|  Freddie Mac Pool #RJ4979 5.50% 6/1/2055 <sup>(a)</sup>  | 222 | 225 |
|  Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(a)</sup>  | 3937 | 3929 |
|  Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup>  | 11844 | 12016 |
|  Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 17994 | 18482 |
|  Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(a)</sup>  | 640 | 658 |
|  Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup>  | 2080 | 2162 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **170** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup>  | USD7,619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7826 |
|  Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(a)</sup>  | 3830 | 3935 |
|  Freddie Mac Pool #RQ0056 5.50% 10/1/2055 <sup>(a)</sup>  | 1894 | 1921 |
|  Freddie Mac Pool #RQ0081 3.50% 1/1/2056 <sup>(a)</sup>  | 949 | 880 |
|  Freddie Mac Pool #RQ0082 4.00% 1/1/2056 <sup>(a)</sup>  | 4000 | 3796 |
|  Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035 <sup>(a)</sup>  | 33 | 34 |
|  Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037 <sup>(a)</sup>  | 88 | 92 |
|  Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(a)(b)</sup>  | 3461 | 3484 |
|  Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036 <sup>(a)</sup>  | 77 | 68 |
|  Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036 <sup>(a)</sup>  | 69 | 61 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(b)</sup>  | 5318 | 5222 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(a)</sup>  | 1306 | 1273 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 7344 | 7165 |
|  Government National Mortgage Assn. 2.00% 1/1/2056 <sup>(a)(d)</sup>  | 6176 | 5117 |
|  Government National Mortgage Assn. 2.50% 1/1/2056 <sup>(a)(d)</sup>  | 4300 | 3710 |
|  Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(d)</sup>  | 135 | 135 |
|  Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049 <sup>(a)</sup>  | 8842 | 8480 |
|  Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049 <sup>(a)</sup>  | 24 | 24 |
|  Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049 <sup>(a)</sup>  | 3633 | 3619 |
|  Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050 <sup>(a)</sup>  | 8144 | 7513 |
|  Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 1845 | 1530 |
|  Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 3200 | 2653 |
|  Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051 <sup>(a)</sup>  | 7322 | 6269 |
|  Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 2712 | 2317 |
|  Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 2624 | 2247 |
|  Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup>  | 3845 | 3320 |
|  Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup>  | 3308 | 2836 |
|  Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 214 | 193 |
|  Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 165 | 149 |
|  Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup>  | 4422 | 4076 |
|  Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/2052 <sup>(a)</sup>  | 4579 | 4123 |
|  Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup>  | 3773 | 3460 |
|  Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 20329 | 18786 |
|  Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(a)</sup>  | 7218 | 6880 |
|  Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 5056 | 4813 |
|  Government National Mortgage Assn. Pool #MA8799 4.50% 4/20/2053 <sup>(a)</sup>  | 3238 | 3176 |
|  Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 11481 | 11248 |
|  Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup>  | 2951 | 2958 |
|  Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup>  | 7397 | 7249 |
|  Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup>  | 12305 | 12036 |
|  Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 1705 | 1621 |
|  Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 20281 | 19787 |
|  Government National Mortgage Assn. Pool #MB0147 5.50% 1/20/2055 <sup>(a)</sup>  | 3466 | 3505 |
|  Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup>  | 2039 | 2062 |
|  Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 <sup>(a)</sup>  | 7908 | 7992 |
|  Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup>  | 12832 | 12970 |
|  Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 1451 | 1083 |
|  Uniform Mortgage-Backed Security 2.00% 1/1/2041 <sup>(a)(d)</sup>  | 5845 | 5413 |
|  Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(d)</sup>  | 53078 | 42918 |
|  Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(a)(d)</sup>  | 4335 | 3835 |
|  Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(d)</sup>  | 154 | 142 |
|  Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(d)</sup>  | 20135 | 19659 |
|  Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(a)(d)</sup>  | 23668 | 23607 |
|  Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(d)</sup>  | 1089 | 1132 |
|  Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(a)(d)</sup>  | 12098 | 12733 |
|  Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(d)</sup>  | 27516 | 25355 |
|  Uniform Mortgage-Backed Security 4.00% 2/1/2056 <sup>(a)(d)</sup>  | 17770 | 16847 |
|  |  | 2904435 |

---

---

| | |
|:---|:---|
| **171** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Commercial mortgage-backed securities 3.57%** |  |  |
|  ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.743%) 5.494% 6/15/2040 <sup>(a)(b)(e)</sup>  | USD11,443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11504 |
|  AMSR Trust, Series 2025-SFR1, Class A, 3.655% 6/17/2042 <sup>(a)(e)</sup>  | 11892 | 11486 |
|  ARES Commercial Mortgage Trust, Series 24-IND, Class A, (1-month USD CME Term SOFR + 1.69%) 5.442% 7/15/2041 <sup>(a)(b)(e)</sup>  | 1251 | 1254 |
|  Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052 <sup>(a)</sup>  | 770 | 764 |
|  Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052 <sup>(a)</sup>  | 100 | 98 |
|  Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/2056 <sup>(a)(b)</sup>  | 684 | 731 |
|  Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(a)(b)</sup>  | 500 | 534 |
|  Bank Commercial Mortgage Trust, Series 2024-5YR11, Class AS, 6.139% 11/15/2057 <sup>(a)</sup>  | 3537 | 3702 |
|  Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061 <sup>(a)</sup>  | 123 | 121 |
|  Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061 <sup>(a)</sup>  | 1018 | 965 |
|  Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(a)</sup>  | 295 | 271 |
|  Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052 <sup>(a)</sup>  | 2541 | 2522 |
|  Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(a)(b)</sup>  | 781 | 785 |
|  Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(a)(b)</sup>  | 3361 | 3507 |
|  Benchmark Mortgage Trust, Series 2024-V11, Class AM, 6.201% 11/15/2057 <sup>(a)(b)</sup>  | 2174 | 2275 |
|  BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(a)(b)</sup>  | 2774 | 2910 |
|  BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(a)(b)</sup>  | 7780 | 8150 |
|  BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 5.865% 6/15/2027 <sup>(a)(b)(e)</sup>  | 8476 | 8500 |
|  BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(a)(b)(e)</sup>  | 2183 | 2186 |
|  BX Trust, Series 2021-RISE, Class A, (1-month USD CME Term SOFR + 0.862%) 4.612% 11/15/2036 <sup>(a)(b)(e)</sup>  | 10670 | 10664 |
|  BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(a)(b)(e)</sup>  | 2778 | 2783 |
|  BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.715% 11/15/2038 <sup>(a)(b)(e)</sup>  | 7785 | 7782 |
|  BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 5.115% 11/15/2038 <sup>(a)(b)(e)</sup>  | 264 | 264 |
|  BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.365% 11/15/2038 <sup>(a)(b)(e)</sup>  | 78 | 78 |
|  BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 5.715% 11/15/2038 <sup>(a)(b)(e)</sup>  | 118 | 118 |
|  BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.74% 1/17/2039 <sup>(a)(b)(e)</sup>  | 8600 | 8597 |
|  BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(a)(b)(e)</sup>  | 26909 | 27302 |
|  BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(a)(b)(e)</sup>  | 7715 | 7740 |
|  BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(a)(b)(e)</sup>  | 28535 | 28830 |
|  BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(a)(b)(e)</sup>  | 25957 | 26020 |
|  CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% 7/15/2041 <sup>(a)(b)(e)</sup>  | 1514 | 1518 |
|  CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(a)(b)(e)</sup>  | 5461 | 5460 |
|  Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(b)(e)</sup>  | 19044 | 19637 |
|  Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 <sup>(a)</sup>  | 244 | 243 |
|  DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(a)(b)(e)</sup>  | 8924 | 9165 |
|  DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(a)(e)</sup>  | 966 | 996 |
|  DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/12/2040 <sup>(a)(e)</sup>  | 1121 | 1157 |
|  DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.14% 9/12/2040 <sup>(a)(b)(e)</sup>  | 862 | 893 |
|  Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049 <sup>(a)</sup>  | 200 | 198 |
|  Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(a)(b)(e)</sup>  | 7301 | 7455 |
|  Extended Stay America Trust, Series 2025-ESH, Class A, (1-month USD CME Term SOFR + 1.30%) 5.05% 10/15/2042 <sup>(a)(b)(e)</sup>  | 9486 | 9514 |
|  FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(a)(b)</sup>  | 2432 | 2494 |
|  Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.20% 12/15/2039 <sup>(a)(b)(e)</sup>  | 1508 | 1513 |
|  GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(a)(b)(e)</sup>  | 10443 | 10568 |
|  GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050 <sup>(a)</sup>  | 400 | 395 |
|  GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052 <sup>(a)</sup>  | 100 | 98 |
|  GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(a)</sup>  | 1536 | 1414 |
|  Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% 3/15/2042 <sup>(a)(b)(e)</sup>  | 8260 | 8278 |
|  Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(a)(b)(e)</sup>  | 15120 | 15694 |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(a)(b)(e)</sup>  | 1478 | 1497 |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(a)(b)(e)</sup>  | 24720 | 25650 |
|  INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% 3/15/2042 <sup>(a)(b)(e)</sup>  | 28416 | 28487 |
|  JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050 <sup>(a)</sup>  | 640 | 633 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **172** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Commercial mortgage-backed securities (continued)** |  |  |
|  JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050 <sup>(a)</sup>  | USD240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(a)(e)</sup>  | 6854 | 6204 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/2049 <sup>(a)(b)</sup>  | 2040 | 2024 |
|  KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) 5.293% 12/15/2039 <sup>(a)(b)(e)</sup>  | 13015 | 13029 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048 <sup>(a)</sup>  | 59 | 58 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049 <sup>(a)</sup>  | 245 | 243 |
|  NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(a)(b)(e)</sup>  | 4409 | 4422 |
|  SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) 5.142% 5/15/2039 <sup>(a)(b)(e)</sup>  | 3848 | 3847 |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(a)(e)</sup>  | 4065 | 3639 |
|  SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 4.944% 11/15/2038 <sup>(a)(b)(e)</sup>  | 221 | 221 |
|  SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 5.194% 11/15/2038 <sup>(a)(b)(e)</sup>  | 118 | 118 |
|  SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) 5.193% 2/15/2042 <sup>(a)(b)(e)</sup>  | 26882 | 26674 |
|  Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049 <sup>(a)</sup>  | 2550 | 2540 |
|  Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052 <sup>(a)</sup>  | 1019 | 975 |
|  Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class A3, 5.92% 11/15/2057 <sup>(a)(b)</sup>  | 5667 | 5970 |
|  Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060 <sup>(a)</sup>  | 205 | 204 |
|  |  | 405804 |
|  Collateralized mortgage-backed obligations (privately originated) 2.87% |  |  |
|  Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(a)(b)(e)</sup>  | 1464 | 1328 |
|  Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055 <sup>(a)(e)</sup>  | 49 | 47 |
|  Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026) <sup>(a)(e)(f)</sup>  | 3728 | 3648 |
|  Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 11242 | 11004 |
|  BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059 <sup>(a)(b)(e)</sup>  | 532 | 504 |
|  BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059 <sup>(a)(b)(e)</sup>  | 159 | 157 |
|  BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 <sup>(a)(e)</sup>  | 631 | 582 |
|  Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(a)(b)(e)</sup>  | 1869 | 1865 |
|  Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(a)(b)(e)</sup>  | 12435 | 12207 |
|  CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(b)(e)</sup>  | 4882 | 4673 |
|  Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(a)(b)(e)</sup>  | 107 | 101 |
|  COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(b)(e)</sup>  | 969 | 884 |
|  Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 6.274% 12/25/2042 <sup>(a)(b)(e)</sup>  | 411 | 420 |
|  Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 6.174% 5/25/2043 <sup>(a)(b)(e)</sup>  | 2028 | 2067 |
|  Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 5.774% 6/25/2043 <sup>(a)(b)(e)</sup>  | 1083 | 1091 |
|  Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 5.574% 7/25/2043 <sup>(a)(b)(e)</sup>  | 517 | 519 |
|  Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, (30-day Average USD-SOFR + 1.05%) 4.924% 1/25/2044 <sup>(a)(b)(e)</sup>  | 2503 | 2501 |
|  Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) 5.674% 1/25/2044 <sup>(a)(b)(e)</sup>  | 507 | 511 |
|  Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, (30-day Average USD-SOFR + 1.10%) 4.974% 2/25/2044 <sup>(a)(b)(e)</sup>  | 242 | 242 |
|  Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (30-day Average USD-SOFR + 1.80%) 5.674% 2/25/2044 <sup>(a)(b)(e)</sup>  | 1053 | 1060 |
|  Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) 4.974% 5/25/2044 <sup>(a)(b)(e)</sup>  | 1578 | 1577 |
|  Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, (30-day Average USD-SOFR + 1.05%) 4.924% 9/25/2044 <sup>(a)(b)(e)</sup>  | 167 | 167 |
|  Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) 5.474% 9/25/2044 <sup>(a)(b)(e)</sup>  | 1584 | 1586 |

---

---

| | |
|:---|:---|
| **173** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
|  Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) 4.874% 2/25/2045 <sup>(a)(b)(e)</sup>  | USD1,955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959 |
|  Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) 5.024% 2/25/2045 <sup>(a)(b)(e)</sup>  | 3390 | 3397 |
|  Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, (30-day Average USD-SOFR + 1.20%) 5.074% 5/25/2045 <sup>(a)(b)(e)</sup>  | 5187 | 5202 |
|  Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051 <sup>(a)(b)(e)</sup>  | 1632 | 1365 |
|  Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051 <sup>(a)(b)(e)</sup>  | 1791 | 1498 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 6.824% 6/25/2042 <sup>(a)(b)(e)</sup>  | 101 | 103 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(a)(b)(e)</sup>  | 123 | 124 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(a)(b)(e)</sup>  | 1519 | 1585 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA1, Class M1, (30-day Average USD-SOFR + 1.35%) 5.224% 2/25/2044 <sup>(a)(b)(e)</sup>  | 2438 | 2440 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average USD-SOFR + 1.20%) 5.074% 5/25/2044 <sup>(a)(b)(e)</sup>  | 10256 | 10273 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M1, (30-day Average USD-SOFR + 1.00%) 4.874% 10/25/2044 <sup>(a)(b)(e)</sup>  | 62 | 62 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average USD-SOFR + 1.45%) 5.324% 10/25/2044 <sup>(a)(b)(e)</sup>  | 1648 | 1648 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class A1, (30-day Average USD-SOFR + 1.10%) 4.974% 5/25/2045 <sup>(a)(b)(e)</sup>  | 2282 | 2288 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class M1, (30-day Average USD-SOFR + 1.20%) 5.074% 5/25/2045 <sup>(a)(b)(e)</sup>  | 6559 | 6560 |
|  GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 3684 | 3725 |
|  GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066 <sup>(a)(b)(e)</sup>  | 1568 | 1444 |
|  GS Mortgage-Backed Securities Trust, Series 2024-RPL2, Class A1, 3.75% 7/25/2061 (4.75% on 2/1/2028) <sup>(a)(e)(f)</sup>  | 655 | 644 |
|  Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(a)(e)</sup>  | 3828 | 3748 |
|  HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 13470 | 13613 |
|  JP Morgan Mortgage Trust, Series 2024-INV1, Class A2, 6.00% 4/25/2055 <sup>(a)(b)(e)</sup>  | 537 | 548 |
|  Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(a)(e)</sup>  | 591 | 592 |
|  Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(a)(e)</sup>  | 1805 | 1808 |
|  MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060 <sup>(a)(b)(e)</sup>  | 1819 | 1679 |
|  MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 17976 | 18016 |
|  MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(a)(e)(f)</sup>  | 3098 | 3108 |
|  Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.637% 3/25/2053 <sup>(a)(b)(e)</sup>  | 2237 | 2233 |
|  Onslow Bay Financial, LLC, Series 2024-HYB2, Class A1, 3.695% 4/25/2053 <sup>(a)(b)(e)</sup>  | 1698 | 1685 |
|  Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(a)(e)(f)</sup>  | 5345 | 5395 |
|  Onslow Bay Financial, LLC, Series 2024-NQM4, Class A1, 6.067% 1/25/2064 (7.067% on 2/1/2028) <sup>(a)(e)(f)</sup>  | 2650 | 2674 |
|  Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 5910 | 5981 |
|  Onslow Bay Financial, LLC, Series 2024-NQM10, Class A1, 6.18% 5/25/2064 (7.18% on 6/1/2028) <sup>(a)(e)(f)</sup>  | 5619 | 5690 |
|  Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 14545 | 14727 |
|  Onslow Bay Financial, LLC, Series 2024-NQM13, Class A1, 5.116% 6/25/2064 (6.116% on 8/1/2028) <sup>(a)(e)(f)</sup>  | 4358 | 4369 |
|  Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 16390 | 16559 |
|  Onslow Bay Financial, LLC, Series 2025-NQM19, Class A1, 4.869% 10/25/2065 <sup>(a)(b)(e)</sup>  | 7668 | 7687 |
|  PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056 <sup>(a)(b)(e)</sup>  | 1245 | 1117 |
|  Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(a)(e)</sup>  | 1077 | 1063 |
|  Progress Residential Trust, Series 2024-SFR2, Class B, 3.40% 4/17/2041 <sup>(a)(b)(e)</sup>  | 1044 | 1005 |
|  Progress Residential Trust, Series 2025-SFR2, Class A, 3.305% 4/17/2042 <sup>(a)(e)</sup>  | 14298 | 13641 |
|  Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(a)(e)</sup>  | 4038 | 3852 |
|  PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 2983 | 2892 |
|  Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) 5.50%<br>10/17/2041 <sup>(a)(b)(e)</sup>  | 6364 | 6389 |
|  Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(a)(e)</sup>  | 6910 | 6344 |
|  Towd Point Mortgage Trust, Series 2024-3, Class A1A, 5.03% 7/25/2065 <sup>(a)(b)(e)</sup>  | 3039 | 3071 |
|  Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(g)</sup>  | 1368 | 1368 |
|  Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(a)(e)</sup>  | 5017 | 4955 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **174** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
|  Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(a)(e)</sup>  | USD8,559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8592 |
|  Tricon Residential Trust, Series 2024-SFR3, Class A, 4.50% 8/17/2041 <sup>(a)(e)</sup>  | 7453 | 7456 |
|  Tricon Residential Trust, Series 2024-SFR4, Class A, 4.30% 11/17/2041 <sup>(a)(e)</sup>  | 3343 | 3324 |
|  Verus Securitization Trust, Series 2024-3, Class A1, 6.338% 4/25/2069 (7.338% on 4/1/2028) <sup>(a)(e)(f)</sup>  | 12295 | 12443 |
|  Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(e)(f)</sup>  | 5466 | 5541 |
|  Verus Securitization Trust, Series 2024-6, Class A1, 5.799% 7/25/2069 (6.799% on 7/1/2028) <sup>(a)(e)(f)</sup>  | 11832 | 11940 |
|  Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(a)(b)(e)</sup>  | 3935 | 3959 |
|  Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(a)(e)(f)</sup>  | 19755 | 19928 |
|  Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(a)(e)(f)</sup>  | 4404 | 4425 |
|  |  | 326475 |
|  **Total mortgage-backed obligations** |  | 3636714 |
|  **Corporate bonds and notes 30.21%** |  |  |
|  **Financials 9.16%** |  |  |
|  AerCap Ireland Capital DAC 1.75% 1/30/2026 | 2841 | 2836 |
|  AerCap Ireland Capital DAC 2.45% 10/29/2026 | 10289 | 10152 |
|  AerCap Ireland Capital DAC 6.45% 4/15/2027 | 3994 | 4104 |
|  AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(e)(f)</sup>  | 1597 | 1696 |
|  AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(e)(f)</sup>  | 1995 | 2109 |
|  Alpha Bank SA 7.50% 6/16/2027 (1-year EUR Mid-Swap + 5.084% on 6/16/2026) <sup>(f)</sup>  | EUR437 | 524 |
|  Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(f)</sup>  | 2840 | 3647 |
|  Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(f)</sup>  | 4065 | 5061 |
|  American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(f)</sup>  | USD359 | 392 |
|  American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033) <sup>(f)</sup>  | 1618 | 1661 |
|  American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(f)</sup>  | 4927 | 5120 |
|  American Express Co. 5.667% 4/25/2036 (USD-SOFR + 1.79% on 4/25/2035) <sup>(f)</sup>  | 2464 | 2603 |
|  American International Group, Inc. 4.85% 5/7/2030 | 24445 | 25070 |
|  American International Group, Inc. 5.125% 3/27/2033 | 2749 | 2831 |
|  Aon Corp. 5.35% 2/28/2033 | 1083 | 1128 |
|  Aon North America, Inc. 5.15% 3/1/2029 | 3015 | 3103 |
|  Aon North America, Inc. 5.30% 3/1/2031 | 1005 | 1048 |
|  Aon North America, Inc. 5.45% 3/1/2034 | 2550 | 2651 |
|  Aon North America, Inc. 5.75% 3/1/2054 | 1163 | 1158 |
|  Arthur J. Gallagher & Co. 4.85% 12/15/2029 | 3140 | 3215 |
|  Arthur J. Gallagher & Co. 5.15% 2/15/2035 | 1845 | 1866 |
|  Arthur J. Gallagher & Co. 5.55% 2/15/2055 | 1845 | 1772 |
|  Banco Santander SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026) <sup>(f)</sup>  | 1400 | 1377 |
|  Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027) <sup>(f)</sup>  | 4295 | 4226 |
|  Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027) <sup>(f)</sup>  | 2635 | 2646 |
|  Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(f)</sup>  | 3202 | 3055 |
|  Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(f)</sup>  | 339 | 354 |
|  Bank of America Corp. 3.974% 2/7/2030 (3-month USD CME Term SOFR + 1.472% on 2/7/2029) <sup>(f)</sup>  | 1150 | 1144 |
|  Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(f)</sup>  | 24072 | 21536 |
|  Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(f)</sup>  | 41179 | 36834 |
|  Bank of Nova Scotia (The) 5.25% 6/12/2028 | 1370 | 1411 |
|  Banque Federative du Credit Mutuel 0.82% 10/16/2026 | JPY300,000 | 1909 |
|  Barclays PLC 4.837% 9/10/2028 (USD-SOFR + 1.34% on 9/10/2027) <sup>(f)</sup>  | USD2,585 | 2617 |
|  Block, Inc. 2.75% 6/1/2026 | 1975 | 1964 |
|  Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup>  | 1735 | 1771 |
|  BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027) <sup>(e)(f)</sup>  | 13134 | 12934 |
|  BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(e)(f)</sup>  | 3594 | 3403 |
|  BPCE SA 0.895% 12/14/2026 | JPY100,000 | 636 |
|  BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026) <sup>(e)(f)</sup>  | USD2,150 | 2151 |
|  BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028) <sup>(e)(f)</sup>  | 5000 | 5307 |
|  BPCE SA 5.716% 1/18/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.959% on 1/18/2029) <sup>(e)(f)</sup>  | 1285 | 1331 |
|  BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(e)(f)</sup>  | 1845 | 1929 |

---

---

| | |
|:---|:---|
| **175** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Financials (continued)** |  |  |
|  BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(e)(f)</sup>  | USD3,814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917 |
|  BPCE SA 5.936% 5/30/2035 (USD-SOFR + 1.85% on 5/30/2034) <sup>(e)(f)</sup>  | 4503 | 4698 |
|  CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(e)(f)</sup>  | 10948 | 11375 |
|  CaixaBank SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(e)(f)</sup>  | 1900 | 2121 |
|  Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028) <sup>(f)</sup>  | 515 | 529 |
|  Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(f)</sup>  | 1204 | 1302 |
|  Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(f)</sup>  | 2920 | 3110 |
|  Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028) <sup>(f)</sup>  | 2445 | 2539 |
|  China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031 | 526 | 483 |
|  Chubb INA Holdings, LLC 3.35% 5/3/2026 | 2020 | 2017 |
|  Chubb INA Holdings, LLC 5.00% 3/15/2034 | 4400 | 4503 |
|  Chubb INA Holdings, LLC 4.35% 11/3/2045 | 2015 | 1761 |
|  Citibank, NA 5.803% 9/29/2028 | 4100 | 4300 |
|  Citigroup, Inc. 4.60% 3/9/2026 | 1800 | 1801 |
|  Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(f)</sup>  | 7800 | 8006 |
|  Citigroup, Inc. 4.412% 3/31/2031 (USD-SOFR + 3.914% on 3/31/2030) <sup>(f)</sup>  | 933 | 933 |
|  Citigroup, Inc. 4.952% 5/7/2031 (USD-SOFR + 1.463% on 5/7/2030) <sup>(f)</sup>  | 20610 | 21059 |
|  Citigroup, Inc. 2.561% 5/1/2032 (USD-SOFR + 1.167% on 5/1/2031) <sup>(f)</sup>  | 3937 | 3574 |
|  Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(f)</sup>  | 990 | 907 |
|  Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032) <sup>(f)</sup>  | 3090 | 2951 |
|  Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(f)</sup>  | 123 | 129 |
|  Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(f)</sup>  | 1874 | 1918 |
|  Corebridge Financial, Inc. 3.65% 4/5/2027 | 3913 | 3890 |
|  Corebridge Financial, Inc. 3.85% 4/5/2029 | 3534 | 3479 |
|  Corebridge Financial, Inc. 3.90% 4/5/2032 | 3964 | 3764 |
|  Corebridge Financial, Inc. 4.35% 4/5/2042 | 361 | 310 |
|  Credit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026) <sup>(e)(f)</sup>  | 2450 | 2445 |
|  Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026) <sup>(e)(f)</sup>  | 2990 | 2940 |
|  Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027) <sup>(e)(f)</sup>  | 2975 | 2982 |
|  Deutsche Bank AG 4.10% 1/13/2026 | 7305 | 7305 |
|  Deutsche Bank AG 4.10% 1/13/2026 | 857 | 857 |
|  Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(f)</sup>  | 17595 | 17308 |
|  Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(f)</sup>  | 1590 | 1518 |
|  Deutsche Bank AG 5.403% 9/11/2035 (USD-SOFR + 2.05% on 9/11/2034) <sup>(f)</sup>  | 3200 | 3265 |
|  DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026) <sup>(e)(f)</sup>  | 1200 | 1188 |
|  Eurobank SA 2.00% 5/5/2027 (1-year EUR Mid-Swap + 2.398% on 5/5/2026) <sup>(f)</sup>  | EUR1,845 | 2165 |
|  Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027) <sup>(f)</sup>  | 4230 | 4954 |
|  Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028) <sup>(f)</sup>  | 3855 | 4900 |
|  Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(f)</sup>  | 12035 | 15267 |
|  Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(f)</sup>  | 390 | 487 |
|  Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(f)</sup>  | USD205 | 216 |
|  Fifth Third Bancorp 4.895% 9/6/2030 (USD-SOFR + 1.486% on 9/6/2029) <sup>(f)</sup>  | 1968 | 2000 |
|  Fifth Third Bancorp 5.631% 1/29/2032 (USD-SOFR + 1.84% on 1/29/2031) <sup>(f)</sup>  | 11396 | 11964 |
|  Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026) <sup>(f)</sup>  | 3030 | 3015 |
|  Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(f)</sup>  | 13275 | 13046 |
|  Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(f)</sup>  | 12997 | 12780 |
|  Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(f)</sup>  | 3703 | 3646 |
|  Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027) <sup>(f)</sup>  | 5534 | 5505 |
|  Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(f)</sup>  | 4895 | 4952 |
|  Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(f)</sup>  | 20687 | 21617 |
|  Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(f)</sup>  | 14659 | 15144 |
|  Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(f)</sup>  | 12107 | 12081 |
|  Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041) <sup>(f)</sup>  | 3160 | 2319 |
|  HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028) <sup>(f)</sup>  | 14232 | 13551 |
|  HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(f)</sup>  | 9437 | 8581 |
|  HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(f)</sup>  | 2000 | 2064 |
|  ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026) <sup>(f)</sup>  | 1680 | 1703 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **176** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Financials (continued)** |  |  |
|  Intesa Sanpaolo SpA 5.71% 1/15/2026 <sup>(e)</sup>  | USD15,400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15408 |
|  Intesa Sanpaolo SpA 3.875% 7/14/2027 <sup>(e)</sup>  | 6250 | 6235 |
|  Intesa Sanpaolo SpA 3.875% 1/12/2028 <sup>(e)</sup>  | 1986 | 1973 |
|  Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053) <sup>(e)(f)</sup>  | 5100 | 6064 |
|  Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup>  | 705 | 673 |
|  JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(f)</sup>  | 323 | 322 |
|  JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026) <sup>(f)</sup>  | 1400 | 1422 |
|  JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(f)</sup>  | 20000 | 20213 |
|  JPMorgan Chase & Co. 5.571% 4/22/2028 (USD-SOFR + 0.93% on 4/22/2027) <sup>(f)</sup>  | 2678 | 2732 |
|  JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(f)</sup>  | 8670 | 8805 |
|  JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028) <sup>(f)</sup>  | 11980 | 12022 |
|  JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(f)</sup>  | 6480 | 6762 |
|  JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(f)</sup>  | 10724 | 11012 |
|  JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(f)</sup>  | 6549 | 6643 |
|  JPMorgan Chase & Co. 5.14% 1/24/2031 (USD-SOFR + 0.90% on 1/24/2030) <sup>(f)</sup>  | 3870 | 4001 |
|  JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(f)</sup>  | 700 | 698 |
|  JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(f)</sup>  | 791 | 706 |
|  JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031) <sup>(f)</sup>  | 5313 | 4796 |
|  JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(f)</sup>  | 19889 | 20526 |
|  JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(f)</sup>  | 51163 | 53698 |
|  Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026) <sup>(f)</sup>  | 2415 | 2386 |
|  KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028) <sup>(e)(f)</sup>  | 1375 | 1420 |
|  Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.48% on 8/7/2026) <sup>(f)</sup>  | 1625 | 1643 |
|  Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.375% on 1/5/2027) <sup>(f)</sup>  | 200 | 203 |
|  Lloyds Banking Group PLC 5.679% 1/5/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 1/5/2034) <sup>(f)</sup>  | 1979 | 2084 |
|  Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 | 2285 | 2316 |
|  Marsh & McLennan Cos., Inc. 5.35% 11/15/2044 | 250 | 245 |
|  Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 | 2060 | 1985 |
|  MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD CME Term SOFR + 4.222% on 12/15/2037) <sup>(e)(f)</sup>  | 1405 | 1559 |
|  MetLife, Inc. 5.375% 7/15/2033 | 1279 | 1349 |
|  Metropolitan Life Global Funding I 5.40% 9/12/2028 <sup>(e)</sup>  | 840 | 870 |
|  Metropolitan Life Global Funding I 4.85% 1/8/2029 <sup>(e)</sup>  | 2050 | 2093 |
|  Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(e)</sup>  | 619 | 637 |
|  Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026) <sup>(f)</sup>  | 6200 | 6114 |
|  Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026) <sup>(f)</sup>  | 2225 | 2185 |
|  Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.38% on 2/22/2028) <sup>(f)</sup>  | 1430 | 1472 |
|  Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032) <sup>(f)</sup>  | 763 | 784 |
|  Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026) <sup>(f)</sup>  | 1367 | 1349 |
|  Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.65% on 7/6/2028) <sup>(f)</sup>  | 1701 | 1769 |
|  Mizuho Financial Group, Inc. 5.376% 5/26/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.12% on 5/26/2029) <sup>(f)</sup>  | 2020 | 2090 |
|  Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026) <sup>(f)</sup>  | 13336 | 13148 |
|  Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(f)</sup>  | 350 | 357 |
|  Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(f)</sup>  | 21869 | 22369 |
|  Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(f)</sup>  | 21784 | 22702 |
|  Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(f)</sup>  | 1704 | 1725 |
|  Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(f)</sup>  | 4664 | 4810 |

---

---

| | |
|:---|:---|
| **177** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Financials (continued)** |  |  |
|  Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(f)</sup>  | USD3,031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 |
|  Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(f)</sup>  | 11313 | 11773 |
|  Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(f)</sup>  | 3069 | 3160 |
|  Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(f)</sup>  | 23571 | 23371 |
|  Morgan Stanley Bank, N.A. 5.882% 10/30/2026 | 2775 | 2817 |
|  MSCI, Inc. 3.25% 8/15/2033 <sup>(e)</sup>  | 695 | 624 |
|  NatWest Group PLC 5.847% 3/2/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 3/2/2026) <sup>(f)</sup>  | 3555 | 3565 |
|  NatWest Group PLC 5.583% 3/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 3/1/2027) <sup>(f)</sup>  | 2170 | 2209 |
|  Navient Corp. 5.625% 8/1/2033 | 2470 | 2260 |
|  Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/2028 <sup>(e)</sup>  | 2090 | 2139 |
|  OneMain Finance Corp. 7.125% 3/15/2026 | 87 | 88 |
|  Piraeus Bank SA 7.25% 7/13/2028 (1-year EUR Mid-Swap + 3.692% on 7/13/2027) <sup>(f)</sup>  | EUR565 | 709 |
|  Piraeus Bank SA 4.625% 7/17/2029 (1-year EUR Mid-Swap + 1.723% on 7/17/2028) <sup>(f)</sup>  | 165 | 202 |
|  Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(f)</sup>  | 1345 | 1742 |
|  PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(f)</sup>  | USD4,594 | 4766 |
|  PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(f)</sup>  | 12265 | 13887 |
|  PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(f)</sup>  | 635 | 670 |
|  Royal Bank of Canada 4.95% 2/1/2029 | 1360 | 1397 |
|  Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028) <sup>(f)</sup>  | 5100 | 5316 |
|  Santander Holdings USA, Inc. 5.353% 9/6/2030 (USD-SOFR + 1.94% on 9/6/2029) <sup>(f)</sup>  | 3706 | 3792 |
|  Standard Chartered PLC 5.905% 5/14/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 5/14/2034) <sup>(e)(f)</sup>  | 546 | 577 |
|  Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026 | 1429 | 1443 |
|  Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027 | 1100 | 1080 |
|  Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028 | 1045 | 1089 |
|  Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033 | 373 | 398 |
|  Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/2028 <sup>(e)</sup>  | 1400 | 1459 |
|  Swedbank AB 6.136% 9/12/2026 <sup>(e)</sup>  | 2100 | 2131 |
|  Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026) <sup>(f)</sup>  | 1370 | 1381 |
|  Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028) <sup>(f)</sup>  | 2605 | 2647 |
|  Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(f)</sup>  | 2396 | 2585 |
|  Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(f)</sup>  | 1741 | 1803 |
|  Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(f)</sup>  | 4707 | 4866 |
|  Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(f)</sup>  | 1586 | 1688 |
|  Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(f)</sup>  | 2440 | 2568 |
|  U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028) <sup>(f)</sup>  | 2115 | 2142 |
|  U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(f)</sup>  | 7300 | 7562 |
|  U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033) <sup>(f)</sup>  | 2839 | 2861 |
|  U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033) <sup>(f)</sup>  | 1712 | 1827 |
|  UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026) <sup>(e)(f)</sup>  | 11200 | 11169 |
|  UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026) <sup>(e)(f)</sup>  | 6623 | 6519 |
|  UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on 2/8/2029) <sup>(e)(f)</sup>  | 17490 | 18094 |
|  UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(e)(f)</sup>  | 14459 | 15109 |
|  UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(e)(f)</sup>  | 9636 | 9548 |
|  UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/11/2031) <sup>(e)(f)</sup>  | 1392 | 1235 |
|  UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031) <sup>(e)(f)</sup>  | 20425 | 18972 |
|  UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 2/11/2032) <sup>(e)(f)</sup>  | 4038 | 3623 |
|  UniCredit SpA 4.625% 4/12/2027 <sup>(e)</sup>  | 1395 | 1404 |
|  Vigorous Champion International, Ltd. 4.25% 5/28/2029 | 462 | 462 |
|  Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(f)</sup>  | 6615 | 6573 |
|  Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(f)</sup>  | 11151 | 11384 |
|  Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(f)</sup>  | 1003 | 980 |
|  Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027) <sup>(f)</sup>  | 8357 | 8452 |
|  Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028) <sup>(f)</sup>  | 2545 | 2638 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **178** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Financials (continued)** |  |  |
|  Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(f)</sup>  | USD7,187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7420 |
|  Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033) <sup>(f)</sup>  | 6025 | 6271 |
|  Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(f)</sup>  | 4062 | 4499 |
|  Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(f)</sup>  | 5719 | 4925 |
|  |  | 1040334 |
|  **Health care 4.08%** |  |  |
|  AbbVie, Inc. 5.05% 3/15/2034 | 18501 | 19019 |
|  AbbVie, Inc. 5.35% 3/15/2044 | 800 | 791 |
|  AbbVie, Inc. 5.40% 3/15/2054 | 15770 | 15345 |
|  AbbVie, Inc. 5.50% 3/15/2064 | 550 | 535 |
|  Amgen, Inc. 5.15% 3/2/2028 | 5326 | 5452 |
|  Amgen, Inc. 4.05% 8/18/2029 | 7429 | 7425 |
|  Amgen, Inc. 2.45% 2/21/2030 | 5131 | 4787 |
|  Amgen, Inc. 5.25% 3/2/2030 | 2854 | 2964 |
|  Amgen, Inc. 4.20% 3/1/2033 | 8502 | 8314 |
|  Amgen, Inc. 5.25% 3/2/2033 | 20793 | 21530 |
|  Amgen, Inc. 4.875% 3/1/2053 | 3360 | 2960 |
|  Amgen, Inc. 4.40% 2/22/2062 | 196 | 153 |
|  AstraZeneca Finance, LLC 5.00% 2/26/2034 | 6925 | 7170 |
|  Baxter International, Inc. 4.45% 2/15/2029 | 9503 | 9539 |
|  Baxter International, Inc. 2.539% 2/1/2032 | 3906 | 3405 |
|  Bristol-Myers Squibb Co. 5.10% 2/22/2031 | 3990 | 4156 |
|  Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 22685 | 23590 |
|  Bristol-Myers Squibb Co. 5.50% 2/22/2044 | 425 | 426 |
|  Bristol-Myers Squibb Co. 2.55% 11/13/2050 | 2113 | 1252 |
|  Bristol-Myers Squibb Co. 3.70% 3/15/2052 | 2197 | 1616 |
|  Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 12840 | 12619 |
|  Centene Corp. 4.25% 12/15/2027 | 14860 | 14782 |
|  Centene Corp. 2.45% 7/15/2028 | 12410 | 11630 |
|  Centene Corp. 4.625% 12/15/2029 | 14945 | 14506 |
|  Centene Corp. 3.375% 2/15/2030 | 15718 | 14489 |
|  Cigna Group (The) 5.125% 5/15/2031 | 2095 | 2166 |
|  Cigna Group (The) 5.25% 2/15/2034 | 3745 | 3858 |
|  Cigna Group (The) 6.00% 1/15/2056 | 1600 | 1646 |
|  CVS Health Corp. 5.125% 2/21/2030 | 1720 | 1768 |
|  CVS Health Corp. 5.25% 1/30/2031 | 960 | 992 |
|  CVS Health Corp. 5.55% 6/1/2031 | 3707 | 3881 |
|  CVS Health Corp. 5.00% 9/15/2032 | 5853 | 5976 |
|  CVS Health Corp. 5.25% 2/21/2033 | 2122 | 2185 |
|  CVS Health Corp. 5.70% 6/1/2034 | 7706 | 8078 |
|  CVS Health Corp. 5.45% 9/15/2035 | 4471 | 4578 |
|  CVS Health Corp. 6.05% 6/1/2054 | 1995 | 1985 |
|  CVS Health Corp. 6.20% 9/15/2055 | 6535 | 6640 |
|  CVS Health Corp. 6.00% 6/1/2063 | 1076 | 1044 |
|  Elevance Health, Inc. 4.95% 11/1/2031 | 2322 | 2377 |
|  Elevance Health, Inc. 5.20% 2/15/2035 | 7577 | 7746 |
|  Elevance Health, Inc. 4.55% 5/15/2052 | 271 | 226 |
|  Elevance Health, Inc. 5.125% 2/15/2053 | 784 | 710 |
|  Elevance Health, Inc. 5.70% 2/15/2055 | 995 | 973 |
|  Eli Lilly and Co. 5.10% 2/12/2035 | 23057 | 23845 |
|  Eli Lilly and Co. 5.50% 2/12/2055 | 7907 | 7923 |
|  Gilead Sciences, Inc. 5.25% 10/15/2033 | 3340 | 3511 |
|  HCA, Inc. 5.20% 6/1/2028 | 4165 | 4268 |
|  HCA, Inc. 2.375% 7/15/2031 | 2233 | 2005 |
|  HCA, Inc. 3.625% 3/15/2032 | 2400 | 2270 |
|  HCA, Inc. 4.625% 3/15/2052 | 226 | 185 |
|  Humana, Inc. 5.375% 4/15/2031 | 5530 | 5719 |

---

---

| | |
|:---|:---|
| **179** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Health care (continued)** |  |  |
|  Humana, Inc. 5.55% 5/1/2035 | USD1,735 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772 |
|  Humana, Inc. 5.75% 4/15/2054 | 954 | 902 |
|  Johnson & Johnson 4.80% 6/1/2029 | 3970 | 4101 |
|  Johnson & Johnson 4.90% 6/1/2031 | 4175 | 4361 |
|  Merck & Co., Inc. 1.70% 6/10/2027 | 3093 | 3014 |
|  Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028 | 1375 | 1393 |
|  Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 7942 | 8029 |
|  Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 5622 | 5327 |
|  Roche Holdings, Inc. 1.93% 12/13/2028 <sup>(e)</sup>  | 7545 | 7164 |
|  Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(e)</sup>  | 765 | 763 |
|  Roche Holdings, Inc. 2.607% 12/13/2051 <sup>(e)</sup>  | 645 | 395 |
|  Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026 | 306 | 304 |
|  Stryker Corp. 4.85% 2/10/2030 | 1235 | 1269 |
|  Stryker Corp. 5.20% 2/10/2035 | 1110 | 1140 |
|  Takeda U.S. Financing, Inc. 5.20% 7/7/2035 | 12074 | 12303 |
|  Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 | 28059 | 29142 |
|  Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 4431 | 4485 |
|  Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 3720 | 4097 |
|  Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 2935 | 3383 |
|  Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 | 725 | 761 |
|  Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 26266 | 19898 |
|  UnitedHealth Group, Inc. 4.80% 1/15/2030 | 395 | 405 |
|  UnitedHealth Group, Inc. 2.00% 5/15/2030 | 466 | 425 |
|  UnitedHealth Group, Inc. 4.95% 1/15/2032 | 1910 | 1958 |
|  UnitedHealth Group, Inc. 4.20% 5/15/2032 | 1654 | 1633 |
|  UnitedHealth Group, Inc. 5.15% 7/15/2034 | 15956 | 16348 |
|  UnitedHealth Group, Inc. 3.05% 5/15/2041 | 1300 | 986 |
|  UnitedHealth Group, Inc. 4.25% 6/15/2048 | 960 | 786 |
|  UnitedHealth Group, Inc. 3.25% 5/15/2051 | 572 | 388 |
|  UnitedHealth Group, Inc. 5.625% 7/15/2054 | 10472 | 10283 |
|  UnitedHealth Group, Inc. 4.95% 5/15/2062 | 69 | 60 |
|  Viatris, Inc. 4.00% 6/22/2050 | 1761 | 1173 |
|  |  | 463458 |
|  **Consumer discretionary 3.73%** |  |  |
|  Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(e)</sup>  | 3110 | 3124 |
|  Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(e)</sup>  | 335 | 331 |
|  Amazon.com, Inc. 1.65% 5/12/2028 | 3860 | 3685 |
|  Amazon.com, Inc. 3.45% 4/13/2029 | 600 | 593 |
|  Amazon.com, Inc. 4.65% 11/20/2035 | 4048 | 4033 |
|  Amazon.com, Inc. 5.45% 11/20/2055 | 10475 | 10231 |
|  Amazon.com, Inc. 3.25% 5/12/2061 | 4100 | 2625 |
|  Amazon.com, Inc. 4.10% 4/13/2062 | 470 | 363 |
|  Amazon.com, Inc. 5.55% 11/20/2065 | 4765 | 4626 |
|  BMW US Capital, LLC 3.45% 4/1/2027 <sup>(e)</sup>  | 1075 | 1069 |
|  BMW US Capital, LLC 3.70% 4/1/2032 <sup>(e)</sup>  | 1350 | 1286 |
|  Carnival Corp. 5.125% 5/1/2029 <sup>(e)</sup>  | 3500 | 3541 |
|  Carnival Corp. 5.75% 8/1/2032 <sup>(e)</sup>  | 5880 | 6042 |
|  Carnival Corp. 6.125% 2/15/2033 <sup>(e)</sup>  | 4115 | 4251 |
|  Ford Motor Co. 3.25% 2/12/2032 | 620 | 547 |
|  Ford Motor Credit Co., LLC 6.95% 3/6/2026 | 855 | 857 |
|  Ford Motor Credit Co., LLC 6.95% 6/10/2026 | 755 | 762 |
|  Ford Motor Credit Co., LLC 5.125% 11/5/2026 | 4795 | 4822 |
|  Ford Motor Credit Co., LLC 4.271% 1/9/2027 | 13882 | 13815 |
|  Ford Motor Credit Co., LLC 5.80% 3/5/2027 | 3145 | 3185 |
|  Ford Motor Credit Co., LLC 5.85% 5/17/2027 | 1940 | 1971 |
|  Ford Motor Credit Co., LLC 4.125% 8/17/2027 | 37170 | 36884 |
|  Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 3990 | 3931 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **180** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Consumer discretionary (continued)** |  |  |
|  Ford Motor Credit Co., LLC 7.35% 11/4/2027 | USD1,674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748 |
|  Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 24035 | 24608 |
|  Ford Motor Credit Co., LLC 6.80% 5/12/2028 | 2030 | 2119 |
|  Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 762 | 800 |
|  Ford Motor Credit Co., LLC 2.90% 2/10/2029 | 1065 | 1001 |
|  Ford Motor Credit Co., LLC 5.80% 3/8/2029 | 6740 | 6889 |
|  Ford Motor Credit Co., LLC 5.113% 5/3/2029 | 9854 | 9872 |
|  Ford Motor Credit Co., LLC 5.303% 9/6/2029 | 5407 | 5452 |
|  Ford Motor Credit Co., LLC 7.35% 3/6/2030 | 10668 | 11454 |
|  Ford Motor Credit Co., LLC 7.20% 6/10/2030 | 1015 | 1089 |
|  Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 18420 | 17402 |
|  Ford Motor Credit Co., LLC 6.05% 3/5/2031 | 12074 | 12420 |
|  Ford Motor Credit Co., LLC 3.625% 6/17/2031 | 3037 | 2784 |
|  Ford Motor Credit Co., LLC 6.054% 11/5/2031 | 19460 | 19961 |
|  Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 3167 | 3403 |
|  Ford Motor Credit Co., LLC 6.125% 3/8/2034 | 12096 | 12297 |
|  General Motors Financial Co., Inc. 1.50% 6/10/2026 | 6712 | 6637 |
|  General Motors Financial Co., Inc. 2.35% 2/26/2027 | 9771 | 9579 |
|  General Motors Financial Co., Inc. 5.45% 7/15/2030 | 8013 | 8324 |
|  General Motors Financial Co., Inc. 5.625% 4/4/2032 | 1201 | 1251 |
|  General Motors Financial Co., Inc. 5.90% 1/7/2035 | 2888 | 3013 |
|  Home Depot, Inc. 2.95% 6/15/2029 | 1966 | 1903 |
|  Home Depot, Inc. 4.85% 6/25/2031 | 2559 | 2647 |
|  Home Depot, Inc. 4.95% 6/25/2034 | 4749 | 4859 |
|  Home Depot, Inc. 4.50% 12/6/2048 | 1915 | 1655 |
|  Home Depot, Inc. 5.30% 6/25/2054 | 2234 | 2138 |
|  Hyatt Hotels Corp. 5.05% 3/30/2028 | 8567 | 8728 |
|  Hyundai Capital America 1.30% 1/8/2026 <sup>(e)</sup>  | 6000 | 5997 |
|  Hyundai Capital America 5.50% 3/30/2026 <sup>(e)</sup>  | 705 | 707 |
|  Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup>  | 7475 | 7390 |
|  Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup>  | 7275 | 7158 |
|  Hyundai Capital America 3.00% 2/10/2027 <sup>(e)</sup>  | 9000 | 8903 |
|  Hyundai Capital America 5.275% 6/24/2027 <sup>(e)</sup>  | 1650 | 1678 |
|  Hyundai Capital America 2.375% 10/15/2027 <sup>(e)</sup>  | 7543 | 7325 |
|  Hyundai Capital America 5.60% 3/30/2028 <sup>(e)</sup>  | 1385 | 1426 |
|  Hyundai Capital America 5.30% 6/24/2029 <sup>(e)</sup>  | 1523 | 1568 |
|  Hyundai Capital America 5.15% 3/27/2030 <sup>(e)</sup>  | 25720 | 26370 |
|  Hyundai Capital America 5.40% 6/24/2031 <sup>(e)</sup>  | 3365 | 3484 |
|  Hyundai Capital Services, Inc. 1.25% 2/8/2026 <sup>(e)</sup>  | 3695 | 3684 |
|  Marriott International, Inc. 5.00% 10/15/2027 | 4470 | 4549 |
|  Marriott International, Inc. 4.90% 4/15/2029 | 653 | 668 |
|  Marriott International, Inc. 5.35% 3/15/2035 | 1365 | 1405 |
|  McDonald's Corp. 5.00% 5/17/2029 | 1305 | 1344 |
|  McDonald's Corp. 4.95% 3/3/2035 | 786 | 797 |
|  McDonald's Corp. 4.45% 3/1/2047 | 3535 | 3027 |
|  McDonald's Corp. 3.625% 9/1/2049 | 2938 | 2165 |
|  Nissan Motor Co., Ltd. 4.81% 9/17/2030 <sup>(e)</sup>  | 267 | 252 |
|  Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup>  | 8860 | 9423 |
|  Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036 | 10252 | 10299 |
|  Sands China, Ltd. 2.30% 3/8/2027 | 2368 | 2314 |
|  Toyota Motor Credit Corp. 3.375% 4/1/2030 | 4954 | 4824 |
|  Toyota Motor Credit Corp. 4.55% 5/17/2030 | 1625 | 1655 |
|  Toyota Motor Credit Corp. 5.55% 11/20/2030 | 690 | 732 |
|  Travel + Leisure Co. 6.625% 7/31/2026 <sup>(e)</sup>  | 675 | 682 |
|  Volkswagen Group of America Finance, LLC 4.95% 8/15/2029 <sup>(e)</sup>  | 1635 | 1657 |
|  Volkswagen Group of America Finance, LLC 6.45% 11/16/2030 <sup>(e)</sup>  | 5190 | 5577 |
|  Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(e)</sup>  | 410 | 413 |
|  |  | 424080 |

---

---

| | |
|:---|:---|
| **181** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Utilities 3.30%** |  |  |
|  AEP Texas, Inc. 3.45% 5/15/2051 | USD1,380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 |
|  AEP Transmission Co., LLC 5.375% 6/15/2035 | 1075 | 1111 |
|  Alabama Power Co. 3.00% 3/15/2052 | 3219 | 2095 |
|  Alfa Transmisora De Energia SA 4.55% 9/27/2051 <sup>(e)</sup>  | 410 | 331 |
|  Baltimore Gas and Electric Co. 4.55% 6/1/2052 | 525 | 445 |
|  Berkshire Hathaway Energy Co. 4.50% 2/1/2045 | 5895 | 5127 |
|  Berkshire Hathaway Energy Co. 4.60% 5/1/2053 | 1017 | 857 |
|  Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(e)</sup>  | 2400 | 2361 |
|  Comision Federal de Electricidad 4.688% 5/15/2029 <sup>(e)</sup>  | 3655 | 3623 |
|  Connecticut Light and Power Co. (The) 2.05% 7/1/2031 | 1775 | 1581 |
|  DTE Energy Co. 5.10% 3/1/2029 | 7900 | 8098 |
|  DTE Energy Co. 3.00% 3/1/2032 | 259 | 240 |
|  Duke Energy Carolinas, LLC 5.35% 1/15/2053 | 332 | 320 |
|  Duke Energy Florida, LLC 5.875% 11/15/2033 | 370 | 400 |
|  Duke Energy Florida, LLC 3.40% 10/1/2046 | 5669 | 4158 |
|  Duke Energy Florida, LLC 3.00% 12/15/2051 | 293 | 191 |
|  Duke Energy Florida, LLC 5.95% 11/15/2052 | 575 | 597 |
|  Duke Energy Progress, LLC 3.70% 9/1/2028 | 3750 | 3738 |
|  Duke Energy Progress, LLC 2.00% 8/15/2031 | 1775 | 1577 |
|  Duke Energy Progress, LLC 2.50% 8/15/2050 | 644 | 377 |
|  Edison International 4.125% 3/15/2028 | 6768 | 6696 |
|  Edison International 6.95% 11/15/2029 | 1575 | 1678 |
|  Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup>  | 1420 | 1479 |
|  Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028) <sup>(f)</sup>  | EUR2,800 | 3217 |
|  Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(e)(f)</sup>  | USD1,575 | 1838 |
|  Emera US Finance, LP 2.639% 6/15/2031 | 4400 | 3984 |
|  ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(e)</sup>  | 1310 | 1302 |
|  Entergy Louisiana, LLC 4.20% 9/1/2048 | 5637 | 4561 |
|  Eversource Energy 5.00% 1/1/2027 | 3415 | 3446 |
|  FirstEnergy Corp. 2.25% 9/1/2030 | 12602 | 11418 |
|  Florida Power & Light Co. 4.40% 5/15/2028 | 1655 | 1677 |
|  Florida Power & Light Co. 5.10% 4/1/2033 | 7431 | 7711 |
|  Florida Power & Light Co. 4.80% 5/15/2033 | 2929 | 2987 |
|  Florida Power & Light Co. 5.30% 4/1/2053 | 1255 | 1203 |
|  Georgia Power Co. 4.95% 5/17/2033 | 1845 | 1882 |
|  Georgia Power Co. 5.25% 3/15/2034 | 3200 | 3305 |
|  Georgia Power Co. 3.70% 1/30/2050 | 190 | 143 |
|  Jersey Central Power & Light Co. 2.75% 3/1/2032 <sup>(e)</sup>  | 525 | 472 |
|  NiSource, Inc. 5.40% 6/30/2033 | 650 | 675 |
|  Pacific Gas and Electric Co. 3.15% 1/1/2026 | 27543 | 27543 |
|  Pacific Gas and Electric Co. 2.95% 3/1/2026 | 10850 | 10824 |
|  Pacific Gas and Electric Co. 2.10% 8/1/2027 | 2026 | 1965 |
|  Pacific Gas and Electric Co. 3.30% 12/1/2027 | 7105 | 7000 |
|  Pacific Gas and Electric Co. 3.00% 6/15/2028 | 2542 | 2466 |
|  Pacific Gas and Electric Co. 3.75% 7/1/2028 | 13760 | 13595 |
|  Pacific Gas and Electric Co. 4.65% 8/1/2028 | 7900 | 7960 |
|  Pacific Gas and Electric Co. 4.55% 7/1/2030 | 35449 | 35312 |
|  Pacific Gas and Electric Co. 2.50% 2/1/2031 | 21597 | 19464 |
|  Pacific Gas and Electric Co. 6.40% 6/15/2033 | 11619 | 12552 |
|  Pacific Gas and Electric Co. 6.95% 3/15/2034 | 1294 | 1440 |
|  Pacific Gas and Electric Co. 5.80% 5/15/2034 | 3581 | 3721 |
|  Pacific Gas and Electric Co. 3.30% 8/1/2040 | 10340 | 7854 |
|  Pacific Gas and Electric Co. 3.50% 8/1/2050 | 15807 | 10679 |
|  Pacific Gas and Electric Co. 5.90% 10/1/2054 | 2410 | 2321 |
|  PacifiCorp 3.30% 3/15/2051 | 325 | 209 |
|  PacifiCorp 2.90% 6/15/2052 | 586 | 344 |
|  PacifiCorp 5.80% 1/15/2055 | 7735 | 7224 |
|  PECO Energy Co. 5.25% 9/15/2054 | 1775 | 1680 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **182** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Utilities (continued)** |  |  |
|  Public Service Electric and Gas Co. 3.20% 5/15/2029 | USD6,000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850 |
|  Public Service Electric and Gas Co. 5.20% 8/1/2033 | 1200 | 1246 |
|  Public Service Electric and Gas Co. 5.50% 3/1/2055 | 1503 | 1476 |
|  Southern California Edison Co. 4.90% 6/1/2026 | 1177 | 1179 |
|  Southern California Edison Co. 3.65% 3/1/2028 | 225 | 222 |
|  Southern California Edison Co. 5.30% 3/1/2028 | 3601 | 3679 |
|  Southern California Edison Co. 4.20% 3/1/2029 | 7286 | 7244 |
|  Southern California Edison Co. 2.85% 8/1/2029 | 7498 | 7112 |
|  Southern California Edison Co. 5.25% 3/15/2030 | 19378 | 19884 |
|  Southern California Edison Co. 2.50% 6/1/2031 | 5044 | 4527 |
|  Southern California Edison Co. 5.45% 6/1/2031 | 8795 | 9106 |
|  Southern California Edison Co. 5.20% 6/1/2034 | 5196 | 5226 |
|  Southern California Edison Co. 5.45% 3/1/2035 | 1845 | 1872 |
|  Southern California Edison Co. 5.75% 4/1/2035 | 4549 | 4702 |
|  Southern California Edison Co. 5.35% 7/15/2035 | 6450 | 6496 |
|  Southern California Edison Co. 5.625% 2/1/2036 | 7051 | 7138 |
|  Southern California Edison Co. 3.60% 2/1/2045 | 2417 | 1748 |
|  Southern California Edison Co. 2.95% 2/1/2051 | 738 | 451 |
|  Southwestern Electric Power Co. 1.65% 3/15/2026 | 3550 | 3531 |
|  Southwestern Electric Power Co. 3.25% 11/1/2051 | 2075 | 1372 |
|  Virginia Electric & Power 2.40% 3/30/2032 | 2575 | 2294 |
|  Wisconsin Power and Light Co. 1.95% 9/16/2031 | 525 | 461 |
|  Wisconsin Power and Light Co. 3.65% 4/1/2050 | 1075 | 785 |
|  Wisconsin Public Service Corp. 2.85% 12/1/2051 | 375 | 238 |
|  Xcel Energy, Inc. 5.50% 3/15/2034 | 4230 | 4370 |
|  |  | 374200 |
|  **Communication services 2.48%** |  |  |
|  Alphabet, Inc. 4.70% 11/15/2035 | 2576 | 2578 |
|  Alphabet, Inc. 5.35% 11/15/2045 | 2455 | 2441 |
|  Alphabet, Inc. 5.45% 11/15/2055 | 5534 | 5433 |
|  Alphabet, Inc. 5.70% 11/15/2075 | 6080 | 5989 |
|  AT&T, Inc. 1.70% 3/25/2026 | 17807 | 17718 |
|  AT&T, Inc. 1.65% 2/1/2028 | 4700 | 4481 |
|  AT&T, Inc. 4.30% 2/15/2030 | 15940 | 15966 |
|  AT&T, Inc. 2.55% 12/1/2033 | 12748 | 10884 |
|  AT&T, Inc. 5.40% 2/15/2034 | 442 | 458 |
|  AT&T, Inc. 4.50% 5/15/2035 | 174 | 167 |
|  CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup>  | 9505 | 9497 |
|  CCO Holdings, LLC 4.75% 2/1/2032 <sup>(e)</sup>  | 1265 | 1157 |
|  CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 3875 | 3299 |
|  Charter Communications Operating, LLC 6.10% 6/1/2029 | 1360 | 1420 |
|  Charter Communications Operating, LLC 2.80% 4/1/2031 | 6057 | 5453 |
|  Charter Communications Operating, LLC 4.40% 4/1/2033 | 1092 | 1029 |
|  Charter Communications Operating, LLC 5.85% 12/1/2035 | 1302 | 1299 |
|  Charter Communications Operating, LLC 5.75% 4/1/2048 | 5000 | 4270 |
|  Charter Communications Operating, LLC 4.80% 3/1/2050 | 5134 | 3860 |
|  Charter Communications Operating, LLC 3.70% 4/1/2051 | 2519 | 1592 |
|  Charter Communications Operating, LLC 3.90% 6/1/2052 | 6148 | 3974 |
|  Charter Communications Operating, LLC 5.25% 4/1/2053 | 1065 | 844 |
|  Charter Communications Operating, LLC 6.70% 12/1/2055 | 1058 | 1015 |
|  Comcast Corp. 3.15% 2/15/2028 | 7200 | 7088 |
|  Comcast Corp. 4.55% 1/15/2029 | 1610 | 1636 |
|  Comcast Corp. 4.80% 5/15/2033 | 1841 | 1857 |
|  Comcast Corp. 2.887% 11/1/2051 | 18 | 11 |
|  Comcast Corp. 5.65% 6/1/2054 | 3313 | 3108 |
|  Comcast Corp. 5.50% 5/15/2064 | 250 | 224 |
|  Discovery Communications, LLC 3.625% 5/15/2030 | 1125 | 979 |

---

---

| | |
|:---|:---|
| **183** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Communication services (continued)** |  |  |
|  Meta Platforms, Inc. 4.20% 11/15/2030 | USD152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
|  Meta Platforms, Inc. 4.60% 11/15/2032 | 11473 | 11569 |
|  Meta Platforms, Inc. 4.875% 11/15/2035 | 13299 | 13286 |
|  Meta Platforms, Inc. 5.50% 11/15/2045 | 4233 | 4113 |
|  Meta Platforms, Inc. 5.625% 11/15/2055 | 9090 | 8731 |
|  Meta Platforms, Inc. 5.75% 11/15/2065 | 4352 | 4155 |
|  News Corp. 5.125% 2/15/2032 <sup>(e)</sup>  | 1300 | 1282 |
|  SBA Tower Trust 1.631% 11/15/2026 <sup>(e)</sup>  | 6741 | 6596 |
|  Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 675 | 661 |
|  Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 12000 | 11059 |
|  T-Mobile USA, Inc. 2.625% 4/15/2026 | 4416 | 4399 |
|  T-Mobile USA, Inc. 3.75% 4/15/2027 | 5000 | 4986 |
|  T-Mobile USA, Inc. 4.95% 3/15/2028 | 705 | 719 |
|  T-Mobile USA, Inc. 4.80% 7/15/2028 | 175 | 178 |
|  T-Mobile USA, Inc. 4.85% 1/15/2029 | 2725 | 2784 |
|  T-Mobile USA, Inc. 3.875% 4/15/2030 | 4500 | 4426 |
|  T-Mobile USA, Inc. 2.875% 2/15/2031 | 14691 | 13643 |
|  T-Mobile USA, Inc. 5.125% 5/15/2032 | 4970 | 5117 |
|  T-Mobile USA, Inc. 5.05% 7/15/2033 | 832 | 849 |
|  T-Mobile USA, Inc. 5.75% 1/15/2034 | 730 | 775 |
|  T-Mobile USA, Inc. 3.00% 2/15/2041 | 2100 | 1566 |
|  T-Mobile USA, Inc. 6.00% 6/15/2054 | 920 | 940 |
|  T-Mobile USA, Inc. 5.50% 1/15/2055 | 406 | 385 |
|  Verizon Communications, Inc. 1.75% 1/20/2031 | 9144 | 8053 |
|  Verizon Communications, Inc. 2.55% 3/21/2031 | 5047 | 4611 |
|  Verizon Communications, Inc. 2.355% 3/15/2032 | 4786 | 4219 |
|  Verizon Communications, Inc. 4.75% 1/15/2033 | 7614 | 7610 |
|  Verizon Communications, Inc. 4.78% 2/15/2035 | 1552 | 1529 |
|  Verizon Communications, Inc. 3.55% 3/22/2051 | 625 | 444 |
|  Verizon Communications, Inc. 3.875% 3/1/2052 | 4006 | 2970 |
|  WarnerMedia Holdings, Inc. 3.755% 3/15/2027 | 356 | 354 |
|  WarnerMedia Holdings, Inc. 4.279% 3/15/2032 | 22605 | 19871 |
|  WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 12281 | 8674 |
|  WarnerMedia Holdings, Inc. 5.141% 3/15/2052 | 1030 | 681 |
|  ZipRecruiter, Inc. 5.00% 1/15/2030 <sup>(e)</sup>  | 490 | 385 |
|  |  | 281499 |
|  **Industrials 1.78%** |  |  |
|  ADT Security Corp. 4.125% 8/1/2029 <sup>(e)</sup>  | 510 | 499 |
|  Aeropuerto Internacional de Tocumen SA 4.00% 8/11/2041 <sup>(e)</sup>  | 730 | 613 |
|  Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 <sup>(e)</sup>  | 565 | 460 |
|  Air Lease Corp. 2.875% 1/15/2026 | 10172 | 10167 |
|  Air Lease Corp. 2.20% 1/15/2027 | 4341 | 4254 |
|  Air Lease Corp. 5.20% 7/15/2031 | 3650 | 3711 |
|  BAE Systems PLC 5.00% 3/26/2027 <sup>(e)</sup>  | 1200 | 1215 |
|  BAE Systems PLC 5.125% 3/26/2029 <sup>(e)</sup>  | 3482 | 3584 |
|  BAE Systems PLC 5.25% 3/26/2031 <sup>(e)</sup>  | 2156 | 2242 |
|  BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 570 | 590 |
|  Boeing Co. (The) 2.75% 2/1/2026 | 11211 | 11198 |
|  Boeing Co. (The) 2.196% 2/4/2026 | 9781 | 9763 |
|  Boeing Co. (The) 2.70% 2/1/2027 | 6473 | 6382 |
|  Boeing Co. (The) 5.04% 5/1/2027 | 13539 | 13683 |
|  Boeing Co. (The) 6.259% 5/1/2027 | 4214 | 4326 |
|  Boeing Co. (The) 3.25% 2/1/2028 | 11810 | 11618 |
|  Boeing Co. (The) 3.25% 3/1/2028 | 1925 | 1891 |
|  Boeing Co. (The) 6.298% 5/1/2029 | 1507 | 1600 |
|  Boeing Co. (The) 5.15% 5/1/2030 | 25342 | 26048 |
|  Boeing Co. (The) 3.625% 2/1/2031 | 751 | 722 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **184** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Industrials (continued)** |  |  |
|  Boeing Co. (The) 6.388% 5/1/2031 | USD5,632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6114 |
|  Boeing Co. (The) 6.528% 5/1/2034 | 1381 | 1528 |
|  Canadian Pacific Railway Co. 3.00% 12/2/2041 | 578 | 434 |
|  Canadian Pacific Railway Co. 3.10% 12/2/2051 | 1801 | 1196 |
|  CK Hutchison International (23), Ltd. 4.75% 4/21/2028 <sup>(e)</sup>  | 1260 | 1280 |
|  CSX Corp. 4.10% 11/15/2032 | 1886 | 1852 |
|  CSX Corp. 5.20% 11/15/2033 | 1333 | 1388 |
|  CSX Corp. 4.50% 11/15/2052 | 4470 | 3797 |
|  General Dynamics Corp. 3.75% 5/15/2028 | 479 | 480 |
|  General Dynamics Corp. 3.625% 4/1/2030 | 387 | 380 |
|  L3Harris Technologies, Inc. 5.40% 7/31/2033 | 1126 | 1173 |
|  LG Energy Solution, Ltd. 5.25% 4/2/2028 <sup>(e)</sup>  | 13205 | 13464 |
|  MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(e)</sup>  | 2690 | 2674 |
|  Norfolk Southern Corp. 5.05% 8/1/2030 | 1734 | 1798 |
|  Norfolk Southern Corp. 5.35% 8/1/2054 | 1458 | 1394 |
|  Northrop Grumman Corp. 4.70% 3/15/2033 | 2909 | 2938 |
|  Northrop Grumman Corp. 4.95% 3/15/2053 | 1124 | 1014 |
|  Republic Services, Inc. 2.375% 3/15/2033 | 1635 | 1428 |
|  Republic Services, Inc. 5.00% 4/1/2034 | 15 | 15 |
|  RTX Corp. 5.75% 11/8/2026 | 550 | 558 |
|  RTX Corp. 3.125% 5/4/2027 | 4551 | 4505 |
|  RTX Corp. 4.125% 11/16/2028 | 4974 | 4995 |
|  RTX Corp. 5.75% 1/15/2029 | 410 | 429 |
|  RTX Corp. 6.00% 3/15/2031 | 550 | 593 |
|  RTX Corp. 2.375% 3/15/2032 | 451 | 403 |
|  RTX Corp. 6.10% 3/15/2034 | 401 | 439 |
|  RTX Corp. 2.82% 9/1/2051 | 665 | 415 |
|  RTX Corp. 3.03% 3/15/2052 | 1190 | 777 |
|  RTX Corp. 6.40% 3/15/2054 | 1006 | 1108 |
|  Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031 <sup>(e)</sup>  | 2550 | 2319 |
|  TransDigm, Inc. 6.25% 1/31/2034 <sup>(e)</sup>  | 2405 | 2497 |
|  Triton Container International, Ltd. 3.15% 6/15/2031 <sup>(e)</sup>  | 2482 | 2240 |
|  Union Pacific Corp. 2.15% 2/5/2027 | 2213 | 2174 |
|  Union Pacific Corp. 2.40% 2/5/2030 | 4454 | 4173 |
|  Union Pacific Corp. 2.375% 5/20/2031 | 2298 | 2108 |
|  Union Pacific Corp. 2.80% 2/14/2032 | 5244 | 4824 |
|  Union Pacific Corp. 5.10% 2/20/2035 | 2104 | 2172 |
|  Union Pacific Corp. 2.95% 3/10/2052 | 1405 | 898 |
|  Union Pacific Corp. 5.60% 12/1/2054 | 470 | 469 |
|  Waste Management, Inc. 1.50% 3/15/2031 | 419 | 366 |
|  Waste Management, Inc. 4.80% 3/15/2032 | 4135 | 4234 |
|  |  | 201609 |
|  **Energy 1.64%** |  |  |
|  Antero Resources Corp. 5.375% 3/1/2030 <sup>(e)</sup>  | 280 | 284 |
|  APA Corp. 4.25% 1/15/2030 | 2465 | 2423 |
|  Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup>  | 395 | 409 |
|  Baker Hughes Holdings, LLC 2.061% 12/15/2026 | 1136 | 1117 |
|  Cenovus Energy, Inc. 2.65% 1/15/2032 | 2969 | 2640 |
|  Cenovus Energy, Inc. 5.25% 6/15/2037 | 289 | 281 |
|  Cenovus Energy, Inc. 3.75% 2/15/2052 | 19 | 13 |
|  Chevron Corp. 2.954% 5/16/2026 | 3365 | 3355 |
|  Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup>  | 22400 | 23266 |
|  Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(e)</sup>  | 268 | 284 |
|  Devon Energy Corp. 5.75% 9/15/2054 | 2068 | 1902 |
|  Ecopetrol SA 8.875% 1/13/2033 | 15325 | 16377 |
|  Energy Transfer, LP 5.25% 7/1/2029 | 979 | 1008 |
|  Energy Transfer, LP 6.40% 12/1/2030 | 479 | 518 |

---

---

| | |
|:---|:---|
| **185** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Energy (continued)** |  |  |
|  Enterprise Products Operating, LLC 4.60% 1/15/2031 | USD5,332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5399 |
|  Enterprise Products Operating, LLC 4.95% 2/15/2035 | 1465 | 1483 |
|  EOG Resources, Inc. 5.95% 7/15/2055 | 5080 | 5177 |
|  Equinor ASA 3.625% 9/10/2028 | 4928 | 4916 |
|  Equinor ASA 3.125% 4/6/2030 | 20000 | 19285 |
|  Equinor ASA 3.25% 11/18/2049 | 5687 | 3970 |
|  Exxon Mobil Corp. 3.043% 3/1/2026 | 4625 | 4619 |
|  Exxon Mobil Corp. 3.452% 4/15/2051 | 6510 | 4676 |
|  GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup>  | 7490 | 7844 |
|  Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(e)</sup>  | 1470 | 1503 |
|  Occidental Petroleum Corp. 6.625% 9/1/2030 | 5120 | 5516 |
|  Occidental Petroleum Corp. 5.55% 10/1/2034 | 5200 | 5307 |
|  Odebrecht Drilling Services, LLC 7.50% 6/15/2030 <sup>(e)</sup>  | 6 | 6 |
|  Oleoducto Central SA 4.00% 7/14/2027 <sup>(e)</sup>  | 1715 | 1693 |
|  Oleoducto Central SA 4.00% 7/14/2027 | 350 | 346 |
|  Petroleos Mexicanos 6.50% 1/23/2029 | 22614 | 22990 |
|  Petroleos Mexicanos 8.75% 6/2/2029 | 14185 | 15216 |
|  Petroleos Mexicanos 6.84% 1/23/2030 | 11164 | 11344 |
|  Shell Finance US, Inc. 2.75% 4/6/2030 | 377 | 358 |
|  South Bow USA Infrastructure Holdings, LLC 4.911% 9/1/2027 | 809 | 817 |
|  Sunoco, LP 5.625% 3/15/2031 <sup>(e)</sup>  | 595 | 600 |
|  TotalEnergies Capital International SA 3.455% 2/19/2029 | 885 | 872 |
|  TotalEnergies Capital SA 5.275% 9/10/2054 | 6805 | 6400 |
|  Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(e)</sup>  | 2395 | 2448 |
|  |  | 186662 |
|  **Consumer staples 1.60%** |  |  |
|  Altria Group, Inc. 4.40% 2/14/2026 | 4585 | 4585 |
|  Altria Group, Inc. 4.875% 2/4/2028 | 1330 | 1352 |
|  Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049 | 4715 | 4710 |
|  BAT Capital Corp. 3.557% 8/15/2027 | 9271 | 9206 |
|  BAT Capital Corp. 2.259% 3/25/2028 | 2353 | 2265 |
|  BAT Capital Corp. 6.343% 8/2/2030 | 2210 | 2391 |
|  BAT Capital Corp. 4.742% 3/16/2032 | 2675 | 2701 |
|  BAT Capital Corp. 5.35% 8/15/2032 | 18664 | 19427 |
|  BAT Capital Corp. 6.421% 8/2/2033 | 4665 | 5153 |
|  BAT Capital Corp. 5.625% 8/15/2035 | 12170 | 12684 |
|  BAT Capital Corp. 7.079% 8/2/2043 | 1323 | 1492 |
|  BAT Capital Corp. 5.65% 3/16/2052 | 120 | 114 |
|  BAT International Finance PLC 1.668% 3/25/2026 | 4070 | 4048 |
|  BAT International Finance PLC 4.448% 3/16/2028 | 2925 | 2949 |
|  Constellation Brands, Inc. 3.50% 5/9/2027 | 7500 | 7449 |
|  Constellation Brands, Inc. 4.35% 5/9/2027 | 890 | 894 |
|  Constellation Brands, Inc. 4.80% 5/1/2030 | 1618 | 1646 |
|  Constellation Brands, Inc. 2.25% 8/1/2031 | 1487 | 1320 |
|  Constellation Brands, Inc. 4.75% 5/9/2032 | 1978 | 1987 |
|  Constellation Brands, Inc. 4.90% 5/1/2033 | 2807 | 2822 |
|  Coty, Inc. 5.60% 1/15/2031 <sup>(e)</sup>  | 2726 | 2753 |
|  H.J. Heinz Co. 4.875% 10/1/2049 | 2725 | 2346 |
|  Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(e)</sup>  | 24345 | 24547 |
|  Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031 | 3110 | 2926 |
|  Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051 | 685 | 589 |
|  Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup>  | 4670 | 4774 |
|  Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup>  | 3640 | 3753 |
|  Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 15670 | 16112 |
|  Mars, Inc. 5.65% 5/1/2045 <sup>(e)</sup>  | 2371 | 2391 |
|  Mars, Inc. 5.70% 5/1/2055 <sup>(e)</sup>  | 13235 | 13193 |
|  Mondelez International, Inc. 4.75% 8/28/2034 | 5520 | 5509 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **186** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Consumer staples (continued)** |  |  |
|  Philip Morris International, Inc. 5.25% 9/7/2028 | USD2,800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894 |
|  Philip Morris International, Inc. 5.125% 2/15/2030 | 982 | 1015 |
|  Philip Morris International, Inc. 5.50% 9/7/2030 | 4565 | 4805 |
|  Philip Morris International, Inc. 4.75% 11/1/2031 | 830 | 848 |
|  Philip Morris International, Inc. 5.375% 2/15/2033 | 1644 | 1720 |
|  Walmart, Inc. 4.90% 4/28/2035 | 1013 | 1042 |
|  Walmart, Inc. 4.50% 4/15/2053 | 1416 | 1253 |
|  |  | 181665 |
|  **Information technology 1.06%** |  |  |
|  Analog Devices, Inc. 2.10% 10/1/2031 | 270 | 240 |
|  Analog Devices, Inc. 5.05% 4/1/2034 | 717 | 741 |
|  Analog Devices, Inc. 2.80% 10/1/2041 | 521 | 385 |
|  Broadcom, Inc. 5.05% 7/12/2027 | 2545 | 2592 |
|  Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup>  | 609 | 607 |
|  Broadcom, Inc. 5.05% 7/12/2029 | 2177 | 2242 |
|  Broadcom, Inc. 5.15% 11/15/2031 | 5186 | 5383 |
|  Broadcom, Inc. 4.15% 4/15/2032 <sup>(e)</sup>  | 630 | 617 |
|  Broadcom, Inc. 3.469% 4/15/2034 | 11652 | 10628 |
|  Broadcom, Inc. 4.80% 10/15/2034 | 1063 | 1065 |
|  Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup>  | 847 | 730 |
|  Broadcom, Inc. 4.926% 5/15/2037 <sup>(e)</sup>  | 2879 | 2843 |
|  Cisco Systems, Inc. 4.95% 2/26/2031 | 991 | 1028 |
|  Cisco Systems, Inc. 5.05% 2/26/2034 | 843 | 868 |
|  Cisco Systems, Inc. 5.10% 2/24/2035 | 2675 | 2750 |
|  Cisco Systems, Inc. 5.30% 2/26/2054 | 784 | 752 |
|  Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 1300 | 1339 |
|  Intel Corp. 3.05% 8/12/2051 | 1530 | 942 |
|  Intel Corp. 5.60% 2/21/2054 | 7880 | 7280 |
|  Microchip Technology, Inc. 5.05% 3/15/2029 | 4350 | 4441 |
|  Oracle Corp. 1.65% 3/25/2026 | 4867 | 4837 |
|  Oracle Corp. 4.80% 8/3/2028 | 615 | 618 |
|  Oracle Corp. 4.45% 9/26/2030 | 2610 | 2554 |
|  Oracle Corp. 5.25% 2/3/2032 | 1340 | 1340 |
|  Oracle Corp. 4.80% 9/26/2032 | 5105 | 4930 |
|  Oracle Corp. 5.50% 8/3/2035 | 2374 | 2327 |
|  Oracle Corp. 5.20% 9/26/2035 | 6715 | 6436 |
|  Oracle Corp. 5.875% 9/26/2045 | 2800 | 2530 |
|  Oracle Corp. 6.00% 8/3/2055 | 5970 | 5269 |
|  Oracle Corp. 5.95% 9/26/2055 | 9220 | 8175 |
|  Oracle Corp. 6.10% 9/26/2065 | 2295 | 2026 |
|  Roper Technologies, Inc. 5.10% 9/15/2035 | 1813 | 1827 |
|  Synopsys, Inc. 5.15% 4/1/2035 | 21470 | 21829 |
|  Synopsys, Inc. 5.70% 4/1/2055 | 8055 | 7999 |
|  |  | 120170 |
|  **Materials 0.72%** |  |  |
|  Air Products and Chemicals, Inc. 2.70% 5/15/2040 | 2911 | 2192 |
|  BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033 | 138 | 143 |
|  BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055 | 4050 | 4134 |
|  Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(e)</sup>  | 700 | 272 |
|  Celanese US Holdings, LLC 6.665% 7/15/2027 | 6297 | 6495 |
|  Celanese US Holdings, LLC 6.85% 11/15/2028 | 3575 | 3743 |
|  Celanese US Holdings, LLC 6.83% 7/15/2029 | 13862 | 14553 |
|  Celanese US Holdings, LLC 7.05% 11/15/2030 | 4530 | 4777 |
|  Celanese US Holdings, LLC 6.879% 7/15/2032 | 800 | 833 |
|  Celanese US Holdings, LLC 7.20% 11/15/2033 | 1031 | 1090 |

---

---

| | |
|:---|:---|
| **187** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Materials (continued)** |  |  |
|  Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(e)</sup>  | USD834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 |
|  Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(e)</sup>  | 7250 | 7653 |
|  Dow Chemical Co. (The) 5.35% 3/15/2035 | 129 | 128 |
|  Dow Chemical Co. (The) 5.65% 3/15/2036 | 66 | 66 |
|  Dow Chemical Co. (The) 5.55% 11/30/2048 | 142 | 125 |
|  Dow Chemical Co. (The) 6.90% 5/15/2053 | 62 | 64 |
|  Dow Chemical Co. (The) 5.60% 2/15/2054 | 764 | 665 |
|  LYB International Finance III, LLC 5.125% 1/15/2031 | 469 | 471 |
|  LYB International Finance III, LLC 5.50% 3/1/2034 | 745 | 737 |
|  LYB International Finance III, LLC 5.875% 1/15/2036 | 5210 | 5188 |
|  NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(e)</sup>  | 205 | 215 |
|  NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(e)</sup>  | 300 | 294 |
|  POSCO 5.75% 1/17/2028 <sup>(e)</sup>  | 745 | 768 |
|  Rio Tinto Finance (USA) PLC 4.875% 3/14/2030 | 25776 | 26494 |
|  |  | 81945 |
|  **Real estate 0.66%** |  |  |
|  American Tower Corp. 3.65% 3/15/2027 | 1375 | 1370 |
|  Boston Properties, LP 2.90% 3/15/2030 | 4630 | 4346 |
|  Boston Properties, LP 3.25% 1/30/2031 | 463 | 435 |
|  Boston Properties, LP 2.55% 4/1/2032 | 1674 | 1462 |
|  Boston Properties, LP 2.45% 10/1/2033 | 1335 | 1105 |
|  Boston Properties, LP 6.50% 1/15/2034 | 10849 | 11689 |
|  Boston Properties, LP 5.75% 1/15/2035 | 11874 | 12219 |
|  COPT Defense Properties, LP 2.00% 1/15/2029 | 1139 | 1064 |
|  COPT Defense Properties, LP 2.75% 4/15/2031 | 1547 | 1412 |
|  COPT Defense Properties, LP 2.90% 12/1/2033 | 564 | 482 |
|  Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(e)</sup>  | 395 | 368 |
|  Crown Castle, Inc. 5.00% 1/11/2028 | 4874 | 4953 |
|  FibraSOMA 4.375% 7/22/2031 <sup>(e)</sup>  | 1475 | 1301 |
|  Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 1755 | 1763 |
|  Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 2755 | 2680 |
|  Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 3135 | 2987 |
|  Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(e)</sup>  | 3020 | 3038 |
|  Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 675 | 667 |
|  Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 | 2097 | 2147 |
|  Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(e)</sup>  | 4683 | 4969 |
|  Prologis, LP 4.875% 6/15/2028 | 1040 | 1066 |
|  Prologis, LP 4.75% 6/15/2033 | 1409 | 1423 |
|  Prologis, LP 5.125% 1/15/2034 | 6175 | 6350 |
|  Prologis, LP 5.00% 3/15/2034 | 360 | 367 |
|  Prologis, LP 5.25% 6/15/2053 | 117 | 112 |
|  Service Properties Trust 3.95% 1/15/2028 | 1710 | 1616 |
|  Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 3040 | 3199 |
|  |  | 74590 |
|  **Total corporate bonds and notes** |  | 3430212 |
|  **U.S. Treasury bonds & notes 24.98%** |  |  |
|  U.S. Treasury 24.19% |  |  |
|  U.S. Treasury 3.625% 5/15/2026 | 1926 | 1927 |
|  U.S. Treasury 4.625% 6/30/2026 | 198 | 199 |
|  U.S. Treasury 4.375% 7/31/2026 | 271 | 272 |
|  U.S. Treasury 0.75% 8/31/2026 | 8871 | 8710 |
|  U.S. Treasury 4.625% 11/15/2026 | 3589 | 3621 |
|  U.S. Treasury 4.00% 1/15/2027 | 3741 | 3759 |
|  U.S. Treasury 1.875% 2/28/2027 | 4000 | 3926 |
|  U.S. Treasury 2.625% 5/31/2027 | 43530 | 43009 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **188** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **U.S. Treasury bonds & notes (continued)** |  |  |
|  **U.S. Treasury (continued)** |  |  |
|  U.S. Treasury 2.25% 11/15/2027 | USD105,830 | $&nbsp;&nbsp;&nbsp;&nbsp;103496 |
|  U.S. Treasury 6.125% 11/15/2027 | 24000 | 25141 |
|  U.S. Treasury 3.375% 11/30/2027 | 241 | 240 |
|  U.S. Treasury 3.375% 12/31/2027 | 477291 | 476377 |
|  U.S. Treasury 1.125% 2/29/2028 | 9895 | 9412 |
|  U.S. Treasury 4.00% 2/29/2028 | 4750 | 4800 |
|  U.S. Treasury 3.625% 3/31/2028 | 13 | 13 |
|  U.S. Treasury 1.00% 7/31/2028 | 5630 | 5283 |
|  U.S. Treasury 1.125% 8/31/2028 | 13555 | 12735 |
|  U.S. Treasury 5.25% 11/15/2028 | 5700 | 5964 |
|  U.S. Treasury 3.50% 12/15/2028 | 199754 | 199527 |
|  U.S. Treasury 2.375% 5/15/2029 | 4070 | 3915 |
|  U.S. Treasury 4.00% 7/31/2029 | 334 | 338 |
|  U.S. Treasury 3.875% 12/31/2029 | 44049 | 44426 |
|  U.S. Treasury 3.75% 5/31/2030 | 13300 | 13335 |
|  U.S. Treasury 4.125% 8/31/2030 | 11215 | 11414 |
|  U.S. Treasury 3.625% 9/30/2030 | 90415 | 90087 |
|  U.S. Treasury 4.875% 10/31/2030 | 92133 | 96812 |
|  U.S. Treasury 3.625% 12/31/2030 | 390618 | 388833 |
|  U.S. Treasury 4.125% 10/31/2031 | 1408 | 1431 |
|  U.S. Treasury 4.125% 11/30/2031 | 985 | 1000 |
|  U.S. Treasury 4.125% 11/15/2032 | 114 | 115 |
|  U.S. Treasury 3.875% 12/31/2032 | 97978 | 97588 |
|  U.S. Treasury 4.375% 5/15/2034 | 100 | 102 |
|  U.S. Treasury 4.00% 11/15/2035 <sup>(h)</sup>  | 279661 | 275859 |
|  U.S. Treasury 4.25% 5/15/2039 | 125497 | 123105 |
|  U.S. Treasury 1.375% 11/15/2040 | 24540 | 15963 |
|  U.S. Treasury 1.875% 2/15/2041 | 24272 | 16986 |
|  U.S. Treasury 4.75% 2/15/2041 | 75066 | 76525 |
|  U.S. Treasury 2.00% 11/15/2041 | 57 | 40 |
|  U.S. Treasury 2.375% 2/15/2042 | 2701 | 1992 |
|  U.S. Treasury 3.25% 5/15/2042 | 10848 | 9065 |
|  U.S. Treasury 4.625% 11/15/2045 | 135934 | 133003 |
|  U.S. Treasury 3.00% 2/15/2049 | 124633 | 92014 |
|  U.S. Treasury 2.875% 5/15/2049 | 19228 | 13825 |
|  U.S. Treasury 2.875% 5/15/2052 | 990 | 694 |
|  U.S. Treasury 4.00% 11/15/2052 | 7328 | 6368 |
|  U.S. Treasury 4.125% 8/15/2053 | 213 | 189 |
|  U.S. Treasury 4.75% 8/15/2055 <sup>(h)</sup>  | 299333 | 294934 |
|  U.S. Treasury 4.625% 11/15/2055 | 29639 | 28616 |
|  |  | 2746985 |
|  U.S. Treasury inflation-protected securities 0.79% |  |  |
|  U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(i)</sup>  | 6136 | 6080 |
|  U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(i)</sup>  | 7763 | 7367 |
|  U.S. Treasury Inflation-Protected Security 1.875% 7/15/2035 <sup>(i)</sup>  | 32118 | 32048 |
|  U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(i)</sup>  |  | – <sup>(c)</sup> |
|  U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(i)</sup>  | 6206 | 4840 |
|  U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(i)</sup>  | 2329 | 2095 |
|  U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(i)</sup>  | 38874 | 36904 |
|  |  | 89334 |
|  **Total U.S. Treasury bonds & notes** |  | 2836319 |
|  **Asset-backed obligations 4.39%** |  |  |
|  **Other asset-backed securities 2.53%** |  |  |
|  Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(a)(e)</sup>  | 9848 | 9876 |
|  Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 <sup>(a)(e)</sup>  | 11785 | 11804 |

---

---

| | |
|:---|:---|
| **189** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Asset-backed obligations (continued)** |  |  |
|  **Other asset-backed securities (continued)** |  |  |
|  Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(a)(e)</sup>  | USD3,485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3491 |
|  Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(a)(e)</sup>  | 331 | 331 |
|  Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(a)(e)</sup>  | 6839 | 6867 |
|  Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(a)(e)</sup>  | 4747 | 4785 |
|  AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(a)(e)</sup>  | 4471 | 4531 |
|  Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034 <sup>(a)(e)</sup>  | 114 | 113 |
|  Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/2046 <sup>(a)(e)</sup>  | 2926 | 2782 |
|  Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/2046 <sup>(a)(e)</sup>  | 337 | 324 |
|  Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(a)(e)</sup>  | 643 | 645 |
|  Business Jet Securities, LLC, Series 2024-2A, Class A, 5.364% 9/15/2039 <sup>(a)(e)</sup>  | 5912 | 5968 |
|  Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(a)(e)</sup>  | 11152 | 11364 |
|  Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(a)(e)</sup>  | 13267 | 12589 |
|  Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037 <sup>(a)(e)</sup>  | 5184 | 4903 |
|  Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037 <sup>(a)(e)</sup>  | 581 | 578 |
|  Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(a)(e)</sup>  | 44 | 44 |
|  CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(e)</sup>  | 18279 | 15529 |
|  CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(a)(e)</sup>  | 1884 | 1593 |
|  CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(a)(e)</sup>  | 3362 | 2137 |
|  CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(a)(e)</sup>  | 364 | 236 |
|  CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(a)(e)</sup>  | 5923 | 4814 |
|  CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061 <sup>(a)(e)</sup>  | 1898 | 1184 |
|  CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(a)(e)</sup>  | 14807 | 14622 |
|  CF Hippolyta, LLC, Series 2022-1A, Class A2, 6.11% 8/15/2062 <sup>(a)(e)</sup>  | 6495 | 6325 |
|  Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(a)(e)</sup>  | 4137 | 4154 |
|  CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(a)(e)</sup>  | 1386 | 1310 |
|  CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(a)(e)</sup>  | 2826 | 2675 |
|  CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046 <sup>(a)(e)</sup>  | 255 | 237 |
|  EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(a)(e)</sup>  | 234 | 220 |
|  EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(a)(e)</sup>  | 7169 | 7280 |
|  EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(a)(e)</sup>  | 3764 | 3793 |
|  GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(a)(e)</sup>  | 1315 | 1262 |
|  GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(a)(e)</sup>  | 996 | 937 |
|  GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046 <sup>(a)(e)</sup>  | 111 | 101 |
|  Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(a)(e)</sup>  | 1655 | 1592 |
|  Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(a)(e)</sup>  | 6116 | 5728 |
|  Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(a)(e)</sup>  | 1695 | 1597 |
|  Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(a)(e)</sup>  | 1428 | 1334 |
|  Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(a)(e)</sup>  | 8887 | 8995 |
|  Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/2036 <sup>(a)(e)</sup>  | 443 | 445 |
|  Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(a)(e)</sup>  | 5615 | 5652 |
|  Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(a)(e)</sup>  | 3178 | 3039 |
|  New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(e)</sup>  | 50765 | 42529 |
|  NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(a)(e)</sup>  | 3741 | 3766 |
|  NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 <sup>(a)(e)</sup>  | 5756 | 5781 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(a)(e)</sup>  | 2314 | 2326 |
|  OWN Equipment Fund III, Series 2025-2M, Class C, 8.77% 3/27/2034 <sup>(a)(e)</sup>  | 1707 | 1713 |
|  PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(a)(e)</sup>  | 1546 | 1550 |
|  PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(a)(e)</sup>  | 2281 | 2299 |
|  PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/2028 <sup>(a)(e)</sup>  | 1710 | 1716 |
|  PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(a)(e)</sup>  | 4558 | 4579 |
|  PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/15/2028 <sup>(a)(e)</sup>  | 909 | 920 |
|  PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(a)(e)</sup>  | 4300 | 4320 |
|  Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(a)(e)</sup>  | 735 | 738 |
|  SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(a)(e)</sup>  | 858 | 862 |
|  SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046 <sup>(a)(e)</sup>  | 2088 | 1996 |
|  SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046 <sup>(a)(e)</sup>  | 385 | 369 |
|  SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(a)(e)</sup>  | 1792 | 1711 |
|  SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(a)(e)</sup>  | 1097 | 1074 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **190** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Asset-backed obligations (continued)** |  |  |
|  **Other asset-backed securities (continued)** |  |  |
|  Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(a)(e)</sup>  | USD136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
|  Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(a)(e)</sup>  | 422 | 413 |
|  Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(a)(e)</sup>  | 486 | 474 |
|  SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(a)(e)</sup>  | 793 | 774 |
|  TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(a)(e)</sup>  | 1746 | 1673 |
|  Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045 <sup>(a)(e)</sup>  | 666 | 646 |
|  Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(a)(e)</sup>  | 1378 | 1310 |
|  Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(a)(e)</sup>  | 4449 | 4193 |
|  Textainer Marine Containers, Ltd., Series 2021-1, Class B, 2.52% 2/20/2046 <sup>(a)(e)</sup>  | 249 | 233 |
|  Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(a)(e)</sup>  | 3760 | 3566 |
|  TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045 <sup>(a)(e)</sup>  | 3080 | 2952 |
|  TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046 <sup>(a)(e)</sup>  | 92 | 84 |
|  Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(a)(e)</sup>  | 7133 | 6740 |
|  Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(a)(e)</sup>  | 2496 | 2324 |
|  Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046 <sup>(a)(e)</sup>  | 243 | 224 |
|  Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(a)(e)</sup>  | 5380 | 5478 |
|  |  | 287253 |
|  **Auto loan 1.26%** |  |  |
|  Ally Auto Receivables Trust, Series 2023-1, Class A3, 5.46% 5/15/2028 <sup>(a)</sup>  | 275 | 277 |
|  AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027 <sup>(a)</sup>  | 23 | 23 |
|  AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027 <sup>(a)</sup>  | 2613 | 2609 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(a)(e)</sup>  | 809 | 807 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(a)(e)</sup>  | 208 | 207 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class C, 4.25% 2/20/2027 <sup>(a)(e)</sup>  | 426 | 426 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(a)(e)</sup>  | 3445 | 3405 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027 <sup>(a)(e)</sup>  | 531 | 525 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027 <sup>(a)(e)</sup>  | 193 | 191 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(a)(e)</sup>  | 6724 | 6844 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-1A, Class A, 4.80% 8/20/2029 <sup>(a)(e)</sup>  | 1348 | 1371 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(a)(e)</sup>  | 5059 | 5267 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2024-1, Class A, 5.36% 6/20/2030 <sup>(a)(e)</sup>  | 4665 | 4817 |
|  BMW Vehicle Owner Trust, Series 2023-A, Class A3, 5.47% 2/25/2028 <sup>(a)</sup>  | 90 | 91 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class B, 6.80% 8/15/2029 <sup>(a)</sup>  | 769 | 772 |
|  Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/2028 <sup>(a)(e)</sup>  | 231 | 233 |
|  Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/2029 <sup>(a)(e)</sup>  | 172 | 176 |
|  Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/2035 <sup>(a)(e)</sup>  | 435 | 440 |
|  Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/2028 <sup>(a)(e)</sup>  | 875 | 881 |
|  Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/2030 <sup>(a)(e)</sup>  | 799 | 814 |
|  CPS Auto Receivables Trust, Series 2024-A, Class B, 5.65% 5/15/2028 <sup>(a)(e)</sup>  | 455 | 455 |
|  CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(e)</sup>  | 434 | 435 |
|  Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup>  | 86 | 86 |
|  Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(a)(e)</sup>  | 1484 | 1490 |
|  Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(a)(e)</sup>  | 6817 | 6842 |
|  Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029 <sup>(a)(e)</sup>  | 897 | 899 |
|  Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(a)(e)</sup>  | 58 | 58 |
|  Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(a)(e)</sup>  | 7335 | 7391 |
|  Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027 <sup>(a)</sup>  | 642 | 639 |
|  Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(a)</sup>  | 1028 | 1030 |
|  Exeter Automobile Receivables Trust, Series 2023-3A, Class C, 6.21% 6/15/2028 <sup>(a)</sup>  | 226 | 227 |
|  Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028 <sup>(a)</sup>  | 194 | 194 |
|  Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.68% 4/16/2029 <sup>(a)</sup>  | 758 | 776 |
|  Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69% 6/15/2029 <sup>(a)</sup>  | 462 | 469 |
|  Exeter Automobile Receivables Trust, Series 2023-3A, Class E, 9.98% 1/15/2031 <sup>(a)(e)</sup>  | 1014 | 1102 |
|  Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/2028 <sup>(a)</sup>  | 435 | 438 |
|  Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/2029 <sup>(a)</sup>  | 597 | 605 |
|  Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(a)(e)</sup>  | 4218 | 4305 |
|  Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(a)(e)</sup>  | 5833 | 5853 |

---

---

| | |
|:---|:---|
| **191** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Asset-backed obligations (continued)** |  |  |
|  **Auto loan (continued)** |  |  |
|  GLS Auto Receivables Trust, Series 2023-3, Class B, 5.89% 1/18/2028 <sup>(a)(e)</sup>  | USD218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 |
|  GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/2029 <sup>(a)(e)</sup>  | 561 | 566 |
|  GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029 <sup>(a)(e)</sup>  | 507 | 520 |
|  GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(a)(e)</sup>  | 1772 | 1779 |
|  GLS Auto Select Receivables Trust, Series 2024-2, Class A2, 5.58% 6/17/2030 <sup>(a)(e)</sup>  | 1066 | 1079 |
|  GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/2027 <sup>(a)</sup>  | 18 | 18 |
|  GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/2028 <sup>(a)</sup>  | 272 | 274 |
|  GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A4, 5.34% 12/18/2028 <sup>(a)</sup>  | 320 | 325 |
|  GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(a)(e)</sup>  | 4815 | 4949 |
|  GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(a)(e)</sup>  | 2703 | 2802 |
|  GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(a)(e)</sup>  | 3984 | 4185 |
|  GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/2028 <sup>(a)(e)</sup>  | 1600 | 1610 |
|  GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/15/2030 <sup>(a)(e)</sup>  | 948 | 979 |
|  Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/2027 <sup>(a)(e)</sup>  | 330 | 333 |
|  Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/2028 <sup>(a)(e)</sup>  | 1174 | 1152 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(a)(e)</sup>  | 17770 | 17440 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(a)(e)</sup>  | 1264 | 1240 |
|  Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(a)(e)</sup>  | 859 | 843 |
|  Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(a)(e)</sup>  | 3007 | 3073 |
|  Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(a)</sup>  | 80 | 80 |
|  Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.97% 6/21/2029 <sup>(a)</sup>  | 188 | 189 |
|  Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48% 4/17/2028 <sup>(a)</sup>  | 84 | 85 |
|  Hyundai Auto Receivables Trust, Series 2023-B, Class A4, 5.31% 8/15/2029 <sup>(a)</sup>  | 160 | 163 |
|  LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027 <sup>(a)(e)</sup>  | 191 | 192 |
|  LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(a)(e)</sup>  | 174 | 174 |
|  LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/2028 <sup>(a)(e)</sup>  | 101 | 101 |
|  LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/2028 <sup>(a)(e)</sup>  | 615 | 616 |
|  LAD Auto Receivables Trust, Series 2023-3, Class B, 6.09% 6/15/2028 <sup>(a)(e)</sup>  | 848 | 856 |
|  LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/2028 <sup>(a)(e)</sup>  | 1361 | 1370 |
|  LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(a)(e)</sup>  | 3223 | 3279 |
|  LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/2028 <sup>(a)(e)</sup>  | 714 | 728 |
|  LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030 <sup>(a)(e)</sup>  | 623 | 630 |
|  LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/2030 <sup>(a)(e)</sup>  | 483 | 498 |
|  LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031 <sup>(a)(e)</sup>  | 123 | 125 |
|  Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/2028 <sup>(a)</sup>  | 707 | 717 |
|  Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/2028 <sup>(a)</sup>  | 351 | 354 |
|  Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(a)</sup>  | 111 | 112 |
|  Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/16/2028 <sup>(a)</sup>  | 204 | 204 |
|  Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(a)</sup>  | 700 | 707 |
|  SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(a)(e)</sup>  | 1082 | 1084 |
|  SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(a)(e)</sup>  | 334 | 336 |
|  SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/2029 <sup>(a)(e)</sup>  | 361 | 367 |
|  Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/2027 <sup>(a)(e)</sup>  | 909 | 910 |
|  Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(a)(e)</sup>  | 939 | 941 |
|  Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/2028 <sup>(a)(e)</sup>  | 2219 | 2243 |
|  Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/2029 <sup>(a)(e)</sup>  | 1236 | 1265 |
|  Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(e)</sup>  | 9559 | 9657 |
|  Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(a)(e)</sup>  | 8464 | 8557 |
|  World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/2028 <sup>(a)</sup>  | 174 | 175 |
|  World Omni Auto Receivables Trust, Series 2023-C, Class A4, 5.03% 11/15/2029 <sup>(a)</sup>  | 232 | 235 |
|  |  | 143805 |
|  **Student loan 0.36%** |  |  |
|  Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(a)(e)</sup>  | 6374 | 6450 |
|  Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(e)</sup>  | 1434 | 1316 |
|  Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069 <sup>(a)(e)</sup>  | 845 | 763 |
|  Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(a)(e)</sup>  | 542 | 493 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **192** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Asset-backed obligations (continued)** |  |  |
|  **Student loan (continued)** |  |  |
|  Nelnet Student Loan Trust, Series 2025-AA, Class A1B, (30-day Average USD-SOFR + 1.10%) 5.084% 3/15/2057 <sup>(a)(b)(e)</sup>  | USD14,884 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14850 |
|  Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(a)(e)</sup>  | 141 | 133 |
|  Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(e)</sup>  | 2397 | 2269 |
|  Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(a)(e)</sup>  | 5464 | 5184 |
|  Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% 4/20/2062 <sup>(a)(b)(e)</sup>  | 1816 | 1813 |
|  Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.364%) 5.092% 7/25/2051 <sup>(a)(b)(e)</sup>  | 146 | 146 |
|  SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% 11/15/2052 <sup>(a)(b)(e)</sup>  | 628 | 635 |
|  SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/2052 <sup>(a)(e)</sup>  | 569 | 585 |
|  SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13% 4/15/2054 <sup>(a)(e)</sup>  | 6322 | 6422 |
|  |  | 41059 |
|  **Credit card 0.24%** |  |  |
|  Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(a)(e)</sup>  | 13550 | 13583 |
|  Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(a)(e)</sup>  | 2456 | 2463 |
|  Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(a)(e)</sup>  | 2416 | 2429 |
|  Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(a)(e)</sup>  | 8461 | 8526 |
|  |  | 27001 |
|  **Collateralized loan obligations 0.00%** |  |  |
|  Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% 7/25/2030 <sup>(a)(b)(e)</sup>  | 50 | 50 |
|  **Total asset-backed obligations** |  | 499168 |
|  **Bonds & notes of governments & government agencies outside the U.S. 1.78%** |  |  |
|  **Mexico 1.22%** |  |  |
|  Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(e)</sup>  | 74976 | 76464 |
|  Eagle Funding LuxCo SARL 5.50% 8/17/2030 | 7183 | 7326 |
|  United Mexican States 6.00% 5/13/2030 | 2960 | 3107 |
|  United Mexican States 6.00% 5/7/2036 | 32486 | 32998 |
|  United Mexican States 6.875% 5/13/2037 | 3200 | 3422 |
|  United Mexican States 7.375% 5/13/2055 | 14311 | 15452 |
|  |  | 138769 |
|  **Greece 0.46%** |  |  |
|  Greece (Hellenic Republic of) 1.50% 6/18/2030 | EUR10,830 | 12140 |
|  Greece (Hellenic Republic of) 0.75% 6/18/2031 | 9600 | 10112 |
|  Greece (Hellenic Republic of) 4.25% 6/15/2033 | 23825 | 29987 |
|  |  | 52239 |
|  **Dominican Republic 0.08%** |  |  |
|  Dominican Republic (Government of) 5.95% 1/25/2027 <sup>(e)</sup>  | USD8,100 | 8198 |
|  Dominican Republic (Government of) 7.05% 2/3/2031 <sup>(e)</sup>  | 680 | 731 |
|  |  | 8929 |
|  **Poland 0.01%** |  |  |
|  Poland (Republic of), Series 10Y, 5.75% 11/16/2032 | 555 | 597 |
|  Poland (Republic of), Series 10Y, 4.875% 10/4/2033 | 830 | 845 |
|  |  | 1442 |

---

---

| | |
|:---|:---|
| **193** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |
|  **Chile 0.01%** |  |  |
|  Chile (Republic of) 4.00% 1/31/2052 | USD580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |
|  **Paraguay 0.00%** |  |  |
|  Paraguay (Republic of) 5.00% 4/15/2026 | 285 | 287 |
|  **Total bonds & notes of governments & government agencies outside the U.S.** |  | 202127 |
|  **Municipals 1.47%** |  |  |
|  **California 0.02%** |  |  |
|  GO Bonds, Series 2009, 7.50% 4/1/2034 | 2100 | 2452 |
|  **Illinois 1.28%** |  |  |
|  City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-C, 6.319% 11/1/2029 | 65 | 65 |
|  City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% 12/1/2039 | 31050 | 29238 |
|  City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% 12/1/2040 | 8945 | 8512 |
|  City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2023-A, 6.00% 12/1/2049 | 865 | 876 |
|  City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2025-A, 6.25% 12/1/2050 | 1610 | 1683 |
|  GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 102799 | 105401 |
|  |  | 145775 |
|  **Massachusetts 0.07%** |  |  |
|  Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049 | 7500 | 7763 |
|  **New York 0.03%** |  |  |
|  New York City GO Bonds, Fiscal 2026, Series 2026-E-1, 5.559% 10/1/2045 | 1640 | 1632 |
|  New York City GO Bonds, Fiscal 2026, Series 2026-E-1, 5.372% 10/1/2051 | 1175 | 1146 |
|  New York City GO Bonds, Fiscal 2026, Series 2026-E-2, 5.392% 10/1/2055 | 460 | 445 |
|  |  | 3223 |
|  **Texas 0.03%** |  |  |
|  Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 | 4075 | 2827 |
|  **Wisconsin 0.04%** |  |  |
|  Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 | 4490 | 4459 |
|  **Total municipals** |  | 166499 |
|  **Federal agency bonds & notes 0.10%** |  |  |
|  Federal National Mortgage Association 2.125% 4/24/2026 | 11910 | 11855 |
|  **Loans 0.06%** |  |  |
|  **Financials 0.06%** |  |  |
|  Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(b)(e)(g)(j)</sup>  | 6407 | 6359 |
|  **Total bonds, notes & other debt instruments** (cost: $10,859,504,000) |  | 10789253 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **194** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks 0.00% | Shares | Value<br> (000) |
|  **Energy 0.00%** |  |  |
|  FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup>  | 555 | $13 |
|  FORESEA Holding SA, Class B <sup>(e)</sup>  | 61 | 1 |
|  **Total common stocks** (cost: $8,000) |  | 14 |
| Short-term securities 5.50% |  |  |
|  **Money market investments 5.50%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup>  | 6241739 | 624236 |
|  **Total short-term securities** (cost: $624,125,000) |  | 624236 |
|  **Total investment securities 100.51%** (cost: $11,483,637,000) |  | 11413503 |
|  Other assets less liabilities (0.51)% |  | (57477) |
|  **Net assets 100.00%** |  | $11356026 |

---

#### Futures contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and <br> unrealized <br> appreciation <br> (depreciation) <br> at 12/31/2025 <br> (000)  |
|  30 Day Federal Funds Futures | Long | 62 | 2/2/2026 | USD24,898 | $8 |
|  30 Day Federal Funds Futures | Long | 548 | 3/2/2026 | 220142 | 9 |
|  3 Month SOFR Futures | Long | 57 | 3/18/2026 | 13724 | (9) |
|  3 Month SOFR Futures | Long | 103 | 9/16/2026 | 24898 | (25) |
|  2 Year U.S. Treasury Note Futures | Long | 14354 | 4/6/2026 | 2996958 | (497) |
|  5 Year U.S. Treasury Note Futures | Long | 9930 | 4/6/2026 | 1085396 | (2942) |
|  10 Year Italy Government Bond Futures | Long | 329 | 3/10/2026 | 46466 | (141) |
|  10 Year Euro-Bund Futures | Short | 1003 | 3/10/2026 | (150370) | 1021 |
|  10 Year U.S. Treasury Note Futures | Long | 949 | 3/31/2026 | 106703 | (1018) |
|  10 Year Ultra U.S. Treasury Note Futures | Short | 1244 | 3/31/2026 | (143079) | 185 |
|  20 Year U.S. Treasury Bond Futures | Short | 9 | 3/31/2026 | (1040) | 19 |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 2865 | 3/31/2026 | 338070 | (5192) |
|  |  |  |  |  | $(8582) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** |
|  |  |  |  |  |  | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br>(000) |
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br>(000) |
| Currency purchased<br>(000) | Currency purchased<br>(000) | Currency sold<br>(000) | Currency sold<br>(000) | Counterparty | Settlement<br> date | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br>(000) |
|  USD | 27382 | JPY | 4230230 | Bank of America | 1/15/2026 | $338 |
|  USD | 17388 | EUR | 14926 | Morgan Stanley | 1/15/2026 | (165) |
|  JPY | 3901364 | EUR | 21383 | Citibank | 1/15/2026 | (207) |
|  BRL | 24015 | USD | 4403 | Citibank | 1/23/2026 | (48) |
|  USD | 53133 | EUR | 45113 | HSBC Bank | 1/26/2026 | <u>48</u> |
|  |  |  |  |  |  | <u>$(34</u>) |

---

---

| | |
|:---|:---|
| **195** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Swap contracts

#### Interest rate swaps

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Value at | Upfront<br>premium<br> paid | Unrealized<br>appreciation<br>(depreciation) |
| Rate | Payment<br>frequency | Rate | Payment<br>frequency | Expiration<br>date | amount<br> (000) | 12/31/2025<br>(000) | (received)<br> (000) | at 12/31/2025<br>(000) |
|  SOFR | Annual | 3.39981% | Annual | 3/31/2027 | USD88,200 | $(19) | $– | $(19) |
|  SOFR | Annual | 3.2465% | Annual | 9/15/2027 | USD56,300 | 66 |  | 66 |
|  SOFR | Annual | 3.249% | Annual | 9/15/2027 | USD56,260 | 63 |  | 63 |
|  SOFR | Annual | 3.34% | Annual | 10/3/2027 | USD106,170 | (30) |  | (30) |
|  SOFR | Annual | 3.2715% | Annual | 10/17/2027 | USD43,510 | 37 |  | 37 |
|  3.998% | Annual | SOFR | Annual | 12/4/2028 | USD40,040 | 734 |  | 734 |
|  SOFR | Annual | 3.945% | Annual | 5/31/2029 | USD20,090 | (372) |  | (372) |
|  SOFR | Annual | 3.3125% | Annual | 10/7/2029 | USD11,993 | 32 |  | 32 |
|  SOFR | Annual | 3.4445% | Annual | 10/7/2029 | USD6,052 | (14) |  | (14) |
|  SOFR | Annual | 3.4805% | Annual | 10/7/2029 | USD6,052 | (20) |  | (20) |
|  SOFR | Annual | 3.552% | Annual | 10/7/2029 | USD4,000 | (23) |  | (23) |
|  SOFR | Annual | 3.455% | Annual | 10/7/2029 | USD12,103 | (29) |  | (29) |
|  SOFR | Annual | 3.543% | Annual | 10/7/2029 | USD6,052 | (33) |  | (33) |
|  SOFR | Annual | 3.551% | Annual | 10/7/2029 | USD12,103 | (70) |  | (70) |
|  SOFR | Annual | 3.965% | Annual | 11/14/2029 | USD30,465 | (631) |  | (631) |
|  SOFR | Annual | 3.9195% | Annual | 11/15/2029 | USD8,240 | (157) |  | (157) |
|  SOFR | Annual | 3.763% | Annual | 12/12/2029 | USD11,790 | (160) |  | (160) |
|  SOFR | Annual | 3.4415% | Annual | 2/28/2030 | USD18,470 | (24) |  | (24) |
|  SOFR | Annual | 3.797% | Annual | 3/31/2030 | USD2,774 | (42) |  | (42) |
|  SOFR | Annual | 3.794% | Annual | 3/31/2030 | USD5,301 | (79) |  | (79) |
|  SOFR | Annual | 3.796% | Annual | 3/31/2030 | USD5,301 | (79) |  | (79) |
|  SOFR | Annual | 3.7815% | Annual | 3/31/2030 | USD10,484 | (151) |  | (151) |
|  SOFR | Annual | 3.6065% | Annual | 5/12/2030 | USD9,910 | (73) |  | (73) |
|  SOFR | Annual | 3.325% | Annual | 5/31/2030 | USD27,360 | 108 |  | 108 |
|  SOFR | Annual | 3.2175% | Annual | 9/18/2030 | USD15,786 | 158 |  | 158 |
|  SOFR | Annual | 3.2385% | Annual | 9/18/2030 | USD8,168 | 74 |  | 74 |
|  SOFR | Annual | 3.2145% | Annual | 9/18/2030 | USD3,938 | 40 |  | 40 |
|  SOFR | Annual | 3.2155% | Annual | 9/18/2030 | USD3,938 | 40 |  | 40 |
|  SOFR | Annual | 3.237% | Annual | 10/24/2030 | USD26,480 | 254 |  | 254 |
|  3.488% | Annual | SOFR | Annual | 6/17/2031 | USD21,160 | 3 |  | 3 |
|  3.43574% | Annual | SOFR | Annual | 6/17/2031 | USD24,673 | (54) |  | (54) |
|  SOFR | Annual | 3.48% | Annual | 10/2/2032 | USD22,935 | 156 |  | 156 |
|  SOFR | Annual | 3.4815% | Annual | 10/2/2032 | USD22,954 | 154 |  | 154 |
|  SOFR | Annual | 3.482% | Annual | 10/2/2032 | USD22,361 | 149 |  | 149 |
|  SOFR | Annual | 3.34% | Annual | 10/24/2032 | USD19,580 | 304 |  | 304 |
|  SOFR | Annual | 3.475% | Annual | 11/3/2032 | USD27,370 | 204 |  | 204 |
|  SOFR | Annual | 3.50061% | Annual | 11/3/2032 | USD27,360 | 162 |  | 162 |
|  SOFR | Annual | 3.486% | Annual | 11/15/2032 | USD18,500 | 127 |  | 127 |
|  SOFR | Annual | 3.6025% | Annual | 1/8/2034 | USD16,295 | 85 |  | 85 |
|  SOFR | Annual | 3.665% | Annual | 8/15/2035 | USD14,000 | 127 |  | 127 |
|  SOFR | Annual | 3.648% | Annual | 10/2/2035 | USD20,270 | 233 |  | 233 |
|  TONAR | Annual | 1.52125% | Annual | 10/6/2035 | JPY1,100,000 | 210 |  | 210 |
|  TONAR | Annual | 1.52% | Annual | 10/6/2035 | JPY400,000 | 77 |  | 77 |
|  TONAR | Annual | 1.51812% | Annual | 10/7/2035 | JPY2,185,658 | 422 |  | 422 |
|  SOFR | Annual | 3.6775% | Annual | 10/8/2035 | USD20,240 | 186 |  | 186 |
|  TONAR | Annual | 1.4925% | Annual | 10/8/2035 | JPY368,643 | 77 |  | 77 |
|  SOFR | Annual | 3.663% | Annual | 10/9/2035 | USD14,500 | 150 |  | 150 |
|  TONAR | Annual | 1.53% | Annual | 10/9/2035 | JPY370,941 | 69 |  | 69 |
|  TONAR | Annual | 1.5225% | Annual | 10/10/2035 | JPY375,998 | 72 |  | 72 |
|  TONAR | Annual | 1.51% | Annual | 10/14/2035 | JPY375,998 | 75 |  | 75 |
|  TONAR | Annual | 1.491% | Annual | 10/15/2035 | JPY375,998 | 79 |  | 79 |
|  TONAR | Annual | 1.475% | Annual | 10/16/2035 | JPY231,314 | 51 |  | 51 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **196** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Swap contracts** (continued)

**Interest rate swaps** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Value at | Upfront<br>premium<br>paid | Unrealized<br>appreciation<br>(depreciation) |
| Rate | Payment<br>frequency | Rate | Payment<br>frequency | Expiration<br>date | amount<br> (000) | 12/31/2025<br>(000) | (received)<br>(000) | at 12/31/2025<br>(000) |
|  SOFR | Annual | 3.504% | Annual | 10/24/2035 | USD14,510 | $344 | $– | $344 |
|  SOFR | Annual | 3.66593% | Annual | 11/3/2035 | USD20,280 | 214 |  | 214 |
|  SOFR | Annual | 3.79168% | Annual | 6/17/2036 | USD27,050 | 109 |  | 109 |
|  SOFR | Annual | 3.801% | Annual | 6/17/2036 | USD23,409 | 76 |  | 76 |
|  SOFR | Annual | 3.883% | Annual | 7/28/2045 | USD33,965 | 1300 |  | 1300 |
|  SOFR | Annual | 4.137% | Annual | 7/28/2045 | USD4,100 | 16 |  | 16 |
|  SOFR | Annual | 4.052% | Annual | 11/15/2053 | USD6,880 | 146 |  | 146 |
|  2.477% | Annual | TONAR | Annual | 10/6/2055 | JPY200,000 | (92) |  | (92) |
|  2.47825% | Annual | TONAR | Annual | 10/6/2055 | JPY500,000 | (228) |  | (228) |
|  2.47% | Annual | TONAR | Annual | 10/7/2055 | JPY904,764 | (423) |  | (423) |
|  2.5425% | Annual | TONAR | Annual | 10/8/2055 | JPY153,945 | (57) |  | (57) |
|  SOFR | Annual | 3.953% | Annual | 10/9/2055 | USD6,960 | 257 |  | 257 |
|  2.57% | Annual | TONAR | Annual | 10/9/2055 | JPY155,295 | (52) |  | (52) |
|  2.515% | Annual | TONAR | Annual | 10/10/2055 | JPY156,196 | (64) |  | (64) |
|  2.52% | Annual | TONAR | Annual | 10/14/2055 | JPY156,646 | (63) |  | (63) |
|  2.50% | Annual | TONAR | Annual | 10/15/2055 | JPY156,196 | (67) |  | (67) |
|  2.51625% | Annual | TONAR | Annual | 10/16/2055 | JPY96,259 | (39) |  | (39) |
|  SOFR | Annual | 3.8185% | Annual | 10/24/2055 | USD13,760 | 824 |  | 824 |
|  4.13862% | Annual | SOFR | Annual | 6/17/2056 | USD6,555 | (42) |  | (42) |
|  4.097% | Annual | SOFR | Annual | 6/17/2056 | USD5,701 | (76) |  | (76) |
|  |  |  |  |  |  | $4801 | $– | $4801 |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilateral interest rate swaps

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Counterparty |  | Notional | Value at | Upfront<br>premium<br>paid | Unrealized<br>appreciation<br>(depreciation) |
| Rate | Payment<br>frequency | Rate | Payment<br>frequency | Counterparty | Expiration<br>date | amount<br> (000) | 12/31/2025<br>(000) | (received)<br>(000) | at 12/31/2025<br>(000) |
|  14.5956% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL160,970 | $1285 | $– | $1285 |
|  14.24% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL88,380 | 578 |  | 578 |
|  14.585% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL19,180 | 152 |  | 152 |
|  13.31% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2029 | BRL76,120 | (63) |  | (63) |
|  13.18% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL56,000 | (81) |  | (81) |
|  13.04% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL41,300 | (102) |  | (102) |
|  12.99% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL36,820 | (106) |  | (106) |
|  12.99% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL41,300 | (118) |  | (118) |
|  13.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL77,000 | (184) |  | (184) |
|  12.32% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL25,300 | (200) |  | (200) |
|  12.365% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL38,509 | (289) |  | (289) |
|  12.36% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL38,753 | (293) |  | (293) |
|  12.3075% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL38,500 | (307) |  | (307) |
|  12.36% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2029 | BRL77,020 | (582) |  | (582) |
|  12.35% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL76,900 | (588) |  | (588) |
|  12.303% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2029 | BRL75,919 | (607) |  | (607) |
|  13.115% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2031 | BRL19,400 | (49) |  | (49) |
|  13.105% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2031 | BRL19,625 | (51) |  | (51) |
|  13.03% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2031 | BRL41,625 | (136) |  | (136) |
|  13.135% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2031 | BRL80,500 | (187) |  | (187) |
|  |  |  |  |  |  |  | $(1928) | $– | $(1928) |

---

---

| | |
|:---|:---|
| **197** | American Funds Insurance Series |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Swap contracts** (continued)

#### Credit default swaps

#### Centrally cleared credit default swaps on credit indices – buy protection

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Financing<br>rate paid | Payment<br>frequency | Expiration<br>date | Notional<br> amount<br> (000) | Value at<br>12/31/2025<br>(000) | Upfront<br>premium<br>paid<br>(received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  CDX.NA.HY.45 | 5.00% | Quarterly | 12/20/2030 | USD183,800 | $(14043) | $(13869) | $(174) |

---

#### Credit default swaps

#### Centrally cleared credit default swaps on credit indices – sell protection

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Financing<br>rate received | Payment<br>frequency | Expiration<br>date | Notional<br> amount (000) | <br><sup>(m)</sup>  | Value at<br> 12/31/2025(000) | <br> <sup>(n)</sup>  | Upfront<br>premium<br>paid<br>(received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  CDX.NA.IG.45 | 1.00% | Quarterly | 12/20/2030 | USD67,870 |  | $1538 |  | $1546 | $(8) |

---

#### Investments in affiliates <sup>(l)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain<br>(loss)<br>(000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br>(000) |  | Value at<br>12/31/2025<br>(000) | Dividend<br>or interest<br>income<br>(000) |
|  Short-term securities 5.50% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 5.50%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(k)</sup>  | $730121 | $5041681 | $5147668 | $284 |  | $(182) | $624236 | $32185 |

---

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(c)</sup> Amount less than one thousand. 

<sup>(d)</sup> Represents securities transacted on a TBA basis.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,803,804,000, which represented 15.88% of the net assets of the fund. 

<sup>(f)</sup> Step bond; coupon rate may change at a later date.

<sup>(g)</sup> Value determined using significant unobservable inputs.

<sup>(h)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $85,685,000, which represented 0.75% of the net assets of the fund. 

<sup>(i)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(j)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $6,359,000, which represented 0.06% of the net assets of the fund. 

<sup>(k)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(l)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur. 

<sup>(n)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

---

| | |
|:---|:---|
| American Funds Insurance Series | **198** |

---

------

The Bond Fund of America (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Key to abbreviation(s)
Assn. = Association

Auth. = Authority

BRL = Brazilian reais

BZDIOVER = Overnight Brazilian Interbank Deposit Rate

CLO = Collateralized Loan Obligations

CME = CME Group

DAC = Designated Activity Company

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

Fin. = Finance

Fncg. = Financing

GO = General Obligation

ICE = Intercontinental Exchange, Inc.

JPY = Japanese yen

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

TONAR = Tokyo Overnight Average Rate

USD = U.S. dollars

UST = U.S. Treasury

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **199** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 90.93% | Principal amount<br> (000) | Value<br> (000) |
|  **Euros 20.50%** |  |  |
|  AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(a)</sup>  | EUR2,800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 |
|  Albania (Republic of) 4.75% 2/14/2035 | 2290 | 2729 |
|  Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(a)</sup>  | 500 | 642 |
|  Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(a)</sup>  | 100 | 124 |
|  Altria Group, Inc. 3.125% 6/15/2031 | 800 | 929 |
|  American Tower Corp. 0.45% 1/15/2027 | 2525 | 2908 |
|  American Tower Corp. 0.875% 5/21/2029 | 1470 | 1616 |
|  Amprion Gmbh 4.125% 9/7/2034 | 2600 | 3153 |
|  Amprion Gmbh 3.875% 6/5/2036 | 1800 | 2112 |
|  Anheuser-Busch InBev SA/NV 1.125% 7/1/2027 | 2000 | 2310 |
|  AT&T, Inc. 1.60% 5/19/2028 | 2350 | 2698 |
|  Banco de Credito Social Cooperativo SA 4.125% 9/3/2030 (1-year EUR-ICE Swap EURIBOR + 1.70% on 9/3/2029) <sup>(a)</sup>  | 1000 | 1211 |
|  Banco de Sabadell SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(a)</sup>  | 900 | 1110 |
|  Banco de Sabadell SA 5.50% 9/8/2029 (1-year EUR-ICE Swap EURIBOR + 2.40% on 9/8/2028) <sup>(a)</sup>  | 700 | 877 |
|  Bank Gospodarstwa Krajowego 4.25% 9/13/2044 | 290 | 329 |
|  Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)(b)</sup>  | 5000 | 5993 |
|  Banque Federative du Credit Mutuel 3.875% 6/16/2032 (5-year EUR Mid-Swap + 2.20% on 6/16/2027) <sup>(a)</sup>  | 2800 | 3331 |
|  Belgium (Kingdom of), Series 98, 3.30% 6/22/2054 | 880 | 869 |
|  BMS Ireland Capital Funding DAC 3.857% 11/10/2038 | 290 | 336 |
|  BMS Ireland Capital Funding DAC 4.289% 11/10/2045 | 220 | 254 |
|  BMS Ireland Capital Funding DAC 4.581% 11/10/2055 | 1680 | 1930 |
|  BPCE SA 4.50% 1/13/2033 | 1400 | 1728 |
|  BPCE SA 4.875% 2/26/2036 (5-year EUR-ICE Swap EURIBOR + 2.30% on 2/26/2031) <sup>(a)</sup>  | 900 | 1112 |
|  Bulgaria (Republic of) 3.375% 7/18/2035 | 1340 | 1552 |
|  Coca-Cola Co. 3.375% 8/15/2037 | 155 | 177 |
|  Commerzbank AG 4.625% 1/17/2031 (3-month EUR-EURIBOR + 2.10% on 1/17/2030) <sup>(a)</sup>  | 1900 | 2348 |
|  Croatia (Republic of) 3.25% 2/11/2037 | 1005 | 1145 |
|  Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(a)</sup>  | 4000 | 4441 |
|  Deutsche Telekom AG 3.25% 6/4/2035 | 1990 | 2305 |
|  Deutsche Telekom International Finance BV 7.50% 1/24/2033 | 200 | 297 |
|  Dow Chemical Co. (The) 1.125% 3/15/2032 | 827 | 835 |
|  Egypt (Arab Republic of) 5.625% 4/16/2030 | 300 | 352 |
|  Electricite de France SA 4.25% 1/25/2032 | 1300 | 1602 |
|  Electricite de France SA 4.00% 5/7/2037 | 500 | 583 |
|  Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028) <sup>(a)</sup>  | 5000 | 5744 |
|  Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on 12/6/2028) <sup>(a)</sup>  | 1200 | 1538 |
|  Enel Finance International NV 4.00% 2/20/2031 | 465 | 567 |
|  Engie SA 3.875% 1/6/2031 | 1000 | 1215 |
|  Equinor ASA 1.375% 5/22/2032 | 3650 | 3841 |
|  Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(a)</sup>  | 240 | 304 |
|  Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(a)</sup>  | 2030 | 2537 |
|  Eurobank SA 4.00% 2/7/2036 (1-year EUR-ICE Swap EURIBOR + 1.70% on 2/7/2035) <sup>(a)</sup>  | 1375 | 1613 |
|  European Investment Bank 0.25% 1/20/2032 | 2075 | 2106 |
|  European Investment Bank 1.50% 6/15/2032 | 1000 | 1088 |
|  European Investment Bank 2.875% 1/12/2033 | 4500 | 5300 |
|  European Investment Bank 2.875% 1/15/2035 | 395 | 458 |
|  European Union 0.25% 10/22/2026 | 610 | 707 |
|  European Union 2.875% 12/6/2027 | 1060 | 1261 |
|  European Union 2.875% 10/5/2029 | 170 | 203 |
|  European Union 2.50% 10/14/2030 | 1375 | 1607 |
|  European Union 3.125% 12/4/2030 | 190 | 228 |
|  European Union 0% 7/4/2031 | 705 | 716 |
|  European Union 2.75% 12/13/2032 | 2010 | 2343 |
|  European Union 3.25% 7/4/2034 | 380 | 453 |
|  European Union 0% 7/4/2035 | 220 | 191 |
|  European Union 3.375% 12/12/2035 | 10230 | 12201 |
|  European Union 3.625% 12/12/2040 | 9495 | 11123 |
|  European Union 3.75% 10/12/2045 | 635 | 736 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **200** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Euros (continued)** |  |  |
|  European Union 0.70% 7/6/2051 | EUR3,000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 |
|  European Union 3.375% 10/5/2054 | 540 | 562 |
|  European Union 4.00% 10/12/2055 | 2070 | 2400 |
|  Finland (Republic of) 3.00% 9/15/2033 | 2370 | 2792 |
|  Ford Motor Credit Co., LLC 3.622% 7/27/2028 | 960 | 1137 |
|  French Republic O.A.T. 0.75% 2/25/2028 | 980 | 1114 |
|  French Republic O.A.T. 2.75% 2/25/2029 | 1790 | 2119 |
|  French Republic O.A.T. 0% 11/25/2030 | 19550 | 20068 |
|  French Republic O.A.T. 0% 5/25/2032 | 2120 | 2056 |
|  French Republic O.A.T. 2.00% 11/25/2032 | 3170 | 3467 |
|  French Republic O.A.T. 3.00% 5/25/2033 | 1920 | 2225 |
|  French Republic O.A.T. 3.00% 11/25/2034 | 4430 | 5039 |
|  French Republic O.A.T. 0.50% 5/25/2040 | 600 | 440 |
|  French Republic O.A.T. 0.75% 5/25/2052 | 180 | 93 |
|  French Republic O.A.T. 3.75% 5/25/2056 | 400 | 414 |
|  Germany (Federal Republic of) 0% 10/9/2026 | 2305 | 2668 |
|  Germany (Federal Republic of) 0% 11/15/2027 | 1400 | 1583 |
|  Germany (Federal Republic of) 1.70% 8/15/2032 | 930 | 1034 |
|  Germany (Federal Republic of) 2.50% 2/15/2035 | 23125 | 26485 |
|  Germany (Federal Republic of) 1.00% 5/15/2038 | 1300 | 1203 |
|  Germany (Federal Republic of) 0% 8/15/2050 | 1200 | 609 |
|  Germany (Federal Republic of) 2.90% 8/15/2056 | 1190 | 1247 |
|  Greece (Hellenic Republic of) 3.875% 6/15/2028 | 615 | 750 |
|  Greece (Hellenic Republic of) 1.50% 6/18/2030 | 690 | 773 |
|  Greece (Hellenic Republic of) 1.75% 6/18/2032 | 1915 | 2089 |
|  Greece (Hellenic Republic of) 3.90% 1/30/2033 | 3200 | 3943 |
|  Greece (Hellenic Republic of) 3.625% 6/15/2035 | 2895 | 3455 |
|  Greece (Hellenic Republic of) 4.125% 6/15/2054 | 640 | 734 |
|  Hungary (Republic of) 4.875% 3/22/2040 | 305 | 358 |
|  ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(a)</sup>  | 1200 | 1558 |
|  Ireland (Republic of) 2.60% 10/18/2034 | 1820 | 2073 |
|  Ireland (Republic of) 3.00% 10/18/2043 | 1130 | 1245 |
|  Ireland (Republic of) 3.15% 10/18/2055 | 755 | 791 |
|  Italy (Republic of) 3.10% 8/28/2026 | 3425 | 4052 |
|  Italy (Republic of) 1.35% 4/1/2030 | 7 | 8 |
|  Italy (Republic of) 2.70% 10/1/2030 | 1365 | 1600 |
|  Italy (Republic of) 3.25% 11/15/2032 | 2595 | 3075 |
|  Italy (Republic of) 4.20% 3/1/2034 | 1430 | 1791 |
|  Italy (Republic of) 3.65% 8/1/2035 | 5600 | 6685 |
|  Italy (Republic of) 3.85% 10/1/2040 | 2180 | 2549 |
|  Italy (Republic of) 4.30% 10/1/2054 | 4875 | 5687 |
|  Johnson & Johnson 3.35% 2/26/2037 | 360 | 414 |
|  Lithuania (Republic of) 3.50% 7/3/2031 | 1170 | 1406 |
|  Lithuania (Republic of) 2.125% 6/1/2032 | 2665 | 2942 |
|  Lithuania (Republic of) 3.50% 2/13/2034 | 1620 | 1919 |
|  Lloyds Banking Group PLC 3.875% 5/14/2032 (1-year EUR-ICE Swap EURIBOR + 1.18% on 5/14/2031) <sup>(a)</sup>  | 100 | 120 |
|  Magyar Export-Import Bank 6.00% 5/16/2029 | 1430 | 1802 |
|  Metropolitan Life Global Funding I 0.55% 6/16/2027 <sup>(b)</sup>  | 2000 | 2287 |
|  MPT Finance Corp. 7.00% 2/15/2032 | 100 | 123 |
|  NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(a)</sup>  | 2725 | 2989 |
|  NatWest Group PLC 1.043% 9/14/2032 (5-year EUR Mid-Swap + 1.27% on 9/14/2027) <sup>(a)</sup>  | 185 | 211 |
|  Ontario (Province of) 3.25% 7/3/2035 | 2420 | 2816 |
|  Orange 3.50% 5/19/2035 | 1600 | 1856 |
|  PepsiCo, Inc. 0.75% 10/14/2033 | 2000 | 1947 |
|  Philip Morris International, Inc. 2.75% 6/6/2029 | 770 | 899 |
|  Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(a)</sup>  | 320 | 414 |
|  Piraeus Bank SA 5.00% 4/16/2030 (1-year EUR-ICE Swap EURIBOR + 2.245% on 4/16/2029) <sup>(a)</sup>  | 730 | 907 |
|  Portugal (Republic of) 0.475% 10/18/2030 | 350 | 375 |
|  Portugal (Republic of) 3.00% 6/15/2035 | 1720 | 1998 |
|  Portugal (Republic of) 3.375% 6/15/2040 | 715 | 822 |
|  Portugal (Republic of) 3.625% 6/12/2054 | 685 | 755 |

---

---

| | |
|:---|:---|
| **201** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Euros (continued)** |  |  |
|  Prysmian SpA 3.875% 11/28/2031 | EUR435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
|  Romania 2.125% 3/7/2028 | 500 | 579 |
|  Severn Trent Utilities Finance PLC 4.00% 3/5/2034 | 475 | 571 |
|  Shell International Finance BV 1.50% 4/7/2028 | 2000 | 2299 |
|  Slovak Republic, Series 250, 3.75% 3/6/2034 | 640 | 773 |
|  Spain (Kingdom of) 0% 1/31/2028 | 900 | 1012 |
|  Spain (Kingdom of) 1.40% 7/30/2028 | 1650 | 1898 |
|  Spain (Kingdom of) 1.45% 4/30/2029 | 1890 | 2156 |
|  Spain (Kingdom of) 1.25% 10/31/2030 | 1295 | 1428 |
|  Spain (Kingdom of) 0.50% 10/31/2031 | 1247 | 1289 |
|  Spain (Kingdom of) 3.55% 10/31/2033 | 5005 | 6082 |
|  Spain (Kingdom of) 3.25% 4/30/2034 | 1980 | 2347 |
|  Spain (Kingdom of) 3.20% 10/31/2035 | 510 | 595 |
|  Spain (Kingdom of) 1.90% 10/31/2052 | 1010 | 775 |
|  State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030 | 200 | 229 |
|  Stryker Corp. 1.00% 12/3/2031 | 450 | 466 |
|  T-Mobile USA, Inc. 3.15% 2/11/2032 | 1705 | 1984 |
|  Toyota Motor Credit Corp. 0.125% 11/5/2027 | 1850 | 2079 |
|  Treasury Corp. of Victoria 3.625% 9/29/2040 | 2230 | 2571 |
|  United Mexican States 3.50% 9/19/2029 | 650 | 763 |
|  Verallia SAS 3.875% 11/4/2032 | 4500 | 5161 |
|  Verizon Communications, Inc. 3.50% 6/28/2032 | 1620 | 1914 |
|  |  | 303335 |
|  **Japanese yen 7.20%** |  |  |
|  Indonesia (Republic of), Series 20, 0.57% 5/27/2026 | JPY100,000 | 637 |
|  Indonesia (Republic of), Series 31, 0.99% 5/27/2027 | 400000 | 2534 |
|  Indonesia (Republic of), Series 32, 1.33% 5/25/2029 | 300000 | 1869 |
|  Japan, Series 474, 0.70% 7/1/2027 | 762850 | 4845 |
|  Japan, Series 352, 0.10% 9/20/2028 | 2585750 | 16016 |
|  Japan, Series 356, 0.10% 9/20/2029 | 1029800 | 6266 |
|  Japan, Series 116, 2.20% 3/20/2030 | 576100 | 3787 |
|  Japan, Series 362, 0.10% 3/20/2031 | 514000 | 3041 |
|  Japan, Series 374, 0.80% 3/20/2034 | 68200 | 399 |
|  Japan, Series 30, 0.005% 3/10/2035 <sup>(c)</sup>  | 646511 | 4027 |
|  Japan, Series 152, 1.20% 3/20/2035 | 1239550 | 7390 |
|  Japan, Series 21, 2.30% 12/20/2035 | 720000 | 4696 |
|  Japan, Series 162, 0.60% 9/20/2037 | 1966150 | 10429 |
|  Japan, Series 173, 0.40% 6/20/2040 | 270900 | 1282 |
|  Japan, Series 179, 0.50% 12/20/2041 | 196950 | 903 |
|  Japan, Series 182, 1.10% 9/20/2042 | 619850 | 3096 |
|  Japan, Series 186, 1.50% 9/20/2043 | 1341900 | 7016 |
|  Japan, Series 188, 1.60% 3/20/2044 | 69000 | 363 |
|  Japan, Series 192, 2.40% 3/20/2045 | 1387100 | 8201 |
|  Japan, Series 53, 0.60% 12/20/2046 | 781600 | 3136 |
|  Japan, Series 37, 0.60% 6/20/2050 | 694500 | 2460 |
|  Japan, Series 73, 0.70% 12/20/2051 | 1568700 | 5419 |
|  Japan, Series 74, 1.00% 3/20/2052 | 246100 | 926 |
|  Japan, Series 76, 1.40% 9/20/2052 | 5800 | 24 |
|  Japan, Series 79, 1.20% 6/20/2053 | 612200 | 2395 |
|  Japan, Series 81, 1.60% 12/20/2053 | 168700 | 732 |
|  Japan, Series 84, 2.10% 9/20/2054 | 958150 | 4694 |
|  |  | 106583 |
|  **British pounds 4.42%** |  |  |
|  Credit Agricole SA 5.375% 1/15/2029 (1-year GBP-GILT + 1.65% on 1/15/2028) <sup>(a)</sup>  | GBP800 | 1098 |
|  Electricite de France SA 5.50% 3/27/2037 | 900 | 1174 |
|  Lloyds Banking Group PLC 2.707% 12/3/2035 (5-year GBP-GILT + 2.40% on 12/3/2030) <sup>(a)</sup>  | 900 | 1089 |
|  Quebec (Province of) 2.25% 9/15/2026 | 1870 | 2493 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **202** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **British pounds (continued)** |  |  |
|  United Kingdom 0.125% 1/30/2026 | GBP425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 |
|  United Kingdom 4.25% 12/7/2027 | 3785 | 5161 |
|  United Kingdom 1.625% 10/22/2028 | 3690 | 4706 |
|  United Kingdom 4.125% 7/22/2029 | 2015 | 2741 |
|  United Kingdom 4.75% 12/7/2030 | 4770 | 6678 |
|  United Kingdom 0.25% 7/31/2031 | 12845 | 14159 |
|  United Kingdom 1.00% 1/31/2032 | 7120 | 8017 |
|  United Kingdom 4.25% 6/7/2032 | 1310 | 1782 |
|  United Kingdom 3.25% 1/31/2033 | 1090 | 1380 |
|  United Kingdom 0.625% 7/31/2035 | 210 | 199 |
|  United Kingdom 0.875% 1/31/2046 | 4917 | 3125 |
|  United Kingdom 3.75% 10/22/2053 | 1870 | 1980 |
|  United Kingdom 4.375% 7/31/2054 | 5570 | 6584 |
|  United Kingdom 2.50% 7/22/2065 | 3313 | 2495 |
|  |  | 65433 |
|  **Brazilian reais 2.30%** |  |  |
|  Brazil (Federative Republic of) 0% 1/1/2026 | BRL102,863 | 18761 |
|  Brazil (Federative Republic of) 10.00% 1/1/2031 | 17384 | 2788 |
|  Brazil (Federative Republic of) 10.00% 1/1/2035 | 43767 | 6549 |
|  Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup>  | 2152 | 351 |
|  Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup>  | 27098 | 4307 |
|  Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup>  | 8019 | 1254 |
|  |  | 34010 |
|  **South Korean won 1.81%** |  |  |
|  South Korea (Republic of), Series 2709, 3.125% 9/10/2027 | KRW4,513,500 | 3150 |
|  South Korea (Republic of), Series 2712, 2.375% 12/10/2027 | 5158930 | 3550 |
|  South Korea (Republic of), Series 2803, 3.25% 3/10/2028 | 3998100 | 2797 |
|  South Korea (Republic of), Series 3212, 4.25% 12/10/2032 | 18379880 | 13445 |
|  South Korea (Republic of), Series 3512, 3.25% 12/10/2035 | 5519130 | 3804 |
|  |  | 26746 |
|  **Chinese yuan renminbi 1.76%** |  |  |
|  China (People's Republic of), Series INBK, 1.49% 12/25/2031 | CNY39,540 | 5590 |
|  China (People's Republic of), Series INBK, 2.75% 2/17/2032 | 1160 | 176 |
|  China (People's Republic of), Series INBK, 1.57% 5/15/2032 | 17280 | 2448 |
|  China (People's Republic of), Series INBK, 2.88% 2/25/2033 | 22230 | 3431 |
|  China (People's Republic of), Series INBK, 2.27% 5/25/2034 | 54910 | 8127 |
|  China (People's Republic of), Series INBK, 3.53% 10/18/2051 | 800 | 140 |
|  China (People's Republic of), Series INBK, 3.12% 10/25/2052 | 4740 | 781 |
|  China (People's Republic of), Series INBK, 3.19% 4/15/2053 | 4720 | 788 |
|  China (People's Republic of), Series INBK, 3.00% 10/15/2053 | 5150 | 834 |
|  China (People's Republic of), Series INBK, 1.92% 1/15/2055 | 28690 | 3791 |
|  |  | 26106 |
|  **Australian dollars 1.58%** |  |  |
|  Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | AUD3,640 | 2096 |
|  Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 | 5789 | 3189 |
|  Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 | 4415 | 2766 |
|  New South Wales Treasury Corp. 5.25% 2/24/2038 | 3956 | 2570 |
|  Treasury Corp. of Victoria 5.50% 9/15/2039 | 19544 | 12734 |
|  |  | 23355 |

---

---

| | |
|:---|:---|
| **203** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Indian rupees 1.29%** |  |  |
|  Asian Development Bank 6.72% 2/8/2028 | INR144,700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617 |
|  European Bank for Reconstruction and Development 5.25% 1/12/2027 | 81400 | 891 |
|  European Bank for Reconstruction and Development 6.30% 10/26/2027 | 34000 | 379 |
|  European Bank for Reconstruction and Development 6.75% 3/14/2031 | 248500 | 2745 |
|  European Bank for Reconstruction and Development 6.75% 1/13/2032 | 547100 | 6083 |
|  European Investment Bank 6.95% 3/1/2029 | 46200 | 519 |
|  European Investment Bank 7.40% 10/23/2033 | 388300 | 4468 |
|  Inter-American Development Bank 7.00% 1/25/2029 | 18000 | 202 |
|  International Bank for Reconstruction and Development 6.75% 9/8/2027 | 126400 | 1412 |
|  Korea Development Bank 6.75% 7/1/2030 | 73000 | 805 |
|  |  | 19121 |
|  **Canadian dollars 1.26%** |  |  |
|  Canada (Government) 3.50% 3/1/2028 | CAD15,013 | 11134 |
|  Canada (Government) 3.25% 12/1/2033 | 7330 | 5334 |
|  Canada (Government) 2.75% 12/1/2048 | 3500 | 2142 |
|  |  | 18610 |
|  **Malaysian ringgits 1.22%** |  |  |
|  Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR5,412 | 1368 |
|  Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 | 6143 | 1559 |
|  Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | 10588 | 2601 |
|  Malaysia (Federation of), Series 0221, 4.417% 9/30/2041 | 2484 | 657 |
|  Malaysia (Federation of), Series 0223, 4.291% 8/14/2043 | 9030 | 2350 |
|  Malaysia (Federation of), Series 0224, 4.18% 5/16/2044 | 35614 | 9149 |
|  Malaysia (Federation of), Series 0417, 4.895% 5/8/2047 | 1277 | 361 |
|  |  | 18045 |
|  **Hungarian forints 1.11%** |  |  |
|  Hungary (Republic of) 3.00% 8/21/2030 | HUF2,824,560 | 7500 |
|  Hungary (Republic of) 4.50% 5/27/2032 | 1731010 | 4742 |
|  Hungary (Republic of) 4.75% 11/24/2032 | 1494300 | 4117 |
|  |  | 16359 |
|  **Indonesian rupiah 0.52%** |  |  |
|  Indonesia (Republic of), Series FR84, 7.25% 2/15/2026 | IDR22,733,000 | 1370 |
|  Indonesia (Republic of), Series FR64, 6.125% 5/15/2028 | 1556000 | 95 |
|  Indonesia (Republic of), Series FR71, 9.00% 3/15/2029 | 26010000 | 1725 |
|  Indonesia (Republic of), Series FR82, 7.00% 9/15/2030 | 2930000 | 185 |
|  Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 | 29412000 | 1826 |
|  Indonesia (Republic of), Series FR68, 8.375% 3/15/2034 | 6937000 | 475 |
|  Indonesia (Republic of), Series 103, 6.75% 7/15/2035 | 32954000 | 2079 |
|  |  | 7755 |
|  **Mexican pesos 0.44%** |  |  |
|  America Movil, SAB de CV, 10.125% 1/22/2029 | MXN13,920 | 798 |
|  America Movil, SAB de CV, 9.50% 1/27/2031 | 41870 | 2369 |
|  America Movil, SAB de CV, 10.30% 1/30/2034 | 19710 | 1156 |
|  United Mexican States, Series M30, 8.50% 11/18/2038 | 21100 | 1100 |
|  United Mexican States, Series M, 8.00% 7/31/2053 | 21739 | 1031 |
|  |  | 6454 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **204** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Danish kroner 0.43%** |  |  |
|  Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup>  | DKK46,626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6029 |
|  Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup>  | 2461 | 299 |
|  |  | 6328 |
|  **Colombian pesos 0.30%** |  |  |
|  Colombia (Republic of), Series B, 7.25% 10/18/2034 | COP11,132,100 | 2098 |
|  Colombia (Republic of), Series B, 11.75% 1/24/2035 | 4779600 | 1183 |
|  Colombia (Republic of), Series B, 7.25% 10/26/2050 | 7150600 | 1090 |
|  |  | 4371 |
|  **South African rand 0.28%** |  |  |
|  South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR8,400 | 518 |
|  South Africa (Republic of), Series R-2032, 8.25% 3/31/2032 | 59870 | 3703 |
|  |  | 4221 |
|  **Chilean pesos 0.28%** |  |  |
|  Chile (Republic of) 1.50% 3/1/2026 <sup>(c)</sup>  | CLP914,184 | 1013 |
|  Chile (Republic of) 5.00% 10/1/2028 | 955000 | 1069 |
|  Chile (Republic of) 6.00% 4/1/2033 | 1720000 | 1992 |
|  |  | 4074 |
|  **Polish zloty 0.27%** |  |  |
|  Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN4,900 | 1294 |
|  Poland (Republic of), Series 1033, 6.00% 10/25/2033 | 9280 | 2766 |
|  |  | 4060 |
|  **New Zealand dollars 0.20%** |  |  |
|  New Zealand 4.25% 5/15/2036 | NZD3,397 | 1915 |
|  New Zealand 3.25% 9/20/2050 <sup>(c)</sup>  | 1729 | 1025 |
|  |  | 2940 |
|  **Turkish lira 0.12%** |  |  |
|  Turkey (Republic of), Series 2Y, 36.00% 8/12/2026 | TRY70,000 | 1644 |
|  Turkey (Republic of), Series 10Y, 17.80% 7/13/2033 | 12175 | 201 |
|  |  | 1845 |
|  **Philippine pesos 0.08%** |  |  |
|  Asian Development Bank 5.25% 4/29/2035 | PHP45,900 | 769 |
|  Philippines (Republic of) 6.75% 9/15/2032 | 27600 | 491 |
|  |  | 1260 |
|  **Czech korunas 0.06%** |  |  |
|  Czech Republic 6.00% 2/26/2026 | CZK17,550 | 857 |
|  **U.S. dollars 43.50%** |  |  |
|  1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(e)</sup>  | USD200 | 208 |
|  AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(e)</sup>  | 27 | 28 |
|  AbbVie, Inc. 5.05% 3/15/2034 | 2790 | 2868 |
|  AbbVie, Inc. 5.35% 3/15/2044 | 75 | 74 |
|  AbbVie, Inc. 5.50% 3/15/2064 | 150 | 146 |
|  ACHV ABS Trust, Series 2024-3AL, Class C, 5.68% 12/26/2031 <sup>(d)(e)</sup>  | 54 | 55 |

---

---

| | |
|:---|:---|
| **205** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  Advance Auto Parts, Inc. 5.95% 3/9/2028 | USD45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
|  AerCap Ireland Capital DAC 2.45% 10/29/2026 | 2102 | 2074 |
|  Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(e)(f)(g)(h)</sup>  | 442 | 439 |
|  Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 <sup>(e)</sup>  | 660 | 537 |
|  AG Issuer, LLC 6.25% 3/1/2028 <sup>(e)</sup>  | 165 | 166 |
|  AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(a)(e)</sup>  | 1147 | 1218 |
|  AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(a)(e)</sup>  | 2985 | 3156 |
|  Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(e)</sup>  | 140 | 135 |
|  Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(e)</sup>  | 200 | 210 |
|  Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% 5/30/2033 <sup>(g)(h)</sup>  | 65 | 66 |
|  Alfa Transmisora De Energia SA 4.55% 9/27/2051 | 1295 | 1047 |
|  Allegro CLO, Ltd., Series 2019-1, Class ARR, (3-month USD CME Term SOFR + 1.13%) 5.014% 4/20/2032 <sup>(d)(e)(h)</sup>  | 284 | 284 |
|  Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(e)</sup>  | 50 | 53 |
|  Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(e)</sup>  | 145 | 147 |
|  Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(e)</sup>  | 120 | 121 |
|  Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(e)</sup>  | 180 | 187 |
|  Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(e)</sup>  | 65 | 67 |
|  Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(e)</sup>  | 70 | 73 |
|  Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(e)</sup>  | 300 | 297 |
|  Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(e)</sup>  | 200 | 208 |
|  Amazon.com, Inc. 1.50% 6/3/2030 | 2040 | 1840 |
|  Amazon.com, Inc. 5.45% 11/20/2055 | 578 | 565 |
|  Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(e)</sup>  | 98 | 103 |
|  Amer Sports Co. 6.75% 2/16/2031 <sup>(e)</sup>  | 35 | 37 |
|  American Express Co. 5.532% 4/25/2030 (USD-SOFR + 1.09% on 4/25/2029) <sup>(a)</sup>  | 1030 | 1075 |
|  Amgen, Inc. 2.20% 2/21/2027 | 445 | 437 |
|  Amgen, Inc. 5.25% 3/2/2030 | 981 | 1019 |
|  Amgen, Inc. 5.25% 3/2/2033 | 2687 | 2782 |
|  Amgen, Inc. 5.65% 3/2/2053 | 1284 | 1258 |
|  Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(e)</sup>  | 110 | 107 |
|  Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(e)</sup>  | 115 | 108 |
|  AP Core Holdings II, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.614%) 9.331% 9/1/2027 <sup>(g)(h)</sup>  | 95 | 95 |
|  Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(d)(e)</sup>  | 3541 | 3555 |
|  Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(e)</sup>  | 958 | 966 |
|  Apollo Aviation Securitization Equity Trust, Series 2025-1A, Class A, 5.943% 2/16/2050 <sup>(d)(e)</sup>  | 537 | 549 |
|  Apple Bidco, LLC, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.216% 9/23/2031 <sup>(g)(h)</sup>  | 144 | 145 |
|  Aretec Group, Inc. 7.50% 4/1/2029 <sup>(e)</sup>  | 245 | 247 |
|  Aretec Group, Inc. 10.00% 8/15/2030 <sup>(e)</sup>  | 45 | 49 |
|  Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(e)</sup>  | 55 | 55 |
|  Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(e)</sup>  | 25 | 26 |
|  Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup>  | 15 | 16 |
|  AT&T, Inc. 3.50% 9/15/2053 | 2070 | 1386 |
|  ATI, Inc. 7.25% 8/15/2030 | 60 | 63 |
|  Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(e)</sup>  | 122 | 117 |
|  Avient Corp. 6.25% 11/1/2031 <sup>(e)</sup>  | 25 | 26 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(e)</sup>  | 1817 | 1829 |
|  Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(e)</sup>  | 996 | 1037 |
|  B&G Foods, Inc. 5.25% 9/15/2027 | 210 | 206 |
|  B&G Foods, Inc. 8.00% 9/15/2028 <sup>(e)</sup>  | 25 | 25 |
|  BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup>  | 865 | 896 |
|  Baldwin Insurance Group Holdings, LLC 7.125% 5/15/2031 <sup>(e)</sup>  | 20 | 21 |
|  Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(d)(h)</sup>  | 219 | 234 |
|  Bank Gospodarstwa Krajowego 5.75% 7/9/2034 <sup>(e)</sup>  | 950 | 1001 |
|  Bank Gospodarstwa Krajowego 6.25% 7/9/2054 <sup>(e)</sup>  | 425 | 442 |
|  Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(a)</sup>  | 4040 | 3614 |
|  Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(a)</sup>  | 1535 | 1599 |
|  BAT Capital Corp. 3.215% 9/6/2026 | 955 | 950 |
|  BAT Capital Corp. 4.625% 3/22/2033 | 188 | 187 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **206** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  BAT Capital Corp. 5.625% 8/15/2035 | USD5,501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5733 |
|  Bath & Body Works, Inc. 6.625% 10/1/2030 <sup>(e)</sup>  | 120 | 123 |
|  Bath & Body Works, Inc. 6.875% 11/1/2035 | 75 | 76 |
|  BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033) <sup>(a)</sup>  | 3056 | 3382 |
|  Becton, Dickinson and Co. 4.298% 8/22/2032 | 320 | 316 |
|  BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(e)</sup>  | 400 | 396 |
|  Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup>  | 40 | 41 |
|  Block, Inc. 6.50% 5/15/2032 | 240 | 250 |
|  BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(h)</sup>  | 1070 | 1113 |
|  BMW US Capital, LLC 4.15% 4/9/2030 <sup>(e)</sup>  | 900 | 895 |
|  BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(a)(e)</sup>  | 700 | 663 |
|  BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031) <sup>(a)(e)</sup>  | 1275 | 1166 |
|  Boeing Co. (The) 6.259% 5/1/2027 | 45 | 46 |
|  Boeing Co. (The) 5.15% 5/1/2030 | 2451 | 2519 |
|  Boeing Co. (The) 3.625% 2/1/2031 | 718 | 690 |
|  Boeing Co. (The) 6.388% 5/1/2031 | 723 | 785 |
|  Boeing Co. (The) 6.528% 5/1/2034 | 457 | 506 |
|  Boeing Co. (The) 5.805% 5/1/2050 | 50 | 49 |
|  Boeing Co. (The) 6.858% 5/1/2054 | 526 | 591 |
|  Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(e)</sup>  | 25 | 27 |
|  Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(e)</sup>  | 277 | 279 |
|  Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(e)</sup>  | 45 | 44 |
|  Boyne USA, Inc. 4.75% 5/15/2029 <sup>(e)</sup>  | 107 | 106 |
|  Braskem Netherlands Finance BV 4.50% 1/31/2030 | 2228 | 873 |
|  Braskem Netherlands Finance BV 8.50% 1/12/2031 | 2329 | 913 |
|  Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(e)</sup>  | 525 | 206 |
|  Braskem Netherlands Finance BV 7.25% 2/13/2033 | 793 | 308 |
|  BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on 5/1/2027) <sup>(a)(d)(e)</sup>  | 1348 | 1360 |
|  Bristol-Myers Squibb Co. 5.20% 2/22/2034 | 1925 | 2002 |
|  Bristol-Myers Squibb Co. 5.55% 2/22/2054 | 2200 | 2162 |
|  Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup>  | 250 | 249 |
|  Broadcom, Inc. 3.469% 4/15/2034 | 746 | 680 |
|  Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup>  | 185 | 159 |
|  Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(e)</sup>  | 63 | 63 |
|  Brown & Brown, Inc. 5.25% 6/23/2032 | 100 | 102 |
|  Brown & Brown, Inc. 6.25% 6/23/2055 | 70 | 73 |
|  Burlington Northern Santa Fe, LLC 5.50% 3/15/2055 | 232 | 229 |
|  BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(e)</sup>  | 175 | 171 |
|  BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(e)</sup>  | 1724 | 1772 |
|  BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(d)(e)(h)</sup>  | 3685 | 3723 |
|  BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(d)(e)(h)</sup>  | 3368 | 3376 |
|  Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(e)</sup>  | 64 | 66 |
|  Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(e)</sup>  | 45 | 46 |
|  CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(a)(e)</sup>  | 1633 | 1697 |
|  Canadian Pacific Railway Co. 3.00% 12/2/2041 | 349 | 262 |
|  Canadian Pacific Railway Co. 3.10% 12/2/2051 | 1085 | 721 |
|  CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(e)</sup>  | 90 | 86 |
|  Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.405% 11/25/2029 (9.405% on 11/25/2027) <sup>(a)(d)(e)</sup>  | 156 | 156 |
|  Cascade Funding Mortgage Trust, Series 2024-HB15, Class M1, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup>  | 614 | 604 |
|  Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup>  | 90 | 90 |
|  Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(e)</sup>  | 801 | 815 |
|  Caturus Energy, LLC 8.50% 2/15/2030 <sup>(e)</sup>  | 15 | 16 |
|  CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup>  | 125 | 125 |
|  CCO Holdings, LLC 4.75% 3/1/2030 <sup>(e)</sup>  | 135 | 129 |
|  CCO Holdings, LLC 4.50% 8/15/2030 <sup>(e)</sup>  | 240 | 226 |
|  CCO Holdings, LLC 4.25% 2/1/2031 <sup>(e)</sup>  | 155 | 143 |
|  CCO Holdings, LLC 4.50% 6/1/2033 <sup>(e)</sup>  | 147 | 129 |
|  CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup>  | 55 | 47 |

---

---

| | |
|:---|:---|
| **207** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  Centene Corp. 2.45% 7/15/2028 | USD40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
|  Centene Corp. 4.625% 12/15/2029 | 35 | 34 |
|  Centene Corp. 2.50% 3/1/2031 | 65 | 56 |
|  Central Garden & Pet Co. 4.125% 10/15/2030 | 74 | 71 |
|  Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(e)</sup>  | 110 | 104 |
|  Charter Communications Operating, LLC 3.75% 2/15/2028 | 2650 | 2613 |
|  Charter Communications Operating, LLC 5.85% 12/1/2035 | 641 | 640 |
|  Charter Communications Operating, LLC 4.80% 3/1/2050 | 384 | 289 |
|  Charter Communications Operating, LLC 3.70% 4/1/2051 | 188 | 119 |
|  Charter Communications Operating, LLC 3.90% 6/1/2052 | 458 | 296 |
|  Charter Communications Operating, LLC 5.25% 4/1/2053 | 17 | 13 |
|  Charter Communications Operating, LLC 6.70% 12/1/2055 | 3618 | 3472 |
|  Cheniere Energy Partners, LP 3.25% 1/31/2032 | 26 | 24 |
|  China Oil and Gas Group, Ltd. 4.70% 6/30/2026 | 1130 | 1115 |
|  Chubb INA Holdings, LLC 3.35% 5/3/2026 | 195 | 195 |
|  Chubb INA Holdings, LLC 4.35% 11/3/2045 | 425 | 371 |
|  Cipher Compute, LLC 7.125% 11/15/2030 <sup>(e)</sup>  | 35 | 36 |
|  Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(e)(h)</sup>  | 805 | 839 |
|  Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(e)(h)</sup>  | 1240 | 1279 |
|  Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(a)</sup>  | 421 | 442 |
|  Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup>  | 90 | 93 |
|  Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(e)</sup>  | 15 | 16 |
|  Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(e)</sup>  | 45 | 44 |
|  Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(e)</sup>  | 5 | 5 |
|  Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(e)</sup>  | 100 | 104 |
|  Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(e)</sup>  | 75 | 72 |
|  Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(e)</sup>  | 235 | 238 |
|  Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(e)</sup>  | 175 | 182 |
|  CMS Energy Corp. 3.00% 5/15/2026 | 1200 | 1196 |
|  CNX Resources Corp. 7.25% 3/1/2032 <sup>(e)</sup>  | 110 | 115 |
|  Coca-Cola Co. 4.65% 8/14/2034 | 336 | 343 |
|  Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(e)</sup>  | 55 | 52 |
|  Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(e)</sup>  | 85 | 76 |
|  Colombia (Republic of) 3.875% 4/25/2027 | 350 | 347 |
|  Colombia (Republic of) 7.375% 4/25/2030 | 2400 | 2540 |
|  Colombia (Republic of) 3.125% 4/15/2031 | 3000 | 2607 |
|  Colombia (Republic of) 8.00% 11/14/2035 | 347 | 371 |
|  Comcast Corp. 4.80% 5/15/2033 | 4100 | 4137 |
|  Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(e)</sup>  | 198 | 183 |
|  Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(e)</sup>  | 67 | 60 |
|  Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(e)</sup>  | 65 | 63 |
|  Connect Finco SARL 9.00% 9/15/2029 <sup>(e)</sup>  | 200 | 212 |
|  Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 6.174% 5/25/2043 <sup>(d)(e)(h)</sup>  | 1032 | 1052 |
|  Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) 7.424% 5/25/2043 <sup>(d)(e)(h)</sup>  | 804 | 844 |
|  Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 5.774% 6/25/2043 <sup>(d)(e)(h)</sup>  | 503 | 508 |
|  Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%) 6.974% 6/25/2043 <sup>(d)(e)(h)</sup>  | 305 | 317 |
|  Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 5.574% 7/25/2043 <sup>(d)(e)(h)</sup>  | 326 | 328 |
|  Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) 5.674% 1/25/2044 <sup>(d)(e)(h)</sup>  | 206 | 207 |
|  Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) 5.524% 5/25/2044 <sup>(d)(e)(h)</sup>  | 1148 | 1153 |
|  Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) 4.874% 2/25/2045 <sup>(d)(e)(h)</sup>  | 252 | 253 |
|  Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) 5.024% 2/25/2045 <sup>(d)(e)(h)</sup>  | 437 | 438 |
|  Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(e)</sup>  | 200 | 208 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **208** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  COPT Defense Properties, LP 2.75% 4/15/2031 | USD1,212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  Corebridge Financial, Inc. 3.90% 4/5/2032 | 748 | 710 |
|  CoreLogic, Inc. 4.50% 5/1/2028 <sup>(e)</sup>  | 384 | 378 |
|  CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(g)(h)</sup>  | 65 | 66 |
|  Coty, Inc. 4.75% 1/15/2029 <sup>(e)</sup>  | 65 | 64 |
|  Coty, Inc. 5.60% 1/15/2031 <sup>(e)</sup>  | 355 | 359 |
|  Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(e)</sup>  | 65 | 70 |
|  CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(g)(h)</sup>  | 124 | 126 |
|  Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(e)</sup>  | 128 | 132 |
|  Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(e)</sup>  | 165 | 160 |
|  Crown Castle, Inc. 2.50% 7/15/2031 | 767 | 686 |
|  CSN Inova Ventures 6.75% 1/28/2028 <sup>(b)</sup>  | 2740 | 2542 |
|  CSX Corp. 3.80% 4/15/2050 | 75 | 57 |
|  Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(e)</sup>  | 10 | 10 |
|  DaVita, Inc. 6.75% 7/15/2033 <sup>(e)</sup>  | 40 | 42 |
|  Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(a)</sup>  | 1160 | 1141 |
|  Deutsche Telekom International Finance BV 9.25% 6/1/2032 | 930 | 1160 |
|  Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(g)(i)</sup>  | 9 | 3 |
|  Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(e)</sup>  | 125 | 133 |
|  DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(e)</sup>  | 21 | 21 |
|  DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(e)</sup>  | 60 | 61 |
|  DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(g)(h)</sup>  | 5 | 5 |
|  DISH Network Corp. 11.75% 11/15/2027 <sup>(e)</sup>  | 296 | 308 |
|  Duke Energy Florida, LLC 4.85% 12/1/2035 | 175 | 174 |
|  Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(d)(e)(h)</sup>  | 1597 | 1631 |
|  EchoStar Corp. 10.75% 11/30/2029 | 105 | 116 |
|  Edison International 5.25% 11/15/2028 | 1862 | 1888 |
|  Edison International 5.45% 6/15/2029 | 75 | 76 |
|  Edison International 6.95% 11/15/2029 | 350 | 373 |
|  Edison International 5.25% 3/15/2032 | 705 | 706 |
|  Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(e)</sup>  | 460 | 529 |
|  Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup>  | 800 | 833 |
|  Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)</sup>  | 435 | 508 |
|  Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(e)</sup>  | 300 | 350 |
|  Element Solutions, Inc. 3.875% 9/1/2028 <sup>(e)</sup>  | 105 | 103 |
|  Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(e)</sup>  | 25 | 26 |
|  Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(g)(h)</sup>  | 25 | 25 |
|  Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(e)</sup>  | 190 | 201 |
|  Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(g)(h)</sup>  | 84 | 83 |
|  Enel Finance International NV 1.625% 7/12/2026 <sup>(e)</sup>  | 1248 | 1232 |
|  Enel Finance International NV 2.125% 7/12/2028 <sup>(e)</sup>  | 1227 | 1167 |
|  Enel Finance International NV 4.125% 9/30/2028 <sup>(e)</sup>  | 2125 | 2122 |
|  Enfragen Energia Sur SA 5.375% 12/30/2030 | 3329 | 3099 |
|  Enterprise Products Operating, LLC 4.95% 2/15/2035 | 168 | 170 |
|  Enviri Corp. 5.75% 7/31/2027 <sup>(e)</sup>  | 145 | 145 |
|  EQT Corp. 6.375% 4/1/2029 | 20 | 21 |
|  EQT Corp. 7.50% 6/1/2030 | 45 | 50 |
|  EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(e)</sup>  | 498 | 502 |
|  EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(e)</sup>  | 90 | 94 |
|  EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(e)</sup>  | 15 | 16 |
|  Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 <sup>(d)(e)</sup>  | 148 | 150 |
|  Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(d)</sup>  | 16 | 16 |
|  Expand Energy Corp. 4.875% 4/15/2022 <sup>(j)</sup>  | 915 | – <sup>(k)</sup> |
|  Expand Energy Corp. 6.75% 4/15/2029 <sup>(e)</sup>  | 30 | 30 |
|  Expand Energy Corp. 5.375% 3/15/2030 | 55 | 56 |
|  Expand Energy Corp. 4.75% 2/1/2032 | 15 | 15 |
|  Export-Import Bank of Thailand 5.354% 5/16/2029 | 1420 | 1472 |
|  Fair Isaac Corp. 4.00% 6/15/2028 <sup>(e)</sup>  | 15 | 15 |
|  Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup>  | 125 | 129 |

---

---

| | |
|:---|:---|
| **209** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(d)</sup>  | USD51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
|  Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(d)</sup>  | 6 | 5 |
|  Fannie Mae Pool #FP0015 2.50% 9/1/2050 <sup>(d)</sup>  | 1 | 1 |
|  Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(d)</sup>  | 117 | 116 |
|  Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(d)</sup>  | 240 | 203 |
|  Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(d)</sup>  | 1365 | 1107 |
|  Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(d)</sup>  | 1332 | 1082 |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(d)</sup>  | 3320 | 2697 |
|  Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(d)</sup>  | 3753 | 3680 |
|  Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(d)</sup>  | 48 | 48 |
|  Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup>  | 1614 | 1582 |
|  Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(d)</sup>  | 86 | 87 |
|  Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup>  | 188 | 192 |
|  Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup>  | 407 | 422 |
|  Fannie Mae Pool #BY0943 4.00% 4/1/2053 <sup>(d)</sup>  | 19 | 18 |
|  Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(d)</sup>  | 495 | 503 |
|  Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(d)</sup>  | 15 | 15 |
|  Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(d)</sup>  | 53 | 54 |
|  Fannie Mae Pool #BW9648 3.50% 7/1/2053 <sup>(d)</sup>  | 27 | 25 |
|  Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(d)</sup>  | 28 | 26 |
|  Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(d)</sup>  | 398 | 399 |
|  Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(d)</sup>  | 202 | 206 |
|  Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup>  | 1443 | 1472 |
|  Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(d)</sup>  | 766 | 779 |
|  Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(d)</sup>  | 1595 | 1642 |
|  Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(d)</sup>  | 400 | 407 |
|  Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup>  | 1912 | 1968 |
|  Fannie Mae Pool #DA4667 6.50% 1/1/2054 <sup>(d)</sup>  | 568 | 590 |
|  Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup>  | 575 | 584 |
|  Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(d)</sup>  | 204 | 207 |
|  Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup>  | 419 | 425 |
|  Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup>  | 242 | 249 |
|  Fannie Mae Pool #MA5401 3.50% 4/1/2054 <sup>(d)</sup>  | 149 | 138 |
|  Fannie Mae Pool #BU4479 5.50% 4/1/2054 <sup>(d)</sup>  | 310 | 316 |
|  Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(d)</sup>  | 210 | 216 |
|  Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup>  | 1575 | 1609 |
|  Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup>  | 695 | 722 |
|  Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(d)</sup>  | 605 | 624 |
|  Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(d)</sup>  | 389 | 400 |
|  Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(d)</sup>  | 212 | 218 |
|  Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(d)</sup>  | 184 | 191 |
|  Fannie Mae Pool #MA5389 6.00% 6/1/2054 <sup>(d)</sup>  | 23 | 23 |
|  Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup>  | 3843 | 3921 |
|  Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(d)</sup>  | 971 | 991 |
|  Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup>  | 742 | 766 |
|  Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(d)</sup>  | 553 | 568 |
|  Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(d)</sup>  | 537 | 552 |
|  Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(d)</sup>  | 384 | 400 |
|  Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(d)</sup>  | 237 | 243 |
|  Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup>  | 199 | 206 |
|  Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(d)</sup>  | 164 | 169 |
|  Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(d)</sup>  | 4 | 5 |
|  Fannie Mae Pool #FS8786 6.50% 7/1/2054 <sup>(d)</sup>  | 13 | 14 |
|  Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup>  | 383 | 390 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup>  | 461 | 479 |
|  Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup>  | 322 | 331 |
|  Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup>  | 284 | 292 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(d)</sup>  | 216 | 223 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(d)</sup>  | 186 | 192 |
|  Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(d)</sup>  | 185 | 190 |
|  Fannie Mae Pool #DB7692 6.00% 8/1/2054 <sup>(d)</sup>  | 179 | 185 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **210** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(d)</sup>  | USD150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
|  Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(d)</sup>  | 81 | 84 |
|  Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(d)</sup>  | 69 | 72 |
|  Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(d)</sup>  | 60 | 62 |
|  Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(d)</sup>  | 35 | 36 |
|  Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(d)</sup>  | 57 | 60 |
|  Fannie Mae Pool #DC0503 6.00% 9/1/2054 <sup>(d)</sup>  | 835 | 858 |
|  Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup>  | 422 | 437 |
|  Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(d)</sup>  | 171 | 178 |
|  Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(d)</sup>  | 697 | 717 |
|  Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(d)</sup>  | 1739 | 1736 |
|  Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup>  | 114 | 116 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup>  | 46 | 46 |
|  Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(d)</sup>  | 23 | 23 |
|  Fannie Mae Pool #DC9957 6.00% 1/1/2055 <sup>(d)</sup>  | 660 | 679 |
|  Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(d)</sup>  | 3973 | 3882 |
|  Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(d)</sup>  | 594 | 580 |
|  Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(d)</sup>  | 87 | 89 |
|  Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(d)</sup>  | 429 | 446 |
|  Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(d)</sup>  | 4129 | 4344 |
|  Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(d)</sup>  | 194 | 184 |
|  Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(d)</sup>  | 630 | 615 |
|  Fannie Mae Pool #DD6324 5.00% 4/1/2055 <sup>(d)</sup>  | 367 | 367 |
|  Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(d)</sup>  | 289 | 275 |
|  Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup>  | 337 | 337 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(d)</sup>  | 1042 | 1071 |
|  Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup>  | 1564 | 1560 |
|  Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(d)</sup>  | 377 | 382 |
|  Fannie Mae Pool #MA5737 6.50% 6/1/2055 <sup>(d)</sup>  | 349 | 363 |
|  Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(d)</sup>  | 727 | 747 |
|  Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(d)</sup>  | 73 | 74 |
|  Fannie Mae Pool #DE6152 6.50% 8/1/2055 <sup>(d)</sup>  | 151 | 157 |
|  Fannie Mae Pool #DE6383 7.00% 8/1/2055 <sup>(d)</sup>  | 425 | 447 |
|  Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(d)</sup>  | 186 | 188 |
|  Fannie Mae Pool #MA5962 7.00% 1/1/2056 <sup>(d)</sup>  | 338 | 356 |
|  Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class B, 5.591% 8/1/2054 <sup>(d)(e)(h)</sup>  | 315 | 286 |
|  Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(e)</sup>  | 25 | 24 |
|  Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(e)</sup>  | 150 | 157 |
|  Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(e)</sup>  | 30 | 32 |
|  Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(g)(h)</sup>  | 15 | 15 |
|  Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(b)(g)(h)</sup>  | 26 | 27 |
|  First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(e)</sup>  | 45 | 44 |
|  FirstEnergy Corp., Series B, 3.90% 7/15/2027 | 1763 | 1757 |
|  Flutter Treasury DAC 5.875% 6/4/2031 <sup>(e)</sup>  | 200 | 203 |
|  Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.20% 12/15/2039 <sup>(d)(e)(h)</sup>  | 483 | 485 |
|  Ford Motor Co. 6.10% 8/19/2032 | 30 | 31 |
|  Ford Motor Credit Co., LLC 5.85% 5/17/2027 | 2175 | 2209 |
|  Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 300 | 301 |
|  Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 200 | 197 |
|  Ford Motor Credit Co., LLC 7.35% 11/4/2027 | 200 | 209 |
|  Ford Motor Credit Co., LLC 2.90% 2/16/2028 | 200 | 193 |
|  Ford Motor Credit Co., LLC 5.80% 3/8/2029 | 3000 | 3066 |
|  Ford Motor Credit Co., LLC 5.73% 9/5/2030 | 1590 | 1615 |
|  Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 125 | 118 |
|  Ford Motor Credit Co., LLC 6.50% 2/7/2035 | 3100 | 3213 |
|  Ford Otomotiv Sanayi AS 7.125% 4/25/2029 <sup>(e)</sup>  | 255 | 265 |
|  Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033 <sup>(d)</sup>  | 1680 | 1632 |
|  Freddie Mac Pool #RB5111 2.00% 5/1/2041 <sup>(d)</sup>  | 1990 | 1737 |
|  Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(d)</sup>  | 184 | 183 |
|  Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(d)</sup>  | 586 | 475 |

---

---

| | |
|:---|:---|
| **211** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  Freddie Mac Pool #QE3878 3.50% 6/1/2052 <sup>(d)</sup>  | USD23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
|  Freddie Mac Pool #QE6084 5.00% 7/1/2052 <sup>(d)</sup>  | 860 | 862 |
|  Freddie Mac Pool #SD2986 3.50% 9/1/2052 <sup>(d)</sup>  | 827 | 767 |
|  Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup>  | 356 | 349 |
|  Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(d)</sup>  | 947 | 948 |
|  Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup>  | 2677 | 2625 |
|  Freddie Mac Pool #SD8327 3.50% 4/1/2053 <sup>(d)</sup>  | 23 | 21 |
|  Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(d)</sup>  | 240 | 244 |
|  Freddie Mac Pool #QG6918 3.50% 7/1/2053 <sup>(d)</sup>  | 91 | 84 |
|  Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(d)</sup>  | 21 | 21 |
|  Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(d)</sup>  | 648 | 659 |
|  Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(d)</sup>  | 163 | 170 |
|  Freddie Mac Pool #SD3512 6.00% 8/1/2053 <sup>(d)</sup>  | 54 | 55 |
|  Freddie Mac Pool #RA9795 4.00% 9/1/2053 <sup>(d)</sup>  | 34 | 32 |
|  Freddie Mac Pool #SD8363 6.00% 9/1/2053 <sup>(d)</sup>  | 613 | 631 |
|  Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(d)</sup>  | 11766 | 11781 |
|  Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(d)</sup>  | 116 | 121 |
|  Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup>  | 177 | 180 |
|  Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(d)</sup>  | 1515 | 1558 |
|  Freddie Mac Pool #QI1357 4.00% 3/1/2054 <sup>(d)</sup>  | 920 | 873 |
|  Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(d)</sup>  | 88 | 91 |
|  Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(d)</sup>  | 119 | 124 |
|  Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup>  | 260 | 261 |
|  Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(d)</sup>  | 14117 | 14417 |
|  Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup>  | 772 | 789 |
|  Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(d)</sup>  | 37 | 39 |
|  Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup>  | 1019 | 1039 |
|  Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(d)</sup>  | 490 | 500 |
|  Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(d)</sup>  | 1278 | 1313 |
|  Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup>  | 480 | 500 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup>  | 469 | 484 |
|  Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(d)</sup>  | 310 | 319 |
|  Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup>  | 305 | 316 |
|  Freddie Mac Pool #SD5873 6.00% 7/1/2054 <sup>(d)</sup>  | 193 | 199 |
|  Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(d)</sup>  | 160 | 165 |
|  Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(d)</sup>  | 3336 | 3397 |
|  Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(d)</sup>  | 600 | 612 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(d)</sup>  | 282 | 292 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(d)</sup>  | 24 | 25 |
|  Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(d)</sup>  | 609 | 619 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup>  | 1012 | 1043 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup>  | 532 | 550 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup>  | 506 | 527 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup>  | 487 | 507 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(d)</sup>  | 300 | 309 |
|  Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup>  | 406 | 413 |
|  Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(d)</sup>  | 23 | 24 |
|  Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup>  | 415 | 405 |
|  Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup>  | 1073 | 1089 |
|  Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup>  | 502 | 501 |
|  Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup>  | 321 | 326 |
|  Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup>  | 12 | 12 |
|  Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(d)</sup>  | 21 | 22 |
|  Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(d)</sup>  | 926 | 975 |
|  Freddie Mac Pool #SD8501 7.00% 1/1/2055 <sup>(d)</sup>  | 237 | 249 |
|  Freddie Mac Pool #QX6724 6.00% 2/1/2055 <sup>(d)</sup>  | 58 | 60 |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(d)</sup>  | 49 | 50 |
|  Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup>  | 149 | 149 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(d)</sup>  | 526 | 540 |
|  Freddie Mac Pool #QY1579 6.50% 4/1/2055 <sup>(d)</sup>  | 81 | 85 |
|  Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup>  | 311 | 311 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **212** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(d)</sup>  | USD206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(d)</sup>  | 144 | 148 |
|  Freddie Mac Pool #QY4408 7.00% 5/1/2055 <sup>(d)</sup>  | 302 | 318 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup>  | 438 | 437 |
|  Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(d)</sup>  | 4994 | 4740 |
|  Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(d)</sup>  | 169 | 169 |
|  Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(d)</sup>  | 171 | 173 |
|  Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(d)</sup>  | 765 | 786 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average USD-SOFR + 2.90%) 6.774% 4/25/2042 <sup>(d)(e)(h)</sup>  | 441 | 452 |
|  Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average USD-SOFR + 0.95%) 4.824% 1/25/2045 <sup>(d)(e)(h)</sup>  | 200 | 200 |
|  Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(e)</sup>  | 25 | 25 |
|  Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 65 | 66 |
|  Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(e)</sup>  | 103 | 105 |
|  FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(e)(i)</sup>  | 197 | 112 |
|  FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(e)</sup>  | 337 | 304 |
|  Garda World Security Corp. 8.375% 11/15/2032 <sup>(e)</sup>  | 65 | 66 |
|  Gartner, Inc. 3.75% 10/1/2030 <sup>(e)</sup>  | 70 | 66 |
|  GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(d)(e)</sup>  | 951 | 962 |
|  Genesis Energy, LP 8.25% 1/15/2029 | 25 | 26 |
|  Genesis Energy, LP 8.875% 4/15/2030 | 38 | 40 |
|  Genesis Energy, LP 7.875% 5/15/2032 | 60 | 63 |
|  Georgia (Republic of) 2.75% 4/22/2026 <sup>(e)</sup>  | 400 | 396 |
|  Gilead Sciences, Inc. 5.25% 10/15/2033 | 1342 | 1411 |
|  Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.072% 11/4/2031 <sup>(g)(h)</sup>  | 49 | 49 |
|  Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(a)</sup>  | 1080 | 1061 |
|  Government National Mortgage Assn. 6.50% 1/1/2056 <sup>(d)(l)</sup>  | 1708 | 1766 |
|  Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(d)</sup>  | 744 | 555 |
|  Gray Media, Inc. 5.375% 11/15/2031 <sup>(e)</sup>  | 19 | 14 |
|  Greenko Dutch BV 3.85% 3/29/2026 | 1488 | 1477 |
|  GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup>  | 1645 | 1723 |
|  Group 1 Automotive, Inc. 4.00% 8/15/2028 <sup>(e)</sup>  | 115 | 113 |
|  Grupo Energia Bogota SA ESP 4.875% 5/15/2030 <sup>(e)</sup>  | 660 | 654 |
|  Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(e)</sup>  | 25 | 25 |
|  Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(e)</sup>  | 25 | 26 |
|  Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% 3/15/2042 <sup>(d)(e)(h)</sup>  | 1066 | 1068 |
|  HCA, Inc. 5.625% 9/1/2028 | 120 | 124 |
|  Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(e)</sup>  | 65 | 68 |
|  Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(e)</sup>  | 30 | 32 |
|  Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(e)</sup>  | 249 | 254 |
|  Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(e)</sup>  | 1188 | 1203 |
|  Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(e)</sup>  | 14 | 14 |
|  Hightower Holding, LLC 6.75% 4/15/2029 <sup>(e)</sup>  | 235 | 234 |
|  Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(e)</sup>  | 105 | 102 |
|  Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(e)</sup>  | 25 | 24 |
|  Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(e)</sup>  | 115 | 110 |
|  Honduras (Republic of) 6.25% 1/19/2027 | 653 | 660 |
|  Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(d)(e)(h)</sup>  | 1949 | 2023 |
|  Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup>  | 175 | 176 |
|  Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup>  | 195 | 190 |
|  Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup>  | 120 | 114 |
|  Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(e)</sup>  | 200 | 207 |
|  HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027) <sup>(a)</sup>  | 1700 | 1716 |
|  HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(a)</sup>  | 1020 | 1023 |
|  HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(a)</sup>  | 2000 | 2283 |
|  HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(a)</sup>  | 1200 | 1315 |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(d)(e)(h)</sup>  | 396 | 401 |
|  HUB International, Ltd. 7.375% 1/31/2032 <sup>(e)</sup>  | 130 | 137 |
|  HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(g)(h)</sup>  | 3 | 3 |

---

---

| | |
|:---|:---|
| **213** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(d)(e)(h)</sup>  | USD2,712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814 |
|  Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup>  | 2375 | 2348 |
|  Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup>  | 269 | 265 |
|  Hyundai Capital America 2.00% 6/15/2028 <sup>(e)</sup>  | 600 | 569 |
|  Hyundai Capital America 4.25% 9/18/2028 <sup>(e)</sup>  | 2577 | 2578 |
|  Hyundai Capital America 6.50% 1/16/2029 <sup>(e)</sup>  | 132 | 140 |
|  Icahn Enterprises, LP 9.75% 1/15/2029 | 65 | 65 |
|  Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(d)(e)</sup>  | 480 | 481 |
|  Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030 <sup>(e)</sup>  | 500 | 516 |
|  Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(e)</sup>  | 130 | 123 |
|  Intel Corp. 3.05% 8/12/2051 | 740 | 455 |
|  Intel Corp. 5.60% 2/21/2054 | 168 | 155 |
|  Intercontinental Exchange, Inc. 4.20% 3/15/2031 | 588 | 589 |
|  Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053) <sup>(a)(e)</sup>  | 1500 | 1784 |
|  INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% 3/15/2042 <sup>(d)(e)(h)</sup>  | 3679 | 3688 |
|  ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(e)</sup>  | 200 | 203 |
|  Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup>  | 55 | 53 |
|  Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup>  | 235 | 232 |
|  Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(e)</sup>  | 200 | 207 |
|  Jane Street Group, LLC 6.75% 5/1/2033 <sup>(e)</sup>  | 80 | 84 |
|  Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(e)</sup>  | 80 | 84 |
|  JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(a)</sup>  | 1243 | 1240 |
|  JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(a)</sup>  | 3441 | 3612 |
|  JPMorgan Chase & Co. 4.81% 10/22/2036 (USD-SOFR + 1.19% on 10/22/2035) <sup>(a)</sup>  | 1330 | 1321 |
|  JPMorgan Chase & Co. 5.534% 11/29/2045 (USD-SOFR + 1.55% on 11/29/2044) <sup>(a)</sup>  | 730 | 742 |
|  Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(g)(h)</sup>  | 74 | 75 |
|  Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(g)(h)</sup>  | 50 | 49 |
|  KB Home 6.875% 6/15/2027 | 50 | 51 |
|  Kennedy-Wilson, Inc. 4.75% 3/1/2029 | 20 | 20 |
|  Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 245 | 231 |
|  Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(e)</sup>  | 10 | 10 |
|  Korea Electric Power Corp. 5.375% 7/31/2026 <sup>(e)</sup>  | 1290 | 1300 |
|  Korea Electric Power Corp. 4.75% 2/13/2028 <sup>(e)</sup>  | 2250 | 2286 |
|  Korea Gas Corp. 5.00% 7/8/2029 <sup>(e)</sup>  | 225 | 232 |
|  KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) 5.293% 12/15/2039 <sup>(d)(e)(h)</sup>  | 1207 | 1208 |
|  LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(d)(e)</sup>  | 194 | 197 |
|  LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(e)</sup>  | 219 | 220 |
|  Lamar Media Corp. 3.75% 2/15/2028 | 10 | 10 |
|  Lamar Media Corp. 3.625% 1/15/2031 | 120 | 113 |
|  Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(e)</sup>  | 30 | 29 |
|  LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(e)</sup>  | 25 | 26 |
|  LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(e)</sup>  | 110 | 108 |
|  LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(e)</sup>  | 40 | 42 |
|  Levi Strauss & Co. 3.50% 3/1/2031 <sup>(e)</sup>  | 115 | 108 |
|  Live Nation Entertainment, Inc. 4.75% 10/15/2027 <sup>(e)</sup>  | 130 | 130 |
|  Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026) <sup>(a)</sup>  | 7000 | 6937 |
|  Lockheed Martin Corp. 5.20% 2/15/2064 | 309 | 287 |
|  LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(e)</sup>  | 10 | 10 |
|  LSB Industries, Inc. 6.25% 10/15/2028 <sup>(e)</sup>  | 90 | 90 |
|  Magnetite CLO, Ltd., Series 2019-22, Class ARR, (3-month USD CME Term SOFR + 1.25%) 5.155% 7/15/2036 <sup>(d)(e)(h)</sup>  | 563 | 563 |
|  Marriott International, Inc. 2.75% 10/15/2033 | 5 | 4 |
|  Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(e)</sup>  | 45 | 43 |
|  Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup>  | 2925 | 2990 |
|  Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup>  | 3575 | 3686 |
|  Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup>  | 1475 | 1517 |
|  Marsh & McLennan Cos., Inc. 5.70% 9/15/2053 | 282 | 285 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **214** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  Mastercard, Inc. 2.00% 11/18/2031 | USD600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 |
|  Matador Resources Co. 6.50% 4/15/2032 <sup>(e)</sup>  | 50 | 51 |
|  Matador Resources Co. 6.25% 4/15/2033 <sup>(e)</sup>  | 45 | 45 |
|  Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(e)</sup>  | 393 | 393 |
|  Meta Platforms, Inc. 5.50% 11/15/2045 | 269 | 261 |
|  Meta Platforms, Inc. 5.625% 11/15/2055 | 576 | 553 |
|  Meta Platforms, Inc. 5.75% 11/15/2065 | 276 | 264 |
|  Methanex Corp. 5.125% 10/15/2027 | 55 | 55 |
|  Methanex Corp. 5.25% 12/15/2029 | 5 | 5 |
|  MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(a)(d)(e)</sup>  | 1208 | 1219 |
|  MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(a)(d)(e)</sup>  | 1000 | 1003 |
|  MGM Resorts International 5.50% 4/15/2027 | 90 | 91 |
|  Microchip Technology, Inc. 5.05% 2/15/2030 | 709 | 724 |
|  Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(e)</sup>  | 155 | 159 |
|  Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(e)</sup>  | 85 | 89 |
|  Minerva Luxembourg SA 8.875% 9/13/2033 | 2161 | 2364 |
|  Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(e)</sup>  | 1094 | 1101 |
|  Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(e)</sup>  | 539 | 542 |
|  Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(d)(e)</sup>  | 472 | 475 |
|  Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(d)(e)</sup>  | 1136 | 1145 |
|  Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(e)</sup>  | 80 | 79 |
|  Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(e)</sup>  | 75 | 70 |
|  Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(e)</sup>  | 115 | 117 |
|  Moog, Inc. 4.25% 12/9/2027 <sup>(e)</sup>  | 120 | 119 |
|  Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(a)</sup>  | 3700 | 3746 |
|  Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(a)</sup>  | 1480 | 1475 |
|  Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(a)</sup>  | 1433 | 1260 |
|  Motherson Global Investments BV 5.625% 7/11/2029 <sup>(e)</sup>  | 595 | 608 |
|  MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(e)</sup>  | 35 | 37 |
|  MSCI, Inc. 3.625% 11/1/2031 <sup>(e)</sup>  | 210 | 197 |
|  Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) 6.624%<br>7/25/2054 <sup>(d)(e)(h)</sup>  | 485 | 492 |
|  Murphy Oil Corp. 6.00% 10/1/2032 | 25 | 25 |
|  Murphy Oil USA, Inc. 4.75% 9/15/2029 | 48 | 48 |
|  Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(e)</sup>  | 160 | 168 |
|  National Australia Bank, Ltd. 5.181% 6/11/2034 <sup>(e)</sup>  | 1250 | 1300 |
|  Navient Corp. 5.00% 3/15/2027 | 45 | 45 |
|  Navient Corp. 4.875% 3/15/2028 | 145 | 143 |
|  Navient Corp. 7.875% 6/15/2032 | 55 | 58 |
|  New York Life Global Funding 1.20% 8/7/2030 <sup>(e)</sup>  | 2725 | 2385 |
|  New York Life Global Funding 5.00% 1/9/2034 <sup>(e)</sup>  | 1500 | 1525 |
|  New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(e)(h)</sup>  | 515 | 481 |
|  Newell Brands, Inc. 8.50% 6/1/2028 <sup>(e)</sup>  | 30 | 31 |
|  Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(e)</sup>  | 165 | 164 |
|  NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027 | 1025 | 1038 |
|  NFE Financing, LLC 12.00% 11/15/2029 <sup>(e)(j)</sup>  | 709 | 206 |
|  NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(e)</sup>  | 55 | 57 |
|  NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(e)</sup>  | 70 | 73 |
|  Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(e)</sup>  | 900 | 934 |
|  Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(e)</sup>  | 200 | 213 |
|  Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup>  | 200 | 213 |
|  NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(e)</sup>  | 500 | 502 |
|  Norfolk Southern Corp. 5.35% 8/1/2054 | 496 | 474 |
|  Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(e)</sup>  | 50 | 49 |
|  NOVA Chemicals Corp. 5.25% 6/1/2027 <sup>(e)</sup>  | 20 | 20 |
|  NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(e)</sup>  | 90 | 96 |
|  NuStar Logistics, LP 5.625% 4/28/2027 | 80 | 81 |
|  Occidental Petroleum Corp. 6.375% 9/1/2028 | 54 | 57 |
|  OCP SA 3.75% 6/23/2031 | 500 | 469 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(e)</sup>  | 269 | 273 |
|  OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(e)</sup>  | 120 | 122 |

---

---

| | |
|:---|:---|
| **215** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  OneMain Finance Corp. 7.125% 9/15/2032 | USD25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
|  OneSky Flight, LLC 8.875% 12/15/2029 <sup>(e)</sup>  | 35 | 37 |
|  Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(a)(d)(e)</sup>  | 631 | 637 |
|  Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(d)(e)</sup>  | 1222 | 1237 |
|  Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(a)(d)(e)</sup>  | 2219 | 2243 |
|  Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) <sup>(a)(d)(e)</sup>  | 2400 | 2421 |
|  Open Text Corp. 3.875% 2/15/2028 <sup>(e)</sup>  | 25 | 25 |
|  Oracle Corp. 2.65% 7/15/2026 | 2327 | 2308 |
|  Oracle Corp. 3.25% 11/15/2027 | 1880 | 1840 |
|  Oracle Corp. 4.45% 9/26/2030 | 4475 | 4379 |
|  Oracle Corp. 3.95% 3/25/2051 | 22 | 14 |
|  Oracle Corp. 6.00% 8/3/2055 | 1500 | 1324 |
|  Orange 9.00% 3/1/2031 <sup>(a)</sup>  | 2434 | 2930 |
|  Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(e)</sup>  | 40 | 26 |
|  Pacific Gas and Electric Co. 3.15% 1/1/2026 | 3000 | 3000 |
|  Pacific Gas and Electric Co. 4.65% 8/1/2028 | 542 | 546 |
|  Pacific Gas and Electric Co. 6.40% 6/15/2033 | 1500 | 1621 |
|  Pacific Gas and Electric Co. 3.30% 8/1/2040 | 4525 | 3437 |
|  PacifiCorp 3.30% 3/15/2051 | 150 | 96 |
|  PacifiCorp 2.90% 6/15/2052 | 280 | 164 |
|  PacifiCorp 5.35% 12/1/2053 | 525 | 462 |
|  PacifiCorp 5.50% 5/15/2054 | 980 | 877 |
|  PacifiCorp 5.80% 1/15/2055 | 500 | 467 |
|  Panama (Republic of) 3.75% 4/17/2026 | 465 | 466 |
|  Panama (Republic of) 7.50% 3/1/2031 | 2325 | 2583 |
|  Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(e)</sup>  | 65 | 65 |
|  Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(e)</sup>  | 65 | 64 |
|  Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(e)</sup>  | 55 | 57 |
|  Party City Holdings, Inc. 0% 8/27/2030 <sup>(f)</sup>  | 2 | – <sup>(k)</sup> |
|  PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(e)</sup>  | 1059 | 1066 |
|  Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(e)</sup>  | 11 | 11 |
|  Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(e)</sup>  | 3 | 3 |
|  Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(e)</sup>  | 25 | 26 |
|  Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(e)</sup>  | 106 | 109 |
|  Petroleos Mexicanos 6.84% 1/23/2030 | 20114 | 20438 |
|  Petroleos Mexicanos 5.95% 1/28/2031 | 65 | 63 |
|  Petroleos Mexicanos 6.70% 2/16/2032 | 779 | 777 |
|  Petroleos Mexicanos 6.95% 1/28/2060 | 55 | 45 |
|  Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 2128 | 2151 |
|  Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 188 | 178 |
|  PG&E Corp. 5.00% 7/1/2028 | 235 | 235 |
|  PG&E Corp. 5.25% 7/1/2030 | 175 | 174 |
|  PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.883% on 3/15/2030) <sup>(a)</sup>  | 145 | 151 |
|  Philip Morris International, Inc. 5.125% 11/17/2027 | 315 | 322 |
|  Philip Morris International, Inc. 2.10% 5/1/2030 | 634 | 581 |
|  Philip Morris International, Inc. 5.75% 11/17/2032 | 1554 | 1663 |
|  Philip Morris International, Inc. 5.375% 2/15/2033 | 1382 | 1446 |
|  PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(a)</sup>  | 375 | 396 |
|  POSCO 4.875% 1/23/2027 <sup>(e)</sup>  | 510 | 514 |
|  Post Holdings, Inc. 4.625% 4/15/2030 <sup>(e)</sup>  | 444 | 433 |
|  Post Holdings, Inc. 6.25% 2/15/2032 <sup>(e)</sup>  | 33 | 34 |
|  Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(e)</sup>  | 120 | 113 |
|  Procter & Gamble Co. 3.00% 3/25/2030 | 338 | 326 |
|  Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(d)(e)</sup>  | 902 | 860 |
|  PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(d)(e)</sup>  | 403 | 390 |
|  PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.466% on 3/24/2027) <sup>(a)</sup>  | 2755 | 2696 |
|  PT Freeport Indonesia 5.315% 4/14/2032 | 449 | 458 |
|  Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(e)</sup>  | 40 | 42 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **216** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(e)</sup>  | USD10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
|  Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(e)(i)</sup>  | 296 | 285 |
|  Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(e)</sup>  | 910 | 743 |
|  Range Resources Corp. 4.75% 2/15/2030 <sup>(e)</sup>  | 145 | 143 |
|  Repsol E&P Capital Markets US, LLC 5.204% 9/16/2030 <sup>(e)</sup>  | 689 | 699 |
|  Reworld Holding Corp. 4.875% 12/1/2029 <sup>(e)</sup>  | 25 | 24 |
|  RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(e)</sup>  | 80 | 83 |
|  RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(e)</sup>  | 90 | 89 |
|  RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(e)</sup>  | 30 | 31 |
|  Rio Tinto Finance (USA) PLC 5.25% 3/14/2035 | 1420 | 1464 |
|  RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(e)</sup>  | 25 | 24 |
|  Roper Technologies, Inc. 4.45% 9/15/2030 | 2900 | 2914 |
|  Roper Technologies, Inc. 5.10% 9/15/2035 | 925 | 932 |
|  Royal Bank of Canada 5.153% 2/4/2031 (USD-SOFR + 1.03% on 2/4/2030) <sup>(a)</sup>  | 1700 | 1751 |
|  Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(e)</sup>  | 75 | 76 |
|  Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(e)</sup>  | 90 | 93 |
|  Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(e)</sup>  | 25 | 21 |
|  Sally Holdings, LLC 6.75% 3/1/2032 | 107 | 112 |
|  Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(i)</sup>  | 3406 | 3454 |
|  Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(e)(i)</sup>  | 464 | 471 |
|  Sands China, Ltd. 5.40% 8/8/2028 | 2710 | 2763 |
|  Santander Holdings USA, Inc. 3.244% 10/5/2026 | 3750 | 3728 |
|  Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(b)</sup>  | 1330 | 1355 |
|  Sats Treasury Pte., Ltd. 4.828% 1/23/2029 | 350 | 357 |
|  Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(e)</sup>  | 62 | 61 |
|  Scentre Group Trust 1 3.75% 3/23/2027 <sup>(e)</sup>  | 110 | 110 |
|  SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(e)</sup>  | 2846 | 2909 |
|  Science Applications International Corp. 5.875% 11/1/2033 <sup>(e)</sup>  | 10 | 10 |
|  Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(e)</sup>  | 46 | 41 |
|  SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(e)</sup>  | 115 | 115 |
|  Sealed Air Corp. 6.125% 2/1/2028 <sup>(e)</sup>  | 180 | 183 |
|  Sealed Air Corp. 6.50% 7/15/2032 <sup>(e)</sup>  | 123 | 128 |
|  Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(e)</sup>  | 123 | 124 |
|  Securitized Term Auto Receivables Trust, Series 2025-B, Class B, 4.925% 12/29/2032 <sup>(d)(e)</sup>  | 630 | 636 |
|  Serbia (Republic of) 6.25% 5/26/2028 <sup>(e)</sup>  | 740 | 768 |
|  Service Corp. International 5.75% 10/15/2032 | 35 | 36 |
|  Service Properties Trust 0% 9/30/2027 <sup>(e)</sup>  | 30 | 27 |
|  Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup>  | 60 | 63 |
|  ServiceNow, Inc. 1.40% 9/1/2030 | 756 | 666 |
|  Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(e)</sup>  | 50 | 50 |
|  Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup>  | 195 | 191 |
|  Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(e)</sup>  | 39 | 37 |
|  Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup>  | 111 | 102 |
|  SK hynix, Inc. 1.50% 1/19/2026 | 563 | 562 |
|  SLM Corp. 6.50% 1/31/2030 | 85 | 88 |
|  SM Energy Co. 6.50% 7/15/2028 | 45 | 46 |
|  SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% 11/15/2052 <sup>(d)(e)(h)</sup>  | 482 | 487 |
|  Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(e)</sup>  | 45 | 44 |
|  Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(e)</sup>  | 20 | 19 |
|  Southern California Edison Co. 2.85% 8/1/2029 | 200 | 190 |
|  Southern California Edison Co. 3.65% 2/1/2050 | 1700 | 1190 |
|  Standard Chartered PLC 5.244% 5/13/2031 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 5/13/2030) <sup>(a)(e)</sup>  | 1500 | 1546 |
|  Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) 5.201% 2/17/2042 <sup>(d)(e)(h)</sup>  | 216 | 216 |
|  Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(e)</sup>  | 100 | 101 |
|  State Street Corp. 5.146% 2/28/2036 (USD-SOFR + 1.217% on 2/28/2035) <sup>(a)</sup>  | 1450 | 1485 |
|  Station Casinos, LLC 6.625% 3/15/2032 <sup>(e)</sup>  | 35 | 36 |
|  Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.905%<br>7/15/2032 <sup>(d)(e)(h)</sup>  | 1439 | 1437 |

---

---

| | |
|:---|:---|
| **217** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  Stillwater Mining Co. 4.00% 11/16/2026 <sup>(b)</sup>  | USD2,090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077 |
|  Sunoco, LP 7.00% 5/1/2029 <sup>(e)</sup>  | 30 | 31 |
|  Sunoco, LP 4.50% 5/15/2029 | 290 | 285 |
|  Sunoco, LP 4.50% 4/30/2030 | 35 | 34 |
|  Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(e)</sup>  | 45 | 46 |
|  SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) 5.193% 2/15/2042 <sup>(d)(e)(h)</sup>  | 6917 | 6863 |
|  Synopsys, Inc. 5.15% 4/1/2035 | 1410 | 1434 |
|  Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(e)</sup>  | 69 | 73 |
|  Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(g)(h)</sup>  | 44 | 44 |
|  Talos Production, Inc. 9.00% 2/1/2029 <sup>(e)</sup>  | 15 | 16 |
|  Talos Production, Inc. 9.375% 2/1/2031 <sup>(e)</sup>  | 55 | 57 |
|  Tenet Healthcare Corp. 6.125% 10/1/2028 | 17 | 17 |
|  Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 455 | 461 |
|  Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 | 200 | 210 |
|  State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 | 965 | 669 |
|  TGS ASA 8.50% 1/15/2030 <sup>(e)</sup>  | 200 | 210 |
|  Tidewater, Inc. 9.125% 7/15/2030 <sup>(e)</sup>  | 10 | 11 |
|  Tierra Mojada Luxembourg II SARL 5.75% 12/1/2040 | 861 | 848 |
|  T-Mobile USA, Inc. 2.40% 3/15/2029 | 1079 | 1022 |
|  T-Mobile USA, Inc. 5.65% 1/15/2053 | 1400 | 1355 |
|  Toronto-Dominion Bank (The) 4.783% 12/17/2029 | 424 | 435 |
|  TotalEnergies Capital SA 5.488% 4/5/2054 | 1500 | 1451 |
|  TransDigm, Inc. 4.875% 5/1/2029 | 80 | 80 |
|  TransDigm, Inc. 6.875% 12/15/2030 <sup>(e)</sup>  | 85 | 89 |
|  TransDigm, Inc. 6.625% 3/1/2032 <sup>(e)</sup>  | 45 | 47 |
|  TransDigm, Inc. 6.375% 5/31/2033 <sup>(e)</sup>  | 75 | 77 |
|  TransDigm, Inc. 6.75% 1/31/2034 <sup>(e)</sup>  | 140 | 146 |
|  Transocean International, Ltd. 8.75% 2/15/2030 <sup>(e)</sup>  | 30 | 31 |
|  Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(e)</sup>  | 83 | 84 |
|  Transocean, Inc. 6.80% 3/15/2038 | 35 | 30 |
|  Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(f)</sup>  | 100 | 100 |
|  Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/2040 <sup>(d)(e)</sup>  | 251 | 252 |
|  Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/2040 <sup>(d)(e)</sup>  | 100 | 100 |
|  Turkey (Republic of) 7.125% 7/17/2032 | 1360 | 1440 |
|  U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(e)</sup>  | 554 | 557 |
|  U.S. Treasury 3.875% 5/31/2027 | 662 | 665 |
|  U.S. Treasury 3.75% 6/30/2027 | 30 | 30 |
|  U.S. Treasury 3.625% 8/31/2027 <sup>(m)</sup>  | 25710 | 25766 |
|  U.S. Treasury 3.50% 10/15/2028 | 1281 | 1280 |
|  U.S. Treasury 3.50% 11/15/2028 | 1460 | 1458 |
|  U.S. Treasury 3.50% 9/30/2029 | 399 | 397 |
|  U.S. Treasury 4.125% 10/31/2029 | 328 | 334 |
|  U.S. Treasury 4.00% 5/31/2030 | 2995 | 3034 |
|  U.S. Treasury 3.875% 6/30/2030 <sup>(m)</sup>  | 13418 | 13520 |
|  U.S. Treasury 3.50% 11/30/2030 | 1289 | 1276 |
|  U.S. Treasury 4.125% 11/30/2031 | 704 | 715 |
|  U.S. Treasury 3.875% 8/15/2034 | 540 | 532 |
|  U.S. Treasury 4.625% 2/15/2035 | 1681 | 1746 |
|  U.S. Treasury 4.00% 11/15/2035 <sup>(m)</sup>  | 7207 | 7109 |
|  U.S. Treasury 1.75% 8/15/2041 | 4650 | 3144 |
|  U.S. Treasury 4.75% 11/15/2043 <sup>(m)</sup>  | 2650 | 2654 |
|  U.S. Treasury 4.625% 5/15/2044 | 1210 | 1190 |
|  U.S. Treasury 3.00% 8/15/2048 <sup>(m)</sup>  | 5045 | 3743 |
|  U.S. Treasury 1.25% 5/15/2050 | 1625 | 780 |
|  U.S. Treasury 4.75% 11/15/2053 <sup>(m)</sup>  | 4809 | 4729 |
|  U.S. Treasury 4.25% 2/15/2054 | 681 | 617 |
|  U.S. Treasury 4.625% 5/15/2054 <sup>(m)</sup>  | 1836 | 1772 |
|  U.S. Treasury 4.50% 11/15/2054 | 143 | 135 |
|  U.S. Treasury 4.625% 2/15/2055 <sup>(m)</sup>  | 2915 | 2814 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **218** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. dollars (continued)** |  |  |
|  U.S. Treasury 4.75% 8/15/2055 | USD927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 |
|  U.S. Treasury Inflation-Protected Security 0.125% 7/15/2026 <sup>(c)</sup>  | 850 | 845 |
|  U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)</sup>  | 10727 | 11051 |
|  U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(c)</sup>  | 3539 | 1913 |
|  U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(c)</sup>  | 186 | 145 |
|  U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(c)(m)</sup>  | 2891 | 2600 |
|  U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(c)</sup>  | 4653 | 4417 |
|  UKG, Inc. 6.875% 2/1/2031 <sup>(e)</sup>  | 77 | 79 |
|  Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(d)(l)</sup>  | 800 | 647 |
|  Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(d)(l)</sup>  | 17 | 16 |
|  Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(d)(l)</sup>  | 2692 | 2628 |
|  Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(d)(l)</sup>  | 164 | 171 |
|  Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(d)(l)</sup>  | 3010 | 3168 |
|  Uniform Mortgage-Backed Security 2.00% 2/1/2056 <sup>(d)(l)</sup>  | 7290 | 5893 |
|  Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(d)(l)</sup>  | 3696 | 3406 |
|  United Mexican States 5.375% 3/22/2033 | 765 | 761 |
|  United Mexican States 6.00% 5/7/2036 | 970 | 985 |
|  United Mexican States 6.338% 5/4/2053 | 425 | 406 |
|  United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(e)</sup>  | 85 | 85 |
|  United Rentals (North America), Inc. 3.875% 2/15/2031 | 130 | 124 |
|  UnitedHealth Group, Inc. 5.30% 6/15/2035 | 1450 | 1502 |
|  UnitedHealth Group, Inc. 5.95% 6/15/2055 | 1450 | 1490 |
|  Univision Communications, Inc. 8.00% 8/15/2028 <sup>(e)</sup>  | 110 | 114 |
|  Univision Communications, Inc. 4.50% 5/1/2029 <sup>(e)</sup>  | 250 | 240 |
|  US Foods, Inc. 4.625% 6/1/2030 <sup>(e)</sup>  | 35 | 35 |
|  Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(e)</sup>  | 35 | 36 |
|  Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(e)</sup>  | 20 | 21 |
|  Valvoline, Inc. 3.625% 6/15/2031 <sup>(e)</sup>  | 85 | 78 |
|  Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(f)(g)(h)(i)(j)</sup>  | 34 | 11 |
|  Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(f)(g)(h)(i)(j)</sup>  | 34 | 11 |
|  Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(f)(g)(h)(i)(j)</sup>  | 56 | 18 |
|  Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(e)</sup>  | 35 | 33 |
|  Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(e)</sup>  | 31 | 31 |
|  Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(e)</sup>  | 110 | 100 |
|  Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(e)</sup>  | 80 | 81 |
|  Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(e)</sup>  | 82 | 85 |
|  Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(e)</sup>  | 50 | 51 |
|  Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(e)</sup>  | 55 | 59 |
|  Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(e)</sup>  | 115 | 118 |
|  Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(e)</sup>  | 25 | 27 |
|  Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(e)</sup>  | 85 | 87 |
|  Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(d)(e)</sup>  | 525 | 532 |
|  Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(e)(h)</sup>  | 752 | 757 |
|  Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(a)(d)(e)</sup>  | 1418 | 1424 |
|  Voyager Parent, LLC 9.25% 7/1/2032 <sup>(e)</sup>  | 150 | 159 |
|  Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(e)</sup>  | 71 | 73 |
|  Waste Management, Inc. 3.875% 1/15/2029 | 50 | 50 |
|  Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(e)</sup>  | 34 | 35 |
|  Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(e)</sup>  | 65 | 67 |
|  Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(a)</sup>  | 4698 | 4668 |
|  WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(e)</sup>  | 200 | 203 |
|  WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(e)</sup>  | 150 | 157 |
|  Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(e)</sup>  | 99 | 100 |
|  WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(e)</sup>  | 110 | 106 |
|  WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(e)</sup>  | 80 | 75 |
|  Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)(i)</sup>  | 74 | 81 |
|  Wynn Macau, Ltd. 6.75% 2/15/2034 <sup>(e)</sup>  | 875 | 887 |
|  Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(e)</sup>  | 43 | 47 |
|  |  | 643640 |
|  **Total bonds, notes & other debt instruments** (cost: $1,378,329,000) |  | 1345508 |

---

---

| | |
|:---|:---|
| **219** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Preferred securities 0.01% | Shares | Value<br> (000) |
|  **U.S. dollars 0.01%** |  |  |
|  ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(e)(f)(n)</sup>  | 48 | $80 |
|  **Total preferred securities** (cost: $50,000) |  | 80 |
| Common stocks 0.00% |  |  |
|  **U.S. dollars 0.00%** |  |  |
|  Altera Infrastructure, LP <sup>(f)</sup>  | 1441 | 59 |
|  Expand Energy Corp. | 45 | 5 |
|  Venator Materials PLC <sup>(f)(n)</sup>  | 232 | – <sup>(k)</sup> |
|  **Total common stocks** (cost: $1,019,000) |  | 64 |
| Rights & warrants 0.00% |  |  |
|  **U.S. dollars 0.00%** |  |  |
|  Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(n)</sup>  | 85 | 8 |
|  **Total rights & warrants** (cost: $73,000) |  | 8 |
| Investment funds 1.54% |  |  |
|  Capital Group Central Corporate Bond Fund <sup>(o)</sup>  | 2674552 | 22734 |
|  **Total investment funds** (cost: $20,987,000) |  | 22734 |
| Short-term securities 7.71% |  |  |
|  **Money market investments 7.71%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(o)(p)</sup>  | 1141484 | 114160 |
|  **Total short-term securities** (cost: $114,142,000) |  | 114160 |
| Options purchased (equity style) 0.00% |  |  |
|  Options purchased (equity style) \* |  | 16 |
|  **Total options purchased (equity style)** (cost: $81,000) |  | 16 |
|  **Total investment securities 100.19%** (cost: $1,514,681,000) |  | 1482570 |
|  Other assets less liabilities (0.19)% |  | (2800) |
|  **Net assets 100.00%** |  | $1479770 |

---

#### \*Options purchased (equity style)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Options on foreign currencies** |  |  |  |  |  |
| Description | Counterparty | Expiration<br> date | Exercise<br> price | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) |
|  **Put** |  |  |  |  |  |
|  USD/JPY Foreign Currency Options | BNP Paribas | 2/18/2026 | JPY147.00 | USD15,680 | $16 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **220** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Options purchased (futures style)** |  |  |  |  |  |
|  **Options on futures** |  |  |  |  |  |
| Description | Number of<br>contracts | Expiration<br>date | Exercise<br>price | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  **Put** | **Put** | **Put** | **Put** | **Put** |  |
|  10 Year Euro-Bund Futures Option | 125 | 1/23/2026 | EUR126.50 | EUR12,500 | $– <sup>(k)</sup> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Options Written (futures style)** |  |  |  |  |  |
|  **Options on futures** |  |  |  |  |  |
| Description | Number of<br>contracts | Expiration<br>date | Exercise<br>price | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  **Call** | **Call** | **Call** | **Call** | **Call** |  |
|  10 Year Euro-Bund Futures Option | (125) | 1/23/2026 | EUR131.50 | EUR(12500) | $28 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts** |  |  |  |  |  |
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation) at<br>12/31/2025<br> (000) |
|  3 Month SONIA Futures | Short | 4 | 3/18/2026 | USD(1298) | $(2) |
|  3 Month CORRA Futures | Long | 866 | 6/17/2026 | 154131 | 377 |
|  3 Month Euro EURIBOR Futures | Long | 1 | 12/14/2026 | 288 | – <sup>(k)</sup> |
|  2 Year Italy Government Bond Futures | Long | 274 | 3/10/2026 | 34561 | (61) |
|  2 Year Euro-Schatz Futures | Short | 61 | 3/10/2026 | (7655) | 8 |
|  2 Year Canadian Government Bond Futures | Long | 301 | 3/31/2026 | 23159 | (63) |
|  2 Year U.S. Treasury Note Futures | Long | 1141 | 4/6/2026 | 238228 | (45) |
|  3 Year Australian Treasury Bond Futures | Long | 332 | 3/17/2026 | 23263 | 16 |
|  5 Year Euro-Bobl Futures | Long | 384 | 3/10/2026 | 52420 | (269) |
|  5 Year Canadian Government Bond Futures | Long | 209 | 3/31/2026 | 17251 | (152) |
|  5 Year U.S. Treasury Note Futures | Long | 482 | 4/6/2026 | 52685 | (144) |
|  10 Year Italy Government Bond Futures | Long | 82 | 3/10/2026 | 11581 | (35) |
|  10 Year French Government Bond Futures | Short | 36 | 3/10/2026 | (5102) | 35 |
|  10 Year Euro-Bund Futures | Short | 416 | 3/10/2026 | (62367) | 460 |
|  10 Year Australian Treasury Bond Futures | Long | 145 | 3/16/2026 | 10594 | 50 |
|  10 Year Japanese Government Bond Futures | Short | 30 | 3/23/2026 | (25359) | 167 |
|  10 Year U.S. Treasury Note Futures | Long | 161 | 3/31/2026 | 18102 | (168) |
|  10 Year Ultra U.S. Treasury Note Futures | Long | 69 | 3/31/2026 | 7936 | (67) |
|  10 Year UK Gilt Futures | Short | 31 | 3/31/2026 | (3818) | 14 |
|  10 Year Canadian Government Bond Futures | Short | 241 | 3/31/2026 | (21230) | 331 |
|  20 Year U.S. Treasury Bond Futures | Long | 153 | 3/31/2026 | 17686 | (251) |
|  30 Year Euro-Buxl Futures | Short | 54 | 3/10/2026 | (6988) | 157 |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 186 | 3/31/2026 | 21948 | (374) |
|  |  |  |  |  | $(16) |

---

---

| | |
|:---|:---|
| **221** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** | **Forward currency contracts** |
|  |  |  |  |  |  | Unrealized |
|  |  |  |  |  |  | appreciation |
|  Contract amount | Contract amount | Contract amount | Contract amount |  |  | (depreciation) |
|  Currency purchased | Currency purchased | Currency sold | Currency sold |  | Settlement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at 12/31/2025 |
| (000) | (000) | (000) | (000) | Counterparty | date | (000) |
|  TRY | 137735 | USD | 3157 | Citibank | 1/7/2026 | $35 |
|  MYR | 8120 | USD | 1986 | BNP Paribas | 1/8/2026 | 17 |
|  USD | 1377 | MYR | 5680 | JPMorgan Chase | 1/8/2026 | (24) |
|  CAD | 39278 | USD | 28223 | Barclays Bank PLC | 1/9/2026 | 406 |
|  GBP | 9385 | USD | 12570 | Bank of America | 1/9/2026 | 81 |
|  USD | 2793 | JPY | 432460 | Bank of America | 1/9/2026 | 30 |
|  CZK | 117510 | USD | 5689 | Bank of New York Mellon | 1/9/2026 | 28 |
|  USD | 1032 | BRL | 5550 | Goldman Sachs | 1/9/2026 | 22 |
|  CZK | 49000 | USD | 2366 | JPMorgan Chase | 1/9/2026 | 18 |
|  USD | 1007 | JPY | 155470 | Citibank | 1/9/2026 | 14 |
|  CZK | 156440 | EUR | 6463 | JPMorgan Chase | 1/9/2026 | 13 |
|  EUR | 800 | USD | 934 | HSBC Bank | 1/9/2026 | 7 |
|  CHF | 1007 | USD | 1271 | Bank of America | 1/9/2026 | 2 |
|  USD | 1318 | IDR | 21992435 | Citibank | 1/9/2026 | 1 |
|  COP | 135700 | USD | 35 | Citibank | 1/9/2026 | – <sup>(k)</sup> |
|  IDR | 14450980 | USD | 869 | Goldman Sachs | 1/9/2026 | (3) |
|  USD | 1002 | PHP | 59200 | HSBC Bank | 1/9/2026 | (3) |
|  EUR | 2820 | USD | 3319 | Bank of America | 1/9/2026 | (4) |
|  USD | 7053 | INR | 635855 | HSBC Bank | 1/9/2026 | (14) |
|  BRL | 5610 | USD | 1042 | Citibank | 1/9/2026 | (20) |
|  JPY | 331470 | USD | 2145 | Barclays Bank PLC | 1/9/2026 | (27) |
|  USD | 1760 | CLP | 1623750 | Citibank | 1/9/2026 | (43) |
|  USD | 5157 | GBP | 3860 | Bank of America | 1/9/2026 | (46) |
|  USD | 3577 | COP | 13816730 | Citibank | 1/9/2026 | (64) |
|  USD | 3707 | KRW | 5484900 | Citibank | 1/9/2026 | (93) |
|  USD | 11254 | EUR | 9660 | Citibank | 1/9/2026 | (103) |
|  USD | 8919 | KRW | 13061798 | Citibank | 1/9/2026 | (130) |
|  SEK | 46505 | USD | 4947 | HSBC Bank | 1/12/2026 | 107 |
|  NOK | 68290 | USD | 6741 | Bank of America | 1/12/2026 | 34 |
|  CNH | 21500 | USD | 3062 | UBS AG | 1/12/2026 | 23 |
|  USD | 1972 | NZD | 3397 | HSBC Bank | 1/12/2026 | 15 |
|  EUR | 5100 | CAD | 8207 | HSBC Bank | 1/12/2026 | 14 |
|  HUF | 1284310 | EUR | 3326 | JPMorgan Chase | 1/12/2026 | 13 |
|  PLN | 6680 | EUR | 1573 | Citibank | 1/12/2026 | 11 |
|  SGD | 1400 | USD | 1081 | Citibank | 1/12/2026 | 9 |
|  AUD | 2017 | USD | 1340 | HSBC Bank | 1/12/2026 | 6 |
|  USD | 5075 | PLN | 18215 | BNP Paribas | 1/12/2026 | 2 |
|  EUR | 1778 | RON | 9075 | Citibank | 1/12/2026 | (2) |
|  USD | 4334 | HUF | 1419580 | HSBC Bank | 1/12/2026 | (3) |
|  USD | 2870 | SGD | 3690 | UBS AG | 1/12/2026 | (3) |
|  USD | 274 | PLN | 1000 | Citibank | 1/12/2026 | (4) |
|  USD | 2280 | CAD | 3133 | HSBC Bank | 1/12/2026 | (4) |
|  USD | 239 | ZAR | 4080 | Citibank | 1/12/2026 | (7) |
|  NZD | 2799 | USD | 1621 | Bank of America | 1/12/2026 | (9) |
|  USD | 2322 | NOK | 23545 | HSBC Bank | 1/12/2026 | (14) |
|  USD | 3684 | NOK | 37576 | Morgan Stanley | 1/12/2026 | (45) |
|  USD | 5235 | THB | 166360 | Citibank | 1/12/2026 | (50) |
|  USD | 14281 | AUD | 21579 | Morgan Stanley | 1/12/2026 | (121) |
|  USD | 14447 | HUF | 4788935 | Citibank | 1/12/2026 | (184) |
|  EUR | 22685 | USD | 26423 | Goldman Sachs | 1/13/2026 | 254 |
|  USD | 1694 | EUR | 1440 | HSBC Bank | 1/13/2026 | – <sup>(k)</sup> |
|  THB | 135185 | USD | 4307 | UBS AG | 1/14/2026 | (13) |
|  CNH | 859567 | USD | 122304 | Standard Chartered Bank | 1/15/2026 | 1035 |
|  USD | 5262 | JPY | 811230 | Citibank | 1/15/2026 | 76 |
|  CNH | 11710 | USD | 1667 | Goldman Sachs | 1/15/2026 | 13 |
|  DKK | 46980 | EUR | 6289 | HSBC Bank | 1/15/2026 | 2 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **222** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) | **Forward currency contracts** (continued) |
|  |  |  |  |  |  | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  |  |  |  |  |  | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  Currency purchased | Currency purchased | Currency sold | Currency sold |  | Settlement | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| (000) | (000) | (000) | (000) | Counterparty | date | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  USD | 11507 | DKK | 73090 | HSBC Bank | 1/15/2026 | $(3) |
|  JPY | 1957390 | USD | 12660 | Goldman Sachs | 1/15/2026 | (147) |
|  JPY | 3141727 | USD | 20336 | Bank of America | 1/15/2026 | (251) |
|  EUR | 6922 | GBP | 6085 | HSBC Bank | 1/16/2026 | (61) |
|  USD | 7902 | GBP | 5910 | Citibank | 1/16/2026 | (64) |
|  GBP | 4060 | EUR | 4620 | HSBC Bank | 1/22/2026 | 37 |
|  USD | 8016 | GBP | 5975 | Morgan Stanley | 1/22/2026 | (38) |
|  USD | 34933 | BRL | 190062 | Citibank | 1/23/2026 | 462 |
|  USD | 772 | BRL | 4280 | Citibank | 1/23/2026 | (4) |
|  BRL | 65500 | USD | 12008 | Citibank | 1/23/2026 | (129) |
|  EUR | 29240 | USD | 34459 | Morgan Stanley | 1/26/2026 | (53) |
|  EUR | 23116 | USD | 27264 | Standard Chartered Bank | 1/29/2026 | (59) |
|  EUR | 7510 | USD | 8838 | Morgan Stanley | 3/16/2026 | 19 |
|  EUR | 700 | USD | 820 | Bank of New York Mellon | 3/18/2026 | 6 |
|  |  |  |  |  |  | $970 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Swap contracts** |  |  |  |  |  |  |  |  |
|  **Interest rate swaps** |  |  |  |  |  |  |  |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  |  | premium | appreciation |
| Receive | Receive | Pay | Pay |  | Notional | Value at | paid | (depreciation) |
|  | Payment |  | Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 |
| Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) |
|  6-month EURIBOR | Semi-annual | 2.2007% | Annual | 2/10/2027 | EUR9,720 | $(2) | $– | $(2) |
|  6-month EURIBOR | Semi-annual | 2.2032% | Annual | 2/10/2027 | EUR9,730 | (3) |  | (3) |
|  4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP4,083 | 53 |  | 53 |
|  3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD24,180 | 69 |  | 69 |
|  SOFR | Annual | 3.4925% | Annual | 8/19/2027 | USD67,090 | (167) |  | (167) |
|  3.515% | Annual | 6-month CZK-PRIBOR | Semi-annual | 9/2/2027 | CZK396,600 | (6) |  | (6) |
|  6-month PLN-WIBOR | Semi-annual | 4.14% | Annual | 9/2/2027 | PLN70,510 | (156) |  | (156) |
|  SOFR | Annual | 3.2685% | Annual | 9/9/2027 | USD88,350 | 88 |  | 88 |
|  SOFR | Annual | 3.3395% | Annual | 9/23/2027 | USD67,500 | (15) |  | (15) |
|  1.9308% | Annual | Euro STR | Annual | 9/24/2027 | EUR32,500 | (56) |  | (56) |
|  SOFR | Annual | 3.2355% | Annual | 9/30/2027 | USD37,230 | 50 |  | 50 |
|  SOFR | Annual | 3.28% | Annual | 12/1/2027 | USD4,480 | 3 |  | 3 |
|  6-month EURIBOR | Semi-annual | 2.8272% | Annual | 6/18/2029 | EUR5,930 | (90) |  | (90) |
|  3.4928% | Annual | SONIA | Annual | 8/6/2029 | GBP5,260 | (19) |  | (19) |
|  SOFR | Annual | 3.4705% | Annual | 2/10/2030 | USD16,910 | (41) |  | (41) |
|  6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR2,690 | 29 |  | 29 |
|  6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR2,690 | 29 |  | 29 |
|  6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR2,690 | 29 |  | 29 |
|  3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK32,270 | (19) |  | (19) |
|  6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR2,500 | 35 |  | 35 |
|  4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK26,280 | 8 |  | 8 |
|  4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK16,900 | 6 |  | 6 |
|  4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK16,890 | 5 |  | 5 |
|  4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK62,070 | 20 |  | 20 |
|  3-month SEK-STIBOR | Quarterly | 2.3527% | Annual | 4/22/2030 | SEK67,510 | 39 |  | 39 |
|  3-month SEK-STIBOR | Quarterly | 2.3532% | Annual | 4/22/2030 | SEK67,510 | 39 |  | 39 |
|  2.2053% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR6,330 | (91) |  | (91) |
|  2.2033% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR6,350 | (92) |  | (92) |

---

---

| | |
|:---|:---|
| **223** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  |  | | |  |  | | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Receive | Receive | Pay | Pay |  | Notional | Value at | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  | Payment |  | Payment | Expiration | amount | 12/31/2025 | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | frequency | Rate | frequency | date | (000) | (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  3-month SEK-STIBOR | Quarterly | 2.2732% | Annual | 8/14/2030 | SEK60,130 | $69 | $– | $69 |
|  2.3523% | Annual | 6-month EURIBOR | Semi-annual | 8/14/2030 | EUR5,570 | (52) |  | (52) |
|  3.8108% | Annual | 6-month NOK-NIBOR | Semi-annual | 8/14/2030 | NOK98,800 | (114) |  | (114) |
|  6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | 9/22/2030 | NOK64,900 | 27 |  | 27 |
|  6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | 9/23/2030 | NOK64,270 | 3 |  | 3 |
|  6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | 9/23/2030 | NOK32,700 | – <sup>(k)</sup> |  | – <sup>(k)</sup> |
|  3.488% | Annual | SOFR | Annual | 6/17/2031 | USD941 | – <sup>(k)</sup> |  | – <sup>(k)</sup> |
|  3.43574% | Annual | SOFR | Annual | 6/17/2031 | USD1,098 | (2) |  | (2) |
|  2.7083% | Annual | 6-month EURIBOR | Semi-annual | 2/15/2035 | EUR7,460 | (125) |  | (125) |
|  SOFR | Annual | 3.79168% | Annual | 6/17/2036 | USD1,202 | 5 |  | 5 |
|  SOFR | Annual | 3.801% | Annual | 6/17/2036 | USD1,040 | 3 |  | 3 |
|  SOFR | Annual | 3.944% | Annual | 9/9/2055 | USD3,010 | 116 |  | 116 |
|  6-month EURIBOR | Semi-annual | 2.8972% | Annual | 9/11/2055 | EUR1,740 | 139 |  | 139 |
|  SOFR | Annual | 3.9305% | Annual | 9/23/2055 | USD7,440 | 304 |  | 304 |
|  6-month EURIBOR | Semi-annual | 2.9287% | Annual | 9/24/2055 | EUR3,250 | 235 |  | 235 |
|  4.13862% | Annual | SOFR | Annual | 6/17/2056 | USD291 | (2) |  | (2) |
|  4.097% | Annual | SOFR | Annual | 6/17/2056 | USD253 | <u>(3)</u> | <u>–</u> | <u>(3)</u> |
|  |  |  |  |  |  | <u>$348</u> | <u>$–</u> | <u>$348</u> |

---

#### Bilateral interest rate swaps

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  |  | | |  |  |  | | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Receive | Receive | Pay | Pay |  |  | Notional | Value at | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  | Payment |  | Payment |  | Expiration | amount | 12/31/2025 | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| Rate | frequency | Rate | frequency | Counterparty | date | (000) | (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
|  12.215% | At maturity | BZDIOVER | At maturity | Bank of America | 1/4/2027 | BRL44,390 | $(284) | $– | $(284) |
|  11.22441676% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/4/2027 | BRL30,865 | (343) |  | (343) |
|  11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/4/2027 | BRL79,860 | (600) |  | (600) |
|  11.405% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/4/2027 | BRL100,270 | (955) |  | (955) |
|  14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL14,440 | 66 |  | 66 |
|  14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL10,600 | 44 |  | 44 |
|  14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL6,440 | 26 |  | 26 |
|  11.495% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL35,980 | <u>(513)</u> | <u>–</u> | <u>(513)</u> |
|  |  |  |  |  |  |  | <u>$(2559)</u> | <u>$–</u> | <u>$(2559)</u> |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Credit default swaps** | **Credit default swaps** | **Credit default swaps** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices** – **buy protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices** – **buy protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices** – **buy protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices** – **buy protection** | &nbsp;&nbsp;&nbsp;&nbsp; **Centrally cleared credit default swaps on credit indices** – **buy protection** |  |  |  |
|  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  | premium | appreciation |
|  |  |  |  | Notional | Value at | paid | (depreciation) |
|  Reference | Financing | Payment | Expiration | amount | 12/31/2025 | (received) | at 12/31/2025 |
|  index | rate paid | frequency | date | (000) | (000) | (000) | (000) |
|  CDX.NA.IG.45 | 1.00% | Quarterly | 12/20/2030 | USD4,422 | $(100) | $(99) | $(1) |
|  ITRAXX.EUR.44 | 1.00% | Quarterly | 12/20/2030 | EUR23,910 | (648) | (603) | (45) |
|  CDX.NA.HY.45 | 5.00% | Quarterly | 12/20/2030 | USD13,200 | (1009) | (960) | (49) |
|  CDX.EM.44 | 1.00% | Quarterly | 12/20/2030 | 9890 | <u>106</u> | <u>212</u> | <u>(106</u>) |
|  |  |  |  |  | <u>$(1651</u>) | <u>$(1450</u>) | <u>$(201</u>) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **224** |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Swap contracts** (continued)

**Credit default swaps** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Centrally cleared credit default swaps on credit indices – sell protection**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Upfront | Unrealized |
|  |  |  |  |  |  | premium | appreciation |
|  |  |  |  | Notional | Value at | paid | (depreciation) |
| Reference | Financing | Payment | Expiration | amount <sup>(q)</sup> | 12/31/2025<sup>(r)</sup> | (received) | at 12/31/2025 |
| index | rate received | frequency | date | (000) | (000) | (000) | (000) |
|  ITRAXX.EUR.XO.44 | 5.00% | Quarterly | 12/20/2030 | EUR4,180 | $544 | $520 | $24 |

---

#### Investments in affiliates <sup>(o)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
|  Investment funds 1.54% |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $21147 | $1043 | $– | $– | $544 | $22734 | $1043 |
|  Short-term securities 7.71% |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money market investments 7.71%** |  |  |  |  |  |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(p)</sup>  | 23214 | 581246 | 490311 | (6) | 17 | 114160 | 3583 |
|  **Total 9.25%** |  |  |  | $(6) | $561 | $136894 | $4626 |

---

#### Restricted securities <sup>(b)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date<sup>(s)</sup>  | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup>  | 5/19/2020 | $5709 | $5993 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp; CSN Inova Ventures 6.75% 1/28/2028 | 12/5/2025 - 12/11/2025 | 2558 | 2542 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I 0.55% 6/16/2027 | 12/11/2023 | 2071 | 2287 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater Mining Co. 4.00% 11/16/2026 | 1/26/2024-2/20/2024 | 2013 | 2077 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Financing USA, LLC 8.75% 5/3/2029 | 7/18/2023-2/16/2024 | 1337 | 1355 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(i)</sup> | 9/29/2025 | 74 | 81 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)</sup>  | 9/13/2023 | 26 | 27 | 0.00 <sup>(s)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $13788 | $14362 | 0.97% |

---

---

| | |
|:---|:---|
| **225** | American Funds Insurance Series |

---

------

Capital World Bond Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Step bond; coupon rate may change at a later date.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4<sup>(a)(2)</sup> of the Securities Act of 1933.

<sup>(c)</sup> Index-linked bond whose principal amount moves with a government price index. 

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4<sup>(a)(2)</sup> of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $156,400,000, which represented 10.57% of the net assets of the fund. 

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,355,000, which represented 0.09% of the net assets of the fund. 

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(i)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(j)</sup> Scheduled interest and/or principal payment was not received.

<sup>(k)</sup> Amount less than one thousand. 

<sup>(l)</sup> Represents securities transacted on a TBA basis.

<sup>(m)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,108,000, which represented 0.95% of the net assets of the fund. 

<sup>(n)</sup> Non-income producing.

<sup>(o)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(p)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur. 

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. 

<sup>(s)</sup> Amount less than 0.01%. 

**Key to abbreviation(s)** 

---

| |
|:---|
| Assn. = Association |
| AUD = Australian dollars |
| BRL = Brazilian reais |
| BZDIOVER = Overnight Brazilian Interbank Deposit |
| Rate |
| CAD = Canadian dollars |
| CHF = Swiss francs |
| CLO = Collateralized Loan Obligations |
| CLP = Chilean pesos |
| CME = CME Group |
| CNH = Chinese yuan renminbi |
| CNY = Chinese yuan renminbi |
| COP = Colombian pesos |
| CORRA = Canadian Overnight Repo Rate Average |
| CZK = Czech korunas |
| DAC = Designated Activity Company |
| DKK = Danish kroner |
| EUR = Euros |

---

---

| |
|:---|
| EURIBOR = Euro Interbank Offered Rate |
| GBP = British pounds |
| HUF = Hungarian forints |
| ICE = Intercontinental Exchange, Inc. |
| IDR = Indonesian rupiah |
| INR = Indian rupees |
| JPY = Japanese yen |
| KRW = South Korean won |
| MXN = Mexican pesos |
| MYR = Malaysian ringgits |
| NIBOR = Norwegian Interbank Offered Rate |
| NOK = Norwegian kroner |
| NZD = New Zealand dollars |
| PHP = Philippine pesos |
| PIK = Payment In Kind |
| PLN = Polish zloty |
| PRIBOR = Prague Interbank Offered Rate |
| Ref. = Refunding |

---

---

| |
|:---|
| REIT = Real Estate Investment Trust |
| Rev. = Revenue |
| RON = Romanian leu |
| SEK = Swedish kronor |
| SGD = Singapore dollars |
| SOFR = Secured Overnight Financing Rate |
| SONIA = Sterling Overnight Interbank Average Rate |
| STIBOR = Stockholm Interbank Offered Rate |
| STR = Short-Term Rate |
| TBA = To be announced |
| THB = Thai baht |
| TRY = Turkish lira |
| USD = U.S. dollars |
| UST = U.S. Treasury |
| WIBOR = Warsaw Interbank Offered Rate |
| ZAR = South African rand |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **226** |

---

------

American High-Income Trust<sup>®</sup>

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 88.59% | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes 84.57%** |  |  |
|  **Communication services 14.33%** |  |  |
|  Altice France 6.50% 4/15/2032 <sup>(a)</sup>  | USD3,080 | $2955 |
|  Altice France 6.875% 7/15/2032 <sup>(a)</sup>  | 1295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 |
|  Altice France SA 10.00% 1/15/2033 <sup>(a)</sup>  | 80 | 73 |
|  CCO Holdings, LLC 5.50% 5/1/2026 <sup>(a)</sup>  | 102 | 102 |
|  CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup>  | 1041 | 1033 |
|  CCO Holdings, LLC 5.375% 6/1/2029 <sup>(a)</sup>  | 720 | 712 |
|  CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup>  | 445 | 451 |
|  CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup>  | 3281 | 3136 |
|  CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup>  | 2644 | 2491 |
|  CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup>  | 3164 | 2909 |
|  CCO Holdings, LLC 7.375% 3/1/2031 <sup>(a)</sup>  | 70 | 72 |
|  CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup>  | 3163 | 2893 |
|  CCO Holdings, LLC 4.50% 5/1/2032 | 2669 | 2397 |
|  CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup>  | 3357 | 2942 |
|  CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup>  | 5497 | 4679 |
|  Charter Communications Operating, LLC 4.80% 3/1/2050 | 437 | 329 |
|  Charter Communications Operating, LLC 3.70% 4/1/2051 | 473 | 299 |
|  Charter Communications Operating, LLC 3.90% 6/1/2052 | 950 | 614 |
|  Charter Communications Operating, LLC 5.25% 4/1/2053 | 577 | 457 |
|  Charter Communications Operating, LLC 3.85% 4/1/2061 | 175 | 104 |
|  Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup>  | 670 | 671 |
|  Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup>  | 430 | 427 |
|  Clear Channel Outdoor Holdings, Inc. 7.125% 2/15/2031 <sup>(a)</sup>  | 925 | 972 |
|  Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup>  | 7980 | 8475 |
|  CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup>  | 230 | 197 |
|  Cumulus Media New Holdings, Inc. 8.00% 7/1/2029 <sup>(a)</sup>  | 285 | 78 |
|  DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup>  | 2109 | 2123 |
|  DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(a)</sup>  | 2865 | 2902 |
|  Discovery Communications, LLC 4.125% 5/15/2029 | 300 | 290 |
|  DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup>  | 11088 | 11547 |
|  EchoStar Corp. 10.75% 11/30/2029 | 5568 | 6162 |
|  EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(b)</sup>  | 5450 | 5590 |
|  Embarq, LLC 7.995% 6/1/2036 | 4729 | 1962 |
|  Frontier Communications Holdings, LLC 5.875% 10/15/2027 <sup>(a)</sup>  | 445 | 448 |
|  Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup>  | 3655 | 3685 |
|  Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 2625 | 2659 |
|  Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup>  | 3161 | 3217 |
|  Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(a)</sup>  | 50 | 52 |
|  Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(a)</sup>  | 225 | 238 |
|  Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup>  | 3591 | 3868 |
|  Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup>  | 791 | 614 |
|  Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup>  | 2538 | 1905 |
|  Gray Media, Inc. 9.625% 7/15/2032 <sup>(a)</sup>  | 3093 | 3212 |
|  Lamar Media Corp. 4.00% 2/15/2030 | 260 | 252 |
|  Lamar Media Corp. 3.625% 1/15/2031 | 360 | 339 |
|  Lamar Media Corp. 5.375% 11/1/2033 <sup>(a)</sup>  | 450 | 448 |
|  Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(a)(b)(c)</sup>  | 3296 | 840 |
|  Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(a)</sup>  | 883 | 922 |
|  News Corp. 3.875% 5/15/2029 <sup>(a)</sup>  | 310 | 301 |
|  Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup>  | 3780 | 3755 |
|  Paramount Global 7.875% 7/30/2030 | 130 | 141 |
|  Paramount Global 6.875% 4/30/2036 | 490 | 483 |
|  Scripps Escrow II, Inc. 3.875% 1/15/2029 <sup>(a)</sup>  | 280 | 258 |
|  Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup>  | 1120 | 1171 |
|  Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(a)</sup>  | 1760 | 1750 |
|  Sirius XM Radio, LLC 5.00% 8/1/2027 <sup>(a)</sup>  | 700 | 704 |
|  Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup>  | 3484 | 3410 |
|  Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup>  | 510 | 514 |
|  Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup>  | 3380 | 3217 |
|  Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup>  | 5536 | 5102 |

---

---

| | |
|:---|:---|
| **227** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Communication services (continued)** |  |  |
|  Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup>  | USD1,540 | $1597 |
|  Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup>  | 1010 | 986 |
|  TEGNA, Inc. 5.00% 9/15/2029 | 1151 | 1142 |
|  Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup>  | 2180 | 2259 |
|  Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup>  | 4970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4778 |
|  Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup>  | 2552 | 2603 |
|  Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup>  | 995 | 1040 |
|  Univision Communications, Inc. 9.375% 8/1/2032 <sup>(a)</sup>  | 3805 | 4092 |
|  Verizon Communications, Inc. 2.355% 3/15/2032 | 21 | 19 |
|  Verizon Communications, Inc. 4.75% 1/15/2033 | 79 | 79 |
|  Verizon Communications, Inc. 5.75% 11/30/2045 | 19 | 19 |
|  Verizon Communications, Inc. 5.875% 11/30/2055 | 48 | 47 |
|  Verizon Communications, Inc. 6.00% 11/30/2065 | 22 | 22 |
|  Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(a)</sup>  | 1265 | 1306 |
|  VMED 02 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup>  | 550 | 502 |
|  WarnerMedia Holdings, Inc. 3.755% 3/15/2027 | 360 | 358 |
|  WarnerMedia Holdings, Inc. 4.054% 3/15/2029 | 2821 | 2745 |
|  WarnerMedia Holdings, Inc. 4.279% 3/15/2032 | 2970 | 2611 |
|  WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 6878 | 4858 |
|  WarnerMedia Holdings, Inc. 5.141% 3/15/2052 | 326 | 216 |
|  WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup>  | 1498 | 1443 |
|  WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup>  | 957 | 919 |
|  WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(a)</sup>  | 225 | 210 |
|  Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup>  | 215 | 203 |
|  |  | 148846 |
|  **Energy 12.21%** |  |  |
|  3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup>  | 675 | 695 |
|  Aker BP ASA 5.25% 10/30/2035 <sup>(a)</sup>  | 195 | 191 |
|  Antero Midstream Partners, LP 5.75% 7/1/2034 <sup>(a)</sup>  | 575 | 580 |
|  Archrock Partners, LP 6.25% 4/1/2028 <sup>(a)</sup>  | 255 | 257 |
|  Archrock Partners, LP 6.625% 9/1/2032 <sup>(a)</sup>  | 520 | 537 |
|  Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup>  | 1855 | 1867 |
|  Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup>  | 1175 | 1219 |
|  Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup>  | 1150 | 1191 |
|  BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup>  | 1210 | 1198 |
|  Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup>  | 125 | 131 |
|  Blue Racer Midstream, LLC 7.25% 7/15/2032 <sup>(a)</sup>  | 40 | 43 |
|  Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup>  | 2010 | 2023 |
|  Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup>  | 646 | 644 |
|  California Resources Corp. 8.25% 6/15/2029 <sup>(a)</sup>  | 520 | 544 |
|  Caturus Energy, LLC 8.50% 2/15/2030 <sup>(a)</sup>  | 1080 | 1126 |
|  Chord Energy Corp. 6.75% 3/15/2033 <sup>(a)</sup>  | 990 | 1024 |
|  CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup>  | 1220 | 1273 |
|  Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(a)</sup>  | 585 | 586 |
|  Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup>  | 740 | 763 |
|  Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup>  | 585 | 614 |
|  Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup>  | 2207 | 2292 |
|  Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup>  | 290 | 313 |
|  CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(a)</sup>  | 280 | 273 |
|  CNX Resources Corp. 6.00% 1/15/2029 <sup>(a)</sup>  | 1754 | 1768 |
|  CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup>  | 931 | 968 |
|  CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup>  | 2160 | 2256 |
|  Comstock Resources, Inc. 6.75% 3/1/2029 <sup>(a)</sup>  | 405 | 406 |
|  Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup>  | 890 | 866 |
|  Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup>  | 1950 | 2030 |
|  Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup>  | 907 | 939 |
|  Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup>  | 1635 | 1586 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **228** |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Energy (continued)** |  |  |
|  Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup>  | USD1,215 | $1154 |
|  Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup>  | 495 | 492 |
|  Diamond Foreign Asset Co. 8.50% 10/1/2030 <sup>(a)</sup>  | 420 | 446 |
|  DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup>  | 1408 | 1390 |
|  DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup>  | 307 | 301 |
|  Energean Israel Finance, Ltd. 5.375% 3/30/2028 <sup>(a)</sup>  | 775 | 766 |
|  Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup>  | 1040 | 1009 |
|  Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup>  | 55 | 56 |
|  EQT Corp. 6.375% 4/1/2029 | 185 | 192 |
|  EQT Corp. 4.75% 1/15/2031 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359 |
|  EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup>  | 290 | 273 |
|  Expand Energy Corp. 4.875% 4/15/2022 <sup>(c)</sup>  | 4300 | 1 |
|  Expand Energy Corp. 6.75% 4/15/2029 <sup>(a)</sup>  | 280 | 282 |
|  Expand Energy Corp. 5.375% 3/15/2030 | 780 | 791 |
|  Expand Energy Corp. 4.75% 2/1/2032 | 290 | 286 |
|  Genesis Energy, LP 7.75% 2/1/2028 | 72 | 72 |
|  Genesis Energy, LP 8.25% 1/15/2029 | 1545 | 1618 |
|  Genesis Energy, LP 8.875% 4/15/2030 | 1225 | 1295 |
|  Genesis Energy, LP 7.875% 5/15/2032 | 2785 | 2905 |
|  Global Partners, LP 6.875% 1/15/2029 | 135 | 137 |
|  Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup>  | 580 | 613 |
|  Global Partners, LP 7.125% 7/1/2033 <sup>(a)</sup>  | 385 | 394 |
|  Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(a)</sup>  | 395 | 408 |
|  Harbour Energy PLC 5.50% 10/15/2026 <sup>(a)</sup>  | 1065 | 1059 |
|  Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup>  | 1432 | 1454 |
|  Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup>  | 520 | 542 |
|  Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup>  | 775 | 792 |
|  Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(a)</sup>  | 361 | 363 |
|  Hess Midstream Operations, LP 6.50% 6/1/2029 <sup>(a)</sup>  | 695 | 720 |
|  Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(a)</sup>  | 1430 | 1404 |
|  Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup>  | 490 | 498 |
|  Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup>  | 805 | 798 |
|  Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup>  | 837 | 817 |
|  Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup>  | 783 | 747 |
|  Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup>  | 605 | 572 |
|  Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup>  | 1258 | 1290 |
|  Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup>  | 350 | 364 |
|  Kodiak Gas Services, LLC 6.50% 10/1/2033 <sup>(a)</sup>  | 200 | 204 |
|  Kodiak Gas Services, LLC 6.75% 10/1/2035 <sup>(a)</sup>  | 200 | 206 |
|  Matador Resources Co. 6.875% 4/15/2028 <sup>(a)</sup>  | 275 | 282 |
|  Matador Resources Co. 6.50% 4/15/2032 <sup>(a)</sup>  | 720 | 731 |
|  Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup>  | 1245 | 1251 |
|  Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(c)</sup>  | 739 | 4 |
|  Murphy Oil Corp. 6.375% 7/15/2028 | 243 | 245 |
|  Murphy Oil Corp. 6.00% 10/1/2032 | 410 | 410 |
|  Murphy Oil USA, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 820 | 770 |
|  Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup>  | 1225 | 1285 |
|  Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup>  | 445 | 432 |
|  Nabors Industries, Inc. 7.625% 11/15/2032 <sup>(a)</sup>  | 1240 | 1220 |
|  Nabors Industries, Ltd. 7.50% 1/15/2028 <sup>(a)</sup>  | 75 | 75 |
|  New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(a)</sup>  | 745 | 57 |
|  NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)(c)</sup>  | 18263 | 5296 |
|  NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup>  | 105 | 109 |
|  NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup>  | 490 | 508 |
|  Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup>  | 1695 | 1762 |
|  Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup>  | 360 | 364 |
|  Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(a)</sup>  | 895 | 872 |
|  NuStar Logistics, LP 6.00% 6/1/2026 | 286 | 288 |
|  Occidental Petroleum Corp. 6.60% 3/15/2046 | 582 | 604 |
|  Occidental Petroleum Corp. 6.05% 10/1/2054 | 1200 | 1148 |

---

---

| | |
|:---|:---|
| **229** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Energy (continued)** |  |  |
|  Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup>  | USD58 | $59 |
|  Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup>  | 955 | 999 |
|  Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup>  | 1490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 |
|  Petrobras Global Finance BV 5.125% 9/10/2030 | 1070 | 1050 |
|  Petroleos Mexicanos 8.75% 6/2/2029 | 880 | 944 |
|  Petroleos Mexicanos 6.84% 1/23/2030 | 510 | 518 |
|  Petroleos Mexicanos 5.95% 1/28/2031 | 1010 | 978 |
|  Petroleos Mexicanos 7.69% 1/23/2050 | 185 | 166 |
|  Petroleos Mexicanos 6.95% 1/28/2060 | 320 | 261 |
|  Range Resources Corp. 8.25% 1/15/2029 | 500 | 510 |
|  Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup>  | 285 | 282 |
|  Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup>  | 200 | 208 |
|  Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup>  | 335 | 322 |
|  Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup>  | 1785 | 1852 |
|  Sunoco, LP 6.00% 4/15/2027 | 547 | 550 |
|  Sunoco, LP 5.875% 7/15/2027 <sup>(a)</sup>  | 535 | 538 |
|  Sunoco, LP 5.875% 3/15/2028 | 290 | 292 |
|  Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup>  | 300 | 313 |
|  Sunoco, LP 4.50% 5/15/2029 | 1970 | 1936 |
|  Sunoco, LP 4.50% 4/30/2030 | 1880 | 1837 |
|  Sunoco, LP 4.625% 5/1/2030 <sup>(a)</sup>  | 440 | 428 |
|  Sunoco, LP 5.625% 3/15/2031 <sup>(a)</sup>  | 925 | 932 |
|  Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup>  | 1335 | 1412 |
|  Sunoco, LP 6.625% 8/15/2032 <sup>(a)</sup>  | 70 | 72 |
|  Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup>  | 810 | 830 |
|  Sunoco, LP 5.875% 3/15/2034 <sup>(a)</sup>  | 810 | 810 |
|  Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 4.23% on 9/18/2030) <sup>(a)(d)</sup>  | 1775 | 1825 |
|  Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup>  | 985 | 1026 |
|  Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup>  | 1355 | 1416 |
|  Targa Resources Partners, LP 5.50% 3/1/2030 | 327 | 332 |
|  Targa Resources Partners, LP 4.875% 2/1/2031 | 180 | 181 |
|  TGS ASA 8.50% 1/15/2030 <sup>(a)</sup>  | 710 | 744 |
|  Tidewater, Inc. 9.125% 7/15/2030 <sup>(a)</sup>  | 265 | 285 |
|  Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup>  | 387 | 398 |
|  Transocean International, Ltd. 8.75% 2/15/2030 <sup>(a)</sup>  | 374 | 391 |
|  Transocean International, Ltd. 7.875% 10/15/2032 <sup>(a)</sup>  | 290 | 304 |
|  Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(a)</sup>  | 961 | 982 |
|  Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup>  | 665 | 659 |
|  Transocean, Inc. 6.80% 3/15/2038 | 425 | 366 |
|  USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup>  | 430 | 445 |
|  USA Compression Partners, LP 6.25% 10/1/2033 <sup>(a)</sup>  | 1045 | 1058 |
|  Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup>  | 1070 | 1004 |
|  Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup>  | 325 | 329 |
|  Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup>  | 1935 | 1762 |
|  Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup>  | 1575 | 1351 |
|  Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup>  | 915 | 927 |
|  Venture Global LNG, Inc. 9.50% 2/1/2029 <sup>(a)</sup>  | 405 | 420 |
|  Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup>  | 1025 | 987 |
|  Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup>  | 1785 | 1776 |
|  Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup>  | 885 | 915 |
|  Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(a)(d)</sup>  | 413 | 327 |
|  Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(a)</sup>  | 920 | 937 |
|  Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup>  | 835 | 903 |
|  Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup>  | 1690 | 1732 |
|  Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(a)</sup>  | 550 | 562 |
|  Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup>  | 970 | 1063 |
|  Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup>  | 1470 | 1506 |
|  Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup>  | 700 | 690 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **230** |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Energy (continued)** |  |  |
|  Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(a)</sup>  | USD1,375 | $1410 |
|  Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(a)</sup>  | 1030 | 1055 |
|  Western Midstream Operating, LP 4.50% 3/1/2028 | 239 | 240 |
|  Western Midstream Operating, LP 5.25% 2/1/2050 | 300 | 257 |
|  Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup>  | 395 | 400 |
|  YPF SA 8.75% 9/11/2031 | 190 | 197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;126776 |
|  **Consumer discretionary 10.29%** |  |  |
|  Acushnet Co. 5.625% 12/1/2033 <sup>(a)</sup>  | 645 | 654 |
|  Advance Auto Parts, Inc. 5.95% 3/9/2028 | 953 | 975 |
|  Advance Auto Parts, Inc. 3.90% 4/15/2030 | 920 | 845 |
|  Advance Auto Parts, Inc. 3.50% 3/15/2032 | 959 | 817 |
|  Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(a)</sup>  | 305 | 306 |
|  Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup>  | 555 | 548 |
|  Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup>  | 1245 | 1233 |
|  Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup>  | 1375 | 1432 |
|  Allied Universal Holdco, LLC 7.875% 2/15/2031 <sup>(a)</sup>  | 430 | 453 |
|  Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 1275 | 1254 |
|  Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup>  | 600 | 583 |
|  Bath & Body Works, Inc. 6.875% 11/1/2035 | 791 | 801 |
|  Bath & Body Works, Inc. 6.75% 7/1/2036 | 295 | 293 |
|  Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(a)(b)</sup>  | 605 | 668 |
|  Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup>  | 1330 | 1300 |
|  Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup>  | 1394 | 1338 |
|  Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup>  | 1870 | 1938 |
|  Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup>  | 1025 | 1051 |
|  Caesars Entertainment, Inc. 6.00% 10/15/2032 <sup>(a)</sup>  | 185 | 180 |
|  Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup>  | 1450 | 1429 |
|  Carnival Corp. 5.125% 5/1/2029 <sup>(a)</sup>  | 870 | 880 |
|  Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup>  | 135 | 142 |
|  Carnival Corp. 5.75% 8/1/2032 <sup>(a)</sup>  | 3044 | 3128 |
|  Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup>  | 3765 | 3890 |
|  Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup>  | 575 | 617 |
|  Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup>  | 1250 | 1215 |
|  Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup>  | 1760 | 1675 |
|  First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup>  | 1410 | 1375 |
|  Flutter Treasury DAC 6.125% 6/4/2031 | GBP320 | 435 |
|  Ford Motor Co. 3.25% 2/12/2032 | USD2,790 | 2460 |
|  Ford Motor Credit Co., LLC 4.271% 1/9/2027 | 495 | 493 |
|  Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 115 | 113 |
|  Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 200 | 205 |
|  Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 335 | 352 |
|  Ford Motor Credit Co., LLC 5.113% 5/3/2029 | 695 | 696 |
|  Ford Motor Credit Co., LLC 5.875% 11/7/2029 | 225 | 231 |
|  Ford Motor Credit Co., LLC 7.20% 6/10/2030 | 370 | 397 |
|  Ford Motor Credit Co., LLC 5.73% 9/5/2030 | 2263 | 2299 |
|  Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 550 | 520 |
|  Ford Motor Credit Co., LLC 6.05% 3/5/2031 | 570 | 586 |
|  Ford Motor Credit Co., LLC 3.625% 6/17/2031 | 440 | 403 |
|  Ford Motor Credit Co., LLC 6.532% 3/19/2032 | 2185 | 2286 |
|  Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 405 | 435 |
|  Ford Motor Credit Co., LLC 6.125% 3/8/2034 | 1955 | 1987 |
|  Ford Motor Credit Co., LLC 6.50% 2/7/2035 | 2755 | 2855 |
|  Ford Motor Credit Co., LLC 5.869% 10/31/2035 | 4390 | 4337 |
|  Gap, Inc. 3.625% 10/1/2029 <sup>(a)</sup>  | 170 | 161 |
|  Gap, Inc. 3.875% 10/1/2031 <sup>(a)</sup>  | 108 | 100 |
|  General Motors Financial Co., Inc. 5.90% 1/7/2035 | 530 | 553 |

---

---

| | |
|:---|:---|
| **231** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Consumer discretionary (continued)** |  |  |
|  Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup>  | USD1,440 | $1478 |
|  Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup>  | 1790 | 1809 |
|  Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup>  | 1045 | 1001 |
|  Hilton Domestic Operating Co., Inc. 5.75% 9/15/2033 <sup>(a)</sup>  | 655 | 671 |
|  Hilton Domestic Operating Co., Inc. 5.50% 3/31/2034 <sup>(a)</sup>  | 290 | 292 |
|  Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup>  | 591 | 574 |
|  Hyundai Capital America 1.65% 9/17/2026 <sup>(a)</sup>  | 70 | 69 |
|  International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup>  | 1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  KB Home 6.875% 6/15/2027 | 220 | 225 |
|  KB Home 7.25% 7/15/2030 | 330 | 341 |
|  Kontoor Brands, Inc. 4.125% 11/15/2029 <sup>(a)</sup>  | 370 | 354 |
|  LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup>  | 3405 | 3357 |
|  LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup>  | 1365 | 1445 |
|  Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup>  | 1315 | 1230 |
|  Light and Wonder International, Inc. 6.25% 10/1/2033 <sup>(a)</sup>  | 395 | 400 |
|  Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup>  | 1090 | 1055 |
|  Lithia Motors, Inc. 5.50% 10/1/2030 <sup>(a)</sup>  | 625 | 630 |
|  Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup>  | 700 | 673 |
|  Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(a)</sup>  | 455 | 435 |
|  MGM Resorts International 5.50% 4/15/2027 | 200 | 202 |
|  Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup>  | 580 | 609 |
|  Newell Brands, Inc. 6.625% 9/15/2029 | 570 | 569 |
|  Newell Brands, Inc. 6.375% 5/15/2030 | 1150 | 1125 |
|  Newell Brands, Inc. 6.625% 5/15/2032 | 1995 | 1938 |
|  Newell Brands, Inc. 7.375% 4/1/2036 | 635 | 597 |
|  Newell Brands, Inc. 7.50% 4/1/2046 | 285 | 238 |
|  Nissan Motor Acceptance Co., LLC 5.30% 9/13/2027 <sup>(a)</sup>  | 400 | 401 |
|  Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(a)</sup>  | 1585 | 1586 |
|  Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(a)</sup>  | 350 | 343 |
|  Nissan Motor Co., Ltd. 4.345% 9/17/2027 <sup>(a)</sup>  | 355 | 350 |
|  Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(a)</sup>  | 1695 | 1780 |
|  Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(a)</sup>  | 1665 | 1770 |
|  Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(a)</sup>  | 4190 | 4456 |
|  Party City Holdings, Inc. 0% 10/12/2028 <sup>(e)</sup>  | 500 | – <sup>(f)</sup> |
|  Party City Holdings, Inc. 0% 8/27/2030 <sup>(e)</sup>  | 2510 | 50 |
|  PENN Entertainment, Inc. 4.125% 7/1/2029 <sup>(a)</sup>  | 15 | 14 |
|  RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup>  | 492 | 508 |
|  RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup>  | 660 | 654 |
|  RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup>  | 585 | 611 |
|  Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036 | 171 | 172 |
|  Sally Holdings, LLC 6.75% 3/1/2032 | 2887 | 3018 |
|  Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup>  | 550 | 489 |
|  Sekisui House U.S., Inc. 6.00% 1/15/2043 | 803 | 752 |
|  Service Corp. International 3.375% 8/15/2030 | 190 | 178 |
|  Service Corp. International 4.00% 5/15/2031 | 515 | 493 |
|  Somnigroup International, Inc. 4.00% 4/15/2029 <sup>(a)</sup>  | 95 | 93 |
|  Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup>  | 1981 | 1946 |
|  Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup>  | 2364 | 2293 |
|  Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup>  | 320 | 329 |
|  TopBuild Corp. 5.625% 1/31/2034 <sup>(a)</sup>  | 885 | 896 |
|  Travel + Leisure Co. 4.50% 12/1/2029 <sup>(a)</sup>  | 995 | 975 |
|  Travel + Leisure Co. 4.625% 3/1/2030 <sup>(a)</sup>  | 200 | 196 |
|  Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup>  | 2720 | 2672 |
|  Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup>  | 315 | 321 |
|  Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup>  | 555 | 576 |
|  Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup>  | 630 | 580 |
|  Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup>  | 10 | 11 |
|  Wayfair, Inc. 6.75% 11/15/2032 <sup>(a)</sup>  | 120 | 124 |
|  Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup>  | 555 | 550 |
|  Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup>  | 352 | 354 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **232** |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Consumer discretionary (continued)** |  |  |
|  Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup>  | USD487 | $527 |
|  Wynn Resorts Finance, LLC 6.25% 3/15/2033 <sup>(a)</sup>  | 720 | 737 |
|  ZF North America Capital, Inc. 7.50% 3/24/2031 <sup>(a)</sup>  | 700 | 708 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;106820 |
|  **Financials 9.73%** |  |  |
|  AG Issuer, LLC 6.25% 3/1/2028 <sup>(a)</sup>  | 751 | 757 |
|  Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup>  | 555 | 554 |
|  Alliant Holdings Intermediate, LLC 6.75% 4/15/2028 <sup>(a)</sup>  | 305 | 312 |
|  Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup>  | 1745 | 1753 |
|  Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup>  | 660 | 685 |
|  Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup>  | 1045 | 1078 |
|  Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup>  | 3585 | 3722 |
|  AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup>  | 1650 | 1624 |
|  Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup>  | 1095 | 1149 |
|  Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup>  | 2015 | 2102 |
|  Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup>  | 3193 | 3222 |
|  Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup>  | 680 | 735 |
|  Asurion, LLC 8.00% 12/31/2032 <sup>(a)</sup>  | 715 | 742 |
|  Blackstone Private Credit Fund 5.95% 7/16/2029 | 296 | 302 |
|  Blackstone Private Credit Fund 6.00% 11/22/2034 | 795 | 803 |
|  Block, Inc. 2.75% 6/1/2026 | 510 | 507 |
|  Block, Inc. 5.625% 8/15/2030 <sup>(a)</sup>  | 1145 | 1169 |
|  Block, Inc. 3.50% 6/1/2031 | 1660 | 1561 |
|  Block, Inc. 6.50% 5/15/2032 | 920 | 957 |
|  Block, Inc. 6.00% 8/15/2033 <sup>(a)</sup>  | 565 | 580 |
|  Blue Owl Credit Income Corp. 6.65% 3/15/2031 | 380 | 392 |
|  Cipher Compute, LLC 7.125% 11/15/2030 <sup>(a)</sup>  | 470 | 479 |
|  Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup>  | 4216 | 4020 |
|  Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup>  | 2544 | 2270 |
|  Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup>  | 3769 | 3499 |
|  Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup>  | 731 | 659 |
|  Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(a)</sup>  | 725 | 726 |
|  FS KKR Capital Corp. 6.125% 1/15/2031 | 540 | 527 |
|  Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup>  | 1140 | 1137 |
|  Hightower Holding, LLC 9.125% 1/31/2030 <sup>(a)</sup>  | 195 | 208 |
|  Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup>  | 1100 | 1133 |
|  HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup>  | 857 | 900 |
|  HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup>  | 1265 | 1328 |
|  ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(a)</sup>  | 3875 | 3930 |
|  ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(a)</sup>  | 2825 | 2864 |
|  ION Platform Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup>  | 1550 | 1533 |
|  ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(a)</sup>  | 2515 | 2390 |
|  Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup>  | 1520 | 1452 |
|  Jane Street Group, LLC 7.125% 4/30/2031 <sup>(a)</sup>  | 136 | 143 |
|  Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup>  | 1860 | 1943 |
|  Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(a)</sup>  | 245 | 258 |
|  LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup>  | 715 | 697 |
|  MSCI, Inc. 3.875% 2/15/2031 <sup>(a)</sup>  | 510 | 490 |
|  MSCI, Inc. 3.625% 11/1/2031 <sup>(a)</sup>  | 256 | 240 |
|  Navient Corp. 6.75% 6/15/2026 | 510 | 517 |
|  Navient Corp. 5.00% 3/15/2027 | 2253 | 2259 |
|  Navient Corp. 4.875% 3/15/2028 | 550 | 544 |
|  Navient Corp. 5.50% 3/15/2029 | 4240 | 4212 |
|  Navient Corp. 9.375% 7/25/2030 | 1907 | 2121 |
|  Navient Corp. 11.50% 3/15/2031 | 880 | 986 |
|  Navient Corp. 7.875% 6/15/2032 | 2445 | 2561 |
|  Navient Corp. 5.625% 8/1/2033 | 2548 | 2332 |

---

---

| | |
|:---|:---|
| **233** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Financials (continued)** |  |  |
|  OneMain Finance Corp. 3.875% 9/15/2028 | USD165 | $161 |
|  OneMain Finance Corp. 6.625% 5/15/2029 | 1055 | 1094 |
|  OneMain Finance Corp. 5.375% 11/15/2029 | 1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 |
|  OneMain Finance Corp. 7.875% 3/15/2030 | 915 | 968 |
|  OneMain Finance Corp. 6.125% 5/15/2030 | 1885 | 1926 |
|  OneMain Finance Corp. 4.00% 9/15/2030 | 245 | 231 |
|  OneMain Finance Corp. 7.50% 5/15/2031 | 125 | 132 |
|  OneMain Finance Corp. 7.125% 11/15/2031 | 1335 | 1395 |
|  OneMain Finance Corp. 7.125% 9/15/2032 | 1975 | 2054 |
|  OneMain Finance Corp. 6.50% 3/15/2033 | 1055 | 1068 |
|  OneMain Finance Corp. 6.75% 9/15/2033 | 695 | 705 |
|  Osaic Financial Services, Inc. 6.50% 11/30/2027 | 6 | 139 |
|  Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(a)</sup>  | 765 | 800 |
|  Osaic Holdings, Inc. 8.00% 8/1/2033 <sup>(a)</sup>  | 1575 | 1647 |
|  Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup>  | 1488 | 1493 |
|  Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup>  | 845 | 876 |
|  PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup>  | 440 | 461 |
|  PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(a)</sup>  | 520 | 543 |
|  Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(a)</sup>  | 51 | 54 |
|  Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(a)</sup>  | 380 | 400 |
|  Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(a)</sup>  | 520 | 513 |
|  Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup>  | 720 | 708 |
|  Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup>  | 805 | 823 |
|  SLM Corp. 6.50% 1/31/2030 | 680 | 705 |
|  Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(a)</sup>  | 655 | 651 |
|  Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(a)</sup>  | 1015 | 1026 |
|  Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(a)</sup>  | 600 | 634 |
|  Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(a)</sup>  | 410 | 429 |
|  Starwood Property Trust, Inc. 6.50% 10/15/2030 <sup>(a)</sup>  | 385 | 402 |
|  Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup>  | 4020 | 4268 |
|  WEX, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 550 | 565 |
|  |  | 101091 |
|  **Materials 7.67%** |  |  |
|  Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup>  | 975 | 1032 |
|  AmeriTex HoldCo Intermediate, LLC, 7.625% 8/15/2033 <sup>(a)</sup>  | 495 | 523 |
|  ArcelorMittal SA 7.00% 10/15/2039 | 488 | 551 |
|  ArcelorMittal SA 6.75% 3/1/2041 | 825 | 905 |
|  Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029 <sup>(a)</sup>  | 1280 | 1206 |
|  Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup>  | 225 | 231 |
|  Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 <sup>(a)</sup>  | 240 | 253 |
|  Axalta Coating Systems, LLC 4.75% 6/15/2027 <sup>(a)</sup>  | 460 | 461 |
|  Ball Corp. 6.00% 6/15/2029 | 350 | 360 |
|  Ball Corp. 2.875% 8/15/2030 | 160 | 148 |
|  Ball Corp. 3.125% 9/15/2031 | 1235 | 1139 |
|  Ball Corp. 5.50% 9/15/2033 | 1765 | 1801 |
|  BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055 | 36 | 37 |
|  CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(a)</sup>  | 2075 | 1987 |
|  Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup>  | 245 | 254 |
|  Celanese US Holdings, LLC 6.665% 7/15/2027 | 45 | 46 |
|  Celanese US Holdings, LLC 6.50% 4/15/2030 | 520 | 523 |
|  Celanese US Holdings, LLC 7.05% 11/15/2030 | 265 | 279 |
|  Celanese US Holdings, LLC 7.00% 2/15/2031 | 675 | 692 |
|  Celanese US Holdings, LLC 6.75% 4/15/2033 | 1615 | 1608 |
|  Celanese US Holdings, LLC 7.20% 11/15/2033 | 70 | 74 |
|  Celanese US Holdings, LLC 7.375% 2/15/2034 | 560 | 569 |
|  Century Aluminum Co. 6.875% 8/1/2032 <sup>(a)</sup>  | 400 | 413 |
|  Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup>  | 2036 | 2007 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **234** |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Materials (continued)** |  |  |
|  Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup>  | USD2,404 | $2492 |
|  Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup>  | 1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138 |
|  Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup>  | 2025 | 1951 |
|  Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup>  | 1930 | 2037 |
|  Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup>  | 2035 | 2088 |
|  Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup>  | 290 | 302 |
|  Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(a)</sup>  | 1175 | 1229 |
|  Commercial Metals Co. 5.75% 11/15/2033 <sup>(a)</sup>  | 560 | 573 |
|  Commercial Metals Co. 6.00% 12/15/2035 <sup>(a)</sup>  | 1160 | 1190 |
|  Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(a)</sup>  | 655 | 427 |
|  Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup>  | 3465 | 2454 |
|  CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup>  | 485 | 488 |
|  First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup>  | 3490 | 3679 |
|  First Quantum Minerals, Ltd. 7.25% 2/15/2034 <sup>(a)</sup>  | 490 | 516 |
|  Freeport-McMoRan, Inc. 4.25% 3/1/2030 | 432 | 429 |
|  Freeport-McMoRan, Inc. 5.45% 3/15/2043 | 381 | 369 |
|  FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(b)(d)</sup>  | 6093 | 3473 |
|  FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(a)</sup>  | 10551 | 9496 |
|  Graphic Packaging International, LLC 3.75% 2/1/2030 <sup>(a)</sup>  | 420 | 399 |
|  Graphic Packaging International, LLC 6.375% 7/15/2032 <sup>(a)</sup>  | 590 | 602 |
|  INEOS Finance PLC 6.75% 5/15/2028 <sup>(a)</sup>  | 500 | 445 |
|  INEOS Finance PLC 7.50% 4/15/2029 <sup>(a)</sup>  | 285 | 248 |
|  JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup>  | 510 | 521 |
|  JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup>  | 805 | 827 |
|  LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup>  | 130 | 130 |
|  LYB International Finance III, LLC 5.125% 1/15/2031 | 16 | 16 |
|  Magnera Corp. 4.75% 11/15/2029 <sup>(a)</sup>  | 425 | 393 |
|  Methanex Corp. 5.125% 10/15/2027 | 2415 | 2430 |
|  Methanex Corp. 5.25% 12/15/2029 | 747 | 754 |
|  Methanex Corp. 5.65% 12/1/2044 | 465 | 417 |
|  Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(a)</sup>  | 1415 | 1458 |
|  Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(a)</sup>  | 200 | 207 |
|  Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup>  | 2079 | 2127 |
|  Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup>  | 1820 | 1912 |
|  Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup>  | 750 | 781 |
|  NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(a)</sup>  | 245 | 256 |
|  NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup>  | 425 | 416 |
|  NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup>  | 2100 | 2245 |
|  NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(a)</sup>  | 665 | 711 |
|  Novelis Corp. 3.875% 8/15/2031 <sup>(a)</sup>  | 497 | 453 |
|  Olin Corp. 6.625% 4/1/2033 <sup>(a)</sup>  | 80 | 80 |
|  Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup>  | 560 | 583 |
|  Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup>  | 995 | 1040 |
|  Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(b)(d)</sup>  | 1611 | 1634 |
|  Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(b)(d)</sup>  | 683 | 693 |
|  SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup>  | 1310 | 1315 |
|  Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(a)</sup>  | 900 | 909 |
|  Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 325 | 338 |
|  Trident TPI Holdings, Inc. 12.75% 12/31/2028 <sup>(a)</sup>  | 470 | 482 |
|  Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup>  | 526 | 564 |
|  Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup>  | 1015 | 1102 |
|  Vale Overseas, Ltd. 6.00% 2/25/2056 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.431% on 2/25/2031) <sup>(a)(d)</sup>  | 200 | 200 |
|  Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup>  | 780 | 840 |
|  Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup>  | 598 | 612 |
|  Westlake Corp. 5.55% 11/15/2035 | 54 | 54 |
|  Westlake Corp. 6.375% 11/15/2055 | 40 | 39 |
|  |  | 79663 |

---

---

| | |
|:---|:---|
| **235** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Health care 7.45%** |  |  |
|  1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup>  | USD4,173 | $4343 |
|  AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup>  | 285 | 288 |
|  AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup>  | 1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 |
|  AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup>  | 1425 | 1397 |
|  Amneal Pharmaceuticals, LLC 6.875% 8/1/2032 <sup>(a)</sup>  | 495 | 523 |
|  AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup>  | 590 | 589 |
|  Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup>  | 2040 | 2031 |
|  Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup>  | 620 | 596 |
|  Bausch + Lomb Corp. 8.375% 10/1/2028 <sup>(a)</sup>  | 205 | 214 |
|  Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup>  | 1786 | 1770 |
|  Bausch Health Cos., Inc. 5.00% 1/30/2028 <sup>(a)</sup>  | 442 | 387 |
|  Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(a)</sup>  | 455 | 408 |
|  Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(a)</sup>  | 216 | 224 |
|  Bausch Health Cos., Inc. 7.25% 5/30/2029 <sup>(a)</sup>  | 20 | 16 |
|  Bausch Health Cos., Inc. 5.25% 1/30/2030 <sup>(a)</sup>  | 682 | 481 |
|  Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup>  | 592 | 388 |
|  Centene Corp. 4.625% 12/15/2029 | 945 | 917 |
|  Centene Corp. 3.375% 2/15/2030 | 42 | 39 |
|  Centene Corp. 2.50% 3/1/2031 | 1125 | 972 |
|  Centene Corp. 2.625% 8/1/2031 | 100 | 86 |
|  Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup>  | 186 | 184 |
|  CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(a)</sup>  | 805 | 808 |
|  CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup>  | 2360 | 2221 |
|  CHS / Community Health Systems, Inc. 4.75% 2/15/2031 <sup>(a)</sup>  | 1020 | 909 |
|  CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup>  | 162 | 177 |
|  DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 1365 | 1328 |
|  DaVita, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 875 | 810 |
|  DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup>  | 2255 | 2349 |
|  DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup>  | 2035 | 2112 |
|  Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup>  | 2565 | 2714 |
|  Grifols SA 4.75% 10/15/2028 <sup>(a)</sup>  | 1590 | 1571 |
|  Grifols SA 7.50% 5/1/2030 | EUR410 | 507 |
|  HCA, Inc. 4.625% 3/15/2052 | USD233 | 190 |
|  HCA, Inc. 7.50% 11/15/2095 | 210 | 229 |
|  Insulet Corp. 6.50% 4/1/2033 <sup>(a)</sup>  | 57 | 60 |
|  IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup>  | 1475 | 1543 |
|  Jazz Securities DAC 4.375% 1/15/2029 <sup>(a)</sup>  | 506 | 499 |
|  Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup>  | 2330 | 2276 |
|  Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup>  | 914 | 946 |
|  Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup>  | 1470 | 1479 |
|  Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(a)</sup>  | 1115 | 1097 |
|  Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(a)</sup>  | 1349 | 1253 |
|  Molina Healthcare, Inc. 6.50% 2/15/2031 <sup>(a)</sup>  | 960 | 987 |
|  Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup>  | 3565 | 3245 |
|  Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup>  | 1385 | 1413 |
|  Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(a)</sup>  | 2122 | 1442 |
|  Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup>  | 6277 | 4011 |
|  Perrigo Finance Unlimited Co. 6.125% 9/30/2032 | 400 | 390 |
|  Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(b)</sup>  | 2278 | 2196 |
|  Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup>  | 2945 | 3080 |
|  Sotera Health Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup>  | 635 | 667 |
|  Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup>  | 855 | 866 |
|  Team Health Holdings, Inc. 8.375% 6/30/2028 <sup>(a)</sup>  | 260 | 264 |
|  Tenet Healthcare Corp. 5.125% 11/1/2027 | 80 | 80 |
|  Tenet Healthcare Corp. 4.25% 6/1/2029 | 1785 | 1760 |
|  Tenet Healthcare Corp. 4.375% 1/15/2030 | 895 | 879 |
|  Tenet Healthcare Corp. 6.75% 5/15/2031 | 1070 | 1114 |
|  Tenet Healthcare Corp. 6.875% 11/15/2031 | 100 | 110 |
|  Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027 | 452 | 454 |
|  Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 | 415 | 431 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **236** |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Health care (continued)** |  |  |
|  Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | USD6,990 | $7075 |
|  Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 400 | 441 |
|  Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 1159 | 1336 |
|  Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 | 1345 | 1413 |
|  Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 1377 | 1043 |
|  Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030 | 610 | 633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;77336 |
|  **Real estate 6.36%** |  |  |
|  Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup>  | 1408 | 1369 |
|  Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup>  | 917 | 860 |
|  Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(a)</sup>  | 160 | 160 |
|  Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(a)</sup>  | 739 | 735 |
|  Forestar Group, Inc. 5.00% 3/1/2028 <sup>(a)</sup>  | 92 | 92 |
|  Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup>  | 1900 | 1939 |
|  Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(a)</sup>  | 150 | 151 |
|  Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup>  | 2763 | 2687 |
|  Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup>  | 4043 | 3853 |
|  Hudson Pacific Properties, LP 5.95% 2/15/2028 | 200 | 197 |
|  Hudson Pacific Properties, LP 3.25% 1/15/2030 | 430 | 364 |
|  Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup>  | 367 | 367 |
|  Iron Mountain, Inc. 7.00% 2/15/2029 <sup>(a)</sup>  | 210 | 216 |
|  Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup>  | 3225 | 3189 |
|  Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup>  | 1995 | 1903 |
|  Iron Mountain, Inc. 5.625% 7/15/2032 <sup>(a)</sup>  | 220 | 217 |
|  Kennedy-Wilson, Inc. 4.75% 3/1/2029 | 1785 | 1742 |
|  Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 2645 | 2495 |
|  Kennedy-Wilson, Inc. 5.00% 3/1/2031 | 2430 | 2287 |
|  Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup>  | 565 | 559 |
|  Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 | 38 | 39 |
|  Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(a)</sup>  | 215 | 228 |
|  MPT Operating Partnership, LP 5.00% 10/15/2027 | 9703 | 9405 |
|  MPT Operating Partnership, LP 4.625% 8/1/2029 | 335 | 281 |
|  MPT Operating Partnership, LP 3.50% 3/15/2031 | 1524 | 1109 |
|  MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup>  | 4629 | 4947 |
|  Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup>  | 370 | 371 |
|  Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup>  | 820 | 801 |
|  Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(a)</sup>  | 740 | 762 |
|  Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup>  | 655 | 673 |
|  RLJ Lodging Trust, LP 3.75% 7/1/2026 <sup>(a)</sup>  | 45 | 45 |
|  RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(a)</sup>  | 460 | 437 |
|  SBA Communications Corp. 3.125% 2/1/2029 | 131 | 126 |
|  Service Properties Trust 4.95% 2/15/2027 | 841 | 845 |
|  Service Properties Trust 0% 9/30/2027 <sup>(a)</sup>  | 1175 | 1063 |
|  Service Properties Trust 5.50% 12/15/2027 | 750 | 741 |
|  Service Properties Trust 3.95% 1/15/2028 | 3031 | 2864 |
|  Service Properties Trust 8.375% 6/15/2029 | 2655 | 2672 |
|  Service Properties Trust 4.95% 10/1/2029 | 3518 | 3069 |
|  Service Properties Trust 4.375% 2/15/2030 | 3180 | 2697 |
|  Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup>  | 4850 | 5104 |
|  Service Properties Trust 8.875% 6/15/2032 | 1385 | 1367 |
|  Trust Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup>  | 405 | 444 |
|  VICI Properties, LP 3.875% 2/15/2029 <sup>(a)</sup>  | 625 | 614 |
|  |  | 66086 |
|  **Information technology 6.20%** |  |  |
|  Amphenol Corp. 4.125% 11/15/2030 | 120 | 119 |

---

---

| | |
|:---|:---|
| **237** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Information technology (continued)** |  |  |
|  ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup>  | USD3,050 | $3255 |
|  Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup>  | 60 | 59 |
|  Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup>  | 2150 | 2180 |
|  Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup>  | 5185 | 5404 |
|  Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup>  | 1935 | 2023 |
|  Cloud Software Group, Inc. 6.625% 8/15/2033 <sup>(a)</sup>  | 1755 | 1740 |
|  CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup>  | 1350 | 1348 |
|  CommScope, LLC 8.25% 3/1/2027 <sup>(a)</sup>  | 1254 | 1265 |
|  CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup>  | 1107 | 1114 |
|  CommScope, LLC 4.75% 9/1/2029 <sup>(a)</sup>  | 103 | 103 |
|  CommScope, LLC 9.50% 12/15/2031 <sup>(a)</sup>  | 425 | 430 |
|  Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup>  | 5475 | 5840 |
|  Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup>  | 275 | 281 |
|  Fair Isaac Corp. 4.00% 6/15/2028 <sup>(a)</sup>  | 1175 | 1163 |
|  Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup>  | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267 |
|  Fortress Intermediate 3, Inc. 7.50% 6/1/2031 <sup>(a)</sup>  | 440 | 460 |
|  Gen Digital, Inc. 6.25% 4/1/2033 <sup>(a)</sup>  | 725 | 751 |
|  Hughes Satellite Systems Corp. 5.25% 8/1/2026 | 5511 | 5270 |
|  Hughes Satellite Systems Corp. 6.625% 8/1/2026 | 6124 | 5599 |
|  Imola Merger Corp. 4.75% 5/15/2029 <sup>(a)</sup>  | 300 | 296 |
|  Intel Corp. 3.05% 8/12/2051 | 150 | 92 |
|  Intel Corp. 5.60% 2/21/2054 | 253 | 234 |
|  McAfee Corp. 7.375% 2/15/2030 <sup>(a)</sup>  | 275 | 240 |
|  NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup>  | 1785 | 1938 |
|  NCR Voyix Corp. 5.125% 4/15/2029 <sup>(a)</sup>  | 343 | 342 |
|  Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(a)</sup>  | 700 | 611 |
|  Qnity Electronics, Inc. 5.75% 8/15/2032 <sup>(a)</sup>  | 120 | 123 |
|  Qnity Electronics, Inc. 6.25% 8/15/2033 <sup>(a)</sup>  | 120 | 125 |
|  Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(a)</sup>  | 985 | 1018 |
|  Synaptics, Inc. 4.00% 6/15/2029 <sup>(a)</sup>  | 375 | 363 |
|  UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup>  | 1325 | 1363 |
|  Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup>  | 1875 | 1922 |
|  Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup>  | 5540 | 5553 |
|  Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup>  | 1195 | 1163 |
|  Viasat, Inc. 7.50% 5/30/2031 <sup>(a)</sup>  | 2234 | 2127 |
|  Viavi Solutions, Inc. 3.75% 10/1/2029 <sup>(a)</sup>  | 230 | 220 |
|  VoltaGrid, LLC 7.375% 11/1/2030 <sup>(a)</sup>  | 410 | 406 |
|  Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)(g)</sup>  | 2579 | 2811 |
|  WULF Compute, LLC 7.75% 10/15/2030 <sup>(a)</sup>  | 2410 | 2485 |
|  X.AI Corp. 12.50% 6/30/2030 | 200 | 213 |
|  Ziff Davis, Inc. 4.625% 10/15/2030 <sup>(a)</sup>  | 125 | 119 |
|  |  | 64435 |
|  **Industrials 5.71%** |  |  |
|  AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup>  | 261 | 270 |
|  ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup>  | 200 | 196 |
|  AECOM 6.00% 8/1/2033 <sup>(a)</sup>  | 45 | 46 |
|  Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(a)</sup>  | 645 | 676 |
|  Allison Transmission, Inc. 3.75% 1/30/2031 <sup>(a)</sup>  | 1045 | 985 |
|  Allison Transmission, Inc. 5.875% 12/1/2033 <sup>(a)</sup>  | 315 | 320 |
|  Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup>  | 1265 | 1334 |
|  ATI, Inc. 4.875% 10/1/2029 | 690 | 691 |
|  ATI, Inc. 5.125% 10/1/2031 | 775 | 776 |
|  Avis Budget Car Rental, LLC 5.75% 7/15/2027 <sup>(a)</sup>  | 767 | 771 |
|  Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup>  | 55 | 54 |
|  Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup>  | 925 | 903 |
|  Avis Budget Car Rental, LLC 8.00% 2/15/2031 <sup>(a)</sup>  | 445 | 458 |
|  Avis Budget Group, Inc. 5.75% 7/15/2027 <sup>(a)</sup>  | 61 | 61 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **238** |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Industrials (continued)** |  |  |
|  Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup>  | USD1,205 | $1247 |
|  Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup>  | 1230 | 1285 |
|  BWX Technologies, Inc. 4.125% 6/30/2028 <sup>(a)</sup>  | 165 | 163 |
|  BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(a)</sup>  | 335 | 327 |
|  Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(a)</sup>  | 525 | 534 |
|  Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup>  | 915 | 889 |
|  Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup>  | 890 | 842 |
|  Clean Harbors, Inc. 5.125% 7/15/2029 <sup>(a)</sup>  | 160 | 160 |
|  Clean Harbors, Inc. 5.75% 10/15/2033 <sup>(a)</sup>  | 1815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 |
|  CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup>  | 3294 | 3243 |
|  Enviri Corp. 5.75% 7/31/2027 <sup>(a)</sup>  | 800 | 801 |
|  EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup>  | 3655 | 3803 |
|  EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup>  | 744 | 787 |
|  EquipmentShare.com, Inc. 8.00% 3/15/2033 <sup>(a)</sup>  | 201 | 212 |
|  FTAI Aviation Investors, LLC 7.875% 12/1/2030 <sup>(a)</sup>  | 45 | 48 |
|  Garda World Security Corp. 6.50% 1/15/2031 <sup>(a)</sup>  | 785 | 804 |
|  Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup>  | 1275 | 1301 |
|  Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup>  | 455 | 474 |
|  Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup>  | 890 | 937 |
|  Herc Holdings, Inc. 5.75% 3/15/2031 <sup>(a)</sup>  | 30 | 30 |
|  Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup>  | 1585 | 1682 |
|  Herc Holdings, Inc. 6.00% 3/15/2034 <sup>(a)</sup>  | 30 | 30 |
|  Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup>  | 258 | 247 |
|  Icahn Enterprises, LP 6.25% 5/15/2026 | 273 | 274 |
|  Icahn Enterprises, LP 5.25% 5/15/2027 | 3754 | 3705 |
|  Icahn Enterprises, LP 9.75% 1/15/2029 | 735 | 734 |
|  Icahn Enterprises, LP 4.375% 2/1/2029 | 855 | 741 |
|  Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup>  | 90 | 90 |
|  Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/2032 <sup>(a)</sup>  | 309 | 317 |
|  Moog, Inc. 4.25% 12/9/2027 <sup>(a)</sup>  | 395 | 391 |
|  NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup>  | 1080 | 1065 |
|  OneSky Flight, LLC 8.875% 12/15/2029 <sup>(a)</sup>  | 360 | 385 |
|  Pitney Bowes, Inc. 6.875% 3/15/2027 <sup>(a)</sup>  | 600 | 603 |
|  QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup>  | 1495 | 1563 |
|  Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup>  | 1010 | 972 |
|  Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup>  | 1090 | 905 |
|  Science Applications International Corp. 5.875% 11/1/2033 <sup>(a)</sup>  | 505 | 512 |
|  Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup>  | 795 | 747 |
|  SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup>  | 440 | 443 |
|  Spirit AeroSystems, Inc. 4.60% 6/15/2028 | 798 | 799 |
|  Standard Building Solutions, Inc. 6.50% 8/15/2032 <sup>(a)</sup>  | 435 | 448 |
|  Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(a)</sup>  | 1515 | 1548 |
|  Standard Building Solutions, Inc. 5.875% 3/15/2034 <sup>(a)</sup>  | 120 | 120 |
|  Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(e)</sup>  | 98 | 98 |
|  TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup>  | 75 | 76 |
|  TransDigm, Inc. 4.625% 1/15/2029 | 180 | 179 |
|  TransDigm, Inc. 6.875% 12/15/2030 <sup>(a)</sup>  | 355 | 372 |
|  TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup>  | 1775 | 1849 |
|  TransDigm, Inc. 6.00% 1/15/2033 <sup>(a)</sup>  | 905 | 927 |
|  TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup>  | 2900 | 2978 |
|  TransDigm, Inc. 6.25% 1/31/2034 <sup>(a)</sup>  | 1190 | 1235 |
|  TransDigm, Inc. 6.75% 1/31/2034 <sup>(a)</sup>  | 3705 | 3862 |
|  United Rentals (North America), Inc. 6.00% 12/15/2029 <sup>(a)</sup>  | 115 | 118 |
|  United Rentals (North America), Inc. 3.875% 2/15/2031 | 745 | 711 |
|  United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup>  | 310 | 323 |
|  Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup>  | 225 | 232 |
|  WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup>  | 425 | 444 |
|  WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup>  | 320 | 334 |
|  |  | 59353 |

---

---

| | |
|:---|:---|
| **239** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Consumer staples 3.10%** |  |  |
|  Albertsons Cos., Inc. 5.875% 2/15/2028 <sup>(a)</sup>  | USD400 | $403 |
|  Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup>  | 1428 | 1373 |
|  Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(a)</sup>  | 1620 | 1609 |
|  Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(a)</sup>  | 605 | 612 |
|  Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(a)</sup>  | 535 | 538 |
|  Amer Sports Co. 6.75% 2/16/2031 <sup>(a)</sup>  | 765 | 803 |
|  B&G Foods, Inc. 5.25% 9/15/2027 | 2103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 |
|  B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup>  | 3880 | 3822 |
|  Central Garden & Pet Co. 4.125% 10/15/2030 | 755 | 725 |
|  Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup>  | 2150 | 2036 |
|  Coty, Inc. 4.75% 1/15/2029 <sup>(a)</sup>  | 1185 | 1169 |
|  Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup>  | 380 | 391 |
|  Coty, Inc. 5.60% 1/15/2031 <sup>(a)</sup>  | 90 | 91 |
|  Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup>  | 485 | 493 |
|  Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup>  | 915 | 958 |
|  Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup>  | 725 | 762 |
|  Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup>  | 370 | 351 |
|  Lamb Weston Holdings, Inc. 4.875% 5/15/2028 <sup>(a)</sup>  | 75 | 75 |
|  Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(a)</sup>  | 1145 | 1109 |
|  Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup>  | 855 | 815 |
|  Mars, Inc. 4.60% 3/1/2028 <sup>(a)</sup>  | 150 | 152 |
|  Mars, Inc. 5.20% 3/1/2035 <sup>(a)</sup>  | 45 | 46 |
|  Mars, Inc. 5.70% 5/1/2055 <sup>(a)</sup>  | 45 | 45 |
|  Opal Bidco SAS 6.50% 3/31/2032 <sup>(a)</sup>  | 460 | 471 |
|  Philip Morris International, Inc. 3.875% 10/27/2028 | 195 | 195 |
|  Philip Morris International, Inc. 4.00% 10/29/2030 | 118 | 117 |
|  Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup>  | 1815 | 1769 |
|  Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup>  | 1145 | 1087 |
|  Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup>  | 920 | 946 |
|  Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup>  | 415 | 420 |
|  Post Holdings, Inc. 6.50% 3/15/2036 <sup>(a)</sup>  | 1110 | 1112 |
|  Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup>  | 338 | 339 |
|  Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup>  | 1275 | 1195 |
|  TreeHouse Foods, Inc. 4.00% 9/1/2028 | 2200 | 2195 |
|  United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup>  | 963 | 969 |
|  US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup>  | 510 | 504 |
|  US Foods, Inc. 5.75% 4/15/2033 <sup>(a)</sup>  | 470 | 479 |
|  |  | 32237 |
|  **Utilities 1.47%** |  |  |
|  AmeriGas Partners, LP 5.75% 5/20/2027 | 302 | 304 |
|  Calpine Corp. 4.50% 2/15/2028 <sup>(a)</sup>  | 150 | 150 |
|  Calpine Corp. 5.125% 3/15/2028 <sup>(a)</sup>  | 105 | 105 |
|  CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.961% on 6/1/2035) <sup>(d)</sup>  | 470 | 484 |
|  Emera, Inc. 6.75% 6/15/2076 (3-month USD CME Term SOFR + 5.702% on 6/15/2026) <sup>(d)</sup>  | 1155 | 1165 |
|  Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.975% on 3/15/2035) <sup>(d)</sup>  | 350 | 364 |
|  FirstEnergy Corp. 2.25% 9/1/2030 | 820 | 743 |
|  Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup>  | 355 | 368 |
|  Long Ridge Energy, LLC 8.75% 2/15/2032 <sup>(a)</sup>  | 1935 | 2061 |
|  Pacific Gas and Electric Co. 5.05% 10/15/2032 | 120 | 121 |
|  Pacific Gas and Electric Co. 3.30% 8/1/2040 | 280 | 213 |
|  Pacific Gas and Electric Co. 4.95% 7/1/2050 | 745 | 631 |
|  Pacific Gas and Electric Co. 3.50% 8/1/2050 | 1305 | 882 |
|  Pacific Gas and Electric Co. 6.10% 10/15/2055 | 200 | 196 |
|  PG&E Corp. 5.00% 7/1/2028 | 390 | 390 |
|  PG&E Corp. 5.25% 7/1/2030 | 2960 | 2941 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **240** |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Corporate bonds and notes (continued)** |  |  |
|  **Utilities (continued)** |  |  |
|  PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.883% on 3/15/2030) <sup>(d)</sup>  | USD2,050 | $2136 |
|  Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup>  | 1307 | 1384 |
|  Vistra Operations Co., LLC 4.375% 5/1/2029 <sup>(a)</sup>  | 175 | 173 |
|  XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(a)</sup>  | 395 | 415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15226 |
|  **Municipals 0.05%** |  |  |
|  I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup>  | 546 | 541 |
|  **Total corporate bonds and notes** |  | 878410 |
|  **Loans 3.92%** |  |  |
|  **Information technology 0.90%** |  |  |
|  CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(h)(i)</sup>  | 645 | 647 |
|  Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(h)(i)</sup>  | 130 | 131 |
|  Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)(i)</sup>  | 1000 | 1007 |
|  Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(h)(i)</sup>  | 2885 | 2829 |
|  Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 10.723% 9/15/2033 <sup>(h)(i)</sup>  | 80 | 79 |
|  Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(h)(i)</sup>  | 620 | 622 |
|  Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(h)(i)</sup>  | 875 | 857 |
|  Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(h)(i)</sup>  | 2087 | 2084 |
|  Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(h)(i)</sup>  | 1149 | 1147 |
|  |  | 9403 |
|  **Financials 0.64%** |  |  |
|  Alera Group Intermediate Holdings, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.25%) 6.966% 5/30/2032 <sup>(h)(i)</sup>  | 613 | 617 |
|  Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% 5/30/2033 <sup>(h)(i)</sup>  | 1262 | 1288 |
|  CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(h)(i)</sup>  | 2891 | 2935 |
|  Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.227% 8/26/2032 <sup>(h)(i)</sup>  | 940 | 953 |
|  HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(h)(i)</sup>  | 145 | 146 |
|  Osaic Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.595% 7/30/2032 <sup>(h)(i)</sup>  | 700 | 704 |
|  |  | 6643 |
|  **Communication services 0.62%** |  |  |
|  Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(h)(i)</sup>  | 1430 | 1430 |
|  CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.75% 4/15/2027 <sup>(h)(i)</sup>  | 327 | 287 |
|  Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(b)(h)</sup>  | 44 | 17 |
|  DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(h)(i)</sup>  | 73 | 74 |
|  Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.114%) 6.987% 12/1/2028 <sup>(h)(i)</sup>  | 2 | 2 |
|  Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(h)(i)</sup>  | 23 | 23 |
|  Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(b)(e)(h)</sup>  | 960 | 960 |
|  Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.672% 2/1/2029 <sup>(h)(i)</sup>  | 455 | 361 |
|  Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(h)(i)</sup>  | 1470 | 1473 |
|  X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(h)</sup>  | 370 | 369 |
|  X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(h)(i)</sup>  | 1456 | 1433 |
|  |  | 6429 |
|  **Industrials 0.56%** |  |  |
|  CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(h)(i)</sup>  | 310 | 315 |
|  Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(h)(i)</sup>  | 5671 | 5275 |
|  QXO Building Products, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.00%) 5.716% 4/30/2032 <sup>(h)(i)</sup>  | 185 | 186 |
|  |  | 5776 |

---

---

| | |
|:---|:---|
| **241** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Loans (continued)** |  |  |
|  **Consumer discretionary 0.44%** |  |  |
|  Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% 3/11/2030 <sup>(e)(h)(i)</sup>  | USD556 | $556 |
|  Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and 5.573% Cash 3/11/2030 <sup>(b)(e)(h)(i)</sup>  | 525 | 525 |
|  Belron Finance 2019, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.25%) 6.12% 10/16/2031 <sup>(h)(i)</sup>  | 588 | 592 |
|  First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(h)(i)</sup>  | 334 | 335 |
|  First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(h)(i)</sup>  | 102 | 103 |
|  Hertz Corp. (The), Term Loan B-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(h)(i)</sup>  | 71 | 60 |
|  Hertz Corp. (The), Term Loan C-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(h)(i)</sup>  | 15 | 13 |
|  Mercury Aggregator, LP, Term Loan, 19.00% PIK 2/3/2026 <sup>(b)(e)(h)</sup>  | 183 | 3 |
|  Mercury Aggregator, LP, Term Loan 2, 19.00% PIK 2/3/2026 <sup>(b)(c)(e)(h)</sup>  | 98 | 2 |
|  Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.934% 4/4/2029 <sup>(h)(i)</sup>  | 1615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589 |
|  Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(h)(i)</sup>  | 748 | 749 |
|  |  | 4527 |
|  **Consumer staples 0.32%** |  |  |
|  B&G Foods, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.216% 10/10/2029 <sup>(h)(i)</sup>  | 191 | 186 |
|  Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(h)(i)</sup>  | 158 | 158 |
|  United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.466% 5/1/2031 <sup>(h)(i)</sup>  | 2918 | 2940 |
|  |  | 3284 |
|  **Health care 0.30%** |  |  |
|  Bausch + Lomb Corp., Term Loan B, (1-month USD CME Term SOFR + 4.25%) 7.966% 1/15/2031 <sup>(h)(i)</sup>  | 425 | 428 |
|  Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(h)(i)</sup>  | 1748 | 1737 |
|  Medline Borrower, LP, Term Loan B, (1-month USD CME Term SOFR +1.75%) 5.466% 10/23/2028 <sup>(h)(i)</sup>  | 55 | 55 |
|  Owens & Minor, Inc., Term Loan B-1, (3-month USD CME Term SOFR + 3.85%) 7.566% 3/29/2029 <sup>(h)(i)</sup>  | 674 | 652 |
|  Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.34% 6/30/2028 <sup>(h)(i)</sup>  | 259 | 260 |
|  |  | 3132 |
|  **Materials 0.06%** |  |  |
|  Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(b)(c)(e)(h)(i)</sup>  | 563 | 178 |
|  Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(b)(c)(e)(h)(i)</sup>  | 566 | 179 |
|  Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(b)(c)(e)(h)(i)</sup>  | 931 | 295 |
|  |  | 652 |
|  **Utilities 0.05%** |  |  |
|  MI Windows and Doors, LLC, Term Loan B3, (3-month USD CME Term SOFR + 2.75%) 6.466% 3/28/2031 <sup>(h)(i)</sup>  | 276 | 277 |
|  Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(h)(i)</sup>  | 278 | 279 |
|  |  | 556 |
|  **Real estate 0.02%** |  |  |
|  MPT Operating Partnership, LP, Term Loan A, (1-month USD CME Term SOFR + 2.35%) 6.387% 6/30/2027 <sup>(h)(i)</sup>  | 190 | 173 |
|  **Energy 0.01%** |  |  |
|  New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 0% 10/30/2028 <sup>(h)(i)</sup>  | 266 | 113 |
|  **Total loans** |  | 40688 |
|  **Mortgage-backed obligations 0.06%** |  |  |
|  **Collateralized mortgage-backed obligations 0.06%** |  |  |
|  Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(e)</sup>  | 580 | 580 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **242** |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br>(000) | Value<br> (000) |
|  **Municipals 0.04%** |  |  |
|  **Puerto Rico 0.04%** |  |  |
|  GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(i)</sup>  | USD305 | $196 |
|  GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051 | 334 | 219 |
|  **Total municipals** |  | 415 |
|  **Total bonds, notes & other debt instruments** (cost: $922,218,000) |  | &nbsp;&nbsp;&nbsp;&nbsp;920093 |
| Convertible bonds & notes 0.12% |  |  |
|  **Communication services 0.12%** |  |  |
|  EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(b)</sup>  | 379 | 1265 |
|  **Total convertible bonds & notes** (cost: $403,000) |  | 1265 |
| Common stocks 6.33% | Shares |  |
|  **Information technology 1.84%** |  |  |
|  Diebold Nixdorf, Inc. <sup>(j)</sup>  | 281243 | 19094 |
|  **Health care 1.62%** |  |  |
|  Rotech Healthcare, Inc. <sup>(e)(g)(j)</sup>  | 201793 | 13823 |
|  Mallinckrodt PLC <sup>(j)</sup>  | 28965 | 2591 |
|  Par Health, Inc. <sup>(a)(j)</sup>  | 28965 | 271 |
|  Endo, LP, Class A1 <sup>(a)(j)</sup>  | 192719 | 135 |
|  |  | 16820 |
|  **Utilities 1.40%** |  |  |
|  Talen Energy Corp. <sup>(j)</sup>  | 37868 | 14194 |
|  PG&E Corp. | 18786 | 302 |
|  |  | 14496 |
|  **Energy 1.11%** |  |  |
|  Constellation Oil Services Holding SA (NDR) <sup>(j)</sup>  | 623209 | 7359 |
|  Ascent CNR Corp., Class A <sup>(e)(g)</sup>  | 62978 | 2787 |
|  Weatherford International | 9659 | 756 |
|  Altera Infrastructure, LP <sup>(e)</sup>  | 9127 | 371 |
|  Mesquite Energy, Inc. <sup>(e)(j)</sup>  | 3558 | 227 |
|  |  | 11500 |
|  **Consumer discretionary 0.33%** |  |  |
|  Aimbridge Topco, LLC <sup>(e)(j)</sup>  | 46955 | 3472 |
|  NMG Parent, LLC <sup>(e)(j)</sup>  | 8350 | – <sup>(f)</sup> |
|  |  | 3472 |
|  **Financials 0.02%** |  |  |
|  Navient Corp. | 20000 | 260 |
|  **Communication services 0.01%** |  |  |
|  iHeartMedia, Inc., Class A <sup>(j)</sup>  | 22639 | 94 |

---

---

| | |
|:---|:---|
| **243** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
|  **Materials 0.00%** |  |  |
|  Venator Materials PLC <sup>(e)(j)</sup>  | 3232 | $– <sup>(f)</sup> |
|  **Total common stocks** (cost: $38,533,000) |  | 65736 |
| Preferred securities 0.16% |  |  |
|  **Industrials 0.16%** |  |  |
|  ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(e)(j)</sup>  | 1022 | 1713 |
|  **Total preferred securities** (cost: $1,057,000) |  | 1713 |
| Rights & warrants 0.02% |  |  |
|  **Communication services 0.01%** |  |  |
|  SES SA (CVR) <sup>(j)</sup>  | 8182 | 127 |
|  **Energy 0.01%** |  |  |
|  Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(j)</sup>  | 457 | 45 |
|  **Total rights & warrants** (cost: $392,000) |  | 172 |
| Short-term securities 3.38% |  |  |
|  **Money market investments 3.38%** |  |  |
|  Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup>  | 350884 | 35092 |
|  **Total short-term securities** (cost: $35,085,000) |  | 35092 |
|  **Total investment securities 98.60%** (cost: $997,688,000) |  | 1024071 |
|  Other assets less liabilities 1.40% |  | 14538 |
|  **Net assets 100.00%** |  | $1038609 |

---

#### Futures contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  2 Year U.S. Treasury Note Futures | Long | 69 | 4/6/2026 | USD14,406 | $(3) |
|  5 Year U.S. Treasury Note Futures | Long | 88 | 4/6/2026 | 9619 | (26) |
|  10 Year Ultra U.S. Treasury Note Futures | Short | 6 | 3/31/2026 | (690) | 2 |
|  10 Year U.S. Treasury Note Futures | Short | 11 | 3/31/2026 | (1237) | 11 |
|  30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 | (118) | 2 |
|  |  |  |  |  | $(14) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **244** |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Swap contracts

#### Credit default swaps
**Centrally cleared credit default swaps on credit indices – buy protection**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Financing<br> rate paid | Payment<br>frequency | Expiration<br>date | Notional<br>amount<br>(000) | Value at<br>12/31/2025<br>(000) | Upfront<br>premium<br>paid<br>(received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  CDX.NA.HY.45 | 5.00% | Quarterly | 12/20/2030 | USD26,020 | $(1988) | $(1825) | $(163) |

---

#### Investments in affiliates <sup>(l)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value at<br> 1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br>(000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br>(000) | Value at<br>12/31/2025<br>(000) | Dividend<br>or interest<br>income<br>(000) |
|  Short-term securities 3.38% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Money market investments 3.38%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Group Central Cash Fund 3.79% <sup>(k)</sup>  | $45641 | $250972 | $261524 | $– <sup>(f)</sup> | $3 | $35092 | $1878 |

---

#### Restricted securities <sup>(g)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| &nbsp;&nbsp;&nbsp;&nbsp; Rotech Healthcare, Inc. <sup>(e)(j)</sup>  | 9/26/2013 | $4331 | $13823 | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)</sup>  | 9/29/2025 | 2566 | 2811 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascent CNR Corp., Class A <sup>(e)</sup>  | 11/15/2016 | 302 | 2787 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(h)(i)</sup>  | 9/13/2023 | 986 | 1007 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $8185 | $20428 | 1.97% |

---

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $655,031,000, which represented 63.07% of the net assets of the fund. 

<sup>(b)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(c)</sup> Scheduled interest and/or principal payment was not received.

<sup>(d)</sup> Step bond; coupon rate may change at a later date.

<sup>(e)</sup> Value determined using significant unobservable inputs.

<sup>(f)</sup> Amount less than one thousand. 

<sup>(g)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(h)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $40,686,000, which represented 3.92% of the net assets of the fund. 

<sup>(i)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(j)</sup> Non-income producing.

<sup>(k)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(l)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

---

| | |
|:---|:---|
| **245** | American Funds Insurance Series |

---

------

American High-Income Trust<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Key to abbreviation(s)**

CAB = Capital Appreciation Bonds

CME = CME Group

CVR = Contingent Value Rights

DAC = Designated Activity Company

EUR = Euros

GBP = British pounds

GO = General Obligation

NDR = Norwegian Depositary Receipts

PIK = Payment In Kind

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

UST = U.S. Treasury

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **246** |

---

------

American Funds Mortgage Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 86.53% | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations 79.28%** |  |  |
|  **Federal agency mortgage-backed obligations 78.28%** |  |  |
|  Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup>  | USD– <sup>(b)</sup> | $– <sup>(b)</sup> |
|  Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 1 | 1 |
|  Fannie Mae Pool #256583 5.00% 12/1/2036 <sup>(a)</sup>  | 27 | 27 |
|  Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
|  Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup>  | 1 | 1 |
|  Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup>  | 4 | 4 |
|  Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup>  | 2 | 2 |
|  Fannie Mae Pool #MA4232 2.00% 1/1/2041 <sup>(a)</sup>  | 120 | 105 |
|  Fannie Mae Pool #BQ7816 1.50% 4/1/2041 <sup>(a)</sup>  | 211 | 180 |
|  Fannie Mae Pool #BR0986 1.50% 5/1/2041 <sup>(a)</sup>  | 270 | 228 |
|  Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup>  | 7 | 7 |
|  Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(a)</sup>  | 15 | 13 |
|  Fannie Mae Pool #MA4388 2.50% 7/1/2041 <sup>(a)</sup>  | 66 | 59 |
|  Fannie Mae Pool #MA4447 2.50% 10/1/2041 <sup>(a)</sup>  | 142 | 127 |
|  Fannie Mae Pool #FM9117 2.50% 10/1/2041 <sup>(a)</sup>  | 80 | 72 |
|  Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup>  | 5 | 5 |
|  Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(a)</sup>  | 4 | 4 |
|  Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup>  | 3 | 3 |
|  Fannie Mae Pool #MA4502 2.50% 12/1/2041 <sup>(a)</sup>  | 160 | 144 |
|  Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup>  | 1 | 1 |
|  Fannie Mae Pool #MA4521 2.50% 1/1/2042 <sup>(a)</sup>  | 202 | 182 |
|  Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup>  | 4 | 4 |
|  Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup>  | 1 | 1 |
|  Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup>  | 1 | 1 |
|  Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup>  | 2 | 2 |
|  Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(a)</sup>  | 25 | 26 |
|  Fannie Mae Pool #FS3767 2.00% 4/1/2047 <sup>(a)</sup>  | 24 | 20 |
|  Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup>  | 1 | 1 |
|  Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup>  | 25 | 24 |
|  Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup>  | 13 | 12 |
|  Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup>  | 19 | 18 |
|  Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup>  | 6 | 6 |
|  Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup>  | 3 | 3 |
|  Fannie Mae Pool #CA5659 2.50% 5/1/2050 <sup>(a)</sup>  | 402 | 341 |
|  Fannie Mae Pool #CA6409 2.50% 7/1/2050 <sup>(a)</sup>  | 88 | 75 |
|  Fannie Mae Pool #FS3745 2.00% 8/1/2050 <sup>(a)</sup>  | 16 | 13 |
|  Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(a)</sup>  | 685 | 556 |
|  Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 4 | 3 |
|  Fannie Mae Pool #BN7466 2.00% 10/1/2050 <sup>(a)</sup>  | 93 | 76 |
|  Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup>  | 61 | 52 |
|  Fannie Mae Pool #BQ6356 2.00% 11/1/2050 <sup>(a)</sup>  | 34 | 27 |
|  Fannie Mae Pool #BQ5687 2.50% 11/1/2050 <sup>(a)</sup>  | 458 | 389 |
|  Fannie Mae Pool #CA8108 2.00% 12/1/2050 <sup>(a)</sup>  | 122 | 101 |
|  Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 10 | 9 |
|  Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(a)</sup>  | 21 | 21 |
|  Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup>  | 1322 | 1130 |
|  Fannie Mae Pool #FM5940 2.00% 2/1/2051 <sup>(a)</sup>  | 1432 | 1176 |
|  Fannie Mae Pool #CA8820 2.00% 2/1/2051 <sup>(a)</sup>  | 332 | 273 |
|  Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup>  | 161 | 130 |
|  Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 1 | 1 |
|  Fannie Mae Pool #CB0041 3.00% 4/1/2051 <sup>(a)</sup>  | 165 | 150 |
|  Fannie Mae Pool #CB0517 2.50% 5/1/2051 <sup>(a)</sup>  | 260 | 221 |
|  Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 21 | 18 |
|  Fannie Mae Pool #FM8038 3.00% 7/1/2051 <sup>(a)</sup>  | 30 | 27 |
|  Fannie Mae Pool #BT9828 2.50% 9/1/2051 <sup>(a)</sup>  | 389 | 330 |
|  Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 353 | 302 |
|  Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 22 | 19 |
|  Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 2 | 2 |
|  Fannie Mae Pool #FM9492 2.50% 11/1/2051 <sup>(a)</sup>  | 367 | 318 |
|  Fannie Mae Pool #FM9694 2.50% 11/1/2051 <sup>(a)</sup>  | 173 | 150 |

---

---

| | |
|:---|:---|
| **247** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #CB2095 3.00% 11/1/2051 <sup>(a)</sup>  | USD31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
|  Fannie Mae Pool #FM9804 2.50% 12/1/2051 <sup>(a)</sup>  | 190 | 165 |
|  Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup>  | 75 | 68 |
|  Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup>  | 222 | 199 |
|  Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(a)</sup>  | 566 | 480 |
|  Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup>  | 365 | 311 |
|  Fannie Mae Pool #BV1262 2.50% 3/1/2052 <sup>(a)</sup>  | 140 | 119 |
|  Fannie Mae Pool #BV9613 3.00% 4/1/2052 <sup>(a)</sup>  | 39 | 35 |
|  Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup>  | 887 | 787 |
|  Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(a)</sup>  | 10 | 9 |
|  Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(a)</sup>  | 676 | 547 |
|  Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(a)</sup>  | 1633 | 1385 |
|  Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup>  | 910 | 770 |
|  Fannie Mae Pool #FS5851 4.00% 7/1/2052 <sup>(a)</sup>  | 448 | 427 |
|  Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(a)</sup>  | 30 | 27 |
|  Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup>  | 158 | 146 |
|  Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup>  | 934 | 941 |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 666 | 541 |
|  Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup>  | 92 | 92 |
|  Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 34 | 35 |
|  Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 31 | 32 |
|  Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup>  | 410 | 402 |
|  Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup>  | 96 | 96 |
|  Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup>  | 1100 | 1048 |
|  Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup>  | 59 | 60 |
|  Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup>  | 88 | 92 |
|  Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 71 | 74 |
|  Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup>  | 595 | 596 |
|  Fannie Mae Pool #CB6131 6.50% 4/1/2053 <sup>(a)</sup>  | 195 | 206 |
|  Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup>  | 54 | 57 |
|  Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup>  | 47 | 47 |
|  Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 45 | 46 |
|  Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 227 | 234 |
|  Fannie Mae Pool #MA5062 3.00% 6/1/2053 <sup>(a)</sup>  | 420 | 372 |
|  Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup>  | 681 | 692 |
|  Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup>  | 305 | 315 |
|  Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 185 | 188 |
|  Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup>  | 365 | 376 |
|  Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup>  | 768 | 782 |
|  Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup>  | 37 | 38 |
|  Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup>  | 10 | 11 |
|  Fannie Mae Pool #CB7510 6.50% 11/1/2053 <sup>(a)</sup>  | 262 | 274 |
|  Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup>  | 73 | 74 |
|  Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(a)</sup>  | 354 | 373 |
|  Fannie Mae Pool #MA5247 6.00% 1/1/2054 <sup>(a)</sup>  | 22 | 23 |
|  Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 377 | 393 |
|  Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup>  | 185 | 194 |
|  Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup>  | 1330 | 1351 |
|  Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 138 | 141 |
|  Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 127 | 129 |
|  Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup>  | 33 | 34 |
|  Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 122 | 127 |
|  Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup>  | 15 | 16 |
|  Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup>  | 228 | 234 |
|  Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup>  | 219 | 227 |
|  Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(a)</sup>  | 42 | 44 |
|  Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(a)</sup>  | 35 | 36 |
|  Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 20 | 20 |
|  Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 251 | 262 |
|  Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup>  | 150 | 156 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **248** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup>  | USD491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 |
|  Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 141 | 145 |
|  Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup>  | 121 | 125 |
|  Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 94 | 97 |
|  Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup>  | 55 | 57 |
|  Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(a)</sup>  | 36 | 38 |
|  Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(a)</sup>  | 18 | 18 |
|  Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup>  | 6 | 7 |
|  Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(a)</sup>  | 616 | 647 |
|  Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | 383 | 401 |
|  Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(a)</sup>  | 118 | 123 |
|  Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 106 | 111 |
|  Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 66 | 70 |
|  Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup>  | 189 | 195 |
|  Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(a)</sup>  | 160 | 165 |
|  Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(a)</sup>  | 129 | 132 |
|  Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 58 | 60 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 51 | 53 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 27 | 27 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 25 | 26 |
|  Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 23 | 24 |
|  Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(a)</sup>  | 17 | 18 |
|  Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(a)</sup>  | 16 | 17 |
|  Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(a)</sup>  | 9 | 9 |
|  Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup>  | 141 | 148 |
|  Fannie Mae Pool #FS8934 6.50% 8/1/2054 <sup>(a)</sup>  | 105 | 110 |
|  Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup>  | 41 | 43 |
|  Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup>  | 480 | 491 |
|  Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup>  | 257 | 263 |
|  Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup>  | 193 | 196 |
|  Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(a)</sup>  | 422 | 437 |
|  Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup>  | 165 | 169 |
|  Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup>  | 2 | 2 |
|  Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup>  | 1 | 1 |
|  Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup>  | 126 | 131 |
|  Fannie Mae Pool #MA5497 5.50% 10/1/2054 <sup>(a)</sup>  | 100 | 101 |
|  Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup>  | 370 | 381 |
|  Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup>  | 24 | 25 |
|  Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 54 | 54 |
|  Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup>  | 47 | 48 |
|  Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup>  | 40 | 41 |
|  Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup>  | 185 | 181 |
|  Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(a)</sup>  | 567 | 582 |
|  Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup>  | 177 | 184 |
|  Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(a)</sup>  | 219 | 208 |
|  Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup>  | 230 | 236 |
|  Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 531 | 539 |
|  Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup>  | 95 | 98 |
|  Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup>  | 587 | 610 |
|  Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup>  | 313 | 325 |
|  Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup>  | 429 | 451 |
|  Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 105 | 108 |
|  Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup>  | 2 | 2 |
|  Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup>  | 2 | 2 |
|  Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup>  | 288 | 287 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 756 | 777 |
|  Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(a)</sup>  | 148 | 147 |
|  Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(a)</sup>  | 316 | 325 |
|  Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup>  | 15 | 15 |
|  Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 746 | 776 |

---

---

| | |
|:---|:---|
| **249** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup>  | USD500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 |
|  Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup>  | 330 | 335 |
|  Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup>  | 124 | 127 |
|  Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup>  | 11 | 11 |
|  Fannie Mae Pool #MA5846 7.00% 8/1/2055 <sup>(a)</sup>  | 30 | 31 |
|  Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup>  | 16 | 15 |
|  Fannie Mae Pool #BF0379 3.50% 4/1/2059 <sup>(a)</sup>  | 108 | 99 |
|  Fannie Mae Pool #BF0481 3.50% 6/1/2060 <sup>(a)</sup>  | 119 | 109 |
|  Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 41 | 36 |
|  Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 40 | 39 |
|  Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup>  | 684 | 623 |
|  FARM Mortgage Trust, Series 2024-1, Class A, 4.684% 10/1/2053 <sup>(a)(c)(d)</sup>  | 175 | 170 |
|  Freddie Mac Pool #ZA1922 5.00% 2/1/2026 <sup>(a)</sup>  | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Freddie Mac Pool #ZS8950 5.00% 10/1/2029 <sup>(a)</sup>  | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Freddie Mac Pool #A18781 5.00% 3/1/2034 <sup>(a)(e)</sup>  | 426 | 430 |
|  Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup>  | 135 | 128 |
|  Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(a)</sup>  | 37 | 35 |
|  Freddie Mac Pool #RB5113 1.50% 6/1/2041 <sup>(a)</sup>  | 1398 | 1183 |
|  Freddie Mac Pool #RB5115 2.50% 6/1/2041 <sup>(a)</sup>  | 260 | 234 |
|  Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup>  | 73 | 64 |
|  Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup>  | 1 | 1 |
|  Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(a)(d)</sup>  | 239 | 239 |
|  Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup>  | 15 | 14 |
|  Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup>  | 21 | 20 |
|  Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup>  | 11 | 11 |
|  Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup>  | 10 | 9 |
|  Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(a)</sup>  | 6 | 6 |
|  Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup>  | 19 | 19 |
|  Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup>  | 39 | 39 |
|  Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup>  | 18 | 18 |
|  Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup>  | 12 | 12 |
|  Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(a)</sup>  | 34 | 34 |
|  Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup>  | 13 | 13 |
|  Freddie Mac Pool #SD7512 3.00% 2/1/2050 <sup>(a)</sup>  | 122 | 111 |
|  Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 4 | 3 |
|  Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup>  | 659 | 535 |
|  Freddie Mac Pool #SI2062 2.00% 9/1/2050 <sup>(a)</sup>  | 162 | 133 |
|  Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup>  | 171 | 147 |
|  Freddie Mac Pool #QB7053 2.00% 12/1/2050 <sup>(a)</sup>  | 90 | 73 |
|  Freddie Mac Pool #RA4352 2.00% 1/1/2051 <sup>(a)</sup>  | 285 | 234 |
|  Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 2 | 1 |
|  Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 3 | 2 |
|  Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 269 | 221 |
|  Freddie Mac Pool #QC7626 3.00% 9/1/2051 <sup>(a)</sup>  | 197 | 176 |
|  Freddie Mac Pool #QC8778 2.50% 10/1/2051 <sup>(a)</sup>  | 978 | 828 |
|  Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup>  | 65 | 53 |
|  Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 53 | 46 |
|  Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup>  | 686 | 582 |
|  Freddie Mac Pool #RA6598 3.50% 1/1/2052 <sup>(a)</sup>  | 117 | 109 |
|  Freddie Mac Pool #RA6816 2.00% 2/1/2052 <sup>(a)</sup>  | 17 | 13 |
|  Freddie Mac Pool #QD6327 3.00% 2/1/2052 <sup>(a)</sup>  | 465 | 412 |
|  Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup>  | 615 | 578 |
|  Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 6 | 6 |
|  Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup>  | 665 | 539 |
|  Freddie Mac Pool #QD8711 2.00% 3/1/2052 <sup>(a)</sup>  | 66 | 53 |
|  Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 1308 | 1162 |
|  Freddie Mac Pool #QE4001 3.00% 5/1/2052 <sup>(a)</sup>  | 42 | 37 |
|  Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(a)</sup>  | 383 | 324 |
|  Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup>  | 641 | 569 |
|  Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup>  | 468 | 396 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **250** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD4815 2.50% 7/1/2052 <sup>(a)</sup>  | USD156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |
|  Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 1207 | 1071 |
|  Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup>  | 120 | 97 |
|  Freddie Mac Pool #SL0761 3.50% 9/1/2052 <sup>(a)</sup>  | 832 | 777 |
|  Freddie Mac Pool #QF0213 4.50% 9/1/2052 <sup>(a)</sup>  | 173 | 170 |
|  Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup>  | 529 | 531 |
|  Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(a)</sup>  | 200 | 203 |
|  Freddie Mac Pool #SD8258 5.00% 10/1/2052 <sup>(a)</sup>  | 215 | 215 |
|  Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup>  | 92 | 94 |
|  Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup>  | 303 | 302 |
|  Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup>  | 641 | 669 |
|  Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup>  | 29 | 25 |
|  Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup>  | 38 | 38 |
|  Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup>  | 106 | 106 |
|  Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup>  | 73 | 73 |
|  Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup>  | 80 | 81 |
|  Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup>  | 1024 | 1026 |
|  Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup>  | 46 | 47 |
|  Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 254 | 259 |
|  Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup>  | 53 | 55 |
|  Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup>  | 48 | 49 |
|  Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup>  | 31 | 32 |
|  Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup>  | 26 | 28 |
|  Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup>  | 2 | 2 |
|  Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup>  | 747 | 760 |
|  Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 46 | 47 |
|  Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(a)</sup>  | 32 | 34 |
|  Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)(e)</sup>  | 2221 | 2286 |
|  Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup>  | 868 | 894 |
|  Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup>  | 105 | 109 |
|  Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup>  | 366 | 377 |
|  Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup>  | 291 | 300 |
|  Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup>  | 65 | 68 |
|  Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup>  | 400 | 407 |
|  Freddie Mac Pool #RJ0668 6.00% 1/1/2054 <sup>(a)</sup>  | 1463 | 1507 |
|  Freddie Mac Pool #SD4795 6.00% 1/1/2054 <sup>(a)</sup>  | 1188 | 1225 |
|  Freddie Mac Pool #SD8396 6.00% 1/1/2054 <sup>(a)</sup>  | 6 | 7 |
|  Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup>  | 43 | 45 |
|  Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup>  | 9 | 10 |
|  Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup>  | 48 | 49 |
|  Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 58 | 60 |
|  Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 12 | 12 |
|  Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 100 | 104 |
|  Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(a)</sup>  | 16 | 17 |
|  Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup>  | 46 | 48 |
|  Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup>  | 61 | 62 |
|  Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(a)</sup>  | 24 | 25 |
|  Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 7 | 7 |
|  Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup>  | 377 | 394 |
|  Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup>  | 53 | 56 |
|  Freddie Mac Pool #SD5706 6.50% 6/1/2054 <sup>(a)</sup>  | 602 | 631 |
|  Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup>  | 188 | 197 |
|  Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup>  | 47 | 49 |
|  Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup>  | 14 | 15 |
|  Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup>  | 206 | 212 |
|  Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup>  | 187 | 193 |
|  Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup>  | 168 | 175 |
|  Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup>  | 60 | 62 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 56 | 57 |
|  Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(a)</sup>  | 28 | 29 |

---

---

| | |
|:---|:---|
| **251** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | USD376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 |
|  Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup>  | 157 | 164 |
|  Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(a)</sup>  | 62 | 65 |
|  Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup>  | 267 | 273 |
|  Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 225 | 232 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 143 | 147 |
|  Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 126 | 130 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 34 | 35 |
|  Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup>  | 1 | 1 |
|  Freddie Mac Pool #SD6323 6.50% 8/1/2054 <sup>(a)</sup>  | 1307 | 1363 |
|  Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup>  | 331 | 344 |
|  Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 217 | 227 |
|  Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup>  | 95 | 99 |
|  Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup>  | 87 | 91 |
|  Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup>  | 47 | 49 |
|  Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup>  | 37 | 39 |
|  Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup>  | 23 | 24 |
|  Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup>  | 193 | 195 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 115 | 119 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 59 | 61 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 58 | 60 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 54 | 56 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 32 | 33 |
|  Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(a)</sup>  | 14 | 14 |
|  Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 149 | 155 |
|  Freddie Mac Pool #SL2445 6.50% 9/1/2054 <sup>(a)</sup>  | 79 | 83 |
|  Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup>  | 35 | 36 |
|  Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup>  | 15 | 16 |
|  Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 9 | 9 |
|  Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 435 | 442 |
|  Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup>  | 480 | 482 |
|  Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(a)</sup>  | 357 | 362 |
|  Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 7 | 7 |
|  Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup>  | 1077 | 1106 |
|  Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup>  | 23 | 24 |
|  Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup>  | 76 | 80 |
|  Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup>  | 271 | 264 |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 737 | 757 |
|  Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup>  | 60 | 62 |
|  Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 55 | 56 |
|  Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 382 | 397 |
|  Freddie Mac Pool #SL0673 6.50% 3/1/2055 <sup>(a)</sup>  | 280 | 294 |
|  Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(a)</sup>  | 126 | 126 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 88 | 90 |
|  Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(a)</sup>  | 13 | 14 |
|  Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup>  | 265 | 265 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 197 | 202 |
|  Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(a)</sup>  | 13 | 13 |
|  Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(a)</sup>  | 13 | 13 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 88 | 88 |
|  Freddie Mac Pool #QY6303 6.00% 6/1/2055 <sup>(a)</sup>  | 2051 | 2108 |
|  Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup>  | 1040 | 1081 |
|  Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup>  | 432 | 438 |
|  Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 2292 | 2354 |
|  Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(a)</sup>  | 1386 | 1425 |
|  Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(a)</sup>  | 65 | 67 |
|  Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup>  | 499 | 518 |
|  Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup>  | 1712 | 1758 |
|  Freddie Mac Pool #SL2781 6.50% 9/1/2055 <sup>(a)</sup>  | 176 | 184 |
|  Freddie Mac Pool #SL2647 6.50% 9/1/2055 <sup>(a)</sup>  | 111 | 116 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **252** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #RQ0057 6.00% 10/1/2055 <sup>(a)</sup>  | USD565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
|  Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup>  | 300 | 304 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)</sup>  | 75 | 72 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup>  | 77 | 69 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup>  | 144 | 137 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup>  | 100 | 96 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup>  | 20 | 17 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(d)</sup>  | 76 | 74 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 <sup>(a)</sup>  | 25 | 22 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup>  | 15 | 13 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2024-2, Class MT, 3.50% 5/25/2064 <sup>(a)</sup>  | 615 | 540 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028 <sup>(a)</sup>  | 176 | 173 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup>  | 10 | 10 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/25/2030 <sup>(a)</sup>  | 290 | 267 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-3, Class AC, 2.00% 11/25/2030 <sup>(a)</sup>  | 278 | 255 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/2031 <sup>(a)</sup>  | 280 | 258 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/2031 <sup>(a)</sup>  | 240 | 216 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 238 | 232 |
|  Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(f)</sup>  | 80 | 80 |
|  Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034 <sup>(a)</sup>  | 532 | 522 |
|  Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup>  | 60 | 64 |
|  Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041 <sup>(a)</sup>  | 151 | 153 |
|  Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041 <sup>(a)</sup>  | 10 | 10 |
|  Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041 <sup>(a)</sup>  | 76 | 77 |
|  Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042 <sup>(a)</sup>  | 75 | 67 |
|  Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042 <sup>(a)</sup>  | 176 | 162 |
|  Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043 <sup>(a)</sup>  | 38 | 35 |
|  Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044 <sup>(a)</sup>  | 439 | 423 |
|  Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 80 | 66 |
|  Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050 <sup>(a)</sup>  | 33 | 29 |
|  Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 71 | 59 |
|  Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 302 | 258 |
|  Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 72 | 62 |
|  Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup>  | 472 | 402 |
|  Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup>  | 295 | 254 |
|  Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup>  | 64 | 55 |
|  Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup>  | 154 | 133 |
|  Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup>  | 126 | 109 |
|  Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(a)</sup>  | 40 | 34 |
|  Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 47 | 42 |
|  Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup>  | 207 | 179 |
|  Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | 56 | 50 |
|  Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 4 | 4 |
|  Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 145 | 138 |
|  Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup>  | 13 | 13 |
|  Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 77 | 73 |
|  Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup>  | 194 | 196 |
|  Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup>  | 49 | 50 |
|  Government National Mortgage Assn. Pool #MB0742 3.50% 11/20/2055 <sup>(a)</sup>  | 194 | 177 |
|  Government National Mortgage Assn. Pool #MB0810 3.50% 12/20/2055 <sup>(a)</sup>  | 101 | 92 |
|  Government National Mortgage Assn. Pool #AN1825 4.566% 6/20/2065 <sup>(a)</sup>  | 11 | 11 |
|  Government National Mortgage Assn. Pool #AO0461 4.605% 8/20/2065 <sup>(a)</sup>  | 4 | 4 |
|  Government National Mortgage Assn. Pool #AO0409 4.451% 12/20/2065 <sup>(a)</sup>  | 5 | 5 |
|  Government National Mortgage Assn. Pool #AO0385 4.328% 1/20/2066 <sup>(a)</sup>  | 47 | 47 |
|  Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066 <sup>(a)</sup>  | 1 | 1 |
|  Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 201 | 150 |
|  Uniform Mortgage-Backed Security 4.00% 1/1/2041 <sup>(a)(f)</sup>  | 125 | 123 |
|  Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(f)</sup>  | 674 | 545 |
|  Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(f)</sup>  | 25 | 23 |
|  Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(a)(f)</sup>  | 97 | 92 |

---

---

| | |
|:---|:---|
| **253** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(f)</sup>  | USD190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 |
|  Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(a)(f)</sup>  | 1542 | 1563 |
|  Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(a)(f)</sup>  | 1769 | 1817 |
|  Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(f)</sup>  | 698 | 725 |
|  Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(f)</sup>  | 1616 | 1489 |
|  |  | 98296 |
|  **Commercial mortgage-backed securities 0.61%** |  |  |
|  BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 5.865% 6/15/2027 <sup>(a)(c)(d)</sup>  | 100 | 100 |
|  BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(a)(c)(d)</sup>  | 79 | 79 |
|  BX Trust, Series 2025-GW, Class A, (1-month USD CME Term SOFR + 1.60%) 5.35% 7/15/2042 <sup>(a)(c)(d)</sup>  | 200 | 200 |
|  Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(c)(d)</sup>  | 379 | 391 |
|  |  | 770 |
|  **Collateralized mortgage-backed obligations (privately originated) 0.39%** |  |  |
|  CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(c)(d)</sup>  | 128 | 122 |
|  COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(c)(d)</sup>  | 51 | 47 |
|  Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class A1, 5.191% 8/1/2054 <sup>(a)(c)(d)</sup>  | 81 | 82 |
|  Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50% 2/25/2054 <sup>(a)(c)(d)</sup>  | 145 | 148 |
|  PMT Loan Trust, Series 2024-INV1, Class A2, 6.00% 10/25/2059 <sup>(a)(c)(d)</sup>  | 86 | 88 |
|  |  | 487 |
|  **Total mortgage-backed obligations** |  | 99553 |
|  **U.S. Treasury bonds & notes 6.22%** |  |  |
|  **U.S. Treasury 6.22%** |  |  |
|  U.S. Treasury 4.375% 7/31/2026 | 535 | 538 |
|  U.S. Treasury 3.50% 10/31/2027 | 1130 | 1130 |
|  U.S. Treasury 4.25% 2/15/2028 | 460 | 467 |
|  U.S. Treasury 3.875% 3/15/2028 | 550 | 554 |
|  U.S. Treasury 4.125% 7/31/2028 | 450 | 457 |
|  U.S. Treasury 3.50% 10/15/2028 | 800 | 799 |
|  U.S. Treasury 4.50% 5/31/2029 <sup>(e)</sup>  | 1025 | 1055 |
|  U.S. Treasury 4.00% 2/28/2030 | 330 | 334 |
|  U.S. Treasury 4.00% 3/31/2030 | 100 | 101 |
|  U.S. Treasury 4.00% 6/30/2032 | 300 | 302 |
|  U.S. Treasury 4.25% 8/15/2035 | 230 | 232 |
|  U.S. Treasury 1.875% 2/15/2041 | 240 | 168 |
|  U.S. Treasury 3.25% 5/15/2042 | 106 | 89 |
|  U.S. Treasury 4.75% 2/15/2045 | 190 | 189 |
|  U.S. Treasury 1.875% 11/15/2051 | 65 | 36 |
|  U.S. Treasury 4.625% 2/15/2055 | 345 | 333 |
|  U.S. Treasury 4.75% 8/15/2055 | 640 | 631 |
|  U.S. Treasury 4.625% 11/15/2055 | 410 | 396 |
|  **Total U.S. Treasury bonds & notes** |  | 7811 |
|  **Asset-backed obligations 1.03%** |  |  |
|  **Auto loan 0.67%** |  |  |
|  American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(a)(c)</sup>  | 1 | 1 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(a)</sup>  | 1 | 1 |
|  CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(c)</sup>  | 22 | 22 |
|  Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup>  | 1 | 1 |
|  Drive Auto Receivables Trust, Series 2024-2, Class A3, 4.50% 9/15/2028 <sup>(a)</sup>  | 21 | 21 |
|  Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(a)(c)</sup>  | 257 | 266 |
|  GLS Auto Receivables Trust, Series 2024-4A, Class A2, 4.76% 10/15/2027 <sup>(a)(c)</sup>  | 3 | 3 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **254** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000) | Value<br> (000) |
|  **Asset-backed obligations (continued)** |  |  |  |
|  **Auto loan (continued)** |  |  |  |
|  GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(c)</sup>  |  | USD43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
|  Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup>  |  | 1 | 1 |
|  Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(c)</sup>  |  | 100 | 102 |
|  Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(c)</sup>  |  | 383 | 387 |
|  |  |  | 848 |
|  **Student loan 0.22%** |  |  |  |
|  Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(c)</sup>  |  | 58 | 53 |
|  Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(c)</sup>  |  | 76 | 70 |
|  Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(c)</sup>  |  | 86 | 81 |
|  Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% 4/20/2062 <sup>(a)(c)(d)</sup>  |  | 72 | 72 |
|  |  |  | 276 |
|  **Other asset-backed securities 0.14%** |  |  |  |
|  CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(c)</sup>  |  | 89 | 75 |
|  New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(c)</sup>  |  | 100 | 84 |
|  Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup>  |  | 12 | 12 |
|  |  |  | 171 |
|  **Total asset-backed obligations** |  |  | 1295 |
|  **Total bonds, notes & other debt instruments** (cost: $108,233,000) |  |  | 108659 |
| Short-term securities 19.42% | Weighted<br> average yield<br> at acquisition |  |  |
|  **Commercial paper 4.81%** |  |  |  |
|  Exxon Asset Management Co. 3/31/2026 | 3.820% | 1050 | 1040 |
|  Novartis Finance Corp. 1/2/2026 <sup>(c)</sup>  | 3.660 | 2000 | 2000 |
|  Victory Receivables Corp. 1/16/2026 <sup>(c)</sup>  | 4.000 | 1000 | 998 |
|  Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup>  | 3.630 | 2000 | 1997 |
|  |  |  | 6035 |
|  **Bonds & notes of governments & government agencies outside the U.S. 1.11%** |  |  |  |
|  Ontario (Province of) 1/23/2026 | 3.890 | 1400 | 1397 |
|  **Federal agency bills & notes 13.50%** |  |  |  |
|  Federal Farm Credit Banks 2/20/2026 | 3.580 | 2500 | 2488 |
|  Federal Home Loan Bank 1/2/2026 | 3.500 | 3100 | 3100 |
|  Federal Home Loan Bank 1/9/2026 | 3.840 | 2500 | 2498 |
|  Federal Home Loan Bank 2/4/2026 | 3.590 | 2000 | 1994 |
|  Federal Home Loan Bank 2/6/2026 | 3.685 | 3500 | 3488 |

---

---

| | |
|:---|:---|
| **255** | American Funds Insurance Series |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Value<br> (000) |
|  **Federal agency bills & notes (continued)** |  |  |  |
|  Federal Home Loan Bank 2/11/2026 | 3.790% | USD1,400 | $1394 |
|  Federal Home Loan Bank 3/6/2026 | 3.635 | 1500 | 1491 |
|  Federal Home Loan Bank 3/20/2026 | 3.565 | 500 | 496 |
|  **Total short-term securities** (cost: $24,378,000) |  |  | 24381 |
|  **Total investment securities** 105.95% (cost: $132,611,000) |  |  | 133040 |
|  Other assets less liabilities (5.95)% |  |  | (7473) |
|  **Net assets 100.00%** |  |  | $125567 |

---

#### Futures contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br> (000) |
|  30 Day Federal Funds Futures | Long | 2 | 3/2/2026 | USD803 | $– <sup>(b)</sup> |
|  2 Year U.S. Treasury Note Futures | Long | 343 | 4/6/2026 | 71615 | (17) |
|  5 Year U.S. Treasury Note Futures | Long | 140 | 4/6/2026 | 15303 | (39) |
|  10 Year Ultra U.S. Treasury Note Futures | Long | 30 | 3/31/2026 | 3450 | (28) |
|  10 Year U.S. Treasury Note Futures | Short | 18 | 3/31/2026 | (2024) | 18 |
|  20 Year U.S. Treasury Bond Futures | Long | 15 | 3/31/2026 | 1734 | (23) |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 23 | 3/31/2026 | 2714 | (43) |
|  |  |  |  |  | $(132) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Swap contracts** | <br> **Swap contracts** | <br> **Swap contracts** | <br> **Swap contracts** | <br> **Swap contracts** | <br> **Swap contracts** | <br> **Swap contracts** | <br> **Swap contracts** | <br> **Swap contracts** |
| **Interest rate swaps**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** | **Interest rate swaps**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** | **Interest rate swaps**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** | **Interest rate swaps**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** | **Interest rate swaps**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** | **Interest rate swaps**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** | **Interest rate swaps**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** | **Interest rate swaps**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** | **Interest rate swaps**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centrally cleared interest rate swaps** |
|  |  |  |  |  |  |  | Upfront<br> premium | Unrealized<br> appreciation |
| Receive | Receive | Pay | Pay |  | Notional | Value at | paid | (depreciation) |
| Rate | Payment<br>frequency | Rate | Payment<br> frequency | Expiration<br> date | amount<br> (000) | 12/31/2025<br> (000) | (received)<br> (000) | at 12/31/2025<br> (000) |
|  SOFR | Annual | 3.3615% | Annual | 5/31/2030 | USD520 | $1 | $– | $1 |
|  SOFR | Annual | 3.6025% | Annual | 1/8/2034 | USD495 | 3 |  | 3 |
|  SOFR | Annual | 3.8215% | Annual | 4/23/2035 | USD100 | (1) |  | (1) |
|  SOFR | Annual | 3.6965% | Annual | 11/5/2035 | USD230 | 2 |  | 2 |
|  SOFR | Annual | 3.41% | Annual | 7/28/2045 | USD1,182 | <u>121</u> | <u>–</u> | <u>121</u> |
|  |  |  |  |  |  | <u>$126</u> | <u>$–</u> | <u>$126</u> |

---

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand. 

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4<sup>(a)(2)</sup> of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $7,682,000, which represented 6.12% of the net assets of the fund. 

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(e)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $946,000, which represented 0.75% of the net assets of the fund. 

<sup>(f)</sup> Represents securities transacted on a TBA basis.

---

| | |
|:---|:---|
| American Funds Insurance Series | **256** |

---

------

American Funds Mortgage Fund<sup>®</sup> (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Key to abbreviation(s)
Assn. = Association

CME = CME Group

SOFR = Secured Overnight Financing Rate

TBA = To be announced USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **257** | American Funds Insurance Series |

---

------

Ultra-Short Bond Fund

**Investment portfolio** December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 100.30% | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Value<br> (000) |
|  **Commercial paper 62.55%** |  |  |  |
|  Apple, Inc. 1/5/2026 <sup>(a)</sup>  | 0.210% | USD4,000 | $3998 |
|  Apple, Inc. 1/15/2026 <sup>(a)</sup>  | 0.315 | 7500 | 7489 |
|  Cabot Trail Funding, LLC. 1/14/2026 <sup>(a)</sup>  | 1.160 | 10175 | 10160 |
|  CHARTA, LLC 1/14/2026 <sup>(a)</sup>  | 0.449 | 10000 | 9985 |
|  Chevron Corp. 1/5/2026 <sup>(a)</sup>  | 0.201 | 2200 | 2199 |
|  Chevron Corp. 2/3/2026 <sup>(a)</sup>  | 0.544 | 11400 | 11361 |
|  Cisco Systems, Inc. 1/22/2026 <sup>(a)</sup>  | 0.854 | 11900 | 11873 |
|  DBS Bank, Ltd. 1/23/2026 <sup>(a)</sup>  | 1.522 | 11500 | 11473 |
|  Essilor International 1/26/2026 <sup>(a)</sup>  | 0.346 | 9000 | 8976 |
|  Linde, Inc. 1/20/2026 | 0.357 | 2900 | 2894 |
|  Linde, Inc. 2/2/2026 | 0.435 | 8200 | 8173 |
|  LVMH Moet Hennessy Louis Vuitton, Inc. 2/2/2026 <sup>(a)</sup>  | 1.227 | 11000 | 10963 |
|  Novartis Finance Corp. 1/12/2026 <sup>(a)</sup>  | 0.211 | 11000 | 10987 |
|  Oversea-Chinese Banking Corp., Ltd. 1/5/2026 <sup>(a)</sup>  | 0.347 | 5200 | 5197 |
|  Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(a)</sup>  | 0.260 | 4200 | 4189 |
|  Paccar Financial Corp. 1/26/2026 | 0.385 | 10000 | 9973 |
|  Procter & Gamble Co. 3/4/2026 <sup>(a)</sup>  | 0.748 | 10000 | 9936 |
|  Prudential Funding, LLC 1/9/2026 | 0.311 | 10000 | 9991 |
|  Siemens Capital Company, LLC. 1/6/2026 <sup>(a)</sup>  | 1.103 | 7700 | 7695 |
|  Starbird Funding Corp. 3/4/2026 <sup>(a)</sup>  | 0.822 | 10800 | 10729 |
|  Victory Receivables Corp. 1/16/2026 <sup>(a)</sup>  | 0.994 | 12000 | 11980 |
|  Wal-Mart Stores, Inc. 1/14/2026 <sup>(a)</sup>  | 0.280 | 12200 | 12183 |
|  |  |  | 192404 |
|  **Federal agency bills & notes 19.81%** |  |  |  |
|  Federal Farm Credit Banks 2/20/2026 | 0.526 | 1000 | 995 |
|  Federal Home Loan Bank 1/2/2026 | 0.020 | 4500 | 4500 |
|  Federal Home Loan Bank 1/30/2026 | 1.143 | 9600 | 9573 |
|  Federal Home Loan Bank 2/6/2026 | 0.877 | 5000 | 4983 |
|  Federal Home Loan Bank 2/11/2026 | 0.869 | 2400 | 2391 |
|  Federal Home Loan Bank 2/12/2026 | 0.841 | 6100 | 6075 |
|  Federal Home Loan Bank 2/17/2026 | 0.739 | 7500 | 7466 |
|  Federal Home Loan Bank 2/25/2026 | 1.086 | 11100 | 11041 |
|  Federal Home Loan Bank 3/6/2026 | 0.795 | 4000 | 3975 |
|  Federal Home Loan Bank 3/11/2026 | 0.787 | 5000 | 4967 |
|  Federal Home Loan Bank 4/8/2026 | 0.962 | 5000 | 4953 |
|  |  |  | 60919 |
|  **Bonds & notes of governments & government agencies outside the U.S. 13.50%** |  |  |  |
|  Alberta (Province of) 3/2/2026 <sup>(a)</sup>  | 0.846 | 9800 | 9739 |
|  Hydro-Québec 1/6/2026 <sup>(a)</sup>  | 0.385 | 11000 | 10993 |
|  KfW 1/7/2026 <sup>(a)</sup>  | 0.218 | 2000 | 1999 |
|  KfW 3/18/2026 <sup>(a)</sup>  | 0.762 | 8000 | 7939 |
|  Ontario (Province of) 1/23/2026 | 0.563 | 7000 | 6984 |
|  Ontario (Province of) 2/26/2026 | 0.828 | 3900 | 3877 |
|  |  |  | 41531 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **258** |

---

------

Ultra-Short Bond Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. Treasury bills 4.44%** |  |  |  |
|  U.S. Treasury 2/10/2026 | 0.632% | USD8,700 | $8667 |
|  U.S. Treasury 2/17/2026 | 0.652 | 5000 | 4977 |
|  |  |  | 13644 |
|  **Total short-term securities** (cost: $308,476,000) |  |  | 308498 |
|  **Total investment securities 100.30%** (cost: $308,476,000) |  |  | 308498 |
|  Other assets less liabilities (0.30)% |  |  | (921) |
|  **Net assets 100.00%** |  |  | $307577 |

---

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $192,043,000, which represented 62.44% of the net assets of the fund. 

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **259** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments 86.86% | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations 43.50%** |  |  |
|  **Federal agency mortgage-backed obligations 43.50%** |  |  |
|  Fannie Mae Pool #745316 6.50% 2/1/2026 <sup>(a)</sup>  | USD– <sup>(b)</sup> | $– <sup>(b)</sup> |
|  Fannie Mae Pool #AL9870 6.50% 2/1/2028 <sup>(a)</sup>  | 4 | 4 |
|  Fannie Mae Pool #257431 6.50% 10/1/2028 <sup>(a)</sup>  | 1 | 1 |
|  Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup>  | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup>  | 2 | 2 |
|  Fannie Mae Pool #MA2588 4.00% 4/1/2036 <sup>(a)</sup>  | 413 | 409 |
|  Fannie Mae Pool #MA2746 4.00% 9/1/2036 <sup>(a)</sup>  | 968 | 957 |
|  Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup>  | 721 | 683 |
|  Fannie Mae Pool #940890 6.50% 6/1/2037 <sup>(a)</sup>  | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup>  | 297 | 281 |
|  Fannie Mae Pool #256828 7.00% 7/1/2037 <sup>(a)</sup>  | 2 | 2 |
|  Fannie Mae Pool #256860 6.50% 8/1/2037 <sup>(a)</sup>  | 8 | 8 |
|  Fannie Mae Pool #888698 7.00% 10/1/2037 <sup>(a)</sup>  | 9 | 10 |
|  Fannie Mae Pool #970343 6.00% 2/1/2038 <sup>(a)</sup>  | 12 | 12 |
|  Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup>  | 4 | 4 |
|  Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup>  | 15 | 15 |
|  Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup>  | 6 | 6 |
|  Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup>  | 22975 | &nbsp;&nbsp;&nbsp;&nbsp;20051 |
|  Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup>  | 250 | 257 |
|  Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup>  | 126 | 129 |
|  Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup>  | 27 | 28 |
|  Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup>  | 114 | 117 |
|  Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup>  | 14 | 14 |
|  Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup>  | 63 | 65 |
|  Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup>  | 12 | 12 |
|  Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup>  | 5 | 6 |
|  Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup>  | 16 | 16 |
|  Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup>  | 4 | 4 |
|  Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup>  | 6 | 5 |
|  Fannie Mae Pool #AT7161 3.50% 6/1/2043 <sup>(a)</sup>  | 28 | 27 |
|  Fannie Mae Pool #MA5235 6.50% 12/1/2043 <sup>(a)</sup>  | 754 | 784 |
|  Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup>  | 7 | 6 |
|  Fannie Mae Pool #BE5017 3.50% 2/1/2045 <sup>(a)</sup>  | 51 | 49 |
|  Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup>  | 3360 | 3191 |
|  Fannie Mae Pool #BE8740 3.50% 5/1/2047 <sup>(a)</sup>  | 42 | 40 |
|  Fannie Mae Pool #BE8742 3.50% 5/1/2047 <sup>(a)</sup>  | 11 | 10 |
|  Fannie Mae Pool #BH2846 3.50% 5/1/2047 <sup>(a)</sup>  | 6 | 6 |
|  Fannie Mae Pool #BH2848 3.50% 5/1/2047 <sup>(a)</sup>  | 5 | 5 |
|  Fannie Mae Pool #BH2847 3.50% 5/1/2047 <sup>(a)</sup>  | 2 | 2 |
|  Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup>  | 5 | 5 |
|  Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup>  | 77 | 75 |
|  Fannie Mae Pool #BM3788 3.50% 3/1/2048 <sup>(a)</sup>  | 2416 | 2281 |
|  Fannie Mae Pool #BJ4901 3.50% 3/1/2048 <sup>(a)</sup>  | 31 | 29 |
|  Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup>  | 43 | 42 |
|  Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup>  | 61 | 59 |
|  Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup>  | 19 | 18 |
|  Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup>  | 13 | 13 |
|  Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup>  | 865 | 822 |
|  Fannie Mae Pool #FM1062 3.50% 6/1/2049 <sup>(a)</sup>  | 318 | 302 |
|  Fannie Mae Pool #BJ8411 3.50% 8/1/2049 <sup>(a)</sup>  | 84 | 79 |
|  Fannie Mae Pool #CA4151 3.50% 9/1/2049 <sup>(a)</sup>  | 428 | 406 |
|  Fannie Mae Pool #FM1443 3.50% 9/1/2049 <sup>(a)</sup>  | 241 | 228 |
|  Fannie Mae Pool #FM2179 3.00% 1/1/2050 <sup>(a)</sup>  | 2768 | 2508 |
|  Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(a)</sup>  | 706 | 611 |
|  Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup>  | 24 | 21 |
|  Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup>  | 447 | 382 |
|  Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup>  | 150 | 130 |
|  Fannie Mae Pool #CA7739 2.50% 11/1/2050 <sup>(a)</sup>  | 1520 | 1304 |
|  Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup>  | 187 | 153 |
|  Fannie Mae Pool #BR0772 2.00% 1/1/2051 <sup>(a)</sup>  | 1301 | 1054 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **260** |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup>  | USD66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
|  Fannie Mae Pool #FM6548 2.00% 3/1/2051 <sup>(a)</sup>  | 874 | 723 |
|  Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(a)</sup>  | 559 | 456 |
|  Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup>  | 9 | 7 |
|  Fannie Mae Pool #FM6856 2.50% 4/1/2051 <sup>(a)</sup>  | 338 | 289 |
|  Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup>  | 5 | 4 |
|  Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(a)</sup>  | 1334 | 1080 |
|  Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(a)</sup>  | 827 | 700 |
|  Fannie Mae Pool #FM7687 3.00% 6/1/2051 <sup>(a)</sup>  | 4198 | 3797 |
|  Fannie Mae Pool #BR2095 2.50% 7/1/2051 <sup>(a)</sup>  | 1272 | 1087 |
|  Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup>  | 257 | 218 |
|  Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup>  | 149 | 129 |
|  Fannie Mae Pool #FM8422 2.50% 8/1/2051 <sup>(a)</sup>  | 488 | 414 |
|  Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(a)</sup>  | 1207 | 1025 |
|  Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup>  | 550 | 471 |
|  Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup>  | 364 | 308 |
|  Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(a)</sup>  | 972 | 823 |
|  Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup>  | 40 | 33 |
|  Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(a)</sup>  | 20 | 17 |
|  Fannie Mae Pool #BU3058 2.50% 12/1/2051 <sup>(a)</sup>  | 1948 | 1652 |
|  Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(a)</sup>  | 996 | 856 |
|  Fannie Mae Pool #FA1935 2.50% 12/1/2051 <sup>(a)</sup>  | 5 | 4 |
|  Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup>  | 633 | 575 |
|  Fannie Mae Pool #BV0894 2.00% 1/1/2052 <sup>(a)</sup>  | 463 | 375 |
|  Fannie Mae Pool #CB2668 3.00% 1/1/2052 <sup>(a)</sup>  | 2286 | 2025 |
|  Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup>  | 1868 | 1676 |
|  Fannie Mae Pool #CB2666 3.00% 1/1/2052 <sup>(a)</sup>  | 949 | 840 |
|  Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup>  | 383 | 310 |
|  Fannie Mae Pool #FS5037 2.50% 2/1/2052 <sup>(a)</sup>  | 368 | 312 |
|  Fannie Mae Pool #FS0523 2.50% 2/1/2052 <sup>(a)</sup>  | 160 | 137 |
|  Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup>  | 2932 | 2654 |
|  Fannie Mae Pool #FS1374 3.00% 3/1/2052 <sup>(a)</sup>  | 1945 | 1724 |
|  Fannie Mae Pool #CB3140 4.00% 3/1/2052 <sup>(a)</sup>  | 410 | 391 |
|  Fannie Mae Pool #BV7703 2.00% 4/1/2052 <sup>(a)</sup>  | 3078 | 2496 |
|  Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup>  | 7001 | 5926 |
|  Fannie Mae Pool #CB3375 3.50% 4/1/2052 <sup>(a)</sup>  | 1004 | 931 |
|  Fannie Mae Pool #BV9262 3.00% 5/1/2052 <sup>(a)</sup>  | 783 | 694 |
|  Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup>  | 168 | 149 |
|  Fannie Mae Pool #CB3528 4.00% 5/1/2052 <sup>(a)</sup>  | 549 | 523 |
|  Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(a)</sup>  | 473 | 383 |
|  Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(a)</sup>  | 98 | 79 |
|  Fannie Mae Pool #CB3774 4.00% 6/1/2052 <sup>(a)</sup>  | 2471 | 2359 |
|  Fannie Mae Pool #FS2159 5.00% 6/1/2052 <sup>(a)</sup>  | 49 | 49 |
|  Fannie Mae Pool #BV2558 5.00% 6/1/2052 <sup>(a)</sup>  | 44 | 44 |
|  Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(a)</sup>  | 203 | 165 |
|  Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup>  | 3391 | 2871 |
|  Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup>  | 2189 | 2030 |
|  Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup>  | 285 | 288 |
|  Fannie Mae Pool #FS2489 5.00% 8/1/2052 <sup>(a)</sup>  | 46 | 46 |
|  Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup>  | 628 | 619 |
|  Fannie Mae Pool #FS4611 5.00% 9/1/2052 <sup>(a)</sup>  | 8032 | 8048 |
|  Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup>  | 3185 | 2587 |
|  Fannie Mae Pool #BW9458 4.50% 10/1/2052 <sup>(a)</sup>  | 912 | 898 |
|  Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup>  | 832 | 817 |
|  Fannie Mae Pool #FS5994 5.00% 10/1/2052 <sup>(a)</sup>  | 7788 | 7805 |
|  Fannie Mae Pool #BX1004 5.00% 10/1/2052 <sup>(a)</sup>  | 4729 | 4733 |
|  Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup>  | 576 | 587 |
|  Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup>  | 526 | 536 |
|  Fannie Mae Pool #CB4917 5.50% 10/1/2052 <sup>(a)</sup>  | 77 | 79 |
|  Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup>  | 207 | 216 |

---

---

| | |
|:---|:---|
| **261** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #CB5118 4.00% 11/1/2052 <sup>(a)</sup>  | USD48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
|  Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup>  | 7 | 7 |
|  Fannie Mae Pool #BX3198 4.00% 12/1/2052 <sup>(a)</sup>  | 47 | 45 |
|  Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup>  | 2465 | 2418 |
|  Fannie Mae Pool #BX6121 6.00% 1/1/2053 <sup>(a)</sup>  | 1804 | 1875 |
|  Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup>  | 1367 | 1303 |
|  Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup>  | 8 | 8 |
|  Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup>  | 660 | 691 |
|  Fannie Mae Pool #CB5919 6.00% 3/1/2053 <sup>(a)</sup>  | 717 | 739 |
|  Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup>  | 543 | 563 |
|  Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup>  | 223 | 212 |
|  Fannie Mae Pool #MA4979 5.50% 4/1/2053 <sup>(a)</sup>  | 1942 | 1977 |
|  Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup>  | 320 | 338 |
|  Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup>  | 288 | 294 |
|  Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup>  | 1594 | 1646 |
|  Fannie Mae Pool #CB6590 4.00% 6/1/2053 <sup>(a)</sup>  | 70 | 67 |
|  Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup>  | 2635 | 2682 |
|  Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup>  | 2588 | 2664 |
|  Fannie Mae Pool #FS4933 6.00% 6/1/2053 <sup>(a)</sup>  | 1690 | 1741 |
|  Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup>  | 1634 | 1684 |
|  Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup>  | 1248 | 1287 |
|  Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup>  | 1196 | 1240 |
|  Fannie Mae Pool #CB6719 4.50% 7/1/2053 <sup>(a)</sup>  | 346 | 339 |
|  Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup>  | 9038 | 9198 |
|  Fannie Mae Pool #MA5073 6.00% 7/1/2053 <sup>(a)</sup>  | 1490 | 1533 |
|  Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup>  | 245 | 253 |
|  Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup>  | 429 | 419 |
|  Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup>  | 186 | 189 |
|  Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup>  | 19754 | 20095 |
|  Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(a)</sup>  | 444 | 457 |
|  Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup>  | 618 | 644 |
|  Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup>  | 178 | 185 |
|  Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(a)</sup>  | 943 | 898 |
|  Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(a)</sup>  | 24 | 25 |
|  Fannie Mae Pool #FS8361 3.50% 12/1/2053 <sup>(a)</sup>  | 254 | 236 |
|  Fannie Mae Pool #MA5236 4.00% 12/1/2053 <sup>(a)</sup>  | 23 | 21 |
|  Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup>  | 494 | 502 |
|  Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup>  | 136 | 138 |
|  Fannie Mae Pool #CB7624 6.50% 12/1/2053 <sup>(a)</sup>  | 9288 | 9680 |
|  Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(a)</sup>  | 721 | 758 |
|  Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup>  | 2899 | 3018 |
|  Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup>  | 445 | 452 |
|  Fannie Mae Pool #FS7809 7.00% 2/1/2054 <sup>(a)</sup>  | 6000 | 6316 |
|  Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup>  | 876 | 889 |
|  Fannie Mae Pool #DA7881 5.50% 3/1/2054 <sup>(a)</sup>  | 395 | 401 |
|  Fannie Mae Pool #DB0754 5.50% 3/1/2054 <sup>(a)</sup>  | 42 | 42 |
|  Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup>  | 1169 | 1194 |
|  Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup>  | 600 | 623 |
|  Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup>  | 1109 | 1161 |
|  Fannie Mae Pool #MA5353 5.50% 5/1/2054 <sup>(a)</sup>  | 5132 | 5210 |
|  Fannie Mae Pool #CB8507 6.50% 5/1/2054 <sup>(a)</sup>  | 1595 | 1677 |
|  Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup>  | 2882 | 2972 |
|  Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup>  | 687 | 706 |
|  Fannie Mae Pool #DB6813 6.00% 6/1/2054 <sup>(a)</sup>  | 106 | 109 |
|  Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup>  | 3937 | 4107 |
|  Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup>  | 1677 | 1743 |
|  Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup>  | 6657 | 6866 |
|  Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup>  | 3615 | 3755 |
|  Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup>  | 844 | 867 |
|  Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup>  | 144 | 148 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **262** |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup>  | USD5,993 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6273 |
|  Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup>  | 1622 | 1693 |
|  Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup>  | 959 | 1007 |
|  Fannie Mae Pool #DC1075 6.00% 8/1/2054 <sup>(a)</sup>  | 234 | 240 |
|  Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup>  | 217 | 225 |
|  Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup>  | 112 | 115 |
|  Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup>  | 101 | 104 |
|  Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup>  | 88 | 92 |
|  Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup>  | 84 | 86 |
|  Fannie Mae Pool #FS8934 6.50% 8/1/2054 <sup>(a)</sup>  | 1648 | 1730 |
|  Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup>  | 1419 | 1475 |
|  Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup>  | 1865 | 1906 |
|  Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup>  | 1350 | 1387 |
|  Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup>  | 91 | 93 |
|  Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup>  | 45 | 46 |
|  Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup>  | 4335 | 4506 |
|  Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup>  | 1397 | 1440 |
|  Fannie Mae Pool #DC5704 4.00% 11/1/2054 <sup>(a)</sup>  | 132 | 125 |
|  Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup>  | 199 | 203 |
|  Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup>  | 23 | 23 |
|  Fannie Mae Pool #DC5696 6.00% 11/1/2054 <sup>(a)</sup>  | 2547 | 2619 |
|  Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup>  | 372 | 384 |
|  Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup>  | 783 | 782 |
|  Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup>  | 31 | 32 |
|  Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup>  | 2206 | 2293 |
|  Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup>  | 1578 | 1621 |
|  Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup>  | 947 | 978 |
|  Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup>  | 26 | 26 |
|  Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup>  | 192 | 198 |
|  Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup>  | 7300 | 7407 |
|  Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup>  | 10881 | 11317 |
|  Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup>  | 8612 | 8952 |
|  Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup>  | 6435 | 6770 |
|  Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup>  | 1829 | 1880 |
|  Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup>  | 69 | 71 |
|  Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup>  | 67 | 69 |
|  Fannie Mae Pool #MA5676 7.00% 4/1/2055 <sup>(a)</sup>  | 670 | 705 |
|  Fannie Mae Pool #DD9126 4.00% 5/1/2055 <sup>(a)</sup>  | 53 | 50 |
|  Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup>  | 174 | 179 |
|  Fannie Mae Pool #DD8411 7.00% 5/1/2055 <sup>(a)</sup>  | 1377 | 1451 |
|  Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup>  | 662 | 681 |
|  Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup>  | 5053 | 5256 |
|  Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup>  | 3040 | 3159 |
|  Fannie Mae Pool #BV6163 3.50% 8/1/2055 <sup>(a)</sup>  | 86 | 79 |
|  Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup>  | 4204 | 4266 |
|  Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup>  | 762 | 783 |
|  Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup>  | 470 | 489 |
|  Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(a)</sup>  | 1705 | 1730 |
|  Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup>  | 158 | 150 |
|  Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup>  | 1111 | 968 |
|  Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup>  | 331 | 323 |
|  Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup>  | 420 | 382 |
|  FARM Mortgage Trust, Series 2024-1, Class A, 4.684% 10/1/2053 <sup>(a)(c)(d)</sup>  | 941 | 918 |
|  Freddie Mac Pool #ZS8907 6.50% 10/1/2026 <sup>(a)</sup>  | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Freddie Mac Pool #ZA2024 6.50% 9/1/2027 <sup>(a)</sup>  | – <sup>(b)</sup> | 1 <sup>(b)</sup> |
|  Freddie Mac Pool #1H1354 6.26% 11/1/2036 <sup>(a)(d)</sup>  | 29 | 30 |
|  Freddie Mac Pool #QO0557 2.50% 7/1/2037 <sup>(a)</sup>  | 1083 | 1025 |
|  Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(a)</sup>  | 216 | 223 |
|  Freddie Mac Pool #G06459 5.00% 5/1/2041 <sup>(a)</sup>  | 446 | 459 |
|  Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup>  | 601 | 521 |

---

---

| | |
|:---|:---|
| **263** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #RB5154 2.50% 4/1/2042 <sup>(a)</sup>  | USD8,660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7741 |
|  Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup>  | 2 | 2 |
|  Freddie Mac Pool #Q17696 3.50% 4/1/2043 <sup>(a)</sup>  | 21 | 20 |
|  Freddie Mac Pool #Q19133 3.50% 6/1/2043 <sup>(a)</sup>  | 22 | 21 |
|  Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(a)</sup>  | 109 | 107 |
|  Freddie Mac Pool #Q28558 3.50% 9/1/2044 <sup>(a)</sup>  | 161 | 154 |
|  Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(a)(d)</sup>  | 202 | 203 |
|  Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup>  | 41 | 38 |
|  Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup>  | 58 | 55 |
|  Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup>  | 5483 | 5288 |
|  Freddie Mac Pool #Q54701 3.50% 3/1/2048 <sup>(a)</sup>  | 39 | 37 |
|  Freddie Mac Pool #Q54709 3.50% 3/1/2048 <sup>(a)</sup>  | 39 | 37 |
|  Freddie Mac Pool #Q54700 3.50% 3/1/2048 <sup>(a)</sup>  | 32 | 30 |
|  Freddie Mac Pool #Q54781 3.50% 3/1/2048 <sup>(a)</sup>  | 24 | 23 |
|  Freddie Mac Pool #Q54782 3.50% 3/1/2048 <sup>(a)</sup>  | 19 | 18 |
|  Freddie Mac Pool #Q54699 3.50% 3/1/2048 <sup>(a)</sup>  | 16 | 16 |
|  Freddie Mac Pool #Q54831 3.50% 3/1/2048 <sup>(a)</sup>  | 11 | 11 |
|  Freddie Mac Pool #Q54698 3.50% 3/1/2048 <sup>(a)</sup>  | 11 | 10 |
|  Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(a)</sup>  | 686 | 666 |
|  Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup>  | 38 | 37 |
|  Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup>  | 32 | 31 |
|  Freddie Mac Pool #Q56590 3.50% 6/1/2048 <sup>(a)</sup>  | 21 | 20 |
|  Freddie Mac Pool #Q56589 3.50% 6/1/2048 <sup>(a)</sup>  | 12 | 12 |
|  Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup>  | 63 | 62 |
|  Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup>  | 5121 | 4951 |
|  Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup>  | 156 | 156 |
|  Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup>  | 74 | 73 |
|  Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup>  | 50 | 49 |
|  Freddie Mac Pool #ZT0522 4.50% 9/1/2048 <sup>(a)</sup>  | 16 | 16 |
|  Freddie Mac Pool #QA0284 3.50% 6/1/2049 <sup>(a)</sup>  | 123 | 117 |
|  Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup>  | 36 | 34 |
|  Freddie Mac Pool #RA1463 3.50% 10/1/2049 <sup>(a)</sup>  | 290 | 275 |
|  Freddie Mac Pool #RA1580 3.50% 10/1/2049 <sup>(a)</sup>  | 151 | 143 |
|  Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup>  | 23 | 21 |
|  Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup>  | 1329 | 1079 |
|  Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup>  | 28 | 24 |
|  Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(a)</sup>  | 1136 | 928 |
|  Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup>  | 1713 | 1467 |
|  Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup>  | 31 | 25 |
|  Freddie Mac Pool #RA4528 2.50% 2/1/2051 <sup>(a)</sup>  | 713 | 605 |
|  Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup>  | 51 | 42 |
|  Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup>  | 1974 | 1620 |
|  Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup>  | 895 | 724 |
|  Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup>  | 127 | 115 |
|  Freddie Mac Pool #SD0726 2.50% 10/1/2051 <sup>(a)</sup>  | 7920 | 6839 |
|  Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup>  | 398 | 325 |
|  Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup>  | 418 | 362 |
|  Freddie Mac Pool #QD3226 2.50% 12/1/2051 <sup>(a)</sup>  | 952 | 806 |
|  Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup>  | 104 | 88 |
|  Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(a)</sup>  | 259 | 224 |
|  Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup>  | 121 | 109 |
|  Freddie Mac Pool #RA6816 2.00% 2/1/2052 <sup>(a)</sup>  | 4455 | 3606 |
|  Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(a)</sup>  | 2324 | 1881 |
|  Freddie Mac Pool #QD7967 2.00% 2/1/2052 <sup>(a)</sup>  | 293 | 237 |
|  Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup>  | 7547 | 7088 |
|  Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup>  | 147 | 137 |
|  Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(a)</sup>  | 327 | 264 |
|  Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(a)</sup>  | 104 | 97 |
|  Freddie Mac Pool #QD9477 4.00% 4/1/2052 <sup>(a)</sup>  | 325 | 309 |
|  Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(a)</sup>  | 801 | 681 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **264** |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #8D0226 2.544% 5/1/2052 <sup>(a)(d)</sup>  | USD412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
|  Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup>  | 7491 | 6653 |
|  Freddie Mac Pool #QE1489 3.50% 5/1/2052 <sup>(a)</sup>  | 1238 | 1148 |
|  Freddie Mac Pool #QE3999 3.50% 5/1/2052 <sup>(a)</sup>  | 410 | 380 |
|  Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(a)</sup>  | 328 | 278 |
|  Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(a)</sup>  | 262 | 232 |
|  Freddie Mac Pool #RA7258 3.50% 6/1/2052 <sup>(a)</sup>  | 36 | 34 |
|  Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup>  | 2028 | 1717 |
|  Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup>  | 3100 | 2749 |
|  Freddie Mac Pool #RA7572 3.00% 8/1/2052 <sup>(a)</sup>  | 48 | 43 |
|  Freddie Mac Pool #SD4554 4.00% 8/1/2052 <sup>(a)</sup>  | 135 | 128 |
|  Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup>  | 180 | 177 |
|  Freddie Mac Pool #QE8282 5.00% 8/1/2052 <sup>(a)</sup>  | 781 | 782 |
|  Freddie Mac Pool #QE7647 5.00% 8/1/2052 <sup>(a)</sup>  | 45 | 45 |
|  Freddie Mac Pool #SD1496 5.00% 8/1/2052 <sup>(a)</sup>  | 36 | 37 |
|  Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup>  | 792 | 777 |
|  Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup>  | 185 | 182 |
|  Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup>  | 116 | 114 |
|  Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup>  | 8774 | 8809 |
|  Freddie Mac Pool #SD3782 4.50% 10/1/2052 <sup>(a)</sup>  | 3051 | 2992 |
|  Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup>  | 78 | 77 |
|  Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup>  | 947 | 943 |
|  Freddie Mac Pool #QF2560 4.50% 11/1/2052 <sup>(a)</sup>  | 698 | 687 |
|  Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup>  | 1823 | 1856 |
|  Freddie Mac Pool #SD8281 6.50% 12/1/2052 <sup>(a)</sup>  | 3737 | 3900 |
|  Freddie Mac Pool #SD8320 3.00% 2/1/2053 <sup>(a)</sup>  | 663 | 588 |
|  Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup>  | 799 | 813 |
|  Freddie Mac Pool #QG1653 6.00% 4/1/2053 <sup>(a)</sup>  | 744 | 767 |
|  Freddie Mac Pool #QG0259 6.00% 4/1/2053 <sup>(a)</sup>  | 409 | 422 |
|  Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup>  | 79 | 78 |
|  Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup>  | 712 | 725 |
|  Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup>  | 457 | 464 |
|  Freddie Mac Pool #SD8325 6.00% 5/1/2053 <sup>(a)</sup>  | 3287 | 3388 |
|  Freddie Mac Pool #QG3763 6.00% 5/1/2053 <sup>(a)</sup>  | 1519 | 1568 |
|  Freddie Mac Pool #SD2979 6.50% 5/1/2053 <sup>(a)</sup>  | 213 | 225 |
|  Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup>  | 1346 | 1369 |
|  Freddie Mac Pool #SD8332 6.00% 6/1/2053 <sup>(a)</sup>  | 12863 | 13257 |
|  Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(a)</sup>  | 3429 | 3532 |
|  Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup>  | 1797 | 1852 |
|  Freddie Mac Pool #QG5227 6.00% 6/1/2053 <sup>(a)</sup>  | 748 | 771 |
|  Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup>  | 371 | 386 |
|  Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup>  | 336 | 347 |
|  Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup>  | 219 | 227 |
|  Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup>  | 186 | 194 |
|  Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup>  | 1797 | 1881 |
|  Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup>  | 1557 | 1632 |
|  Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup>  | 1477 | 1560 |
|  Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup>  | 1453 | 1532 |
|  Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup>  | 1018 | 1076 |
|  Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup>  | 817 | 860 |
|  Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup>  | 494 | 515 |
|  Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup>  | 462 | 493 |
|  Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup>  | 15782 | 16058 |
|  Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup>  | 569 | 580 |
|  Freddie Mac Pool #SD8343 6.00% 7/1/2053 <sup>(a)</sup>  | 16252 | 16745 |
|  Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)</sup>  | 17343 | 17848 |
|  Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(a)</sup>  | 670 | 681 |
|  Freddie Mac Pool #SD3857 6.00% 9/1/2053 <sup>(a)</sup>  | 34942 | 35984 |
|  Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup>  | 1977 | 2036 |
|  Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup>  | 72 | 75 |

---

---

| | |
|:---|:---|
| **265** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SL2623 3.00% 10/1/2053 <sup>(a)</sup>  | USD2,099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859 |
|  Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup>  | 4342 | 4473 |
|  Freddie Mac Pool #SD8370 4.50% 11/1/2053 <sup>(a)</sup>  | 686 | 671 |
|  Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(a)</sup>  | 2949 | 2993 |
|  Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup>  | 9504 | 9972 |
|  Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(a)</sup>  | 32 | 33 |
|  Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup>  | 1820 | 1849 |
|  Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup>  | 340 | 355 |
|  Freddie Mac Pool #QI0100 4.00% 2/1/2054 <sup>(a)</sup>  | 157 | 149 |
|  Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup>  | 861 | 875 |
|  Freddie Mac Pool #SD4894 6.00% 2/1/2054 <sup>(a)</sup>  | 3774 | 3911 |
|  Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup>  | 172 | 177 |
|  Freddie Mac Pool #SL2362 6.50% 2/1/2054 <sup>(a)</sup>  | 4620 | 4858 |
|  Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup>  | 461 | 468 |
|  Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup>  | 526 | 537 |
|  Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup>  | 93 | 94 |
|  Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup>  | 490 | 509 |
|  Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup>  | 478 | 485 |
|  Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup>  | 66 | 68 |
|  Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup>  | 2108 | 2207 |
|  Freddie Mac Pool #RJ1535 6.50% 5/1/2054 <sup>(a)</sup>  | 1019 | 1071 |
|  Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(a)</sup>  | 11156 | 11596 |
|  Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup>  | 1 | 1 |
|  Freddie Mac Pool #RJ1792 6.50% 6/1/2054 <sup>(a)</sup>  | 2477 | 2609 |
|  Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup>  | 932 | 976 |
|  Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup>  | 582 | 614 |
|  Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup>  | 7350 | 7575 |
|  Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup>  | 2780 | 2867 |
|  Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup>  | 215 | 221 |
|  Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup>  | 5542 | 5770 |
|  Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup>  | 2052 | 2133 |
|  Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup>  | 3847 | 3932 |
|  Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup>  | 906 | 919 |
|  Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup>  | 2900 | 2985 |
|  Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup>  | 1336 | 1377 |
|  Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup>  | 137 | 141 |
|  Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup>  | 76 | 78 |
|  Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup>  | 51 | 53 |
|  Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup>  | 4317 | 4487 |
|  Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup>  | 3489 | 3652 |
|  Freddie Mac Pool #QJ4811 5.50% 9/1/2054 <sup>(a)</sup>  | 673 | 683 |
|  Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup>  | 470 | 485 |
|  Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup>  | 245 | 253 |
|  Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup>  | 232 | 242 |
|  Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup>  | 225 | 235 |
|  Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup>  | 138 | 142 |
|  Freddie Mac Pool #SD6288 6.50% 9/1/2054 <sup>(a)</sup>  | 4396 | 4620 |
|  Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup>  | 1520 | 1580 |
|  Freddie Mac Pool #SL2445 6.50% 9/1/2054 <sup>(a)</sup>  | 1245 | 1301 |
|  Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup>  | 3 | 3 |
|  Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup>  | 379 | 384 |
|  Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup>  | 3 | 3 |
|  Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup>  | 3591 | 3719 |
|  Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup>  | 3112 | 3197 |
|  Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup>  | 1422 | 1480 |
|  Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup>  | 1033 | 1071 |
|  Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup>  | 1444 | 1520 |
|  Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup>  | 2201 | 2261 |
|  Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(a)</sup>  | 5 | 6 |
|  Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup>  | 1301 | 1336 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **266** |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Freddie Mac Pool #SL0673 6.50% 3/1/2055 <sup>(a)</sup>  | USD4,423 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4646 |
|  Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup>  | 1003 | 1042 |
|  Freddie Mac Pool #QY0582 4.00% 4/1/2055 <sup>(a)</sup>  | 808 | 767 |
|  Freddie Mac Pool #SD8524 5.50% 4/1/2055 <sup>(a)</sup>  | 213 | 216 |
|  Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup>  | 378 | 388 |
|  Freddie Mac Pool #QY1898 7.00% 4/1/2055 <sup>(a)</sup>  | 622 | 661 |
|  Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup>  | 348 | 357 |
|  Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup>  | 649 | 648 |
|  Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup>  | 8713 | 9057 |
|  Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup>  | 2767 | 2807 |
|  Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup>  | 1223 | 1257 |
|  Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup>  | 4638 | 4821 |
|  Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup>  | 631 | 648 |
|  Freddie Mac Pool #SL2781 6.50% 9/1/2055 <sup>(a)</sup>  | 2776 | 2914 |
|  Freddie Mac Pool #SL2647 6.50% 9/1/2055 <sup>(a)</sup>  | 1752 | 1841 |
|  Freddie Mac Pool #QZ5542 3.50% 10/1/2055 <sup>(a)</sup>  | 526 | 488 |
|  Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup>  | 3875 | 3932 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)</sup>  | 3332 | 3184 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056 <sup>(a)</sup>  | 704 | 622 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup>  | 283 | 255 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup>  | 3410 | 3239 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup>  | 3022 | 2885 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup>  | 764 | 664 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(a)(d)</sup>  | 1062 | 971 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(d)</sup>  | 324 | 318 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(a)</sup>  | 3378 | 3042 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(a)</sup>  | 386 | 377 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 <sup>(a)</sup>  | 590 | 529 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(a)</sup>  | 1453 | 1417 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup>  | 316 | 284 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(a)</sup>  | 1257 | 1185 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup>  | 12897 | 12705 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(a)</sup>  | 3267 | 3108 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030 <sup>(a)</sup>  | 933 | 868 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030 <sup>(a)</sup>  | 435 | 392 |
|  Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup>  | 3198 | 3120 |
|  Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(e)</sup>  | 5 | 5 |
|  Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038 <sup>(a)</sup>  | 55 | 58 |
|  Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038 <sup>(a)</sup>  | 11 | 11 |
|  Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038 <sup>(a)</sup>  | 113 | 122 |
|  Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038 <sup>(a)</sup>  | 25 | 26 |
|  Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039 <sup>(a)</sup>  | 113 | 117 |
|  Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup>  | 60 | 64 |
|  Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040 <sup>(a)</sup>  | 1653 | 1712 |
|  Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041 <sup>(a)</sup>  | 602 | 615 |
|  Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041 <sup>(a)</sup>  | 392 | 388 |
|  Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042 <sup>(a)</sup>  | 14 | 13 |
|  Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup>  | 734 | 609 |
|  Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup>  | 643 | 533 |
|  Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup>  | 4304 | 3676 |
|  Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/2051 <sup>(a)</sup>  | 1863 | 1609 |
|  Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup>  | 593 | 508 |
|  Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup>  | 3352 | 2857 |
|  Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(a)</sup>  | 78 | 67 |
|  Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup>  | 2855 | 2459 |
|  Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup>  | 1472 | 1273 |
|  Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup>  | 896 | 774 |
|  Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup>  | 707 | 606 |
|  Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup>  | 224 | 202 |
|  Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup>  | 827 | 714 |

---

---

| | |
|:---|:---|
| **267** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **Mortgage-backed obligations (continued)** |  |  |
|  **Federal agency mortgage-backed obligations (continued)** |  |  |
|  Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup>  | USD176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
|  Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup>  | 2004 | 1847 |
|  Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup>  | 620 | 568 |
|  Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup>  | 3811 | 3522 |
|  Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup>  | 291 | 277 |
|  Government National Mortgage Assn. Pool #MA8567 4.00% 1/20/2053 <sup>(a)</sup>  | 401 | 382 |
|  Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(a)</sup>  | 199 | 190 |
|  Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(a)</sup>  | 50 | 50 |
|  Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup>  | 4091 | 4008 |
|  Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup>  | 2634 | 2581 |
|  Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup>  | 1116 | 1091 |
|  Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup>  | 4323 | 4109 |
|  Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup>  | 1352 | 1319 |
|  Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup>  | 484 | 490 |
|  Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 <sup>(a)</sup>  | 989 | 999 |
|  Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup>  | 343 | 346 |
|  Government National Mortgage Assn. Pool #MB0742 3.50% 11/20/2055 <sup>(a)</sup>  | 928 | 845 |
|  Government National Mortgage Assn. Pool #MB0810 3.50% 12/20/2055 <sup>(a)</sup>  | 484 | 440 |
|  Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup>  | 418 | 312 |
|  Uniform Mortgage-Backed Security 2.00% 1/1/2041 <sup>(a)(e)</sup>  | 1115 | 1033 |
|  Uniform Mortgage-Backed Security 4.00% 1/1/2041 <sup>(a)(e)</sup>  | 920 | 908 |
|  Uniform Mortgage-Backed Security 5.00% 1/1/2041 <sup>(a)(e)</sup>  | 780 | 790 |
|  Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(e)</sup>  | 16198 | 13097 |
|  Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(e)</sup>  | 119 | 110 |
|  Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(e)</sup>  | 1999 | 1951 |
|  Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(a)(e)</sup>  | 6284 | 6373 |
|  Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(a)(e)</sup>  | 18724 | 19228 |
|  Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(e)</sup>  | 6031 | 6268 |
|  Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(e)</sup>  | 7168 | 6605 |
|  **Total mortgage-backed obligations** |  | 816712 |
|  **U.S. Treasury bonds & notes 40.76%** |  |  |
|  **U.S. Treasury 36.84%** |  |  |
|  U.S. Treasury 4.25% 1/31/2026 | 5535 | 5536 |
|  U.S. Treasury 4.625% 2/28/2026 | 9375 | 9388 |
|  U.S. Treasury 4.625% 3/15/2026 | 11050 | 11072 |
|  U.S. Treasury 4.50% 3/31/2026 | 1435 | 1438 |
|  U.S. Treasury 4.875% 4/30/2026 | 35525 | 35676 |
|  U.S. Treasury 0.875% 6/30/2026 | 2065 | 2038 |
|  U.S. Treasury 4.50% 7/15/2026 | 10366 | 10422 |
|  U.S. Treasury 4.375% 7/31/2026 | 25795 | 25919 |
|  U.S. Treasury 4.625% 9/15/2026 | 10209 | 10285 |
|  U.S. Treasury 3.50% 9/30/2026 | 11100 | 11094 |
|  U.S. Treasury 3.875% 3/31/2027 | 23000 | 23100 |
|  U.S. Treasury 4.50% 4/15/2027 | 30000 | 30371 |
|  U.S. Treasury 0.50% 4/30/2027 | 1250 | 1202 |
|  U.S. Treasury 2.625% 5/31/2027 | 2290 | 2263 |
|  U.S. Treasury 3.75% 6/30/2027 | 33220 | 33348 |
|  U.S. Treasury 3.875% 7/31/2027 | 10000 | 10059 |
|  U.S. Treasury 3.75% 8/15/2027 | 5043 | 5064 |
|  U.S. Treasury 3.625% 8/31/2027 | 2945 | 2951 |
|  U.S. Treasury 3.375% 11/30/2027 | 600 | 599 |
|  U.S. Treasury 4.25% 2/15/2028 <sup>(f)</sup>  | 48655 | 49404 |
|  U.S. Treasury 3.625% 5/31/2028 | 14850 | 14890 |
|  U.S. Treasury 1.25% 6/30/2028 | 3325 | 3147 |
|  U.S. Treasury 4.00% 6/30/2028 | 6907 | 6988 |
|  U.S. Treasury 1.00% 7/31/2028 | 970 | 910 |
|  U.S. Treasury 4.125% 7/31/2028 | 17685 | 17950 |
|  U.S. Treasury 3.50% 11/15/2028 | 410 | 410 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **268** |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. Treasury bonds & notes (continued)** |  |  |
|  **U.S. Treasury (continued)** |  |  |
|  U.S. Treasury 2.625% 2/15/2029 | USD3,270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 |
|  U.S. Treasury 4.50% 5/31/2029 | 825 | 849 |
|  U.S. Treasury 2.625% 7/31/2029 | 9309 | 9006 |
|  U.S. Treasury 4.00% 7/31/2029 | 15070 | 15268 |
|  U.S. Treasury 4.125% 10/31/2029 | 4800 | 4883 |
|  U.S. Treasury 4.125% 11/30/2029 | 10200 | 10377 |
|  U.S. Treasury 4.375% 12/31/2029 | 23475 | 24106 |
|  U.S. Treasury 4.00% 2/28/2030 | 11270 | 11415 |
|  U.S. Treasury 4.00% 3/31/2030 | 15000 | 15193 |
|  U.S. Treasury 3.75% 6/30/2030 | 17030 | 17075 |
|  U.S. Treasury 3.875% 6/30/2030 | 6000 | 6046 |
|  U.S. Treasury 4.00% 7/31/2030 | 1185 | 1200 |
|  U.S. Treasury 4.625% 9/30/2030 | 1290 | 1341 |
|  U.S. Treasury 4.875% 10/31/2030 | 625 | 657 |
|  U.S. Treasury 3.50% 11/30/2030 | 505 | 500 |
|  U.S. Treasury 4.25% 6/30/2031 | 9625 | 9847 |
|  U.S. Treasury 4.125% 11/30/2031 | 3240 | 3290 |
|  U.S. Treasury 4.125% 2/29/2032 | 9305 | 9440 |
|  U.S. Treasury 4.125% 3/31/2032 | 3000 | 3043 |
|  U.S. Treasury 4.125% 5/31/2032 | 10295 | 10435 |
|  U.S. Treasury 4.00% 6/30/2032 | 16910 | 17018 |
|  U.S. Treasury 2.75% 8/15/2032 | 8095 | 7550 |
|  U.S. Treasury 3.75% 11/30/2032 | 4075 | 4030 |
|  U.S. Treasury 3.875% 8/15/2033 | 3180 | 3156 |
|  U.S. Treasury 4.375% 5/15/2034 | 1687 | 1726 |
|  U.S. Treasury 3.875% 8/15/2034 | 1970 | 1941 |
|  U.S. Treasury 4.25% 11/15/2034 | 1790 | 1810 |
|  U.S. Treasury 4.625% 2/15/2035 | 5000 | 5194 |
|  U.S. Treasury 4.25% 5/15/2035 | 1800 | 1816 |
|  U.S. Treasury 4.25% 8/15/2035 | 5315 | 5357 |
|  U.S. Treasury 4.00% 11/15/2035 | 285 | 281 |
|  U.S. Treasury 4.50% 8/15/2039 | 13655 | 13699 |
|  U.S. Treasury 4.625% 2/15/2040 | 90 | 91 |
|  U.S. Treasury, interest only, 0% 11/15/2040 | 1110 | 545 |
|  U.S. Treasury 1.375% 11/15/2040 | 1945 | 1265 |
|  U.S. Treasury 3.875% 5/15/2043 | 820 | 737 |
|  U.S. Treasury 4.375% 8/15/2043 | 40 | 38 |
|  U.S. Treasury 4.50% 2/15/2044 | 3780 | 3663 |
|  U.S. Treasury 4.125% 8/15/2044 | 11760 | 10810 |
|  U.S. Treasury 2.50% 2/15/2045 | 4850 | 3441 |
|  U.S. Treasury 5.00% 5/15/2045 | 8955 | 9207 |
|  U.S. Treasury 4.625% 11/15/2045 | 180 | 176 |
|  U.S. Treasury 2.50% 2/15/2046 | 3900 | 2720 |
|  U.S. Treasury 2.50% 5/15/2046 | 1585 | 1101 |
|  U.S. Treasury 2.875% 11/15/2046 | 2700 | 1997 |
|  U.S. Treasury 3.00% 8/15/2048 | 750 | 556 |
|  U.S. Treasury 2.375% 11/15/2049 | 1435 | 924 |
|  U.S. Treasury 1.25% 5/15/2050 | 14825 | 7117 |
|  U.S. Treasury 1.375% 8/15/2050 | 4330 | 2135 |
|  U.S. Treasury 1.625% 11/15/2050 | 35205 | 18533 |
|  U.S. Treasury 1.875% 2/15/2051 | 5892 | 3301 |
|  U.S. Treasury 2.375% 5/15/2051 | 6280 | 3968 |
|  U.S. Treasury 2.00% 8/15/2051 | 5226 | 3001 |
|  U.S. Treasury 1.875% 11/15/2051 | 3164 | 1754 |
|  U.S. Treasury 3.00% 8/15/2052 | 895 | 643 |
|  U.S. Treasury 4.00% 11/15/2052 | 1849 | 1607 |
|  U.S. Treasury 4.75% 11/15/2053 | 205 | 202 |
|  U.S. Treasury 4.25% 2/15/2054 | 11130 | 10086 |
|  U.S. Treasury 4.625% 5/15/2054 | 3165 | 3054 |
|  U.S. Treasury 4.25% 8/15/2054 | 50 | 45 |

---

---

| | |
|:---|:---|
| **269** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) |  | Principal amount<br> (000) | Value<br> (000) |
|  **U.S. Treasury bonds & notes (continued)** |  |  |  |
|  **U.S. Treasury (continued)** |  |  |  |
|  U.S. Treasury 4.625% 2/15/2055 |  | USD7,370 | $&nbsp;&nbsp;&nbsp;&nbsp;7115 |
|  U.S. Treasury 4.75% 8/15/2055 <sup>(f)</sup>  |  | 27230 | 26830 |
|  U.S. Treasury 4.625% 11/15/2055 |  | 19425 | 18754 |
|  |  |  | 691669 |
|  U.S. Treasury inflation-protected securities 3.92% |  |  |  |
|  U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup>  |  | 9620 | 9533 |
|  U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup>  |  | 2960 | 2907 |
|  U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup>  |  | 37322 | 37704 |
|  U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup>  |  | 1093 | 1014 |
|  U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup>  |  | 3399 | 3107 |
|  U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup>  |  | 7377 | 7411 |
|  U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup>  |  | 141 | 138 |
|  U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(g)</sup>  |  | 1506 | 1173 |
|  U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup>  |  | 1756 | 1308 |
|  U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup>  |  | 323 | 233 |
|  U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup>  |  | 368 | 212 |
|  U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup>  |  | 144 | 78 |
|  U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup>  |  | 456 | 410 |
|  U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup>  |  | 8752 | 8308 |
|  |  |  | 73536 |
|  **Total U.S. Treasury bonds & notes** |  |  | 765205 |
|  **Federal agency bonds & notes 2.60%** |  |  |  |
|  Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026 |  | 46 | 46 |
|  Federal Home Loan Bank 3.25% 11/16/2028 |  | 6500 | 6462 |
|  Federal Home Loan Bank 5.50% 7/15/2036 |  | 300 | 329 |
|  Federal National Mortgage Association 7.125% 1/15/2030 |  | 2000 | 2258 |
|  Private Export Funding Corp. 1.40% 7/15/2028 |  | 3000 | 2840 |
|  Tennessee Valley Authority 2.875% 2/1/2027 |  | 5000 | 4966 |
|  Tennessee Valley Authority 4.875% 5/15/2035 |  | 2445 | 2525 |
|  Tennessee Valley Authority 4.65% 6/15/2035 |  | 1780 | 1811 |
|  Tennessee Valley Authority 5.88% 4/1/2036 |  | 875 | 980 |
|  Tennessee Valley Authority, Series A, 4.625% 9/15/2060 |  | 250 | 223 |
|  Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033 |  | 660 | 639 |
|  U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026 |  | 645 | 657 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026 |  | 2200 | 2188 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027 |  | 10250 | 10131 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028 |  | 3064 | 3029 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029 |  | 2020 | 1987 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030 |  | 1773 | 1726 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031 |  | 2074 | 1998 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032 |  | 2167 | 2056 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033 |  | 1639 | 1545 |
|  U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034 |  | 330 | 308 |
|  |  |  | 48704 |
|  **Total bonds, notes & other debt instruments** (cost: $1,653,043,000) |  |  | 1630621 |
| Short-term securities 15.36% | Weighted<br> average yield<br> at acquisition |  |  |
|  **Commercial paper 8.81%** |  |  |  |
|  Apple, Inc. 1/15/2026 <sup>(c)</sup>  | 3.650% | 15000 | 14977 |
|  CAFCO, LLC 1/14/2026 <sup>(c)</sup>  | 4.040 | 10000 | 9985 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **270** |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Value<br> (000) |
|  **Commercial paper (continued)** |  |  |  |
|  Chevron Corp. 2/3/2026 <sup>(c)</sup>  | 3.760% | USD12,300 | $12258 |
|  Desjardins Group 2/27/2026 <sup>(c)</sup>  | 3.750 | 12500 | 12425 |
|  Exxon Asset Management Co. 3/31/2026 | 3.820 | 19510 | 19332 |
|  Linde, Inc. 1/20/2026 | 3.660 | 9400 | 9381 |
|  Novartis Finance Corp. 1/2/2026 <sup>(c)</sup>  | 3.660 | 10000 | 9998 |
|  Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(c)</sup>  | 3.740 | 7000 | 6981 |
|  Procter & Gamble Co. 1/23/2026 <sup>(c)</sup>  | 3.900 | 10000 | 9977 |
|  Procter & Gamble Co. 3/4/2026 <sup>(c)</sup>  | 3.750 | 10000 | 9936 |
|  Prudential Funding, LLC 1/9/2026 | 3.700 | 20000 | 19982 |
|  TOTAL Holdings USA, Inc. 1/5/2026 <sup>(c)</sup>  | 3.715 | 15000 | 14992 |
|  Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup>  | 3.630 | 15200 | 15178 |
|  |  |  | 165402 |
|  **Bonds & notes of governments & government agencies outside the U.S. 2.58%** |  |  |  |
|  Alberta (Province of) 2/12/2026 <sup>(c)</sup>  | 3.770 | 10100 | 10056 |
|  KfW 1/7/2026 <sup>(c)</sup>  | 3.700 | 13000 | 12991 |
|  Ontario (Province of) 2/6/2026 | 3.770 | 25600 | 25501 |
|  |  |  | 48548 |
|  **Federal agency bills & notes 3.97%** |  |  |  |
|  Federal Farm Credit Banks 2/20/2026 | 3.580 | 30500 | 30353 |
|  Federal Home Loan Bank 1/2/2026 | 3.500 | 14364 | 14364 |
|  Federal Home Loan Bank 1/23/2026 | 3.842 | 11960 | 11935 |
|  Federal Home Loan Bank 2/25/2026 | 3.725 | 17900 | 17805 |
|  **Total short-term securities** (cost: $288,397,000) |  |  | 288407 |
| Options purchased (equity style) 0.01% |  |  |  |
|  Options purchased (equity style)\* |  |  | 242 |
|  **Total options purchased (equity style)** (cost: $330,000) |  |  | 242 |
|  **Total investment securities 102.23%** (cost: $1,941,770,000) |  |  | 1919270 |
|  **Total options written (equity style) <sup>†</sup> 0.00%** (premium received: $102,000) |  |  | (81) |
|  Other assets less liabilities (2.23)% |  |  | (41841) |
|  **Net assets 100.00%** |  |  | $1877348 |

---

#### \*Options purchased (equity style)
<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

#### Options on futures

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>contracts | Expiration<br> date | Exercise<br> price | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) |
|  **Call** |  |  |  |  |  |
|  3 Month SOFR Futures Option | 2426 | 3/13/2026 | USD96.63 | USD606,500 | $242 |

---

---

| | |
|:---|:---|
| **271** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### <sup>†</sup>Options written (equity style)

#### Options on futures

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>contracts | Expiration<br>date | Exercise<br>price | Notional<br> amount<br> (000) | Value at<br>12/31/2025<br>(000) |
|  **Call** |  |  |  |  |  |
|  3 Month SOFR Futures Option | 1444 | 3/13/2026 | USD96.81 | USD(361000) | $(81) |

---

#### Futures contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  30 Day Federal Funds Futures | Long | 18 | 2/2/2026 | USD7,228 | $1 |
|  30 Day Federal Funds Futures | Long | 443 | 3/2/2026 | 177962 | (25) |
|  3 Month SOFR Futures | Long | 3 | 6/17/2026 | 724 | (4) |
|  3 Month SOFR Futures | Long | 26 | 9/16/2026 | 6285 | (6) |
|  2 Year U.S. Treasury Note Futures | Long | 5852 | 4/6/2026 | 1221834 | (293) |
|  5 Year U.S. Treasury Note Futures | Long | 2936 | 4/6/2026 | 320918 | (856) |
|  10 Year Ultra U.S. Treasury Note Futures | Short | 253 | 3/31/2026 | (29099) | 169 |
|  10 Year U.S. Treasury Note Futures | Short | 1099 | 3/31/2026 | (123569) | 907 |
|  20 Year U.S. Treasury Bond Futures | Long | 186 | 3/31/2026 | 21500 | (257) |
|  30 Year Ultra U.S. Treasury Bond Futures | Long | 447 | 3/31/2026 | 52746 | (850) |
|  |  |  |  |  | $(1214) |

---

#### Swap contracts

#### Interest rate swaps

#### Centrally cleared interest rate swaps

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional<br>amount<br>(000) | Value at<br>12/31/2025<br>(000) | Upfront<br>premium<br>paid<br>(received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
| Rate | Payment<br>frequency | Rate | Payment<br>frequency | Expiration<br>date | Notional<br>amount<br>(000) | Value at<br>12/31/2025<br>(000) | Upfront<br>premium<br>paid<br>(received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  4.184% | Annual | SOFR | Annual | 1/10/2026 | USD11,198 | $1 | $– | $1 |
|  4.2035% | Annual | SOFR | Annual | 1/10/2026 | USD11,197 | 1 |  | 1 |
|  4.2045% | Annual | SOFR | Annual | 1/10/2026 | USD1,020 | – <sup>(b)</sup> |  | – <sup>(b)</sup> |
|  4.27% | Annual | SOFR | Annual | 2/16/2026 | USD9,621 | 6 |  | 6 |
|  4.265% | Annual | SOFR | Annual | 2/16/2026 | USD4,777 | 3 |  | 3 |
|  4.3035% | Annual | SOFR | Annual | 2/17/2026 | USD2,874 | 2 |  | 2 |
|  4.2515% | Annual | SOFR | Annual | 2/17/2026 | USD2,847 | 2 |  | 2 |
|  4.2675% | Annual | SOFR | Annual | 2/17/2026 | USD2,771 | 2 |  | 2 |
|  4.3005% | Annual | SOFR | Annual | 2/17/2026 | USD1,989 | 1 |  | 1 |
|  4.288% | Annual | SOFR | Annual | 2/17/2026 | USD2,021 | 1 |  | 1 |
|  4.568% | Annual | SOFR | Annual | 3/1/2026 | USD27,000 | 34 |  | 34 |
|  4.56% | Annual | SOFR | Annual | 3/1/2026 | USD27,400 | 34 |  | 34 |
|  4.6275% | Annual | SOFR | Annual | 3/20/2026 | USD49,370 | 89 |  | 89 |
|  4.9005% | Annual | SOFR | Annual | 4/17/2026 | USD14,100 | 46 |  | 46 |
|  4.815% | Annual | SOFR | Annual | 5/6/2026 | USD31,500 | 116 |  | 116 |
|  4.723% | Annual | SOFR | Annual | 5/7/2026 | USD30,490 | 103 |  | 103 |
|  4.659% | Annual | SOFR | Annual | 5/17/2026 | USD45,400 | 159 |  | 159 |
|  SOFR | Annual | 4.528% | Annual | 6/18/2026 | USD2,700 | (10) |  | (10) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **272** |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration<br>date | Notional<br>amount<br>(000) | Value at<br>12/31/2025<br>(000) | Upfront<br>premium<br>paid<br>(received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
| Rate | Payment<br>frequency | Rate | Payment<br>frequency | Expiration<br>date | Notional<br>amount<br>(000) | Value at<br>12/31/2025<br>(000) | Upfront<br>premium<br>paid<br>(received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  U.S. Urban CPI | At maturity | 2.12% | At maturity | 12/22/2026 | USD5,735 | $8 | $– | $8 |
|  3.535% | Annual | SOFR | Annual | 1/23/2027 | USD13,000 | 16 |  | 16 |
|  3.5405% | Annual | SOFR | Annual | 1/23/2027 | USD12,100 | 15 |  | 15 |
|  3.53% | Annual | SOFR | Annual | 1/23/2027 | USD7,300 | 8 |  | 8 |
|  SOFR | Annual | 4.186% | Annual | 2/18/2027 | USD54,150 | (467) |  | (467) |
|  3.7645% | Annual | SOFR | Annual | 2/20/2027 | USD23,600 | 95 |  | 95 |
|  3.761% | Annual | SOFR | Annual | 2/20/2027 | USD11,800 | 47 |  | 47 |
|  4.5895% | Annual | SOFR | Annual | 5/6/2027 | USD22,710 | 361 |  | 361 |
|  SOFR | Annual | 3.2465% | Annual | 9/15/2027 | USD16,600 | 19 |  | 19 |
|  SOFR | Annual | 3.249% | Annual | 9/15/2027 | USD16,690 | 19 |  | 19 |
|  3.45% | Annual | SOFR | Annual | 2/1/2028 | USD12,500 | 36 |  | 36 |
|  3.47% | Annual | SOFR | Annual | 2/2/2028 | USD11,600 | 38 |  | 38 |
|  3.6475% | Annual | SOFR | Annual | 2/27/2028 | USD19,700 | 143 |  | 143 |
|  SOFR | Annual | 3.528% | Annual | 1/29/2030 | USD4,000 | (19) |  | (19) |
|  SOFR | Annual | 3.529% | Annual | 1/29/2030 | USD4,800 | (23) |  | (23) |
|  SOFR | Annual | 3.5485% | Annual | 1/29/2030 | USD5,200 | (29) |  | (29) |
|  U.S. EFFR | Annual | 0.5385% | Annual | 3/26/2030 | USD49,000 | 5455 |  | 5455 |
|  3.18% | Annual | SOFR | Annual | 4/17/2030 | USD2,600 | (25) |  | (25) |
|  3.275% | Annual | SOFR | Annual | 4/18/2030 | USD2,600 | (15) |  | (15) |
|  3.353% | Annual | SOFR | Annual | 4/19/2030 | USD2,600 | (7) |  | (7) |
|  3.342% | Annual | SOFR | Annual | 4/19/2030 | USD2,600 | (8) |  | (8) |
|  3.344% | Annual | SOFR | Annual | 4/20/2030 | USD2,600 | (8) |  | (8) |
|  3.128% | Annual | SOFR | Annual | 4/28/2030 | USD2,600 | (31) |  | (31) |
|  3.285% | Annual | SOFR | Annual | 5/1/2030 | USD2,500 | (14) |  | (14) |
|  3.259% | Annual | SOFR | Annual | 5/1/2030 | USD2,600 | (17) |  | (17) |
|  3.186% | Annual | SOFR | Annual | 5/9/2030 | USD2,600 | (25) |  | (25) |
|  3.215% | Annual | SOFR | Annual | 5/10/2030 | USD2,500 | (21) |  | (21) |
|  3.29% | Annual | SOFR | Annual | 5/19/2030 | USD3,100 | (17) |  | (17) |
|  SOFR | Annual | 3.3615% | Annual | 5/31/2030 | USD15,320 | 38 |  | 38 |
|  3.31% | Annual | SOFR | Annual | 6/9/2030 | USD26,800 | (132) |  | (132) |
|  U.S. EFFR | Annual | 0.666% | Annual | 11/19/2030 | USD15,500 | 1909 |  | 1909 |
|  3.488% | Annual | SOFR | Annual | 6/17/2031 | USD6,316 | 1 |  | 1 |
|  3.43574% | Annual | SOFR | Annual | 6/17/2031 | USD7,364 | (16) |  | (16) |
|  SOFR | Annual | 3.326% | Annual | 9/19/2032 | USD10,880 | 172 |  | 172 |
|  SOFR | Annual | 3.4225% | Annual | 9/22/2032 | USD10,938 | 110 |  | 110 |
|  SOFR | Annual | 4.1615% | Annual | 5/15/2033 | USD330 | (11) |  | (11) |
|  SOFR | Annual | 4.15% | Annual | 5/15/2033 | USD880 | (29) |  | (29) |
|  4.0135% | Annual | SOFR | Annual | 8/21/2033 | USD1,185 | 28 |  | 28 |
|  SOFR | Annual | 3.6025% | Annual | 1/8/2034 | USD4,655 | 24 |  | 24 |
|  SOFR | Annual | 3.7175% | Annual | 8/8/2035 | USD1,180 | 6 |  | 6 |
|  SOFR | Annual | 3.6965% | Annual | 11/5/2035 | USD2,870 | 23 |  | 23 |
|  SOFR | Annual | 3.79168% | Annual | 6/17/2036 | USD8,076 | 33 |  | 33 |
|  SOFR | Annual | 3.801% | Annual | 6/17/2036 | USD6,989 | 23 |  | 23 |
|  SOFR | Annual | 3.175% | Annual | 2/1/2038 | USD16,000 | 1118 |  | 1118 |
|  3.065% | Annual | SOFR | Annual | 4/7/2040 | USD12,300 | (1298) |  | (1298) |
|  3.616% | Annual | SOFR | Annual | 8/5/2044 | USD5,600 | (393) |  | (393) |
|  3.561% | Annual | SOFR | Annual | 8/9/2044 | USD4,800 | (372) |  | (372) |
|  SOFR | Annual | 3.9815% | Annual | 11/6/2044 | USD10,330 | 236 |  | 236 |
|  SOFR | Annual | 3.045% | Annual | 7/27/2050 | USD3,600 | 640 |  | 640 |
|  SOFR | Annual | 2.85282% | Annual | 12/6/2052 | USD540 | 117 |  | 117 |
|  SOFR | Annual | 2.93542% | Annual | 12/6/2052 | USD550 | 112 |  | 112 |
|  SOFR | Annual | 3.01413% | Annual | 1/12/2053 | USD1,402 | 268 |  | 268 |
|  SOFR | Annual | 3.02% | Annual | 1/12/2053 | USD1,400 | 266 |  | 266 |

---

---

| | |
|:---|:---|
| **273** | American Funds Insurance Series |

---

------

U.S. Government Securities Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay | Expiration<br>date | Notional<br>amount (000) | Value at<br>12/31/2025<br>(000) | Upfront<br>premium<br>paid<br>(received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
| Rate | Payment<br>frequency | Rate | Payment<br>frequency | Expiration<br>date | Notional<br>amount (000) | Value at<br>12/31/2025<br>(000) | Upfront<br>premium<br>paid<br>(received)<br>(000) | Unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  SOFR | Annual | 2.974% | Annual | 4/17/2053 | USD800 | $159 | $– | $159 |
|  SOFR | Annual | 3.044% | Annual | 4/18/2053 | USD800 | 150 |  | 150 |
|  SOFR | Annual | 3.0875% | Annual | 4/19/2053 | USD800 | 144 |  | 144 |
|  SOFR | Annual | 3.1035% | Annual | 4/19/2053 | USD800 | 142 |  | 142 |
|  SOFR | Annual | 3.0895% | Annual | 4/20/2053 | USD800 | 144 |  | 144 |
|  SOFR | Annual | 2.9405% | Annual | 4/28/2053 | USD800 | 163 |  | 163 |
|  SOFR | Annual | 3.0535% | Annual | 5/1/2053 | USD1,600 | 297 |  | 297 |
|  SOFR | Annual | 3.085% | Annual | 5/9/2053 | USD900 | 162 |  | 162 |
|  SOFR | Annual | 3.1135% | Annual | 5/10/2053 | USD800 | 141 |  | 141 |
|  SOFR | Annual | 3.1605% | Annual | 5/19/2053 | USD1,000 | 168 |  | 168 |
|  SOFR | Annual | 3.6765% | Annual | 2/20/2054 | USD2,019 | 169 |  | 169 |
|  SOFR | Annual | 3.6815% | Annual | 2/20/2054 | USD1,510 | 125 |  | 125 |
|  SOFR | Annual | 3.7205% | Annual | 2/21/2054 | USD520 | 40 |  | 40 |
|  SOFR | Annual | 3.47875% | Annual | 8/5/2054 | USD4,200 | 492 |  | 492 |
|  SOFR | Annual | 3.415% | Annual | 8/9/2054 | USD3,700 | 473 |  | 473 |
|  4.13862% | Annual | SOFR | Annual | 6/17/2056 | USD1,957 | (12) |  | (12) |
|  4.097% | Annual | SOFR | Annual | 6/17/2056 | USD1,702 | (23) |  | (23) |
|  |  |  |  |  |  | $11931 | $– | $11931 |

---

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand. 

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4<sup>(a)(2)</sup> of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $140,672,000, which represented 7.49% of the net assets of the fund. 

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $16,083,000, which represented 0.86% of the net assets of the fund. 

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index. 

---

| | |
|:---|:---|
|  **Key to abbreviation(s)** |  |
|  Assn. = Association | SOFR = Secured Overnight Financing Rate |
|  CPI = Consumer Price Index | TBA = To be announced |
|  EFFR = Effective Federal Funds Rate | USD = U.S. dollars |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **274** |

---

------

Managed Risk Growth Fund

**Investment portfolio** December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Growth funds 84.99% | Shares | Value<br>(000) |
|  American Funds Insurance Series – Growth Fund, Class 1 | 3046065 | $429678 |
|  **Total growth funds** (cost: $297,224,000) |  | 429678 |
| Fixed income funds 10.02% |  |  |
|  American Funds Insurance Series – The Bond Fund of America, Class 1 | 5324267 | 50687 |
|  **Total fixed income funds** (cost: $50,772,000) |  | 50687 |
| Short-term securities 4.63% |  |  |
|  State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 23417711 | 23418 |
|  **Total short-term securities** (cost: $23,418,000) |  | 23418 |
| Options purchased (equity style) 0.27% |  |  |
|  Options purchased (equity style)\* |  | 1328 |
|  **Total options purchased** (cost: $4,348,000) |  | 1328 |
|  **Total investment securities 99.91%** (cost: $375,762,000) |  | 505111 |
|  Other assets less liabilities 0.09% |  | 468 |
|  **Net assets 100.00%** |  | $505579 |

---

#### \*Options purchased (equity style)

#### Equity index options

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Notional<br>amount<br>(000) | Exercise<br> price | Expiration<br>date | Value at<br>12/31/2025<br>(000) |
|  **Put** |  |  |  |  |  |
|  S&P 500 Index | 90 | USD61,610 | USD4,250.00 | 3/20/2026 | $31 |
|  S&P 500 Index | 415 | 284088 | 4275.00 | 3/20/2026 | 146 |
|  S&P 500 Index | 10 | 6846 | 4375.00 | 3/20/2026 | 4 |
|  S&P 500 Index | 25 | 17114 | 4500.00 | 3/20/2026 | 11 |
|  S&P 500 Index | 25 | 17114 | 4650.00 | 3/20/2026 | 14 |
|  S&P 500 Index | 15 | 10268 | 4750.00 | 3/20/2026 | 9 |
|  S&P 500 Index | 10 | 6846 | 4775.00 | 3/20/2026 | 6 |
|  S&P 500 Index | 20 | 13691 | 4825.00 | 3/20/2026 | 13 |
|  S&P 500 Index | 25 | 17114 | 4850.00 | 3/20/2026 | 17 |
|  S&P 500 Index | 20 | 13691 | 4900.00 | 3/20/2026 | 14 |
|  S&P 500 Index | 10 | 6846 | 4625.00 | 6/18/2026 | 22 |
|  S&P 500 Index | 325 | 222479 | 4700.00 | 6/18/2026 | 715 |
|  S&P 500 Index | 10 | 6846 | 4750.00 | 6/18/2026 | 24 |
|  S&P 500 Index | 75 | 51341 | 4825.00 | 6/18/2026 | 181 |
|  S&P 500 Index | 20 | 13691 | 4850.00 | 6/18/2026 | 49 |
|  S&P 500 Index | 10 | 6846 | 5000.00 | 6/18/2026 | 29 |
|  S&P 500 Index | 10 | 6846 | 4775.00 | 9/18/2026 | 43 |
|  |  |  |  |  | $1328 |

---

---

| | |
|:---|:---|
| **275** | American Funds Insurance Series |

---

------

Managed Risk Growth Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Futures contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  S&P 500 E-mini Index Futures | Long | 46 | 3/20/2026 | USD15,853 | $8 |

---

#### Investments in affiliates <sup>(b)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br>(000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br>(000) | Value at<br>12/31/2025<br>(000) | Dividend<br>income<br>(000) | Capital gain<br>distributions<br>received<br>(000) |
|  Growth funds 84.99% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – Growth Fund, Class 1 | $445562 | $116262 | $180830 | $70206 | $(21522) | $429678 | $1046 | $34295 |
|  Fixed income funds 10.02% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – The Bond Fund of America, Class 1 | 52786 | 41135 | 44622 | 15 | 1373 | 50687 | 2246 |  |
|  **Total 95.01%** |  |  |  | $70221 | $(20149) | $480365 | $3292 | $34295 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

#### Key to abbreviation(s)
USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **276** |

---

------

Managed Risk International Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Growth funds 85.00% | Shares | Value<br>(000) |
|  American Funds Insurance Series – International Fund, Class 1 | 4316673 | $96391 |
|  **Total growth funds** (cost: $68,990,000) |  | 96391 |
| Fixed income funds 9.99% |  |  |
|  American Funds Insurance Series – The Bond Fund of America, Class 1 | 1190669 | 11335 |
|  **Total fixed income funds** (cost: $11,379,000) |  | 11335 |
| Short-term securities 4.79% |  |  |
|  State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 5428105 | 5428 |
|  **Total short-term securities** (cost: $5,428,000) |  | 5428 |
| Options purchased (equity style) 0.23% |  |  |
|  Options purchased (equity style)\* |  | 267 |
|  **Total options purchased** (cost: $774,000) |  | 267 |
|  **Total investment securities** 100.01% (cost: $86,571,000) |  | 113421 |
|  Other assets less liabilities (0.01)% |  | (17) |
|  **Net assets 100.00%** |  | $113404 |

---

#### \*Options purchased (equity style)

#### Equity index options

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>contracts | Notional<br>amount<br>(000) | Exercise<br>price | Expiration<br>date | Value at<br>12/31/2025<br>(000) |
|  **Put** |  |  |  |  |  |
|  iShares MSCI EAFE ETF | 250 | USD2,401 | USD65.00 | 3/20/2026 | $2 |
|  iShares MSCI EAFE ETF | 4900 | 47055 | 70.00 | 3/20/2026 | 47 |
|  iShares MSCI EAFE ETF | 2600 | 24968 | 72.00 | 3/20/2026 | 51 |
|  iShares MSCI EAFE ETF | 125 | 1200 | 74.00 | 3/20/2026 | 2 |
|  iShares MSCI EAFE ETF | 300 | 2881 | 75.00 | 3/20/2026 | 4 |
|  iShares MSCI EAFE ETF | 200 | 1921 | 76.00 | 3/20/2026 | 3 |
|  iShares MSCI EAFE ETF | 2425 | 23287 | 70.00 | 6/18/2026 | 137 |
|  iShares MSCI EAFE ETF | 450 | 4321 | 75.00 | 6/18/2026 | 21 |
|  |  |  |  |  | $267 |

---

#### Futures contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  MSCI EAFE Index Futures | Long | 21 | 3/20/2026 | USD3,047 | $13 |

---

---

| | |
|:---|:---|
| **277** | American Funds Insurance Series |

---

------

Managed Risk International Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Investments in affiliates <sup>(b)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net realized<br>gain (loss)<br>(000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br>(000) | Value at<br>12/31/2025<br>(000) | Dividend<br>income<br>(000) | Capital gain<br>distributions<br>received<br>(000) |
|  Growth funds 85.00% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – International Fund, Class 1 | $96701 | $11326 | $33601 | $6644 | $15321 | $96391 | $1416 | $– |
|  Fixed income funds 9.99% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – The Bond Fund of America, Class 1 | 11472 | 6653 | 7132 | 89 | 253 | 11335 | 495 |  |
|  **Total 94.99%** |  |  |  | $6733 | $15574 | $107726 | $1911 | $– |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

#### Key to abbreviation(s)
USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **278** |

---

------

Managed Risk Washington Mutual Investors Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 85.06% | Shares | Value<br>(000) |
|  American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 14745796 | $268079 |
|  **Total growth-and-income funds** (cost: $198,932,000) |  | 268079 |
| Fixed income funds 10.01% |  |  |
|  American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | 3186969 | 31551 |
|  **Total fixed income funds** (cost: $31,563,000) |  | 31551 |
| Short-term securities 4.67% |  |  |
|  State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 14703653 | 14704 |
|  **Total short-term securities** (cost: $14,704,000) |  | 14704 |
| Options purchased (equity style) 0.20% |  |  |
|  Options purchased (equity style)\* |  | 647 |
|  **Total options purchased** (cost: $2,471,000) |  | 647 |
|  **Total investment securities 99.94%** (cost: $247,670,000) |  | 314981 |
|  Other assets less liabilities 0.06% |  | 191 |
|  **Net assets 100.00%** |  | $315172 |

---

#### \*Options purchased (equity style)

#### Equity index options

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Notional<br>amount<br>(000) | Exercise<br> price | Expiration<br>date | Value at<br>12/31/2025<br>(000) |
|  **Put** |  |  |  |  |  |
|  S&P 500 Index | 15 | USD10,268 | USD4,175.00 | 3/20/2026 | $5 |
|  S&P 500 Index | 125 | 85569 | 4275.00 | 3/20/2026 | 44 |
|  S&P 500 Index | 15 | 10268 | 4375.00 | 3/20/2026 | 6 |
|  S&P 500 Index | 20 | 13691 | 4500.00 | 3/20/2026 | 9 |
|  S&P 500 Index | 270 | 184828 | 4625.00 | 3/20/2026 | 135 |
|  S&P 500 Index | 15 | 10268 | 4650.00 | 3/20/2026 | 8 |
|  S&P 500 Index | 15 | 10268 | 4850.00 | 3/20/2026 | 10 |
|  S&P 500 Index | 10 | 6846 | 4900.00 | 3/20/2026 | 7 |
|  S&P 500 Index | 10 | 6846 | 4650.00 | 6/18/2026 | 22 |
|  S&P 500 Index | 100 | 68455 | 4700.00 | 6/18/2026 | 220 |
|  S&P 500 Index | 35 | 23959 | 4825.00 | 6/18/2026 | 85 |
|  S&P 500 Index | 10 | 6846 | 4850.00 | 6/18/2026 | 24 |
|  S&P 500 Index | 10 | 6846 | 5000.00 | 6/18/2026 | 29 |
|  S&P 500 Index | 10 | 6846 | 4775.00 | 9/18/2026 | 43 |
|  |  |  |  |  | $647 |

---

---

| | |
|:---|:---|
| **279** | American Funds Insurance Series |

---

------

Managed Risk Washington Mutual Investors Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Futures contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  S&P 500 E-mini Index Futures | Long | 24 | 3/20/2026 | USD8,271 | $1 |

---

#### Investments in affiliates <sup>(b)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net realized<br>gain (loss)<br>(000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br>(000) | Value at<br>12/31/2025<br>(000) | Dividend<br>income<br>(000) | Capital gain<br>distributions<br>received<br>(000) |
|  Growth-and-income funds 85.06% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | $273106 | $49141 | $75666 | $17364 | $4134 | $268079 | $4236 | $17905 |
|  Fixed income funds 10.01% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | 32524 | 16239 | 18298 | (161) | 1247 | 31551 | 1405 |  |
|  **Total 95.07%** |  |  |  | $17203 | $5381 | $299630 | $5641 | $17905 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

#### Key to abbreviation(s)
USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **280** |

---

------

Managed Risk Growth-Income Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 79.67% | Shares | Value (000) |
|  American Funds Insurance Series – Growth-Income Fund, Class 1 | 24608461 | $1666731 |
|  **Total growth-and-income funds** (cost: $1,348,887,000) |  | 1666731 |
| Fixed income funds 14.99% |  |  |
|  American Funds Insurance Series – The Bond Fund of America, Class 1 | 32944468 | 313631 |
|  **Total fixed income funds** (cost: $313,629,000) |  | 313631 |
| Short-term securities 4.82% |  |  |
|  State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 100972696 | 100973 |
|  **Total short-term securities** (cost: $100,973,000) |  | 100973 |
| Options purchased (equity style) 0.34% |  |  |
|  Options purchased (equity style)\* |  | 7071 |
|  **Total options purchased** (cost: $27,268,000) |  | 7071 |
|  **Total investment securities 99.82%** (cost: $1,790,757,000) |  | 2088406 |
|  Other assets less liabilities 0.18% |  | 3734 |
|  **Net assets 100.00%** |  | $2092140 |

---

#### \*Options purchased (equity style)

#### Equity index options

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>contracts | Notional<br>amount<br>(000) | Exercise<br>price | Expiration<br>date | Value at<br>12/31/2025<br>(000) |
|  **Put** |  |  |  |  |  |
|  S&P 500 Index | 80 | USD54,764 | USD4,175.00 | 3/20/2026 | $27 |
|  S&P 500 Index | 1830 | 1252727 | 4275.00 | 3/20/2026 | 646 |
|  S&P 500 Index | 205 | 140333 | 4375.00 | 3/20/2026 | 86 |
|  S&P 500 Index | 40 | 27382 | 4425.00 | 3/20/2026 | 17 |
|  S&P 500 Index | 95 | 65032 | 4500.00 | 3/20/2026 | 42 |
|  S&P 500 Index | 50 | 34228 | 4525.00 | 3/20/2026 | 25 |
|  S&P 500 Index | 2480 | 1697684 | 4625.00 | 3/20/2026 | 1240 |
|  S&P 500 Index | 165 | 112951 | 4650.00 | 3/20/2026 | 91 |
|  S&P 500 Index | 40 | 27382 | 4825.00 | 3/20/2026 | 26 |
|  S&P 500 Index | 150 | 102683 | 4850.00 | 3/20/2026 | 103 |
|  S&P 500 Index | 95 | 65032 | 4900.00 | 3/20/2026 | 65 |
|  S&P 500 Index | 90 | 61610 | 4625.00 | 6/18/2026 | 193 |
|  S&P 500 Index | 85 | 58187 | 4650.00 | 6/18/2026 | 187 |
|  S&P 500 Index | 1110 | 759851 | 4700.00 | 6/18/2026 | 2442 |
|  S&P 500 Index | 65 | 44496 | 4750.00 | 6/18/2026 | 155 |
|  S&P 500 Index | 390 | 266975 | 4825.00 | 6/18/2026 | 944 |
|  S&P 500 Index | 140 | 95837 | 4850.00 | 6/18/2026 | 343 |
|  S&P 500 Index | 40 | 27382 | 5000.00 | 6/18/2026 | 118 |
|  S&P 500 Index | 75 | 51341 | 4775.00 | 9/18/2026 | 321 |
|  |  |  |  |  | $7071 |

---

---

| | |
|:---|:---|
| **281** | American Funds Insurance Series |

---

------

Managed Risk Growth-Income Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Futures contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  S&P 500 E-mini Index Futures | Long | 255 | 3/20/2026 | USD87,879 | $46 |

---

#### Investments in affiliates <sup>(b)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain (loss)<br>(000) | Net<br> unrealized<br>appreciation<br>(depreciation)<br>(000) | Value at<br>12/31/2025<br> (000) | Dividend<br>income<br> (000) | Capital gain<br>distributions<br>received<br> (000) |
|  Growth-and-income funds 79.67% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – Growth-Income Fund, Class 1 | $1736906 | $440767 | $500363 | $102594 | $(113173) | $1666731 | $18415 | $278792 |
|  Fixed income funds 14.99% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – The Bond Fund of America, Class 1 | 325683 | 143011 | 164543 | 624 | 8856 | 313631 | 13851 |  |
|  **Total 94.66%** |  |  |  | $103218 | $(104317) | $1980362 | $32266 | $278792 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

#### Key to abbreviation(s)
USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **282** |

---

------

Managed Risk Asset Allocation Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Asset allocation funds 95.20% | Shares | Value (000) |
|  American Funds Insurance Series – Asset Allocation Fund, Class 1 | 51064459 | $1404783 |
|  **Total asset allocation funds** (cost: $1,177,798,000) |  | 1404783 |
| Short-term securities 4.77% |  |  |
|  State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup>  | 70445349 | 70445 |
|  **Total short-term securities** (cost: $70,445,000) |  | 70445 |
| Options purchased (equity style) 0.08% |  |  |
|  Options purchased (equity style)\* |  | 1217 |
|  **Total options purchased** (cost: $3,674,000) |  | 1217 |
|  **Total investment securities 100.05%** (cost: $1,251,917,000) |  | 1476445 |
|  Other assets less liabilities (0.05)% |  | (743) |
|  **Net assets 100.00%** |  | $1475702 |

---

#### \*Options purchased (equity style)

#### Equity index options

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Notional<br>amount (000) | Exercise<br> price | Expiration<br>date | Value at<br>12/31/2025<br>(000) |
|  **Put** |  |  |  |  |  |
|  S&P 500 Index | 385 | USD263,552 | USD4,275.00 | 3/20/2026 | $136 |
|  S&P 500 Index | 40 | 27382 | 4375.00 | 3/20/2026 | 17 |
|  S&P 500 Index | 15 | 10268 | 4850.00 | 3/20/2026 | 10 |
|  S&P 500 Index | 20 | 13691 | 4900.00 | 3/20/2026 | 14 |
|  S&P 500 Index | 45 | 30805 | 4650.00 | 6/18/2026 | 99 |
|  S&P 500 Index | 340 | 232747 | 4700.00 | 6/18/2026 | 748 |
|  S&P 500 Index | 20 | 13691 | 4750.00 | 6/18/2026 | 48 |
|  S&P 500 Index | 60 | 41073 | 4825.00 | 6/18/2026 | 145 |
|  |  |  |  |  | $1217 |

---

#### Futures contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br>contracts | Expiration<br>date | Notional<br>amount<br>(000) | Value and<br>unrealized<br>appreciation<br>(depreciation)<br>at 12/31/2025<br>(000) |
|  S&P 500 E-mini Index Futures | Long | 41 | 3/20/2026 | USD14,130 | $8 |

---

---

| | |
|:---|:---|
| **283** | American Funds Insurance Series |

---

------

Managed Risk Asset Allocation Fund (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Investments in affiliates <sup>(b)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br>1/1/2025<br>(000) | Additions<br>(000) | Reductions<br>(000) | Net<br>realized<br>gain<br>(loss)<br>(000) | Net<br>unrealized<br>appreciation<br>(depreciation)<br>(000) | Value at<br>12/31/2025<br>(000) | Dividend<br>income<br>(000) | Capital gain<br>distributions<br>received<br>(000) |
|  Asset allocation funds 95.20% |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Insurance Series – Asset Allocation Fund, Class 1 | $1923478 | $267997 | $889458 | $39013 | $63753 | $1404783 | $32501 | $127660 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

#### Key to abbreviation(s)
USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **284** |

---

------

Financial statements

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global<br>Growth Fund** | **Global**<br> **Small**<br> **Capitalization**<br> **Fund** | **Growth**<br> **Fund** | **International**<br> **Fund** | **New**<br> **World**<br> **Fund** |
|  **Assets:** |  |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $8852855 | $2958933 | $53450984 | $7375128 | $4007822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 288884 | 99500 | 1303602 | 122775 | 60900 |
|  Cash | 567 | 60 | 709 | 35 | 673 |
|  Cash collateral received for securities on loan | 1 | 7659 | 2331 | 2919 | 660 |
|  Cash collateral pledged for futures contracts |  |  |  |  |  |
|  Cash collateral pledged for swap contracts |  |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars | 524 | 493 | 485 | 1008 | 364 |
|  Unrealized appreciation on open forward currency contracts |  |  |  |  | 80 |
|  Bilateral swaps, at value |  |  |  |  |  |
|  Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
|  Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments |  | 369 |  | 2909 | 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 1608 | 193 | 20679 | 1289 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 11224 | 3053 | 17315 | 17842 | 8768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 12 | 119 | 55 | 37 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 476 | 869 | 65 | 1967 | 1037 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9156151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54796225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7525909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4084592 |
|  **Liabilities:** |  |  |  |  |  |
|  Collateral for securities on loan | 1099 | 76585 | 29093 | 29195 | 6603 |
|  Unrealized depreciation on open forward currency contracts |  |  |  |  | 78 |
|  Bilateral swaps, at value |  |  |  |  |  |
|  Options written, at value |  |  |  |  |  |
|  Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 1119 | 20443 | 6814 | 631 | 4143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 12524 | 2529 | 54104 | 12427 | 4600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 2898 | 1513 | 13966 | 3010 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 783 | 255 | 4640 | 360 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 1269 | 541 | 7457 | 1050 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 140 | 73 | 784 | 206 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | 4865 |  | 487 | 26882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 108 | 15506 | 98 | 168 | 18899 |
|  | 24805 | 117445 | 117443 | 73929 | 37224 |
|  Commitments and contingencies\* |  |  |  |  |  |
|  **Net assets at December 31, 2025** | $9131346 | $2953803 | $54678782 | $7451980 | $4047368 |
|  **Net assets consist of:** |  |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $4669963 | $1914050 | $18377552 | $4482586 | $2226544 |
|  Total distributable earnings (accumulated loss) | 4461383 | 1039753 | 36301230 | 2969394 | 1820824 |
|  **Net assets at December 31, 2025** | $9131346 | $2953803 | $54678782 | $7451980 | $4047368 |
|  Investment securities on loan, at value | $4 | $77998 | $22741 | $32814 | $8183 |
|  Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 5567435 | 2237741 | 21947122 | 4929779 | 2464149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 288846 | 99493 | 1303348 | 122756 | 60891 |
|  Cash denominated in currencies other than U.S. dollars, at cost | 524 | 493 | 485 | 1004 | 364 |
|  Premiums received on options written |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **285** | American Funds Insurance Series |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Washington<br>Mutual<br>Investors<br>Fund** | **U.S. Small and<br>Mid**<br> **Cap Equity<br>Fund** | **Capital<br>World Growth<br>and Income<br>Fund** | **Growth-<br>Income**<br> **Fund** | **International<br>Growth<br>and Income<br>Fund** |
|  **Assets:** |  |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $11684406 | $97802 | $2056244 | $42116707 | $398386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 272530 | 2963 | 26204 | 1493802 | 5441 |
|  Cash | 865 | 75 | 332 | 289 | 57 |
|  Cash collateral received for securities on loan | 86 | 94 | 101 |  | 85 |
|  Cash collateral pledged for futures contracts |  |  |  |  |  |
|  Cash collateral pledged for swap contracts |  |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars | 4 |  | 268 | 1525 | 81 |
|  Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
|  Bilateral swaps, at value |  |  |  |  |  |
|  Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
|  Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 14157 | 139 | 4104 | 39606 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 4976 | 15 | 505 | 7670 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 15199 | 67 | 4247 | 38254 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 2 | 1 | 2 | 63 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1 |  | 218 | 284 | 50 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11992226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43698200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406781 |
|  **Liabilities:** |  |  |  |  |  |
|  Collateral for securities on loan | 863 | 940 | 1007 |  | 848 |
|  Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
|  Bilateral swaps, at value |  |  |  |  |  |
|  Options written, at value |  |  |  |  |  |
|  Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 2561 | 445 | 346 | 18633 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 9217 | 93 | 2063 | 34095 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 2288 | 39 | 664 | 9209 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 1448 | 4 | 226 | 2056 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 1458 | 9 | 360 | 4862 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 176 |  | 37 | 782 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes |  |  |  | 1192 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 159 |  | 813 | 60 | 10 |
|  | 18170 | 1530 | 5516 | 70889 | 2166 |
|  Commitments and contingencies\* |  |  |  |  |  |
|  **Net assets at December 31, 2025** | $11974056 | $99626 | $2086709 | $43627311 | $404615 |
|  **Net assets consist of:** |  |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $6329907 | $96908 | $1027159 | $19543567 | $280952 |
|  Total distributable earnings (accumulated loss) | 5644149 | 2718 | 1059550 | 24083744 | 123663 |
|  **Net assets at December 31, 2025** | $11974056 | $99626 | $2086709 | $43627311 | $404615 |
|  Investment securities on loan, at value | $842 | $914 | $987 | $– | $893 |
|  Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 7123077 | 94143 | 1176146 | 21385651 | 268828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 272473 | 2962 | 26199 | 1435195 | 5440 |
|  Cash denominated in currencies other than U.S. dollars, at cost | 4 |  | 268 | 1525 | 81 |
|  Premiums received on options written |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **286** |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Capital<br>Income<br>Builder** | **Asset<br>Allocation<br>Fund** | **American**<br> **Funds**<br> **Global**<br> **Balanced**<br> **Fund** | **American**<br> **Funds**<br> **Global**<br> **Balanced**<br> **Fund** | **The Bond<br>Fund<br>of America** | **Capital<br>World Bond<br>Fund** |
|  **Assets:** |  |  |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $1550384 | $25894359 | $419047 |  | $10789267 | $1345676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 119513 | 1851572 | 32007 |  | 624236 | 136894 |
|  Cash | 338 | 3883 | 241 |  | 1674 | 425 |
|  Cash collateral received for securities on loan | 1157 | 2069 |  |  |  |  |
|  Cash collateral pledged for futures contracts |  |  |  |  |  |  |
|  Cash collateral pledged for swap contracts |  |  |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars | 175 | 2 | 92 |  | 3 | 9 |
|  Unrealized appreciation on open forward currency contracts |  |  | 229 |  | 386 | 2812 |
|  Bilateral swaps, at value |  |  | 38 |  | 2015 | 136 |
|  Unrealized appreciation on unfunded commitments\* |  | 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 2897 | 251377 | 1442 |  | 55805 | 9996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 582 | 3662 | 129 |  | 5946 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 5640 | 79619 | 2033 |  | 83388 | 15248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 12 | 347 | 14 |  | 507 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 17 | 1189 | 18 |  | 1920 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  | 1 |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 8 | 78 |  | <sup>†</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 137 | 808 | 36 |  | 22 | 141 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28088968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455327 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11565169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512398 |
|  **Liabilities:** |  |  |  |  |  |  |
|  Collateral for securities on loan | 11565 | 20974 |  |  |  |  |
|  Unrealized depreciation on open forward currency contracts |  |  | 281 |  | 420 | 1842 |
|  Bilateral swaps, at value |  |  | 44 |  | 3943 | 2695 |
|  Options written, at value |  |  |  |  |  |  |
|  Payables for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 5451 | 345093 | 3655 |  | 184956 | 25455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 1782 | 30592 | 278 |  | 11524 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 319 | 6211 | 163 |  | 1951 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 488 | 4502 | 126 |  | 1059 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 208 | 3158 | 84 |  | 1171 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 18 | 482 | 7 |  | 199 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 101 | 2093 | 28 |  | 3584 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 1 | 48 | 5 |  | 350 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes | 539 |  | 185 |  |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 12 | 775 | 4 |  | (14) | 62 |
|  | 20484 | 413928 | 4860 |  | 209143 | 32628 |
|  Commitments and contingencies\* |  |  |  |  |  |  |
|  **Net assets at December 31, 2025** | $1660376 | $27675040 | $450467 |  | $11356026 | $1479770 |
|  **Net assets consist of:** |  |  |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $1167067 | $16736971 | $339716 |  | $12855120 | $1705259 |
|  Total distributable earnings (accumulated loss) | 493309 | 10938069 | 110751 |  | (1499094) | (225489) |
|  **Net assets at December 31, 2025** | $1660376 | $27675040 | $450467 |  | $11356026 | $1479770 |
|  Investment securities on loan, at value | $11011 | $19953 | $– |  | $– | $– |
|  Investment securities, at cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 1124145 | 17944427 | 335829 |  | 10859512 | 1379551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 122247 | 1869376 | 31719 |  | 624125 | 135130 |
|  Cash denominated in currencies other than U.S. dollars, at cost | 175 | 2 | 91 |  | 1 | 9 |
|  Premiums received on options written |  |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **287** | American Funds Insurance Series |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **American<br>High-Income<br>Trust** | **American<br>Funds<br>Mortgage<br>Fund** | **Ultra-Short<br>Bond Fund** | **Ultra-Short<br>Bond Fund** | **U.S.<br>Government<br>Securities<br>Fund** | **Managed<br>Risk Growth<br>Fund** |
|  **Assets:** |  |  |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $988979 | $133040 | $308498 |  | $1919270 | $24746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 35092 |  |  |  |  | 480365 |
|  Cash | 846 | 152 | 101 |  | 2915 |  |
|  Cash collateral received for securities on loan |  |  |  |  |  |  |
|  Cash collateral pledged for futures contracts | 220 |  |  |  |  | 1030 |
|  Cash collateral pledged for swap contracts | 1311 |  |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars |  |  |  |  |  |  |
|  Unrealized appreciation on open forward currency contracts |  |  |  |  |  |  |
|  Bilateral swaps, at value |  |  |  |  |  |  |
|  Unrealized appreciation on unfunded commitments\* | 1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 104 | 7819 |  |  | 40517 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares | 433 | 167 | 89 |  | 2376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 16339 | 474 |  |  | 10972 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 4 | 4 |  |  | 271 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 13 | 8 |  |  | 562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 3 |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308688 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507423 |
|  **Liabilities:** |  |  |  |  |  |  |
|  Collateral for securities on loan |  |  |  |  |  |  |
|  Unrealized depreciation on open forward currency contracts |  |  |  |  |  |  |
|  Bilateral swaps, at value |  |  |  |  |  |  |
|  Options written, at value |  |  |  |  | 81 |  |
|  Payables for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | 2414 | 15929 |  |  | 94081 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 1678 | 16 | 930 |  | 3012 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 250 | 24 | 68 |  | 342 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 147 | 41 | 35 |  | 341 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 191 | 25 | 66 |  | 328 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 34 | 4 | 12 |  | 51 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 15 | 58 |  |  | 978 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts | 6 |  |  |  | 320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1 |  |  | <sup>†</sup> | 1 |  |
|  | 4736 | 16097 | 1111 |  | 99535 | 1844 |
|  Commitments and contingencies\* |  |  |  |  |  |  |
|  **Net assets at December 31, 2025** | $1038609 | $125567 | $307577 |  | $1877348 | $505579 |
|  **Net assets consist of:** |  |  |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $1332439 | $136386 | $305626 |  | $2132934 | $389009 |
|  Total distributable earnings (accumulated loss) | (293830) | (10819) | 1951 |  | (255586) | 116570 |
|  **Net assets at December 31, 2025** | $1038609 | $125567 | $307577 |  | $1877348 | $505579 |
|  Investment securities on loan, at value | $– | $– | $– |  | $– | $– |
|  Investment securities, at cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 962603 | 132611 | 308476 |  | 1941770 | 27766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 35085 |  |  |  |  | 347996 |
|  Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |  |  |
|  Premiums received on options written |  |  |  |  | 102 |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **288** |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Managed<br>Risk<br>International<br>Fund** | **Managed Risk<br>Washington<br>Mutual<br>Investors<br>Fund** | **Managed**<br> **Risk**<br> **Growth-**<br> **Income**<br> **Fund** | **Managed**<br> **Risk**<br> **Asset**<br> **Allocation**<br> **Fund** |
|  **Assets:** |  |  |  |  |
|  Investment securities, at value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $5695 | $15351 | $108044 | $71662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 107726 | 299630 | 1980362 | 1404783 |
|  Cash |  |  |  |  |
|  Cash collateral received for securities on loan |  |  |  |  |
|  Cash collateral pledged for futures contracts | 92 | 537 | 5713 | 918 |
|  Cash collateral pledged for swap contracts |  |  |  |  |
|  Cash denominated in currencies other than U.S. dollars |  |  |  |  |
|  Unrealized appreciation on open forward currency contracts |  |  |  |  |
|  Bilateral swaps, at value |  |  |  |  |
|  Unrealized appreciation on unfunded commitments\* |  |  |  |  |
|  Receivables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 79 | 760 | 1611 | 4751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of fund's shares |  | 5 | 139 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 19 | 52 | 353 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 231 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on options (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482591 |
|  **Liabilities:** |  |  |  |  |
|  Collateral for securities on loan |  |  |  |  |
|  Unrealized depreciation on open forward currency contracts |  |  |  |  |
|  Bilateral swaps, at value |  |  |  |  |
|  Options written, at value |  |  |  |  |
|  Payables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of fund's shares | 83 | 805 | 1835 | 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 9 | 27 | 179 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative fees | 72 | 199 | 1324 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services provided by related parties | 24 | 65 | 54 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' deferred compensation | 2 | 5 | 30 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 248 | 62 | 660 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |
|  | 438 | 1163 | 4082 | 6889 |
|  Commitments and contingencies\* |  |  |  |  |
|  **Net assets at December 31, 2025** | $113404 | $315172 | $2092140 | $1475702 |
|  **Net assets consist of:** |  |  |  |  |
|  Capital paid in on shares of beneficial interest | $126483 | $268118 | $1532154 | $1152802 |
|  Total distributable earnings (accumulated loss) | (13079) | 47054 | 559986 | 322900 |
|  **Net assets at December 31, 2025** | $113404 | $315172 | $2092140 | $1475702 |
|  Investment securities on loan, at value | $– | $– | $– | $– |
|  Investment securities, at cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 6202 | 17175 | 128241 | 74119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 80369 | 230495 | 1662516 | 1177798 |
|  Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |
|  Premiums received on options written |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **289** | American Funds Insurance Series |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Global**<br> **Growth**<br> **Fund** | **Global**<br> **Small**<br> **Capitalization**<br> **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth** <br> **Fund** | **International**<br> **Fund** | **New**<br> **World**<br> **Fund** |
|  Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized | Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized |  |  |  |  |  |
|  **Class 1:** | Net assets | $4114734 | $784210 | $25167887 | $3364413 | $2103702 |
|  | Shares outstanding | 106085 | 38604 | 178424 | 150645 | 64791 |
|  | Net asset value per share | $38.79 | $20.31 | $141.06 | $22.33 | $32.47 |
|  **Class 1A:** | Net assets | $65911 | $6412 | $458187 | $16600 | $31750 |
|  | Shares outstanding | 1713 | 321 | 3292 | 748 | 984 |
|  | Net asset value per share | $38.47 | $19.99 | $139.18 | $22.20 | $32.25 |
|  **Class 2:** | Net assets | $3725188 | $1756619 | $21575396 | $3480776 | $940783 |
|  | Shares outstanding | 97736 | 92263 | 155446 | 156678 | 29375 |
|  | Net asset value per share | $38.11 | $19.04 | $138.80 | $22.22 | $32.03 |
|  **Class 3:** | Net assets |  |  | $293095 | $16386 |  |
|  | Shares outstanding | Not applicable | Not applicable | 2055 | 731 | Not applicable |
|  | Net asset value per share |  |  | $142.60 | $22.41 |  |
|  **Class 4:** | Net assets | $1225513 | $406562 | $7184217 | $573805 | $971133 |
|  | Shares outstanding | 32637 | 21428 | 53458 | 26284 | 30626 |
|  | Net asset value per share | $37.55 | $18.97 | $134.39 | $21.83 | $31.71 |
|  |  | **Washington<br>Mutual<br>Investors<br>Fund** | **U.S. Small and<br>Mid**<br> **Cap Equity <br>Fund** | **Capital<br>World Growth<br>and Income<br>Fund** | **Growth-**<br> **Income** <br> **Fund** | **International<br>Growth and<br>Income Fund** |
|  Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized | Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized |  |  |  |  |  |
|  **Class 1:** | Net assets | $6434903 | $88135 | $621489 | $25779841 | $34897 |
|  | Shares outstanding | 353902 | 7861 | 33710 | 380653 | 2587 |
|  | Net asset value per share | $18.18 | $11.21 | $18.44 | $67.73 | $13.49 |
|  **Class 1A:** | Net assets | $37706 | $11 | $11968 | $54369 | $9107 |
|  | Shares outstanding | 2085 | 1 | 654 | 810 | 696 |
|  | Net asset value per share | $18.09 | $11.21 | $18.31 | $67.11 | $13.09 |
|  **Class 2:** | Net assets | $3148146 | $11 | $1090396 | $14357484 | $171727 |
|  | Shares outstanding | 176947 | 1 | 59340 | 216610 | 13110 |
|  | Net asset value per share | $17.79 | $11.21 | $18.38 | $66.28 | $13.10 |
|  **Class 3:** | Net assets |  |  |  | $162563 |  |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 2394 | Not applicable |
|  | Net asset value per share |  |  |  | $67.91 |  |
|  **Class 4:** | Net assets | $2353301 | $11469 | $362856 | $3273054 | $188884 |
|  | Shares outstanding | 134090 | 1022 | 20329 | 50535 | 14678 |
|  | Net asset value per share | $17.55 | $11.22 | $17.85 | $64.77 | $12.87 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **290** |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Capital <br>Income<br>Builder** | **Asset<br> Allocation <br>Fund** | **American**<br> **Funds**<br> **Global**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced <br>Fund** | **The Bond<br>Fund<br>of America** | **Capital<br> World Bond <br>Fund** |
|  Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized | Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized |  |  |  |  |  |
|  **Class 1:** | Net assets | $840977 | $15918554 | $96748 | $6909118 | $610786 |
|  | Shares outstanding | 58024 | 578698 | 6712 | 725503 | 59749 |
|  | Net asset value per share | $14.49 | $27.51 | $14.41 | $9.52 | $10.22 |
|  **Class 1A:** | Net assets | $15288 | $55856 | $4557 | $296525 | $29723 |
|  | Shares outstanding | 1056 | 2045 | 318 | 31383 | 2935 |
|  | Net asset value per share | $14.48 | $27.31 | $14.31 | $9.45 | $10.13 |
|  **Class 2:** | Net assets | $22737 | $4401467 | $147446 | $2723868 | $758385 |
|  | Shares outstanding | 1570 | 162734 | 10287 | 290775 | 75051 |
|  | Net asset value per share | $14.48 | $27.05 | $14.33 | $9.37 | $10.10 |
|  **Class 3:** | Net assets |  | $35405 |  |  |  |
|  | Shares outstanding | Not applicable | 1285 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share |  | $27.55 |  |  |  |
|  **Class 4:** | Net assets | $781374 | $7263758 | $201716 | $1426515 | $80876 |
|  | Shares outstanding | 54053 | 271330 | 14349 | 153303 | 8144 |
|  | Net asset value per share | $14.46 | $26.77 | $14.06 | $9.31 | $9.93 |
|  |  | **American<br>High-Income<br>Trust** | **American<br>Funds<br>Mortgage<br>Fund** | **Ultra-Short<br>Bond Fund** | **U.S.<br>Government<br>Securities<br>Fund** | **Managed**<br> **Risk**<br> **Growth**<br> **Fund** |
|  Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized | Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized |  |  |  |  |  |
|  **Class 1:** | Net assets | $254585 | $18615 | $35747 | $261446 |  |
|  | Shares outstanding | 27282 | 1968 | 3170 | 26415 | Not applicable |
|  | Net asset value per share | $9.33 | $9.46 | $11.28 | $9.90 |  |
|  **Class 1A:** | Net assets | $7747 | $3305 | $130 | $299685 |  |
|  | Shares outstanding | 835 | 355 | 11 | 30461 | Not applicable |
|  | Net asset value per share | $9.27 | $9.32 | $11.28 | $9.84 |  |
|  **Class 2:** | Net assets | $533026 | $40771 | $214848 | $1056315 |  |
|  | Shares outstanding | 58703 | 4360 | 19752 | 108255 | Not applicable |
|  | Net asset value per share | $9.08 | $9.35 | $10.88 | $9.76 |  |
|  **Class 3:** | Net assets | $7898 |  | $3534 | $4943 |  |
|  | Shares outstanding | 841 | Not applicable | 320 | 498 | Not applicable |
|  | Net asset value per share | $9.39 |  | $11.03 | $9.93 |  |
|  **Class 4:** | Net assets | $235353 | $62876 | $53318 | $254959 |  |
|  | Shares outstanding | 22906 | 6824 | 4866 | 26181 | Not applicable |
|  | Net asset value per share | $10.27 | $9.21 | $10.96 | $9.74 |  |
|  **Class P1:** | Net assets |  |  |  |  | $14278 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 1001 |
|  | Net asset value per share |  |  |  |  | $14.26 |
|  **Class P2:** | Net assets |  |  |  |  | $491301 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 34806 |
|  | Net asset value per share |  |  |  |  | $14.12 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **291** | American Funds Insurance Series |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Managed** <br> **Risk** <br> **International** <br> **Fund**  | **Managed Risk** <br> **Washington** <br> **Mutual** <br> **Investors** <br> **Fund**  | **Managed** <br> **Risk** <br> **Growth-** <br> **Income** <br> **Fund**  | **Managed**<br> **Risk**<br> **Asset**<br> **Allocation** <br> **Fund** |
|  Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized | Shares of beneficial interest issued and outstanding<br>(no stated par value) – unlimited shares authorized |  |  |  |  |
|  **Class P1:** | Net assets | $2047 | $2840 | $1834093 | $12565 |
|  | Shares outstanding | 219 | 222 | 122227 | 934 |
|  | Net asset value per share | $9.34 | $12.77 | $15.01 | $13.46 |
|  **Class P2:** | Net assets | $111356 | $312332 | $258047 | $1463137 |
|  | Shares outstanding | 11989 | 24621 | 17322 | 112531 |
|  | Net asset value per share | $9.29 | $12.69 | $14.90 | $13.00 |

---

\*Refer to Note 5 for further information on unfunded commitments.

† Amount less than one thousand.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **292** |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Global**<br> **Growth**<br> **Fund** | **Global**<br> **Small**<br> **Capitalization**<br> **Fund** | **Growth**<br> **Fund** | **International**<br> **Fund** | **New**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World** <br> **Fund** |
|  **Investment income:** |  |  |  |  |  |
|  Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $121415 | $38161 | $254446 | $152648 | $65878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 12461 | 4646 | 51607 | 11400 | 5504 |
|  | 133876 | 42807 | 306053 | 164048 | 71382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 668 | 435 | 63 | 912 | 10731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | 72 | 516 | 588 | 99 | 54 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134616 | 43758 | 306704 | 165059 | 82167 |
|  Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 40161 | 19042 | 152106 | 34101 | 21211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 11631 | 5205 | 67395 | 9726 | 4307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 2751 | 902 | 16193 | 1291 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | 2 | 1 | 11 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 2537 | 883 | 15100 | 2140 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 86 | 51 | 478 | 63 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 43 | 26 | 278 | 53 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | 42 | 15 | 249 | 35 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 113 | 145 | 123 | 157 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 851 | 399 | 738 | 1018 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 5 | 35 | 28 | 5 | 42 |
|  Total fees and expenses before waivers and/or reimbursements | 58222 | 26704 | 252699 | 48591 | 30358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 8716 | 1377 | 1 |  | 2573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | 8716 | 1377 | 1 |  | 2573 |
|  Total fees and expenses after waivers and/or reimbursements | 49506 | 25327 | 252698 | 48591 | 27785 |
|  Net investment income | 85110 | 18431 | 54006 | 116468 | 54382 |
|  **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |
|  Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 1235883 | 353523 | 4845744 | 747952 | 300988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (82) | 2186 | 66 | (57) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  | (497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | (1518) | 42 | 219 | 3403 | (403) |
|  Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 1234283 | 355751 | 4846029 | 751298 | 300188 |
|  Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 365551 | 48245 | 4566279 | 841691 | 562176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (14) | (12785) | 56 | (26) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations | 554 | 893 | 111 | 2323 | 1194 |
|  | 366091 | 36353 | 4566446 | 843988 | 563384 |
|  Net realized gain (loss) and unrealized appreciation (depreciation) | 1600374 | 392104 | 9412475 | 1595286 | 863572 |
|  **Net increase (decrease) in net assets resulting from operations** | $1685484 | $410535 | $9466481 | $1711754 | $917954 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **293** | American Funds Insurance Series |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Washington** <br> **Mutual** <br> **Investors** <br> **Fund**  | **U.S. Small** <br> **and Mid** <br> **Cap Equity** <br> **Fund**  | **Capital** <br> **World Growth** <br> **and Income** <br> **Fund**  | **Growth-** <br> **Income** <br> **Fund**  | **International** <br> **Growth** <br> **and Income** <br> **Fund**  |
|  **Investment income:** |  |  |  |  |  |
|  Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $207376 | $586 | $38665 | $541729 | $11690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 13883 | 60 | 2805 | 66629 | 489 |
|  | 221259 | 646 | 41470 | 608358 | 12179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 22 | 2 | 164 | 148 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | 151 | 6 | 17 | 137 | 9 |
|  | 221432 | 654 | 41651 | 608643 | 12299 |
|  Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 43009 | 216 | 9356 | 104279 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 12726 | 9 | 3383 | 42505 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 5166 | 8 | 801 | 7505 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services | 3 |  |  | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 3450 | 15 | 591 | 12580 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 52 | 4 | 14 | 390 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 38 | 3 | 10 | 217 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | 57 |  | 10 | 207 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 77 | 59 | 82 | 109 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 248 |  | 161 | 349 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 6 |  | 2 | 25 | 1 |
|  Total fees and expenses before waivers and/or reimbursements | 64832 | 314 | 14410 | 168175 | 3468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 16888 |  | 1970 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement |  | 38 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | 16888 | 38 | 1970 |  |  |
|  Total fees and expenses after waivers and/or reimbursements | 47944 | 276 | 12440 | 168175 | 3468 |
|  Net investment income | 173488 | 378 | 29211 | 440468 | 8831 |
|  **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |
|  Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 1056433 | (942) | 183640 | 3158953 | 21094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (10) |  | 5 | 6384 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | (19) |  | 162 | (1431) | (12) |
|  Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 1056404 | (942) | 183807 | 3163906 | 21065 |
|  Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 614865 | 4098 | 226913 | 3625006 | 82799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | (30) |  | (4) | (128689) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations | 8 |  | 206 | 541 | 94 |
|  | 614843 | 4098 | 227115 | 3496858 | 82880 |
|  Net realized gain (loss) and unrealized appreciation (depreciation) | 1671247 | 3156 | 410922 | 6660764 | 103945 |
|  **Net increase (decrease) in net assets resulting from operations** | $1844735 | $3534 | $440133 | $7101232 | $112776 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **294** |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Capital** <br> **Income** <br> **Builder**  | **Asset** <br> **Allocation** <br> **Fund**  | **American** <br> **Funds** <br> **Global** <br> **Balanced** <br> **Fund** | **The Bond** <br> **Fund** <br> **of America**  | **Capital** <br> **World Bond** <br> **Fund**  |
|  **Investment income:** |  |  |  |  |  |
|  Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $38765 | $218666 | $6265 | $4 | $89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 5736 | 108867 | 1353 | 32185 | 4626 |
|  | 44501 | 327533 | 7618 | 32189 | 4715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 9967 | 362329 | 5490 | 502412 | 62140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) | 41 | 290 | 3 |  |  |
|  | 54509 | 690152 | 13111 | 534601 | 66855 |
|  Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 5458 | 72026 | 1870 | 39384 | 6326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 1836 | 28081 | 799 | 10077 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 1820 | 17303 | 438 | 3890 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services |  | 6 |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 458 | 8176 | 126 | 3357 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 11 | 150 | 9 | 101 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 11 | 121 | 5 | 88 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | 8 | 134 | 2 | 54 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 104 | 111 | 85 | 66 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 104 | 224 | 107 | 141 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1 | 19 |  | 7 | 2 |
|  Total fees and expenses before waivers and/or reimbursements | 9811 | 126351 | 3441 | 57167 | 9435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 1987 |  | 71 | 16783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | 1987 |  | 71 | 16783 |  |
|  Total fees and expenses after waivers and/or reimbursements | 7824 | 126351 | 3370 | 40384 | 9435 |
|  Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563801 | 9741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57420 |
|  **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |
|  Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 62600 | 3027901 | 26945 | 17102 | (13024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 16 | (136545) | (2) | 284 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  | (67) |  | (586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  | 41 |  | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1420 | 28857 | 469 | 21847 | 7420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | 13 |  | (3684) | (9144) | (2268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 147 | (1718) | (169) | 143 | (828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | (86) | (392) | (50) | 49 | (96) |
|  Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 64110 | 2918103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23483 | 30281 | (8965) |
|  Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 169327 | 396525 | 31781 | 242048 | 74949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 789 | 154231 | 104 | (182) | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  | 4 |  | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 699 | (1220) | 224 | 21668 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  | 130 | (1861) | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (213) | 3084 | 389 | 9256 | 3722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations | 141 | 379 | 71 | 93 | 429 |
|  | 170743 | 552999 | 32703 | 271022 | 82688 |
|  Net realized gain (loss) and unrealized appreciation (depreciation) | 234853 | 3471102 | 56186 | 301303 | 73723 |
|  **Net increase (decrease) in net assets resulting from operations** | $281538 | $4034903 | $65927 | $795520 | $131143 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **295** | American Funds Insurance Series |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **American** <br> **High-Income** <br> **Trust**  | **American** <br> **Funds** <br> **Mortgage** <br> **Fund**  | **Ultra-Short** <br> **Bond Fund**  | **U.S.** <br> **Government** <br> **Securities** <br> **Fund**  | **Managed** <br> **Risk** <br> **Growth** <br> **Fund** |
|  **Investment income:** |  |  |  |  |  |
|  Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $1002 | $– | $– | $– | $918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 1878 |  |  |  | 3292 |
|  | 2880 |  |  |  | 4210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers | 67851 | 6102 | 14226 | 84744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) |  |  |  |  |  |
|  | 70731 | 6102 | 14226 | 84744 | 4210 |
|  Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 4001 | 349 | 846 | 5429 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 1850 | 244 | 732 | 3216 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 508 | 148 | 156 | 1312 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services | 297 | 36 | 99 | 552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services |  |  |  |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 12 | 8 | 9 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 8 | 1 | 2 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | 4 |  | 2 | 9 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 89 | 52 | 50 | 56 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 21 | 15 | 1 | 34 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 14 |  |  | 1 |  |
|  Total fees and expenses before waivers and/or reimbursements | 6804 | 853 | 1897 | 10635 | 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 1188 | 87 |  | 1412 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | 1188 | 87 |  | 1412 | 83 |
|  Total fees and expenses after waivers and/or reimbursements | 5616 | 766 | 1897 | 9223 | 3124 |
|  Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 |
|  **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |
|  Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | (831) | 421 |  | 2163 | (4185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers |  |  |  |  | 70221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  | 1 |  | 27 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 293 | 1057 |  | 18297 | (13362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (917) | 27 |  | 4094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | 5 |  |  |  | 154 |
|  Capital gain distributions received from affiliated issuers |  |  |  |  | 34295 |
|  | (1450) | 1506 |  | 24581 | 87123 |
|  Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 15779 | 2481 | (2) | 32939 | (2333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 3 |  |  |  | (20149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 62 | 209 |  | 5703 | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (207) | (15) |  | (1861) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations |  |  |  |  |  |
|  | 15637 | 2675 | (2) | 36802 | (22937) |
|  Net realized gain (loss) and unrealized appreciation (depreciation) | 14187 | 4181 | (2) | 61383 | 64186 |
|  **Net increase (decrease) in net assets resulting from operations** | $79302 | $9517 | $12327 | $136904 | $65272 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **296** |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Managed** <br> **Risk** <br> **International** <br> **Fund**  | **Managed Risk** <br> **Washington** <br> **Mutual** <br> **Investors <br>Fund**  | **Managed** <br> **Risk** <br> **Growth-** <br> **Income** <br> **Fund**  | **Managed** <br> **Risk** <br> **Asset** <br> **Allocation <br>Fund**  |
|  **Investment income:** |  |  |  |  |
|  Income (net of non-U.S. taxes\*): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $213 | $587 | $3944 | $3676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 1911 | 5641 | 32266 | 32501 |
|  | 2124 | 6228 | 36210 | 36177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated issuers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income (net of fees) |  |  |  |  |
|  | 2124 | 6228 | 36210 | 36177 |
|  Fees and expenses\*: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services | 133 | 369 | 2463 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution services | 280 | 786 | 662 | 4685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance administrative services | 285 | 792 | 5286 | 4715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administrative services | 57 | 61 | 98 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration statement and prospectus | 8 | 9 | 19 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' compensation | 1 | 2 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auditing and legal | 2 | 6 | 38 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 6 | 6 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  | 21 |  |
|  Total fees and expenses before waivers and/or reimbursements | 772 | 2031 | 8585 | 11779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory services waivers | 19 | 52 | 348 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fee reimbursement | 39 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total waivers and/or reimbursements of fees and expenses | 58 | 52 | 348 | 324 |
|  Total fees and expenses after waivers and/or reimbursements | 714 | 1979 | 8237 | 11455 |
|  Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24722 |
|  **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |
|  Net realized gain (loss)\* on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | (997) | (2786) | (28619) | (3827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 6733 | 17203 | 103218 | 39013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (6090) | (8845) | (37033) | (47196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency transactions | 39 | 61 | 367 | 201 |
|  Capital gain distributions received from affiliated issuers |  | 17905 | 278792 | 127660 |
|  | (315) | 23538 | 316725 | 115851 |
|  Net unrealized appreciation (depreciation)\* on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | (422) | (1184) | (13505) | (1962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 15574 | 5381 | (104317) | 63753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (88) | 75 | 1063 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency translations |  |  |  |  |
|  | 15064 | 4272 | (116759) | 62522 |
|  Net realized gain (loss) and unrealized appreciation (depreciation) | 14749 | 27810 | 199966 | 178373 |
|  **Net increase (decrease) in net assets resulting from operations** | $16159 | $32059 | $227939 | $203095 |

---

\*Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

† Amount less than one thousand.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **297** | American Funds Insurance Series |

---

------

Financial statements (continued)

Statements of changes in net assets (dollars in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global Growth Fund** | **Global Growth Fund** | **Global Small<br>Capitalization Fund** | **Global Small<br>Capitalization Fund** | **Growth Fund** | **Growth Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $85110 | $83934 | $18431 | $14439 | $54006 | $123765 |
|  Net realized gain (loss) | 1234283 | 1058571 | 355751 | 67213 | 4846029 | 3989653 |
|  Net unrealized appreciation (depreciation) | 366091 | (106961) | 36353 | (6037) | 4566446 | 7880200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1685484 | 1035544 | 410535 | 75615 | 9466481 | 11993618 |
|  **Distributions paid to shareholders** | (1167286) | (362247) | (76359) | (145595) | (4046623) | (1183768) |
|  **Net capital share transactions** | 554825 | (305156) | (370832) | (124117) | 1555981 | (2405717) |
|  **Total increase (decrease) in net assets** | 1073023 | 368141 | (36656) | (194097) | 6975839 | 8404133 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8058323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7690182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3184556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47702943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39298810 |
|  End of year | $9131346 | $8058323 | $2953803 | $2990459 | $54678782 | $47702943 |
|  | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Washington Mutual<br>Investors Fund** | **Washington Mutual<br>Investors Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $116468 | $80016 | $54382 | $49823 | $173488 | $178541 |
|  Net realized gain (loss) | 751298 | 335500 | 300188 | 148263 | 1056404 | 784826 |
|  Net unrealized appreciation (depreciation) | 843988 | (158907) | 563384 | 26354 | 614843 | 937617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1711754 | 256609 | 917954 | 224440 | 1844735 | 1900984 |
|  **Distributions paid to shareholders** | (99689) | (91320) | (192985) | (66666) | (947281) | (270276) |
|  **Net capital share transactions** | (946603) | (557783) | (89200) | (124462) | 10588 | (851035) |
|  **Total increase (decrease) in net assets** | 665462 | (392494) | 635769 | 33312 | 908042 | 779673 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 6786518 | 7179012 | 3411599 | 3378287 | 11066014 | 10286341 |
|  End of year | $7451980 | $6786518 | $4047368 | $3411599 | $11974056 | $11066014 |

---

Refer to the end of the statements of changes in net assets for footnote<sup>(s)</sup>.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **298** |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. Small and Mid**<br> **Cap Equity Fund** | **U.S. Small and Mid**<br> **Cap Equity Fund** | **Capital**<br> **World Growth and<br>Income Fund** | **Capital**<br> **World Growth and<br>Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | | | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | Year ended<br> December 31,<br>2025 | Period<br> ended<br> December 31,<br>2024\* | 2025 | 2024 | 2025 | 2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $378 | $13 | $29211 | $29625 | $440468 | $464425 |
|  Net realized gain (loss) | (942) | 4 | 183807 | 142599 | 3163906 | 6999624 |
|  Net unrealized appreciation (depreciation) | 4098 | (438) | 227115 | 78887 | 3496858 | 1206283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3534 | (421) | 440133 | 251111 | 7101232 | 8670332 |
|  **Distributions paid to shareholders** | (397) | (13) | (99132) | (32476) | (7414912) | (2264497) |
|  **Net capital share transactions** | 81910 | 15013 | (142611) | (191651) | 2685997 | (2602817) |
|  **Total increase (decrease) in net assets** | 85047 | 14579 | 198390 | 26984 | 2372317 | 3803018 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41254994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37451976 |
|  End of year | $99626 | $14579 | $2086709 | $1888319 | $43627311 | $41254994 |
|  | **International Growth**<br> **and Income Fund** | **International Growth**<br> **and Income Fund** | **Capital Income Builder** | **Capital Income Builder** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $8831 | $7648 | $46685 | $42544 | $563801 | $590761 |
|  Net realized gain (loss) | 21065 | (1592) | 64110 | 24024 | 2918103 | 1925378 |
|  Net unrealized appreciation (depreciation) | 82880 | 5162 | 170743 | 61325 | 552999 | 1576776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 112776 | 11218 | 281538 | 127893 | 4034903 | 4092915 |
|  **Distributions paid to shareholders** | (9200) | (8098) | (46016) | (45676) | (2469833) | (1743267) |
|  **Net capital share transactions** | (21614) | (9047) | 56186 | 35182 | (975710) | (949298) |
|  **Total increase (decrease) in net assets** | 81962 | (5927) | 291708 | 117399 | 589360 | 1400350 |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 322653 | 328580 | 1368668 | 1251269 | 27085680 | 25685330 |
|  End of year | $404615 | $322653 | $1660376 | $1368668 | $27675040 | $27085680 |

---

Refer to the end of the statements of changes in net assets for footnote<sup>(s)</sup>.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **299** | American Funds Insurance Series |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **American Funds<br>Global Balanced Fund** | **American Funds<br>Global Balanced Fund** | **The Bond Fund**<br> **of America** | **The Bond Fund**<br> **of America** | **Capital World Bond Fund** | **Capital World Bond Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $9741 | $9318 | $494217 | $501464 | $57420 | $61225 |
|  Net realized gain (loss) | 23483 | 16800 | 30281 | (134500) | (8965) | (22949) |
|  Net unrealized appreciation (depreciation) | 32703 | (1065) | 271022 | (207188) | 82688 | (80072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 65927 | 25053 | 795520 | 159776 | 131143 | (41796) |
|  **Distributions paid to shareholders** | (21425) | (7048) | (486650) | (475626) | (44306) | (33915) |
|  **Net capital share transactions** | 13683 | (14487) | (119742) | 474834 | (55304) | (16393) |
|  **Total increase (decrease) in net assets** | 58185 | 3518 | 189128 | 158984 | 31533 | (92104) |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 392282 | 388764 | 11166898 | 11007914 | 1448237 | 1540341 |
|  End of year | $450467 | $392282 | $11356026 | $11166898 | $1479770 | $1448237 |
|  | **American**<br> **High-Income Trust** | **American**<br> **High-Income Trust** | **American Funds**<br> **Mortgage Fund** | **American Funds**<br> **Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $65115 | $60672 | $5336 | $5237 | $12329 | $16889 |
|  Net realized gain (loss) | (1450) | 3094 | 1506 | (1054) |  |  |
|  Net unrealized appreciation (depreciation) | 15637 | 19028 | 2675 | (3372) | (2) | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 79302 | 82794 | 9517 | 811 | 12327 | 17019 |
|  **Distributions paid to shareholders** | (64338) | (59402) | (5115) | (5001) | (12940) | (17633) |
|  **Net capital share transactions** | 91682 | 34726 | 10334 | 7230 | (30488) | (33462) |
|  **Total increase (decrease) in net assets** | 106646 | 58118 | 14736 | 3040 | (31101) | (34076) |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 931963 | 873845 | 110831 | 107791 | 338678 | 372754 |
|  End of year | $1038609 | $931963 | $125567 | $110831 | $307577 | $338678 |

---

Refer to the end of the statements of changes in net assets for footnote<sup>(s)</sup>.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **300** |

---

------

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. Government<br>Securities Fund** | **U.S. Government<br>Securities Fund** | **Managed Risk**<br> **Growth Fund** | **Managed Risk**<br> **Growth Fund** | **Managed Risk<br>International Fund** | **Managed Risk<br>International Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $75521 | $72049 | $1086 | $2764 | $1410 | $1470 |
|  Net realized gain (loss) | 24581 | (1294) | 87123 | 37612 | (315) | (2539) |
|  Net unrealized appreciation (depreciation) | 36802 | (55237) | (22937) | 69526 | 15064 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 136904 | 15518 | 65272 | 109902 | 16159 | 86 |
|  **Distributions paid to shareholders** | (79096) | (73267) | (28627) | (2419) | (1480) | (1561) |
|  **Net capital share transactions** | (487) | 353747 | (57328) | (88856) | (15583) | (8399) |
|  **Total increase (decrease) in net assets** | 57321 | 295998 | (20683) | 18627 | (904) | (9874) |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 1820027 | 1524029 | 526262 | 507635 | 114308 | 124182 |
|  End of year | $1877348 | $1820027 | $505579 | $526262 | $113404 | $114308 |
|  | **Managed Risk<br>Washington Mutual<br>Investors Fund** | **Managed Risk<br>Washington Mutual<br>Investors Fund** | **Managed Risk**<br> **Growth-Income Fund** | **Managed Risk**<br> **Growth-Income Fund** | **Managed Risk**<br> **Asset Allocation Fund** | **Managed Risk**<br> **Asset Allocation Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $4249 | $4979 | $27973 | $33950 | $24722 | $37923 |
|  Net realized gain (loss) | 23538 | (4225) | 316725 | 73326 | 115851 | 123915 |
|  Net unrealized appreciation (depreciation) | 4272 | 42170 | (116759) | 261435 | 62522 | 124394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 32059 | 42924 | 227939 | 368711 | 203095 | 286232 |
|  **Distributions paid to shareholders** | (5960) | (5475) | (128115) | (65908) | (168266) | (69126) |
|  **Net capital share transactions** | (33133) | (39434) | (184550) | (313193) | (584977) | (294452) |
|  **Total increase (decrease) in net assets** | (7034) | (1985) | (84726) | (10390) | (550148) | (77346) |
|  **Net assets:** |  |  |  |  |  |  |
|  Beginning of year | 322206 | 324191 | 2176866 | 2187256 | 2025850 | 2103196 |
|  End of year | $315172 | $322206 | $2092140 | $2176866 | $1475702 | $2025850 |

---

\*For the period November 15, 2024, commencement of operations, through December 31, 2024.

<sup>†</sup>Amount less than one thousand.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **301** | American Funds Insurance Series |

---

------

Notes to financial statements

1. Organization

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 42 different funds ("the funds"), including 24 funds in the series covered in this report. The series consists of 41 diversified funds and one nondiversified fund: U.S. Small and Mid Cap Equity Fund. The other 18 funds in the series are covered in separate reports. Thirteen funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective<sup>(s)</sup> for each fund covered in this report are as follows:

**Global Growth Fund** — To provide long-term growth of capital.

**Global Small Capitalization Fund** — To provide long-term growth of capital.

**Growth Fund** — To provide growth of capital.

**International Fund** — To provide long-term growth of capital.

**New World Fund** — To provide long-term capital appreciation.

**Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

**U.S. Small and Mid Cap Equity Fund** — To provide capital appreciation.

**Capital World Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Growth-Income Fund** — To achieve long-term growth of capital and income.

**International Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Capital Income Builder** — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

**Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

**American Funds Global Balanced Fund** — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

**The Bond Fund of America** — To provide as high a level of current income as is consistent with the preservation of capital.

---

| | |
|:---|:---|
| American Funds Insurance Series | **302** |

---

------

**Capital World Bond Fund** — To provide, over the long term, a high level of total return consistent with prudent investment management. Total return comprises the income generated by the fund and the changes in the market value of the fund's investments.

**American High-Income Trust** — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

**American Funds Mortgage Fund** — To provide current income and preservation of capital.

**Ultra-Short Bond Fund** — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

**U.S. Government Securities Fund**— To provide a high level of current income consistent with prudent investment risk and preservation of capital.

**Managed Risk Growth Fund** — To provide growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk International Fund** — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

**Managed Risk Growth-Income Fund** — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

**Managed Risk Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Operating segments** — Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the funds' Principal Executive Officer and Principal Financial Officer, serves as the funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

---

| | |
|:---|:---|
| **303** | American Funds Insurance Series |

---

------

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Fees and expenses** — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** — Income dividends are declared daily after and determination of the fund's net investment income and are paid to shareholders monthly. Capital gain distributions are recorded on the ex-dividend date. The fund may deem a portion of the income dividends and/or capital gain distributions are a return of capital for tax purposes.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds' statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

CRMC, the series' investment adviser, values the funds' investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** — The series' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

---

| | |
|:---|:---|
| American Funds Insurance Series | **304** |

---

------

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Fixed-income class**<br>| **Examples of standard inputs**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as "standard inputs") |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |

---

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps and over-the-counter (OTC) options are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, exchange rates, implied option volatilites, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

---

| | |
|:---|:---|
| **305** | American Funds Insurance Series |

---

------

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

**Classifications** — The series' investment adviser classifies the funds' assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The funds' valuation levels as of December 31, 2025, were as follows (dollars in thousands):

Global Growth Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $1677360 | $1004158 | $– | $2681518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 814793 | 803211 |  | 1618004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 624592 | 643004 |  | 1267596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 599727 | 664790 |  | 1264517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 522458 | 184815 |  | 707273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 333006 | 159304 |  | 492310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 142724 | 161843 |  | 304567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 138904 | 87575 |  | 226479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 63628 | 58552 |  | 122180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 31223 | 81724 |  | 112947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 39385 | 14981 |  | 54366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 289982 |  |  | 289982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $5277782 | $3863957 | $– | $9141739 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **306** |

---

------

Global Small Capitalization Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $260831 | $365281 | $– | $626112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 222052 | 263645 |  | 485697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 296229 | 132470 | 265 | 428964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 191624 | 153882 |  | 345506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 201747 | 110388 |  | 312135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 116183 | 112638 |  | 228821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 48497 | 68762 |  | 117259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 42102 | 54064 |  | 96166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 69622 | 8949 |  | 78571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 7877 | 63370 |  | 71247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 34021 | 13548 |  | 47569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 7200 |  | 12088 | 19288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants |  | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds & notes |  | 1581 |  | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments |  | 945 |  | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 154617 | 43943 |  | 198560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1652602 | $1393478 | $12353 | $3058433 |

---

Growth Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $15453954 | $942978 | $24211 | $16421143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 9313134 | 27790 |  | 9340924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 8285145 | 294980 |  | 8580125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 5922020 | 72405 | 8789 | 6003214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 4852390 | 170495 | 4230 | 5027115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 3974058 | 100498 |  | 4074556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 1017667 |  | 4743 | 1022410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 949496 | 28695 |  | 978191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 846476 |  |  | 846476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 405935 |  |  | 405935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 365298 |  |  | 365298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  |  | 315115 | 315115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants |  |  | –<sup>1</sup> | –<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 7644 |  | 36076 | 43720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 1330364 |  |  | 1330364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $52723581 | $1637841 | $393164 | $54754586 |

---

<sup>1</sup>Amount less than one thousand.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>value at<br>1/1/2025** | **Transfers** <br> **into** <br> **Level 3<sup>2</sup>** | **Purchases** | **Sales** | **Net** <br> **realized** <br> **gain** <br> (loss)<sup>3</sup> | **Unrealized** <br> **appreciation** <br> (depreciation)<sup>3</sup> | **Transfers** <br> **out of** <br> **Level 3<sup>2</sup>** | **Ending <br>value at <br>12/31/2025** |
|  Investment securities | $173935 | $– | $122218 | $(13741) | $– | $110752 | $– | $393164 |
|  Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | $110752 |

---

<sup>2</sup> Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup> Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations. 

---

| | |
|:---|:---|
| **307** | American Funds Insurance Series |

---

------

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at<br>12/31/2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valuation**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;techniques** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unobservable**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;inputs** | **Range<br>(if applicable)** | **Weighted<br>average<sup>1</sup>** | **Impact to<br>valuation from**<br> **an increase in**<br> **input<sup>2</sup>** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Transaction price | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $41973 | &nbsp;&nbsp;&nbsp;&nbsp; Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Discount for uncertainty | 15% - 50% | 26% | Decrease |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Premium to transaction price | 11% | 11% | Increase |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Transaction price | Not applicable | Not applicable | Not applicable |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Transaction |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Discount for uncertainty | 5% - 50% | 6% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | $315115 | &nbsp;&nbsp;&nbsp;&nbsp; Market<br> comparables | &nbsp;&nbsp;&nbsp;&nbsp; EV/Gross Profit multiple | 11.9x | 11.9x | Increase |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Market<br> comparables |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Market<br> comparables | &nbsp;&nbsp;&nbsp;&nbsp; Premium to EV/Gross Profit | 50% | 50% | Increase |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Market<br> comparables | &nbsp;&nbsp;&nbsp;&nbsp; multiple |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Market<br> comparables |  |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Market<br> comparables | &nbsp;&nbsp;&nbsp;&nbsp; DLOM | 10% | 10% | Decrease |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants | $–<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Estimated<br> recovery value | &nbsp;&nbsp;&nbsp;&nbsp; De minimis | Not applicable | Not applicable | Not applicable |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Transaction price | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | $36076 | &nbsp;&nbsp;&nbsp;&nbsp; Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Discount to transaction price | 5% | 5% | Decrease |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Premium to transaction price | 11% | 11% | Increase |
|  | $393164 |  |  |  |  |  |

---

<sup>1</sup> Weighted average is by relative fair value.

<sup>2</sup> This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

<sup>3</sup> Amount less than one thousand. 

#### Key to abbreviations
DLOM = Discount for lack of marketability

EV = Enterprise value

International Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $132411 | $1126206 | $– | $1258617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 11113 | 1201308 |  | 1212421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 53833 | 1063830 | 7933 | 1125596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 631675 | 291367 |  | 923042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 14900 | 697226 |  | 712126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 127415 | 546112 |  | 673527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care |  | 447622 |  | 447622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 186352 | 230194 |  | 416546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples |  | 335793 |  | 335793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 209483 |  | 209483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  | 33353 | 726 | 34079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants |  |  | – \* | –\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 149051 |  |  | 149051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1306750 | $6182494 | $8659 | $7497903 |

---

\*Amount less than one thousand.

---

| | |
|:---|:---|
| American Funds Insurance Series | **308** |

---

------

New World Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $292708 | $622707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$634 | $916049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 150731 | 554211 | – \* | 704942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 190649 | 322157 |  | 512806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 111250 | 379009 |  | 490259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 146817 | 246709 |  | 393526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 126958 | 131900 | – \* | 258858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 64194 | 145778 |  | 209972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 37995 | 142731 |  | 180726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 27489 | 61632 | – \* | 89121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 450 | 55019 |  | 55469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1071 | 45485 |  | 46556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 9540 | 11707 | 8293 | 29540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments |  | 113791 |  | 113791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 66843 | 264 |  | 67107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1226695 | $2833100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8927 | $4068722 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $24 | $– | $– | $24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 80 |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (17) |  | &nbsp;&nbsp;&nbsp;&nbsp;– | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (78) |  | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $7 | $2 | $– | $9 |

---

\*Amount less than one thousand.

<sup>†</sup>Futures contracts and forward currency contracts are not included in the fund's investment portfolio.

Washington Mutual Investors Fund

As of December 31, 2025, all of the fund's investment securities were classified as Level 1.

U.S. Small and Mid Cap Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $23464 | $228 | $– | $23692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 19657 |  |  | 19657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 15537 |  |  | 15537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 11031 | 370 |  | 11401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 8602 |  |  | 8602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 7106 |  |  | 7106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 2486 |  |  | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 2419 |  |  | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 2280 |  |  | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 1892 |  |  | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1884 |  |  | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 3809 |  |  | 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $100167 | $598 | $– | $100765 |

---

---

| | |
|:---|:---|
| **309** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $355139 | $145088 | $– | $500227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 148399 | 190693 |  | 339092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 157537 | 146549 | – \* | 304086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 125382 | 66163 |  | 191545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 113749 | 59921 |  | 173670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 132454 | 39630 |  | 172084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 76631 | 49420 |  | 126051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 53201 | 47392 |  | 100593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 56523 | 21036 |  | 77559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 19661 | 25980 |  | 45641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 9862 | 7705 |  | 17567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities | 3844 | 2367 |  | 6211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments |  | 1012 |  | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 27110 |  |  | 27110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1279492 | $802956 | $– \* | $2082448 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*Amount less than one thousand.

Growth-Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $13428880 | $231230 | $– | $13660110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 5464629 | 445806 |  | 5910435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 5113646 | 117059 |  | 5230705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 4380271 |  |  | 4380271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 4300242 | 76915 |  | 4377157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 3324828 | 182155 |  | 3506983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1728094 |  |  | 1728094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 565554 | 678297 |  | 1243851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 1011738 |  |  | 1011738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 899740 |  |  | 899740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 537861 |  |  | 537861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments |  | 828 |  | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 1122736 |  |  | 1122736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $41878219 | $1732290 | $– | $43610509 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **310** |

---

------

International Growth and Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $5556 | $88187 | $– \* | $93743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 10956 | 47158 |  | 58114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 2848 | 51607 |  | 54455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 4607 | 32456 |  | 37063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 5133 | 27490 |  | 32623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 12674 | 17182 | – \* | 29856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 1046 | 28653 |  | 29699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 1407 | 26447 |  | 27854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 9053 | 7510 | – \* | 16563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 625 | 10796 |  | 11421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 770 | 5261 |  | 6031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  | 201 |  | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 6204 |  |  | 6204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $60879 | $342948 | $– \* | $403827 |

---

\*Amount less than one thousand.

Capital Income Builder

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $131640 | $135397 | $– \* | $267037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | 122940 | 52651 |  | 175591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 104021 | 44144 |  | 148165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 67519 | 80079 |  | 147598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 75761 | 57263 |  | 133024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 46892 | 47327 |  | 94219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 40107 | 45388 |  | 85495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 63017 | 15198 |  | 78215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 31425 | 27538 |  | 58963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 23727 | 34637 |  | 58364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 38351 | 7444 |  | 45795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 4813 |  |  | 4813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 98331 |  | 98331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 83564 | 100 | 83664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds and notes |  | 47200 |  | 47200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other bonds & notes |  | 13281 | 220 | 13501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds | 38098 |  |  | 38098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 91824 |  |  | 91824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $880135 | $789442 | $320 | $1669897 |

---

Refer to the end of the table<sup>(s)</sup> for footnote<sup>(s)</sup>.

---

| | |
|:---|:---|
| **311** | American Funds Insurance Series |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $36 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 261 |  | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (315) |  |  | (315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(279) | $258 | $– | $(21) |

---

\*Amount less than one thousand.

<sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

Asset Allocation Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $4829446 | $116467 | $– | $4945913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 2902743 |  | – \* | 2902743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2527277 | 162101 |  | 2689378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 1911575 | 3565 | 12663 | 1927803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 1511658 | 74864 | 793 | 1587315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 1278083 | 24636 |  | 1302719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 1135802 |  | – \* | 1135802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 901988 | 61331 |  | 963319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 278367 |  |  | 278367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 253456 | 897 | 655 | 255008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate | 57144 |  |  | 57144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  |  | 755 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants | 119 |  | – \* | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 33030 |  |  | 33030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds & notes |  | 27731 |  | 27731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 2828459 |  | 2828459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 2280626 |  | 2280626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds and notes |  | 1978114 | 420 | 1978534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 529161 |  | 529161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies outside the U.S. |  | 88970 |  | 88970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  | 31871 | 7860 | 39731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipals |  | 22827 |  | 22827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds | 846762 |  |  | 846762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 1023715 |  |  | 1023715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $19491165 | $8231620 | $23146 | $27745931 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $1925 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 3543 |  | 3543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (6069) |  |  | (6069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (435) |  | (435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(4144) | $3108 | $– | $(1036) |

---

\*Amount less than one thousand.

<sup>†</sup>Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

---

| | |
|:---|:---|
| American Funds Insurance Series | **312** |

---

------

American Funds Global Balanced Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information technology | $42224 | $10455 | $– | $52679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 17553 | 27727 |  | 45280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 23532 | 19831 |  | 43363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health care | 28226 | 6598 |  | 34824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer discretionary | 11679 | 9383 |  | 21062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 12657 | 6825 |  | 19482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication services | 17646 | 1167 |  | 18813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 12793 | 5213 |  | 18006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer staples | 5420 | 9798 |  | 15218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 10753 | 1687 |  | 12440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate |  | 2599 |  | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible stocks | 2921 |  |  | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies outside the U.S. |  | 57330 |  | 57330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 24907 |  | 24907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations |  | 24474 |  | 24474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds and notes |  | 22758 |  | 22758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other bonds & notes |  | 2889 |  | 2889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds | 4250 |  |  | 4250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 27757 |  |  | 27757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased on foreign currencies (equity style) |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $217411 | $233643 | $– | $451054 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on options written (futures style) | $4 | $– | $– | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | 118 |  |  | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 229 |  | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 96 |  | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on bilateral interest rate swaps |  | 38 |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared credit default swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (132) |  |  | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (281) |  | (281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (28) |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on bilateral interest rate swaps |  | (44) |  | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(10) | $7 | $– | $(3 |

---

\* Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand.  |

---

---

| | |
|:---|:---|
| **313** | American Funds Insurance Series |

---

------

The Bond Fund of America

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations | $– | $3635346 | $1368 | $3636714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds and notes |  | 3430212 |  | 3430212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 2836319 |  | 2836319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 499168 |  | 499168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds & notes of governments & government agencies outside the U.S. |  | 202127 |  | 202127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipals |  | 166499 |  | 166499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal agency bonds & notes |  | 11855 |  | 11855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  | 6359 | 6359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks |  | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 624236 |  |  | 624236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $624236 | $10781540 | $7727 | $11413503 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $1242 | $– | $– | $1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 386 |  | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 8064 |  | 8064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on bilateral interest rate swaps |  | 2015 |  | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (9824) |  |  | (9824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (420) |  | (420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on bilateral interest rate swaps |  | (3943) |  | (3943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (3263) |  | (3263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (182) |  | (182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(8582) | $2657 | $– | $(5925) |

---

\*Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

---

| | |
|:---|:---|
| American Funds Insurance Series | **314** |

---

------

Capital World Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euros | $– | $303335 | $– | $303335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese yen |  | 106583 |  | 106583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British pounds |  | 65433 |  | 65433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazilian reais |  | 34010 |  | 34010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korean won |  | 26746 |  | 26746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chinese yuan renminbi |  | 26106 |  | 26106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian dollars |  | 23355 |  | 23355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian rupees |  | 19121 |  | 19121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian dollars |  | 18610 |  | 18610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysian ringgits |  | 18045 |  | 18045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungarian forints |  | 16359 |  | 16359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesian rupiah |  | 7755 |  | 7755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexican pesos |  | 6454 |  | 6454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danish kroner |  | 6328 |  | 6328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombian pesos |  | 4371 |  | 4371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South African rand |  | 4221 |  | 4221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chilean pesos |  | 4074 |  | 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polish zloty |  | 4060 |  | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand dollars |  | 2940 |  | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkish lira |  | 1845 |  | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippine pesos |  | 1260 |  | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech korunas |  | 857 |  | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. dollars |  | 643061 | 579 | 643640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 5 |  | 59 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants | 8 |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment funds | 22734 |  |  | 22734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 114160 |  |  | 114160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased on foreign currencies (equity style) |  | 16 |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $136907 | $1344945 | $718 | $1482570 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on options written (futures style) | $28 | $– | $– | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | 1615 |  |  | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward currency contracts |  | 2812 |  | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 1403 |  | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on bilateral interest rate swaps |  | 136 |  | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared credit default swaps |  | 24 |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (1631) |  |  | (1631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward currency contracts |  | (1842) |  | (1842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (1055) |  | (1055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on bilateral interest rate swaps |  | (2695) |  | (2695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (201) |  | (201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $12 | $(1418) | $– | $(1406) |

---

\* Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand.  |

---

---

| | |
|:---|:---|
| **315** | American Funds Insurance Series |

---

------

American High-Income Trust

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds and notes | $– | $878262 | $148 | $878410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 38405 | 3278 | 41683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds & notes |  | 1265 |  | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 34700 | 10356 | 20680 | 65736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred securities |  |  | 1713 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights & warrants | 45 | 127 |  | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities | 35092 |  |  | 35092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $69837 | $928415 | $25819 | $1024071 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $15 | $– | $– | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (29) |  |  | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared credit default swaps |  | (163) |  | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(14) | $(163) | $– | $(177) |

---

<sup>1</sup>Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>value at<br>1/1/2025** | **Transfers<br>into<br>Level 3** | **<br><sup>2</sup>** | **Purchases** | **Sales** | **Net<br>realized<br>gain (loss)** | **<br><sup>3</sup>** | **Unrealized<br>appreciation<br>(depreciation)** | **<br><sup>3</sup>** | **Transfers<br>out of<br>Level 3** | **Ending <br>value at <br>12/31/2025** |
|  Investment securities | $36440 | $1868 |  | $7442 | $(4555) | $(2928) |  | $(7757) |  | $(4691) | $25819 |
|  Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | $(8134) |

---

<sup>2</sup> Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup> Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations. 

---

| | |
|:---|:---|
| American Funds Insurance Series | **316** |

---

------

**Unobservable inputs** – Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Value at**<br> **12/31/2025** | **Valuation**<br> **techniques** | **Unobservable**<br> **inputs** | **Range**<br> **(if applicable)** | **Weighted**<br> **average\*** | **Impact to**<br> **valuation from**<br> **an increase in**<br> **input<sup>†</sup>** |
| Bonds, notes & other<br> debt instruments |  | Estimated<br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other<br> debt instruments |  | Estimated<br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other<br> debt instruments | $3426 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
|  |  | Indicative market<br> quotation | Broker quote | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | Estimated<br> recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | Estimated<br> recovery value | Discount for uncertainty | 10% - 15% | 13% | Decrease |
| Common stocks | 20680 | Estimated<br> recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | Market<br> comparables | EV/EBITDA multiple | 5.9x - 10.0x | 8.2x | Increase |
| Common stocks | 20680 | Market<br> comparables | EV/EBITDA-CAPEX multiple | 11.0x | 11.0x | Increase |
| Common stocks | 20680 |  | DLOM | 7% | 7% | Decrease |
| Preferred securities | 1713 | Market<br> comparables | EV/EBITDA multiple | 4.8x | 4.8x | Increase |
| Preferred securities | 1713 | Market<br> comparables | DLOM | 15% | 15% | Decrease |
|  | $25819 |  |  |  |  |  |

---

\* Weighted average is by relative fair value.

<sup>†</sup> This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

CAPEX = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before interest, taxes, depreciation and amortization

EV = Enterprise value

American Funds Mortgage Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations | $– | $99553 | $– | $99553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 7811 |  | 7811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-backed obligations |  | 1295 |  | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities |  | 24381 |  | 24381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $– | $133040 | $– | $133040 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $18 | $– | $– | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 127 |  | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (150) |  |  | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(132) | $126 | $– | $(6) |

---

\*Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

Ultra-Short Bond Fund

As of December 31, 2025, all of the fund's investment securities were classified as Level 2.

---

| | |
|:---|:---|
| **317** | American Funds Insurance Series |

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------

U.S. Government Securities Fund

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-backed obligations | $– | $816712 | $– | $816712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury bonds & notes |  | 765205 |  | 765205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal agency bonds & notes |  | 48704 |  | 48704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term securities |  | 288407 |  | 288407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options purchased on futures (equity style) | 242 |  |  | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $242 | $1919028 | $– | $1919270 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts | $1077 | $– | $– | $1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared interest rate swaps |  | 14953 |  | 14953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of options written (equity style) | (81) |  |  | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts | (2291) |  |  | (2291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared interest rate swaps |  | (3022) |  | (3022) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(1295) | $11931 | $– | $10636 |

---

\*Options written, futures contracts and interest rate swaps are not included in the fund's investment portfolio.

Managed Risk Growth Fund

As of December 31, 2025, all of the fund's investments were classified as Level 1.

Managed Risk International Fund

As of December 31, 2025, all of the fund's investments were classified as Level 1.

Managed Risk Washington Mutual Investors Fund

As of December 31, 2025, all of the fund's investments were classified as Level 1.

Managed Risk Growth-Income Fund

As of December 31, 2025, all of the fund's investments were classified as Level 1.

Managed Risk Asset Allocation Fund

As of December 31, 2025, all of the fund's investments were classified as Level 1.

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Market conditions** – The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

---

| | |
|:---|:---|
| American Funds Insurance Series | **318** |

---

------

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** – The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**Investing in income-oriented stocks** – The value of a fund's securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which a fund invests.

**Investing in growth-oriented stocks** – Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in small and mid-capitalization companies** – Investing in small and mid-capitalization companies may pose additional risks. For example, it is often more difficult to value or dispose of smaller company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing outside the U.S**. – Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

---

| | |
|:---|:---|
| **319** | American Funds Insurance Series |

---

------

**Investing in developing countries** – Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in emerging markets** – Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in debt instruments** – The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

---

| | |
|:---|:---|
| American Funds Insurance Series | **320** |

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------

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund's securities could cause the value of a fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** – Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

**Investing in derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to a fund, and investing in derivatives may reduce a fund's returns and increase a fund's price volatility. A fund's counterparty to a derivative transaction (including, if applicable, a fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, a fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Currency** – The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund's securities denominated in such currencies would generally fall and vice versa.

**Investing in mortgage-related and other asset-backed securities** – Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans or receivables and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks, as well as additional risks associated with the assets underlying those securities.

**Investments in future delivery contracts** – A fund may enter into transactions involving future delivery contracts, such as to-be-announced (TBA) contracts and mortgage dollar rolls. These contracts involve the purchase or sale of mortgage-backed securities for settlement at a future date and predetermined price. When a fund enters into a TBA commitment for the sale of mortgage-backed securities (which may be referred to as having a short position in such TBA securities), a fund may or may not hold the types of mortgage-backed securities required to be delivered. A fund may choose to roll these transactions in lieu of settling them.

---

| | |
|:---|:---|
| **321** | American Funds Insurance Series |

---

------

When a fund rolls the purchase of these types of future delivery transactions, a fund simultaneously sells the mortgage-backed securities for delivery in the current month and repurchases substantially similar securities for delivery at a future date at a predetermined price. When a fund rolls the sale of these transactions rather than settling them, a fund simultaneously purchases the mortgage-backed securities for delivery in the current month and sells substantially similar securities for delivery at a future date at a predetermined price. Such roll transactions can increase the turnover rate of a fund and may increase the risk that market prices may move unfavorably between the original and new contracts, potentially resulting in losses or reduced returns for a fund.

**Investing in inflation-linked bonds** – The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates – i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce a fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.

**Investing in securities backed by the U.S. government** – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.

Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**Investing in repurchase agreements** – Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund's cost with interest. The security purchased by the fund constitutes collateral for the seller's repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

**Interest rate risk** – The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Credit and liquidity support** – Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

**Asset allocation** – A fund's percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Leverage risk** — Certain transactions of a fund may give rise to leverage. These transactions may include, among others, derivatives, future delivery contracts and when-issued, delayed delivery or forward commitment transactions. As a result, increases and decreases in the value of a fund's portfolio may be magnified, and a fund may be exposed to a heightened risk of loss and increased costs.

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| | |
|:---|:---|
| American Funds Insurance Series | **322** |

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------

**Liquidity risk** – Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and a fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.

**Nondiversification** – As a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund's shares can be expected to fluctuate more than might be the case if the fund were more broadly diversified.

**Management** – The investment adviser to the funds actively manages the funds' investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**Fund structure** – The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund's investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

**Management** – The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

**Underlying fund risks** – Because the managed risk fund's investments consist of investments in underlying funds, the managed risk fund's risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

**Investing in options and futures contracts** – In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, a fund would remain subject to the risk of adverse price movements until a fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

---

| | |
|:---|:---|
| **323** | American Funds Insurance Series |

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------

**Hedging** — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

**Short positions** — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

5. Certain investment techniques

**Securities lending** — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

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| | |
|:---|:---|
| American Funds Insurance Series | **324** |

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------

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Collateral received** | **Collateral received** | |
|  | **Value of** | | | **Value of** |
|  | **investment** | | | **investment** |
|  | **securities** | | **U.S. government** | **securities** |
| **Funds** | **on loan** | **Cash** | **securities** | **purchased** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | $4 | $1099 | $— | $1098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | 77998 | 76585 | 3923 | 68926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | 22741 | 29093 |  | 26762 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | 32814 | 29195 | 4491 | 26276 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | 8183 | 6603 | 1991 | 5943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | 842 | 863 |  | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Small and Mid Cap Equity Fund | 914 | 940 |  | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | 987 | 1007 |  | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | 893 | 848 | 95 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | 11011 | 11565 |  | 10408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | 19953 | 20974 |  | 18905 |

---

Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

**Index-linked bonds** — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** — Some of the funds have entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund's portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the financial highlights tables.

**Loan transactions** — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

**Short-term securities** — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

**Unfunded commitments** — Asset Allocation Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2025, the maximum exposure from these unfunded commitments for Asset Allocation Fund and American High-Income Trust was $204,000 and $94,000, respectively, which would represent less than 0.01% for Asset Allocation Fund and American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments was $3,000 for Asset Allocation Fund and $1,000 for American High-Income Trust, and is disclosed as unrealized appreciation on unfunded commitments in each fund's statement of assets and liabilities. Unrealized appreciation is included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers in each fund's statement of operations.

---

| | |
|:---|:---|
| **325** | American Funds Insurance Series |

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------

**Option contracts** — Some of the funds have entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument or index underlying the option) at a specified exercise price. The writer of an option has the obligation, upon exercise of the option, to cash settle or deliver the underlying instrument or index upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying instrument or index and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the instrument underlying the option (or to deliver the cash value of the instrument or index underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying instrument (or the cash value of the index underlying the option) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying instrument or index with risk limited to the cost of the option if the price of the underlying instrument or index falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying instrument or index does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option's underlying instrument or index if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund's statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in each fund's statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund's statement of operations and statement of changes in net assets.

For futures style options, on a daily basis for both purchased and written options, the fund pays or receives variation margin based on the premium paid and the daily fluctuation in market value, and records variation margin in the statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. The net realized gains or losses and net unrealized appreciation or depreciation from futures style options are recorded in options purchased (futures style) in the fund's statement of operations and statement of changes in net assets.

---

| | |
|:---|:---|
| American Funds Insurance Series | **326** |

---

------

Option contracts can take different forms. Some of the funds have entered into the following types of options contracts:

**Options on equity indexes** — As part of their managed risk strategy, the managed risk funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities.

**Options on futures** — One of the funds has entered into options on future contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An option on a futures contract gives the purchaser of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date.

**Options on foreign currencies** —The fund has entered into options on foreign currencies to seek to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. An option on a foreign currency gives the holder of the option the right to buy or sell a foreign currency from or to the writer of the option, at a specified price on or before the specified expiration date.

**Futures contracts** — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

**Forward currency contracts** — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series' investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series' investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund's statement of operations.

---

| | |
|:---|:---|
| **327** | American Funds Insurance Series |

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------

**Swap contracts** — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

**Credit default swap indices** — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

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| | |
|:---|:---|
| American Funds Insurance Series | **328** |

---

------

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options on futures, options on foreign currencies, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Options** | **Options** | | **Forward** | **Interest** | **Credit** |
|  | **on** | **on** | **Futures** | **currency** | **rate** | **default** |
|  | **futures** | **foreign currencies** | **contracts** | **contracts** | **swaps** | **swaps** |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | Not applicable | Not applicable | $7466 | $19861 | $513 \* | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | Not applicable | Not applicable | Not applicable | 641 \* | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | Not applicable | Not applicable | 156652 | 393 \* | 7878 | 5062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | Not applicable | Not applicable | 2772351 | Not applicable | 360170 | 61194 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | $10369 | $2000 | 65213 | 87154 | 21599 | 4642 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | Not applicable | Not applicable | 5555115 | 233285 | 863621 | 190139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | 56460 | 19365 | 817202 | 522298 | 376182 | 69538 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | Not applicable | Not applicable | 31856 | Not applicable | Not applicable | 18973 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | 32136 | Not applicable | 96592 | Not applicable | 1975 | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | 1099058 | Not applicable | 1984739 | Not applicable | 813610 | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund | 620857 | Not applicable | 1115 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund | 99717 | Not applicable | 172 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Investors Fund | 369929 | Not applicable | 2897 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund | 3972877 | Not applicable | 57285 | Not applicable | Not applicable | Not applicable |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation | 537228 | Not applicable | 16791 | Not applicable | Not applicable | Not applicable |

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\*No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

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| | |
|:---|:---|
| **329** | American Funds Insurance Series |

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------

The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options contracts, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2025 (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| New World Fund | New World Fund | New World Fund |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $24 | Unrealized depreciation<sup>1</sup> | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 80 | Unrealized depreciation on open forward currency contracts | 78 |
|  |  |  | <u>$104</u> |  | <u>$95</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | $177 | Net unrealized appreciation (depreciation) on futures contracts | $(4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized gain (loss) on forward currency contracts | (497) | Net unrealized appreciation (depreciation) on forward currency contracts | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain (loss) on swap contracts | (88) | Net unrealized appreciation (depreciation) on swap contracts | 104 |
|  |  |  | <u>$(408</u>) |  | <u>$22</u> |
| International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund |  |  |  |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized gain (loss) on forward currency contracts | $(18) | Net unrealized appreciation (depreciation) on forward currency contracts | $(10) |
| Capital Income Builder | Capital Income Builder | Capital Income Builder |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of assets and<br>liabilities** | **Value** | **Location on statement of assets and<br>liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $36 | Unrealized depreciation<sup>1</sup> | $315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 261 | Unrealized depreciation<sup>1</sup> | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | <u>–</u> | Unrealized depreciation<sup>1</sup> | <u>2</u> |
|  |  |  | <u>$297</u> |  | <u>$318</u> |

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Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| American Funds Insurance Series | **330** |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | $1420 | Net unrealized appreciation (depreciation) on futures contracts | $699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized gain (loss) on forward currency contracts | 13 | Net unrealized appreciation (depreciation) on forward currency contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain (loss) on swap contracts | 97 | Net unrealized appreciation (depreciation) on swap contracts | (211) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized gain (loss) on swap contracts | 50<br>| Net unrealized appreciation (depreciation) on swap contracts | (2) <br>|
|  |  |  | <u>$1580</u> |  | <u>$486</u> |
| Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $1925 | Unrealized depreciation<sup>1</sup> | $6069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 3543 | Unrealized depreciation<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | <u>–</u> | Unrealized depreciation<sup>1</sup> | <u>435</u> |
|  |  |  | <u>$5468</u> |  | <u>$6504</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | $28857 | Net unrealized appreciation (depreciation) on futures contracts | $(1220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain (loss) on swap contracts | 5 | Net unrealized appreciation (depreciation) on swap contracts | 3662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized gain (loss) on swap contracts | (1723) <br>| Net unrealized appreciation (depreciation) on swap contracts | (578) <br>|
|  |  |  | <u>$27139</u> |  | <u>$1864</u> |

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Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| **331** | American Funds Insurance Series |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Currency | Investment securities | $2 | Investment securities | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (futures style) | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | –<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written (futures style) | Interest | Unrealized appreciation<sup>1</sup> | 4 | Unrealized depreciation<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | 118 | Unrealized depreciation<sup>1</sup> | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 229 | Unrealized depreciation on open forward currency contracts | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 96 | Unrealized depreciation<sup>1</sup> | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (bilateral) | Interest | Bilateral swaps, at value | 38 | Bilateral swaps, at value | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Credit | Unrealized appreciation<sup>1</sup> | –<br><sup>2</sup> <br>| Unrealized depreciation<sup>1</sup> | 3<br>|
|  |  |  | <u>$487</u> |  | <u>$488</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of**<br> **operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<br> (equity style) | Currency | Net realized gain (loss) on investments | $– | Net unrealized appreciation (depreciation) on investments | $(8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<br> (futures style) | Interest | Net realized gain (loss) on options purchased (futures style) | (67) | Net unrealized appreciation (depreciation) on options purchased (futures style) | –<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written<br> (futures style) | Interest | Net realized gain (loss) on options written | 41 | Net unrealized appreciation (depreciation) on options written | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 469 | Net unrealized appreciation (depreciation) on futures contracts | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized gain (loss) on forward currency contracts | (3684) | Net unrealized appreciation (depreciation) on forward currency contracts | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain (loss) on swap contracts | (136) | Net unrealized appreciation (depreciation) on swap contracts | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized gain (loss) on swap contracts | (33) <br>| Net unrealized appreciation (depreciation) on swap contracts | 1<br>|
|  |  |  | <u>$(3410</u>) |  | <u>$739</u> |

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Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| American Funds Insurance Series | **332** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| The Bond Fund of America | The Bond Fund of America | The Bond Fund of America |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $1242 | Unrealized depreciation<sup>1</sup> | $9824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 386 | Unrealized depreciation on open forward currency contracts | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 8064 | Unrealized depreciation<sup>1</sup> | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (bilateral) | Interest | Bilateral swaps, at value | 2015 | Bilateral swaps, at value | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | –<br>| Unrealized depreciation<sup>1</sup> | 182<br>|
|  |  |  | <u>$11707</u> |  | <u>$17632</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of**<br> **operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | $21847 | Net unrealized appreciation (depreciation) on futures contracts | $21668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized gain (loss) on forward currency contracts | (9144) | Net unrealized appreciation (depreciation) on forward currency contracts | (1861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain (loss) on swap contracts | 5030 | Net unrealized appreciation (depreciation) on swap contracts | 9452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized gain (loss) on swap contracts | (4887) <br>| Net unrealized appreciation (depreciation) on swap contracts | (196) <br>|
|  |  |  | <u>$12846</u> |  | <u>$29063</u> |
| Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<br> (equity style) | Currency | Investment securities | $16 | Investment securities | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<br> (futures style) | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | –<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written<br> (futures style) | Interest | Unrealized appreciation<sup>1</sup> | 28 | Unrealized depreciation<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | 1615 | Unrealized depreciation<sup>1</sup> | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 2812 | Unrealized depreciation on open forward currency contracts | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally<br> cleared) | Interest | Unrealized appreciation<sup>1</sup> | 1403 | Unrealized depreciation<sup>1</sup> | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (bilateral) | Interest | Bilateral swaps, at value | 136 | Bilateral swaps, at value | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | 24<br>| Unrealized depreciation<sup>1</sup> | 201<br>|
|  |  |  | <u>$6034</u> |  | <u>$7424</u> |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **333** | American Funds Insurance Series |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of**<br> **operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<br> (equity style) | Interest | Net realized gain (loss) on investments | $(46) | Net unrealized appreciation (depreciation) on investments | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<br> (equity style) | Currency | Net realized gain (loss) on investments | 159 | Net unrealized appreciation (depreciation) on investments | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written<br> (equity style) | Currency | Net realized gain (loss) on options written | 58 | Net unrealized appreciation (depreciation) on options written | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<br> (futures style) | Interest | Net realized gain (loss) on options purchased (futures style) | (586) | Net unrealized appreciation (depreciation) on options purchased (futures style) | –<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written<br> (futures style) | Interest | Net realized gain (loss) on options written | 365 | Net unrealized appreciation (depreciation) on options written | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 7420 | Net unrealized appreciation (depreciation) on futures contracts | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency | Currency | Net realized gain (loss) on forward currency contracts | (2268) | Net unrealized appreciation (depreciation) on forward currency contracts | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain (loss) on swap contracts | (387) | Net unrealized appreciation (depreciation) on swap contracts | 3786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized gain (loss) on swap contracts | (441) <br>| Net unrealized appreciation (depreciation) on swap contracts | (64) <br>|
|  |  |  | <u>$4274</u> |  | <u>$6702</u> |
| American High-Income Trust | American High-Income Trust | American High-Income Trust |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $15 | Unrealized depreciation<sup>1</sup> | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | –<br>| Unrealized depreciation<sup>1</sup> | 163<br>|
|  |  |  | <u>$15</u> |  | <u>$192</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of**<br> **operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | $293 | Net unrealized appreciation (depreciation) on futures contracts | $62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Credit | Net realized gain (loss) on swap contracts | (917<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) <br>| Net unrealized appreciation (depreciation) on swap contracts | (207<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) <br>|
|  |  |  | <u>$(624</u>) |  | <u>$(145</u>) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **334** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | $18 | Unrealized depreciation<sup>1</sup> | $150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 127<br>| Unrealized depreciation<sup>1</sup> | 1<br>|
|  |  |  | <u>$145</u> |  | <u>$151</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased<br> (equity style) | Interest | Net realized gain (loss) on investments | $(31) | Net unrealized appreciation (depreciation) on investments | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written<br> (equity style) | Interest | Net realized gain (loss) on options written | 1 | Net unrealized appreciation (depreciation) on options written |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 1057 | Net unrealized appreciation (depreciation) on futures contracts | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain (loss) on swap contracts | 27<br>| Net unrealized appreciation (depreciation) on swap contracts | (15) <br>|
|  |  |  | <u>$1054</u> |  | <u>$194</u> |
| U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Interest | Investment securities | $242 | Investment securities | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written (equity style) | Interest | Options written, at value |  | Options written, at value | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Unrealized appreciation<sup>1</sup> | 1077 | Unrealized depreciation<sup>1</sup> | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 14953<br>| Unrealized depreciation<sup>1</sup> | 3022<br>|
|  |  |  | <u>$16272</u> |  | <u>$5394</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Interest | Net realized gain (loss) on investments | $(1087) | Net unrealized appreciation (depreciation) on investments | $36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written (equity style) | Interest | Net realized gain (loss) on options written | 27 | Net unrealized appreciation (depreciation) on options written | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 18297 | Net unrealized appreciation (depreciation) on futures contracts | 5703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap | Interest | Net realized gain (loss) on swap contracts | 4094<br>| Net unrealized appreciation (depreciation) on swap contracts | (1861<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) <br>|
|  |  |  | <u>$21331</u> |  | <u>$3899</u> |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **335** | American Funds Insurance Series |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $1328 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | <u>8</u> | Unrealized appreciation<sup>1</sup> | <u>–</u> |
|  |  |  | <u>$1336</u> |  | <u>$–</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of**<br> **operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(4185) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(2333) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain (loss) on futures contracts | (357) | Net unrealized appreciation (depreciation) on futures contracts | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain (loss) on futures contracts | (13013) | Net unrealized appreciation (depreciation) on futures contracts | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 8<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Net unrealized appreciation (depreciation) on futures contracts | 4<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
|  |  |  | <u>$(17547</u>) |  | <u>$(2788</u>) |
| Managed Risk International Fund | Managed Risk International Fund | Managed Risk International Fund |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $267 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | <u>13</u> | Unrealized depreciation<sup>1</sup> | <u>–</u> |
|  |  |  | <u>$280</u> |  | <u>$–</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of**<br> **operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(997) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain (loss) on futures contracts | (6096) | Net unrealized appreciation (depreciation) on futures contracts | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 6<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Net unrealized appreciation (depreciation) on futures contracts | 3<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
|  |  |  | $(7087) |  | <u>$(510</u>) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **336** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $647 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | <u>1</u> | Unrealized depreciation<sup>1</sup> | <u>–</u> |
|  |  |  | <u>$648</u> |  | <u>$–</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **operations** | **Value** | **Location on statement of**<br> **operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(2786) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(1184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain (loss) on futures contracts | (185) | Net unrealized appreciation (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain (loss) on futures contracts | (8674) | Net unrealized appreciation (depreciation) on futures contracts | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 14<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Net unrealized appreciation (depreciation) on futures contracts | 8<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
|  |  |  | <u>$(11631</u>) |  | <u>$(1109</u>) |
| Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $7071 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | <u>46</u> | Unrealized depreciation<sup>1</sup> | <u>–</u> |
|  |  |  | <u>$7117</u> |  | <u>$–</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(28619) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(13505) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain (loss) on futures contracts | (1347) | Net unrealized appreciation (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain (loss) on futures contracts | (35731) | Net unrealized appreciation (depreciation) on futures contracts | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 45<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Net unrealized appreciation (depreciation) on futures contracts | 25<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
|  |  |  | <u>$(65652</u>) |  | <u>$(12442</u>) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **337** | American Funds Insurance Series |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund |  |  |  |
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Contracts** | **Risk type** | **Location on statement of**<br> **assets and liabilities** | **Value** | **Location on statement of**<br> **assets and liabilities** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Equity | Investment securities from unaffiliated issuers<sup>3</sup> | $1217 | Investment securities from unaffiliated issuers<sup>3</sup> | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Unrealized appreciation<sup>1</sup> | <u>8</u> | Unrealized depreciation<sup>1</sup> | <u>–</u> |
|  |  |  | <u>$1225</u> |  | <u>$–</u> |
|  |  | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| **Contracts** | **Risk type** | **Location on statement of<br>operations** | **Value** | **Location on statement of<br>operations** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(3827) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(1962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Currency | Net realized gain (loss) on futures contracts | (513) | Net unrealized appreciation (depreciation) on futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Equity | Net realized gain (loss) on futures contracts | (47392) | Net unrealized appreciation (depreciation) on futures contracts | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | Interest | Net realized gain (loss) on futures contracts | 709<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Net unrealized appreciation (depreciation) on futures contracts | 314<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
|  |  |  | <u>$(51023</u>) |  | <u>$(1231</u>) |

---

<sup>1</sup> Includes cumulative appreciation/depreciation on future style options, futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities. 

<sup>2</sup> Amount less than one thousand. 

<sup>3</sup> Includes options purchased as reported in each fund's investment portfolio.

---

| | |
|:---|:---|
| American Funds Insurance Series | **338** |

---

------

**Collateral** – Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of option contracts, futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For options on equity indexes, options on futures, futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For options on foreign currencies, forward currency contracts and bilateral swaps, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund's investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund's custodian, which is reflected as cash collateral pledged in each fund's statement of assets and liabilities.

**Rights of offset** – Funds that hold forward currency contracts, options on foreign currencies and bilateral swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund's forward currency contracts, options on foreign currencies and bilateral swaps by counterparty that are subject to master netting agreements but that are not offset in the funds' statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds' statement of assets and liabilities as of December 31, 2025, if close-out netting was exercised (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| New World Fund |  |  |  |  |  |
|  | **Gross amounts**<br> **recognized in the**<br> **statement of assets**<br> **and liabilities** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and**<br> **subject to a master netting agreement** |  |
| **Counterparty** | **Gross amounts**<br> **recognized in the**<br> **statement of assets**<br> **and liabilities** | <br> **Available**<br> **to offset** | <br> **Non-cash**<br> **collateral**<br>**\***  | <br> **Cash**<br> **collateral**<br>**\***  | <br> **Net** <br> **amount**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | $22 | $– | $– | $– | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 39 | (27) |  |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 15 |  |  |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $79 | $(28) | $– | $– | $51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $22 | $– | $– | $– | $22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 27 | (27) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 27 |  |  |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $77 | $(28) | $– | $– | $49 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **339** | American Funds Insurance Series |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund |  |  |
|  | **Gross amounts**<br> **recognized in the**<br> **statement of assets**<br> **and liabilities** |  | **Gross amounts not offset in the**<br>**statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and**<br> **subject to a master netting agreement** |  |
| **Counterparty** | **Gross amounts**<br> **recognized in the**<br> **statement of assets**<br> **and liabilities** |  | <br> **Available**<br> **to offset** | <br> **Non-cash**<br> **collateral**<br>**\***  | <br> **Cash**<br> **collateral**<br>**\***  | <br> **Net** <br> **amount**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $8 |  | $(8 | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 27 |  | (27) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas |  | <sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 79 |  | (79) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 116 |  | (67) |  |  | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 29 |  | (12) |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 2 |  | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 4 |  | (4) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 2 |  | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $267 |  | $(201) | $– | $– | $66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $26 |  | $(8 | $(18) | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 38 |  | (27) |  |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 8 |  |  |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 109 |  | (79) |  |  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 67 |  | (67) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 12 |  | (12) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 19 |  | (2) |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 46 |  | (4) |  |  | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 3 |  |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 5 |  | (2) |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $333 |  | $(201) | $(18) | $– | $114 |
| The Bond Fund of America |  |  |  |  |  |  |
|  | **Gross amounts**<br> **recognized in the**<br> **statement of assets**<br> **and liabilities** |  | **Gross amounts not offset in the**<br>**statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and**<br> **subject to a master netting agreement** |  |
| **Counterparty** | **Gross amounts**<br> **recognized in the**<br> **statement of assets**<br> **and liabilities** |  | <br> **Available**<br> **to offset** | <br> **Non-cash**<br> **collateral**<br>**\***  | <br> **Cash**<br> **collateral**<br>**\***  | <br> **Net** <br> **amount**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $490 |  | $(242 | $(248) | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 578 |  | (578) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 1285 |  | (1203) |  |  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 48 |  |  |  |  | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2401 |  | $(2023) | $(248) | $– | $130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $242 |  | $(242 | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 1146 |  | (578) | (568) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 1352 |  |  | (1353) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 255 |  |  | (254) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 1203 |  | (1203) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 165 |  |  |  |  | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $4363 |  | $(2023) | $(2175) | $– | $165 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **340** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund |  |  |
|  | **Gross amounts**<br> **recognized in the**<br> **statement of assets**<br> **and liabilities** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br>**statement of assets and liabilities and**<br> **subject to a master netting agreement** |  |
| **Counterparty** | **Gross amounts**<br> **recognized in the**<br> **statement of assets**<br> **and liabilities** | <br> **Available**<br> **to offset** | <br> **Non-cash**<br> **collateral**<br>**\***  | <br> **Cash**<br> **collateral**<br>**\***  | <br> **Net** <br> **amount**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $147 | $(147) | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | 34 |  |  |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 450 | (450) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 19 | (19) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 608 | (608) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 381 | (381) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 188 | (102) |  | (86) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 44 | (24) |  |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 19 | (19) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 1035 | (59) | (330) | (290) | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 23 | (16) |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2948 | $(1825) | $(330) | $(376) | $417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $1107 | $(147) | $(948) | $– | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 627 | (450) | (177) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 65 | (19) |  |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank | 897 | (608) |  |  | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs | 1448 | (381) | (1017) |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank | 102 | (102) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 24 | (24) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 257 | (19) | (238) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 59 | (59) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG | 16 | (16) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $4602 | $(1825) | $(2380) | $– | $397 |

---

\*Collateral is shown on a settlement basis.

<sup>†</sup>Amount less than one thousand.

---

| | |
|:---|:---|
| **341** | American Funds Insurance Series |

---

------

6. Taxation and distributions

**Federal income taxation** – Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2025, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** – Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds may file for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2025, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Reclaims** | **Fees** | **Interest** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | $587 | $51 | $597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | 45 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | 2072 | 111 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | 231 | 24 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | 18 |  | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | 430 | 5 | 107 |

---

\*Amount less than one thousand.

The reclaims and interest are included in dividend income and interest income, respectively, in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** – Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **342** |

---

------

Additional tax basis disclosures for each fund as of December 31, 2025, were as follows (dollars in thousands):

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on investments |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on investments) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest) |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward<sup>1</sup>) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on investments |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on investments) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **343** | American Funds Insurance Series |

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward<sup>1</sup>) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on investments |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on investments) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed ordinary income |
| &nbsp;&nbsp;&nbsp;&nbsp; Undistributed long-term capital gains |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward<sup>1</sup>) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital loss carryforward utilized |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized appreciation on investments |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross unrealized depreciation on investments) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) on investments) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of investments |

---

<sup>1</sup> Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary<br>income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $66139 | $455982 | $522121 | $65173 | $99126 | $164299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 749 | 2766 | 3515 | 319 | 536 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 53132 | 443236 | 496368 | 57169 | 103301 | 160470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 14879 | 130403 | 145282 | 12745 | 23878 | 36623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $134899 | $1032387 | $1167286 | $135406 | $226841 | $362247 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **344** |

---

------

Global Small Capitalization Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $3919 | $19199 | $23118 | $24044 | $21820 | $45864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 20 | 126 | 146 | 120 | 119 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 5919 | 39094 | 45013 | 42943 | 43051 | 85994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 766 | 7316 | 8082 | 6428 | 7070 | 13498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $10624 | $65735 | $76359 | $73535 | $72060 | $145595 |
| Growth Fund | Growth Fund | Growth Fund | Growth Fund | Growth Fund | Growth Fund | Growth Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $283031 | $1543000 | $1826031 | $121696 | $433019 | $554715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 4439 | 26100 | 30539 | 1328 | 7268 | 8596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 243730 | 1433339 | 1677069 | 72492 | 433759 | 506251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 3240 | 18878 | 22118 | 1123 | 5725 | 6848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 69855 | 421011 | 490866 | 9370 | 97988 | 107358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $604295 | $3442328 | $4046623 | $206009 | $977759 | $1183768 |
| International Fund | International Fund | International Fund | International Fund | International Fund | International Fund | International Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $49061 | $– | $49061 | $46267 | $– | $46267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 205 |  | 205 | 157 |  | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 44060 |  | 44060 | 40220 |  | 40220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 210 |  | 210 | 191 |  | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 6153 |  | 6153 | 4485 |  | 4485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $99689 | $– | $99689 | $91320 | $– | $91320 |
| New World Fund | New World Fund | New World Fund | New World Fund | New World Fund | New World Fund | New World Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $32320 | $71532 | $103852 | $29713 | $8227 | $37940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 369 | 453 | 822 | 167 | 49 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 11967 | 31619 | 43586 | 11293 | 3828 | 15121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 11031 | 33694 | 44725 | 9604 | 3785 | 13389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $55687 | $137298 | $192985 | $50777 | $15889 | $66666 |

---

---

| | |
|:---|:---|
| **345** | American Funds Insurance Series |

---

------

Washington Mutual Investors Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $131443 | $397175 | $528618 | $111395 | $50394 | $161789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 661 | 2103 | 2764 | 426 | 202 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 57467 | 193815 | 251282 | 46990 | 24567 | 71557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 36815 | 127802 | 164617 | 23694 | 12608 | 36302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $226386 | $720895 | $947281 | $182505 | $87771 | $270276 |
| U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **For the period November 15, 2024<sup>2</sup> to**<br> **December 31, 2024** | **For the period November 15, 2024<sup>2</sup> to**<br> **December 31, 2024** | **For the period November 15, 2024<sup>2</sup> to**<br> **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** |  | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $364 | $–<sup>3</sup> | $364 | $–<sup>3</sup> | $– | $–<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | –<sup>3</sup> | –<sup>3</sup> | –<sup>3</sup> | –<sup>3</sup> |  | –<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | –<sup>3</sup> | –<sup>3</sup> | –<sup>3</sup> | –<sup>3</sup> |  | –<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 33 | –<sup>3</sup> | 33 | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $397 | $– | $397 | $13 | $– | $13 |
| Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $9542 | $21740 | $31282 | $11350 | $– | $11350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 157 | 363 | 520 | 144 |  | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 14202 | 37773 | 51975 | 17039 |  | 17039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 4099 | 11256 | 15355 | 3943 |  | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $28000 | $71132 | $99132 | $32476 | $– | $32476 |
| Growth-Income Fund | Growth-Income Fund | Growth-Income Fund | Growth-Income Fund | Growth-Income Fund | Growth-Income Fund | Growth-Income Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $512210 | $3878399 | $4390609 | $338365 | $1023186 | $1361551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 901 | 7252 | 8153 | 495 | 1702 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 257694 | 2211126 | 2468820 | 163135 | 597677 | 760812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 2899 | 23742 | 26641 | 1879 | 6513 | 8392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 50309 | 470380 | 520689 | 26050 | 105495 | 131545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $824013 | $6590899 | $7414912 | $529924 | $1734573 | $2264497 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **346** |

---

------

International Growth and Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $835 | $– | $835 | $461 | $– | $461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 211 |  | 211 | 156 |  | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 4052 |  | 4052 | 3897 |  | 3897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 4102 |  | 4102 | 3584 |  | 3584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $9200 | $– | $9200 | $8098 | $– | $8098 |
| Capital Income Builder | Capital Income Builder | Capital Income Builder | Capital Income Builder | Capital Income Builder | Capital Income Builder | Capital Income Builder |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $25206 | $– | $25206 | $25390 | $– | $25390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 416 |  | 416 | 397 |  | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 618 |  | 618 | 575 |  | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 19776 |  | 19776 | 19314 |  | 19314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $46016 | $– | $46016 | $45676 | $– | $45676 |
| Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $438651 | $1019238 | $1457889 | $374078 | $678739 | $1052817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 1307 | 2795 | 4102 | 848 | 1422 | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 111878 | 280960 | 392838 | 92429 | 187595 | 280024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 884 | 2081 | 2965 | 693 | 1326 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 166513 | 445526 | 612039 | 127247 | 278890 | 406137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $719233 | $1750600 | $2469833 | $595295 | $1147972 | $1743267 |
| American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $1498 | $3585 | $5083 | $1963 | $– | $1963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 60 | 152 | 212 | 64 |  | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 1941 | 5617 | 7558 | 2714 |  | 2714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 2293 | 6279 | 8572 | 2307 |  | 2307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $5792 | $15633 | $21425 | $7048 | $– | $7048 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **347** | American Funds Insurance Series |

---

------

The Bond Fund of America

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $302949 | $– | $302949 | $305561 | $– | $305561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 12103 |  | 12103 | 8909 |  | 8909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 115204 |  | 115204 | 115243 |  | 115243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 56394 |  | 56394 | 45913 |  | 45913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $486650 | $– | $486650 | $475626 | $– | $475626 |
| Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $19172 | $– | $19172 | $15387 | $– | $15387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 837 |  | 837 | 983 |  | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 22086 |  | 22086 | 16410 |  | 16410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 2211 |  | 2211 | 1135 |  | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $44306 | $– | $44306 | $33915 | $– | $33915 |
| American High-Income Trust | American High-Income Trust | American High-Income Trust | American High-Income Trust | American High-Income Trust | American High-Income Trust | American High-Income Trust |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $16430 | $– | $16430 | $15191 | $– | $15191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 438 |  | 438 | 199 |  | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 34271 |  | 34271 | 35147 |  | 35147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 495 |  | 495 | 529 |  | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 12704 |  | 12704 | 8336 |  | 8336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $64338 | $– | $64338 | $59402 | $– | $59402 |
| American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $803 | $– | $803 | $804 | $– | $804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 136 |  | 136 | 121 |  | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 1703 |  | 1703 | 1928 |  | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 2473 |  | 2473 | 2148 |  | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $5115 | $– | $5115 | $5001 | $– | $5001 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **348** |

---

------

Ultra-Short Bond Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $1510 | $– | $1510 | $1996 | $– | $1996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 5 |  | 5 | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 9131 |  | 9131 | 12857 |  | 12857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 156 |  | 156 | 205 |  | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 2138 |  | 2138 | 2569 |  | 2569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $12940 | $– | $12940 | $17633 | $– | $17633 |
| U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | $11629 | $– | $11629 | $11248 | $– | $11248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 12377 |  | 12377 | 11344 |  | 11344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 44749 |  | 44749 | 42551 |  | 42551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 212 |  | 212 | 204 |  | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 10129 |  | 10129 | 7920 |  | 7920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $79096 | $– | $79096 | $73267 | $– | $73267 |
| Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $248 | $558 | $806 | $93 | $– | $93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 6657 | 21164 | 27821 | 2326 |  | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $6905 | $21722 | $28627 | $2419 | $– | $2419 |
| Managed Risk International Fund | Managed Risk International Fund | Managed Risk International Fund | Managed Risk International Fund | Managed Risk International Fund | Managed Risk International Fund | Managed Risk International Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $30 | $– | $30 | $29 | $– | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 1450 |  | 1450 | 1532 |  | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1480 | $– | $1480 | $1561 | $– | $1561 |
| Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary<br>income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary<br>income** | **Long-term<br>capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $58 | $– | $58 | $53 | $– | $53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 5902 |  | 5902 | 5422 |  | 5422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $5960 | $– | $5960 | $5475 | $– | $5475 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **349** | American Funds Insurance Series |

---

------

Managed Risk Growth-Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $42231 | $70237 | $112468 | $33022 | $25142 | $58164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 5433 | 10214 | 15647 | 4085 | 3659 | 7744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $47664 | $80451 | $128115 | $37107 | $28801 | $65908 |
| Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund |
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Share class** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** | **Ordinary**<br> **income** | **Long-term**<br> **capital gains** | **Total**<br> **distributions**<br> **paid** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | $348 | $722 | $1070 | $226 | $138 | $364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 46064 | 121132 | 167196 | 39976 | 28786 | 68762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $46412 | $121854 | $168266 | $40202 | $28924 | $69126 |

---

<sup>2</sup>Commencement of operations. 

<sup>3</sup>Amount less than one thousand.

7. Fees and transactions

CRMC, the series' investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the distributor of the series' shares, and American Funds Service Company<sup>®</sup> ("AFS"), the series' transfer agent. CRMC, CCG and AFS are considered related parties to the series.

**Investment advisory services** – The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

**Investment advisory services waivers** – CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the year ended December 31, 2025, total investment advisory services fees waived by CRMC were $53,879,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

---

| | |
|:---|:---|
| American Funds Insurance Series | **350** |

---

------

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Rates** | **Rates** | **Net asset level**<br>**(in billions)** | **Net asset level**<br>**(in billions)** | **For the**<br> **year ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31,**<br> **2025,**<br> **before waiver** | **For the**<br> **year ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31,**<br> **2025,**<br> **after waiver** |
| <br> **Fund** | **Beginning**<br> **with** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending**<br> **with** | **Up to** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In excess**<br> **of** | **For the**<br> **year ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31,**<br> **2025,**<br> **before waiver** | **For the**<br> **year ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31,**<br> **2025,**<br> **after waiver** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | .475% | .435% | $15.0 | $15.0 | .475% | .372% |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .647 | .600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | .500 | .275 | .6 | 44.0 | .302 | .302 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | .478 | .430 | 15.0 | 21.0 | .478 | .478 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | .577 | .510 | 15.0 | 15.0 | .577 | .507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .374 | .227 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Small and Mid Cap Equity Fund | .450 |  | all |  | .450 | .450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .475 | .375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | .500 | .217 | .6 | 44.0 | .249 | .249 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .478 | .478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .357 | .227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .264 | .264 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .446 | .429 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .352 | .202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .431 | .431 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .404 | .284 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | .295 | .280 | 15.0 | 15.0 | .295 | .222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .257 | .257 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .295 | .218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund\* | .100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund\* | .100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington Mutual Investors Fund\* | .100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund\* | .100 |  | all |  | .150 | .100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation Fund\* | .100 |  | all |  | .150 | .100 |

---

\* For a portion of the period CRMC waived a portion of the investment advisory and services fee, such that the fee was reduced from 0.150% to 0.100%. Effective May 1, 2025, the series' board of trustees approved a revised investment advisory and services agreement for the Managed Risk Funds, removing the 0.050% fee waiver and concurrently reducing the fee for each share class from 0.150% to 0.100%. 

**Class-specific fees and expenses** – Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** – The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1A | 0.00% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 3 | 0.18 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 4 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P1 | 0.00 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P2 | 0.25 | 0.50 |

---

**Insurance administrative services** – The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

---

| | |
|:---|:---|
| **351** | American Funds Insurance Series |

---

------

**Transfer agent services** – The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds' share classes. These services include recordkeeping, shareholder communications and transaction processing. Under this agreement, the managed risk funds also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** – The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments.

Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** – The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $1131 |
|  Class 1A | $– | $83 | 10 |
|  Class 2 | 8963 | Not applicable | 1076 |
|  Class 4 | 2668 | 2668 | 320 |
|  Total class-specific expenses | $11631 | $2751 | $2537 |

---

Growth Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $6865 |
|  Class 1A | $– | $1029 | 123 |
|  Class 2 | 51724 | Not applicable | 6207 |
|  Class 3 | 507 | Not applicable | 85 |
|  Class 4 | 15164 | 15164 | 1820 |
|  Total class-specific expenses | $67395 | $16193 | $15100 |

---

New World Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $581 |
|  Class 1A | $– | $44 | 5 |
|  Class 2 | 2096 | Not applicable | 252 |
|  Class 4 | 2211 | 2211 | 265 |
|  Total class-specific expenses | $4307 | $2255 | $1103 |

---

Global Small Capitalization Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $257 |
|  Class 1A | $– | $15 | 2 |
|  Class 2 | 4317 | Not applicable | 518 |
|  Class 4 | 888 | 887 | 106 |
|  Total class-specific expenses | $5205 | $902 | $883 |

---

International Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $967 |
|  Class 1A | $– | $35 | 4 |
|  Class 2 | 8442 | Not applicable | 1013 |
|  Class 3 | 28 | Not applicable | 5 |
|  Class 4 | 1256 | 1256 | 151 |
|  Total class-specific expenses | $9726 | $1291 | $2140 |

---

Washington Mutual Investors Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $1913 |
|  Class 1A | $– | $84 | 10 |
|  Class 2 | 7644 | Not applicable | 917 |
|  Class 4 | 5082 | 5082 | 610 |
|  Total class-specific expenses | $12726 | $5166 | $3450 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **352** |

---

------

U.S. Small and Mid Cap Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $10 |
|  Class 1A | $– | $– \* | – \* |
|  Class 2 | – \* | Not applicable | – \* |
|  Class 4 | 9 | 8 | 5 |
|  Total class-specific expenses | $9 | $8 | $15 |

---

Growth-Income Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $7452 |
|  Class 1A | $– | $119 | 14 |
|  Class 2 | 34840 | Not applicable | 4181 |
|  Class 3 | 279 | Not applicable | 47 |
|  Class 4 | 7386 | 7386 | 886 |
|  Total class-specific expenses | $42505 | $7505 | $12580 |

---

Capital Income Builder

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $234 |
|  Class 1A | $– | $34 | 4 |
|  Class 2 | 51 | Not applicable | 6 |
|  Class 4 | 1785 | 1786 | 214 |
|  Total class-specific expenses | $1836 | $1820 | $458 |

---

American Funds Global Balanced Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $29 |
|  Class 1A | $– | $10 | 1 |
|  Class 2 | 371 | Not applicable | 45 |
|  Class 4 | 428 | 428 | 51 |
|  Total class-specific expenses | $799 | $438 | $126 |

---

Capital World Growth and Income Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $182 |
|  Class 1A | $– | $26 | 3 |
|  Class 2 | 2607 | Not applicable | 313 |
|  Class 4 | 776 | 775 | 93 |
|  Total class-specific expenses | $3383 | $801 | $591 |

---

International Growth and Income Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution<br>services** | **Insurance<br>administrative<br>services** | **Administrative<br>services** |
|  Class 1 | Not applicable | Not applicable | $8 |
|  Class 1A | $– | $19 | 2 |
|  Class 2 | 404 | Not applicable | 49 |
|  Class 4 | 456 | 456 | 55 |
|  Total class-specific expenses | $860 | $475 | $114 |

---

Asset Allocation Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $4789 |
|  Class 1A | $– | $119 | 14 |
|  Class 2 | 10837 | Not applicable | 1301 |
|  Class 3 | 60 | Not applicable | 10 |
|  Class 4 | 17184 | 17184 | 2062 |
|  Total class-specific expenses | $28081 | $17303 | $8176 |

---

The Bond Fund of America

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $2070 |
|  Class 1A | $– | $643 | 77 |
|  Class 2 | 6831 | Not applicable | 820 |
|  Class 4 | 3246 | 3247 | 390 |
|  Total class-specific expenses | $10077 | $3890 | $3357 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **353** | American Funds Insurance Series |

---

------

Capital World Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $182 |
|  Class 1A | $– | $81 | 10 |
|  Class 2 | 1893 | Not applicable | 227 |
|  Class 4 | 176 | 176 | 21 |
|  Total class-specific expenses | $2069 | $257 | $440 |

---

American Funds Mortgage Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $5 |
|  Class 1A | $– | $8 | 1 |
|  Class 2 | 104 | Not applicable | 13 |
|  Class 4 | 140 | 140 | 17 |
|  Total class-specific expenses | $244 | $148 | $36 |

---

U.S. Government Securities Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $79 |
|  Class 1A | $– | $724 | 87 |
|  Class 2 | 2619 | Not applicable | 314 |
|  Class 3 | 9 | Not applicable | 1 |
|  Class 4 | 588 | 588 | 71 |
|  Total class-specific expenses | $3216 | $1312 | $552 |

---

Managed Risk International Fund

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** |
|  Class P1 | Not applicable | $5 |
|  Class P2 | $280 | 280 |
|  Total class-specific expenses | $280 | $285 |

---

American High-Income Trust

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $73 |
|  Class 1A | $– | $11 | 1 |
|  Class 2 | 1338 | Not applicable | 161 |
|  Class 3 | 15 | Not applicable | 2 |
|  Class 4 | 497 | 497 | 60 |
|  Total class-specific expenses | $1850 | $508 | $297 |

---

Ultra-Short Bond Fund

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** | **Administrative**<br> **services** |
|  Class 1 | Not applicable | Not applicable | $11 |
|  Class 1A | $– | $– \* | – \* |
|  Class 2 | 569 | Not applicable | 68 |
|  Class 3 | 7 | Not applicable | 1 |
|  Class 4 | 156 | 156 | 19 |
|  Total class-specific expenses | $732 | $156 | $99 |

---

Managed Risk Growth Fund

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** |
|  Class P1 | Not applicable | $34 |
|  Class P2 | $1243 | 1243 |
|  Total class-specific expenses | $1243 | $1277 |

---

Managed Risk Washington Mutual Investors Fund

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** |
|  Class P1 | Not applicable | $6 |
|  Class P2 | $786 | 786 |
|  Total class-specific expenses | $786 | $792 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **354** |

---

------

Managed Risk Growth-Income Fund

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** |
|  Class P1 | Not applicable | $4624 |
|  Class P2 | $662 | 662 |
|  Total class-specific expenses | $662 | $5286 |

---

Managed Risk Asset Allocation Fund

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution**<br> **services** | **Insurance**<br> **administrative**<br> **services** |
|  Class P1 | Not applicable | $30 |
|  Class P2 | $4685 | 4685 |
|  Total class-specific expenses | $4685 | $4715 |

---

\*Amount less than one thousand.

**Miscellaneous fee reimbursements** – CRMC reimbursed a portion of miscellaneous fees and expenses for U.S. Small and Mid Cap Equity Fund and Managed Risk International Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the year ended December 31, 2025, total fees and expenses reimbursed by CRMC were $77,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

**Trustees' deferred compensation** – Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | **Increase (decrease)<br>in value of<br>deferred amounts** | **Total trustees'<br>compensation** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | $21 | $21 | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | 8 | 7 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | 125 | 124 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | 18 | 17 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | 9 | 9 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | 29 | 28 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Small and Mid Cap Equity Fund | – \* | – \* | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | 5 | 5 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | 106 | 101 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | 4 | 4 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | 69 | 65 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bond Fund of America | 28 | 26 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Bond Fund | 4 | 3 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; American High-Income Trust | 2 | 2 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Mortgage Fund | – \* | – \* | – \* |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra-Short Bond Fund | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Securities Fund | 5 | 4 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth Fund | 2 | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk International Fund | 1 | – \* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Washington Mutual Investors Fund | 1 | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund | 5 | 5 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation Fund | 5 | 4 | 9 |

---

\*Amount less than one thousand.

**Affiliated officers and trustees** – Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

---

| | |
|:---|:---|
| **355** | American Funds Insurance Series |

---

------

**Investments in CCBF and CCF** – Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

**Security transactions with related funds** – The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of December 31, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Net**<br> **realized**<br> **gain (loss)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Growth Fund | $147747 | $67664 | $22487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | 27498 | 11204 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Fund | 350283 | 350719 | 70559 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Fund | 110941 | 87605 | 3851 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Fund | 24060 | 50564 | 13902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund | 131489 | 156251 | 20344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund | 32218 | 38497 | 8339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth-Income Fund | 506006 | 592940 | 172397 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Growth and Income Fund | 2294 | 4747 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Income Builder | 23371 | 19211 | 4803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation Fund | 250712 | 107065 | 54741 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund | 3867 | 4371 | 1147 |

---

**Interfund lending** – Pursuant to an exemptive order issued by the SEC, each fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. Each fund did not lend or borrow cash through the interfund lending program at any time during the year ended December 31, 2025.

8. Indemnifications

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

9. Committed line of credit

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2025.

---

| | |
|:---|:---|
| American Funds Insurance Series | **356** |

---

------

10. Capital share transactions

Capital share transactions in each fund were as follows (dollars and shares in thousands):

Global Growth Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $304055 | 8321 | $522119 | 15107 | $(541519) | (14564) | $284655 | 8864 |
|  Class 1A | 42972 | 1157 | 3516 | 101 | (3744) | (102) | 42744 | 1156 |
|  Class 2 | 35075 | 964 | 496369 | 14649 | (528583) | (14441) | 2861 | 1172 |
|  Class 4 | 180514 | 5009 | 145282 | 4354 | (101231) | (2811) | 224565 | 6552 |
|  Total net increase (decrease) | $562616 | 15451 | $1167286 | 34211 | $(1175077) | (31918) | $554825 | 17744 |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $182743 | 4922 | $164299 | 4426 | $(478156) | (12907) | $(131114) | (3559) |
|  Class 1A | 3593 | 97 | 855 | 23 | (3164) | (85) | 1284 | 35 |
|  Class 2 | 64877 | 1789 | 160470 | 4397 | (544385) | (14948) | (319038) | (8762) |
|  Class 4 | 187863 | 5186 | 36623 | 1016 | (80774) | (2235) | 143712 | 3967 |
|  Total net increase (decrease) | $439076 | 11994 | $362247 | 9862 | $(1106479) | (30175) | $(305156) | (8319) |
| Global Small Capitalization Fund | Global Small Capitalization Fund | Global Small Capitalization Fund | Global Small Capitalization Fund | Global Small Capitalization Fund |  |  |  |  |
|  | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $66285 | 3641 | $22933 | 1232 | $(343352) | (18170) | $(254134) | (13297) |
|  Class 1A | 532 | 29 | 146 | 8 | (424) | (23) | 254 | 14 |
|  Class 2 | 30784 | 1809 | 45015 | 2592 | (247355) | (13805) | (171556) | (9404) |
|  Class 4 | 91459 | 5277 | 8081 | 469 | (44936) | (2531) | 54604 | 3215 |
|  Total net increase (decrease) | $189060 | 10756 | $76175 | 4301 | $(636067) | (34529) | $(370832) | (19472) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $82737 | 4519 | $45699 | 2557 | $(168033) | (9099) | $(39597) | (2023) |
|  Class 1A | 766 | 43 | 239 | 14 | (637) | (35) | 368 | 22 |
|  Class 2 | 58585 | 3367 | 85994 | 5139 | (246897) | (14207) | (102318) | (5701) |
|  Class 4 | 41322 | 2398 | 13498 | 810 | (37390) | (2159) | 17430 | 1049 |
|  Total net increase (decrease) | $183410 | 10327 | $145430 | 8520 | $(452957) | (25500) | $(124117) | (6653) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **357** | American Funds Insurance Series |

---

------

Growth Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** | **Year ended December 31, 2025** |  |  |  |  |  |  |  |
|  Class 1 | $2221332 | 17180 | $1824411 | 14872 | $(2853744) | (22053) | $1191999 | 9999 |
|  Class 1A | 118725 | 930 | 30539 | 252 | (115193) | (884) | 34071 | 298 |
|  Class 2 | 504023 | 3932 | 1677068 | 13892 | (3177573) | (24443) | (996482) | (6619) |
|  Class 3 | 1511 | 12 | 22118 | 178 | (36889) | (277) | (13260) | (87) |
|  Class 4 | 1221571 | 9782 | 490866 | 4193 | (372784) | (2965) | 1339653 | 11010 |
|  Total net increase (decrease) | $4067162 | 31836 | $4045002 | 33387 | $(6556183) | (50622) | $1555981 | 14601 |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** |  |  |  |  |  |  |  |
|  Class 1 | $1283657 | 11196 | $554066 | 4995 | $(2581742) | (22564) | $(744019) | (6373) |
|  Class 1A | 43180 | 381 | 8596 | 79 | (33697) | (304) | 18079 | 156 |
|  Class 2 | 414661 | 3673 | 506251 | 4690 | (3189792) | (28372) | (2268880) | (20009) |
|  Class 3 | 1071 | 10 | 6848 | 62 | (32036) | (278) | (24117) | (206) |
|  Class 4 | 874214 | 7971 | 107359 | 1032 | (368353) | (3358) | 613220 | 5645 |
|  Total net increase (decrease) | $2616783 | 23231 | $1183120 | 10858 | $(6205620) | (54876) | $(2405717) | (20787) |
| International Fund | International Fund |  |  |  |  |  |  |  |
|  | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** | **Year ended December 31, 2025** |  |  |  |  |  |  |  |
|  Class 1 | $123286 | 6300 | $49061 | 2250 | $(619084) | (30505) | $(446737) | (21955) |
|  Class 1A | 1909 | 93 | 205 | 10 | (1577) | (80) | 537 | 23 |
|  Class 2 | 158584 | 8280 | 44060 | 2025 | (720522) | (36038) | (517878) | (25733) |
|  Class 3 | 143 | 7 | 210 | 10 | (1989) | (100) | (1636) | (83) |
|  Class 4 | 72454 | 3758 | 6153 | 287 | (59496) | (3027) | 19111 | 1018 |
|  Total net increase (decrease) | $356376 | 18438 | $99689 | 4582 | $(1402668) | (69750) | $(946603) | (46730) |
|  **Year ended December 31, 2024** | **Year ended December 31, 2024** |  |  |  |  |  |  |  |
|  Class 1 | $103818 | 5617 | $46267 | 2445 | $(505047) | (27104) | $(354962) | (19042) |
|  Class 1A | 2421 | 132 | 158 | 9 | (2072) | (114) | 507 | 27 |
|  Class 2 | 294279 | 16201 | 40220 | 2136 | (554239) | (30168) | (219740) | (11831) |
|  Class 3 | 2 | –<sup>2</sup> | 191 | 10 | (2572) | (137) | (2379) | (127) |
|  Class 4 | 64019 | 3511 | 4485 | 242 | (49713) | (2726) | 18791 | 1027 |
|  Total net increase (decrease) | $464539 | 25461 | $91321 | 4842 | $(1113643) | (60249) | $(557783) | (29946) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **358** |

---

------

New World Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $158509 | 5359 | $103852 | 3572 | $(340861) | (11604) | $(78500) | (2673) |
|  Class 1A | 18473 | 602 | 822 | 28 | (2946) | (103) | 16349 | 527 |
|  Class 2 | 114042 | 3791 | 43585 | 1527 | (173334) | (5988) | (15707) | (670) |
|  Class 4 | 92171 | 3197 | 44726 | 1588 | (148239) | (5158) | (11342) | (373) |
|  Total net increase (decrease) | $383195 | 12949 | $192985 | 6715 | $(665380) | (22853) | $(89200) | (3189) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $211139 | 7770 | $37940 | 1389 | $(310526) | (11467) | $(61447) | (2308) |
|  Class 1A | 2546 | 92 | 216 | 8 | (1406) | (52) | 1356 | 48 |
|  Class 2 | 97709 | 3717 | 15121 | 562 | (163082) | (6131) | (50252) | (1852) |
|  Class 4 | 79272 | 3006 | 13389 | 502 | (106780) | (4055) | (14119) | (547) |
|  Total net increase (decrease) | $390666 | 14585 | $66666 | 2461 | $(581794) | (21705) | $(124462) | (4659) |
| Washington Mutual Investors Fund | Washington Mutual Investors Fund | Washington Mutual Investors Fund | Washington Mutual Investors Fund |  |  |  |  |  |
|  | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $140928 | 8311 | $526965 | 31376 | $(1006677) | (57564) | $(338784) | (17877) |
|  Class 1A | 6301 | 363 | 2764 | 166 | (2905) | (165) | 6160 | 364 |
|  Class 2 | 90385 | 5278 | 251281 | 15319 | (430673) | (25241) | (89007) | (4644) |
|  Class 4 | 377965 | 22441 | 164617 | 10176 | (110363) | (6612) | 432219 | 26005 |
|  Total net increase (decrease) | $615579 | 36393 | $945627 | 57037 | $(1550618) | (89582) | $10588 | 3848 |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $87079 | 5408 | $161220 | 9874 | $(948618) | (58997) | $(700319) | (43715) |
|  Class 1A | 4491 | 279 | 628 | 38 | (3232) | (205) | 1887 | 112 |
|  Class 2 | 56060 | 3529 | 71557 | 4484 | (477590) | (30368) | (349973) | (22355) |
|  Class 4 | 260219 | 16589 | 36302 | 2301 | (99151) | (6416) | 197370 | 12474 |
|  Total net increase (decrease) | $407849 | 25805 | $269707 | 16697 | $(1528591) | (95986) | $(851035) | (53484) |
| U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund |  |  |  |  |  |
|  | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |  |  |  |  |  |  |
|  Class 1 | $94466 | 8554 | $364 | 32 | $(8030) | (726) | $86800 | 7860 |
|  Class 1A |  |  | –<sup>2</sup> | –<sup>2</sup> |  |  | –<sup>2</sup> | –<sup>2</sup> |
|  Class 2 |  |  | –<sup>2</sup> | –<sup>2</sup> |  |  | –<sup>2</sup> | –<sup>2</sup> |
|  Class 4 | 14686 | 1364 | 33 | 3 | (19609) | (1843) | (4890) | (476) |
|  Total net increase (decrease) | $109152 | 9918 | $397 | 35 | $(27639) | (2569) | $81910 | 7384 |
|  **For the period November 15, 2024<sup>3</sup> to December 31, 2024** | **For the period November 15, 2024<sup>3</sup> to December 31, 2024** | **For the period November 15, 2024<sup>3</sup> to December 31, 2024** |  |  |  |  |  |  |
|  Class 1 | $10 | 1 | $–<sup>2</sup> | –<sup>2</sup> | $– |  | $10 | 1 |
|  Class 1A | 10 | 1 | –<sup>2</sup> | –<sup>2</sup> |  |  | 10 | 1 |
|  Class 2 | 10 | 1 | –<sup>2</sup> | –<sup>2</sup> |  |  | 10 | 1 |
|  Class 4 | 14970 | 1497 | 13 | 1 |  |  | 14983 | 1498 |
|  Total net increase (decrease) | $15000 | 1500 | $13 | 1 | $– |  | $15013 | 1501 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **359** | American Funds Insurance Series |

---

------

Capital World Growth and Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $61144 | 3871 | $30791 | 1846 | $(173302) | (10431) | $(81367) | (4714) |
|  Class 1A | 1669 | 101 | 519 | 31 | (625) | (37) | 1563 | 95 |
|  Class 2 | 28763 | 1702 | 51975 | 3135 | (185399) | (11041) | (104661) | (6204) |
|  Class 4 | 58603 | 3584 | 15355 | 952 | (32104) | (1961) | 41854 | 2575 |
|  Total net increase (decrease) | $150179 | 9258 | $98640 | 5964 | $(391430) | (23470) | $(142611) | (8248) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $61832 | 4046 | $11187 | 709 | $(124340) | (8176) | $(51321) | (3421) |
|  Class 1A | 1263 | 86 | 144 | 9 | (793) | (51) | 614 | 44 |
|  Class 2 | 14751 | 970 | 17039 | 1085 | (177803) | (11812) | (146013) | (9757) |
|  Class 4 | 31604 | 2138 | 3943 | 258 | (30478) | (2080) | 5069 | 316 |
|  Total net increase (decrease) | $109450 | 7240 | $32313 | 2061 | $(333414) | (22119) | $(191651) | (12818) |
| Growth-Income Fund | Growth-Income Fund | Growth-Income Fund |  |  |  |  |  |  |
|  | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $684973 | 10461 | $4387256 | 72937 | $(3619605) | (54457) | $1452624 | 28941 |
|  Class 1A | 6675 | 102 | 8152 | 137 | (4519) | (68) | 10308 | 171 |
|  Class 2 | 125378 | 1919 | 2468820 | 42004 | (1981266) | (30316) | 612932 | 13607 |
|  Class 3 | 1554 | 24 | 26641 | 442 | (19918) | (294) | 8277 | 172 |
|  Class 4 | 408921 | 6393 | 520690 | 9074 | (327755) | (5109) | 601856 | 10358 |
|  Total net increase (decrease) | $1227501 | 18899 | $7411559 | 124594 | $(5953063) | (90244) | $2685997 | 53249 |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $332044 | 5020 | $1360424 | 21268 | $(3357393) | (51220) | $(1664925) | (24932) |
|  Class 1A | 5383 | 81 | 2198 | 35 | (5242) | (81) | 2339 | 35 |
|  Class 2 | 113447 | 1761 | 760811 | 12154 | (2068284) | (32090) | (1194026) | (18175) |
|  Class 3 | 313 | 5 | 8392 | 131 | (19777) | (301) | (11072) | (165) |
|  Class 4 | 332452 | 5218 | 131545 | 2144 | (199130) | (3142) | 264867 | 4220 |
|  Total net increase (decrease) | $783639 | 12085 | $2263370 | 35732 | $(5649826) | (86834) | $(2602817) | (39017) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **360** |

---

------

International Growth and Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $21760 | 1847 | $836 | 64 | $(11542) | (986) | $11054 | 925 |
|  Class 1A | 1735 | 146 | 211 | 17 | (982) | (83) | 964 | 80 |
|  Class 2 | 6438 | 538 | 4052 | 319 | (32846) | (2832) | (22356) | (1975) |
|  Class 4 | 40773 | 3574 | 4102 | 330 | (56151) | (4650) | (11276) | (746) |
|  Total net increase (decrease) | $70706 | 6105 | $9201 | 730 | $(101521) | (8551) | $(21614) | (1716) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $3051 | 287 | $461 | 43 | $(1958) | (184) | $1554 | 146 |
|  Class 1A | 950 | 92 | 156 | 15 | (1296) | (129) | (190) | (22) |
|  Class 2 | 5039 | 489 | 3897 | 378 | (25957) | (2509) | (17021) | (1642) |
|  Class 4 | 22262 | 2198 | 3583 | 353 | (19235) | (1887) | 6610 | 664 |
|  Total net increase (decrease) | $31302 | 3066 | $8097 | 789 | $(48446) | (4709) | $(9047) | (854) |
| Capital Income Builder | Capital Income Builder | Capital Income Builder |  |  |  |  |  |  |
|  | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $85393 | 6373 | $25206 | 1809 | $(99423) | (7387) | $11176 | 795 |
|  Class 1A | 2260 | 165 | 416 | 30 | (1912) | (141) | 764 | 54 |
|  Class 2 | 2677 | 195 | 618 | 44 | (1985) | (147) | 1310 | 92 |
|  Class 4 | 124148 | 9183 | 19776 | 1420 | (100988) | (7397) | 42936 | 3206 |
|  Total net increase (decrease) | $214478 | 15916 | $46016 | 3303 | $(204308) | (15072) | $56186 | 4147 |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $55004 | 4532 | $25389 | 2057 | $(74884) | (6100) | $5509 | 489 |
|  Class 1A | 1738 | 141 | 397 | 32 | (825) | (68) | 1310 | 105 |
|  Class 2 | 3421 | 272 | 575 | 47 | (1546) | (126) | 2450 | 193 |
|  Class 4 | 82282 | 6662 | 19315 | 1565 | (75684) | (6165) | 25913 | 2062 |
|  Total net increase (decrease) | $142445 | 11607 | $45676 | 3701 | $(152939) | (12459) | $35182 | 2849 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **361** | American Funds Insurance Series |

---

------

Asset Allocation Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $294441 | 11354 | $1457889 | 56910 | $(2784021) | (104912) | $(1031691) | (36648) |
|  Class 1A | 12382 | 473 | 4101 | 161 | (5261) | (199) | 11222 | 435 |
|  Class 2 | 79938 | 3065 | 392837 | 15618 | (657596) | (25193) | (184821) | (6510) |
|  Class 3 | 598 | 23 | 2965 | 116 | (2207) | (84) | 1356 | 55 |
|  Class 4 | 385083 | 14916 | 612040 | 24612 | (768899) | (29799) | 228224 | 9729 |
|  Total net increase (decrease) | $772442 | 29831 | $2469832 | 97417 | $(4217984) | (160187) | $(975710) | (32939) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $189766 | 7473 | $1052819 | 42339 | $(2193455) | (86366) | $(950870) | (36554) |
|  Class 1A | 9384 | 373 | 2270 | 91 | (5272) | (211) | 6382 | 253 |
|  Class 2 | 63147 | 2538 | 280024 | 11458 | (646053) | (25867) | (302882) | (11871) |
|  Class 3 | 546 | 22 | 2019 | 81 | (3219) | (128) | (654) | (25) |
|  Class 4 | 595855 | 24315 | 406136 | 16791 | (703265) | (28339) | 298726 | 12767 |
|  Total net increase (decrease) | $858698 | 34721 | $1743268 | 70760 | $(3551264) | (140911) | $(949298) | (35430) |
| American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund |  |  |  |  |  |
|  | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $6531 | 484 | $5082 | 376 | $(20431) | (1505) | $(8818) | (645) |
|  Class 1A | 829 | 60 | 212 | 16 | (593) | (44) | 448 | 32 |
|  Class 2 | 4258 | 313 | 7557 | 564 | (29048) | (2132) | (17233) | (1255) |
|  Class 4 | 52129 | 3887 | 8574 | 652 | (21417) | (1605) | 39286 | 2934 |
|  Total net increase (decrease) | $63747 | 4744 | $21425 | 1608 | $(71489) | (5286) | $13683 | 1066 |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $5008 | 386 | $1963 | 149 | $(13832) | (1065) | $(6861) | (530) |
|  Class 1A | 1071 | 82 | 64 | 5 | (316) | (25) | 819 | 62 |
|  Class 2 | 5061 | 388 | 2714 | 208 | (26779) | (2070) | (19004) | (1474) |
|  Class 4 | 23792 | 1863 | 2307 | 180 | (15540) | (1226) | 10559 | 817 |
|  Total net increase (decrease) | $34932 | 2719 | $7048 | 542 | $(56467) | (4386) | $(14487) | (1125) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **362** |

---

------

The Bond Fund of America

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $967884 | 101560 | $301425 | 31796 | $(1549531) | (162304) | $(280222) | (28948) |
|  Class 1A | 78228 | 8287 | 12103 | 1287 | (20799) | (2206) | 69532 | 7368 |
|  Class 2 | 95476 | 10155 | 115204 | 12362 | (327900) | (34938) | (117220) | (12421) |
|  Class 4 | 277694 | 29681 | 56394 | 6089 | (125920) | (13500) | 208168 | 22270 |
|  Total net increase (decrease) | $1419282 | 149683 | $485126 | 51534 | $(2024150) | (212948) | $(119742) | (11731) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $997057 | 104811 | $303806 | 32314 | $(1023095) | (106864) | $277768 | 30261 |
|  Class 1A | 30267 | 3210 | 8908 | 955 | (69212) | (7414) | (30037) | (3249) |
|  Class 2 | 118960 | 12741 | 115243 | 12454 | (268162) | (28438) | (33959) | (3243) |
|  Class 4 | 297378 | 31907 | 45913 | 4990 | (82229) | (8801) | 261062 | 28096 |
|  Total net increase (decrease) | $1443662 | 152669 | $473870 | 50713 | $(1442698) | (151517) | $474834 | 51865 |
| Capital World Bond Fund<br>|  |  |  |  |  |  |  |  |
|  | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $81146 | 7964 | $19172 | 1887 | $(113554) | (11168) | $(13236) | (1317) |
|  Class 1A | 6629 | 658 | 837 | 83 | (19119) | (1921) | (11653) | (1180) |
|  Class 2 | 78645 | 7818 | 22086 | 2199 | (148416) | (14851) | (47685) | (4834) |
|  Class 4 | 24427 | 2456 | 2211 | 224 | (9368) | (946) | 17270 | 1734 |
|  Total net increase (decrease) | $190847 | 18896 | $44306 | 4393 | $(290457) | (28886) | $(55304) | (5597) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $50423 | 5049 | $15387 | 1561 | $(110677) | (11006) | $(44867) | (4396) |
|  Class 1A | 39370 | 4030 | 983 | 100 | (1586) | (160) | 38767 | 3970 |
|  Class 2 | 107727 | 10975 | 16410 | 1683 | (141037) | (14229) | (16900) | (1571) |
|  Class 4 | 13021 | 1348 | 1135 | 119 | (7549) | (775) | 6607 | 692 |
|  Total net increase (decrease) | $210541 | 21402 | $33915 | 3463 | $(260849) | (26170) | $(16393) | (1305) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **363** | American Funds Insurance Series |

---

------

American High-Income Trust

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $34287 | 3728 | $16202 | 1746 | $(29101) | (3085) | $21388 | 2389 |
|  Class 1A | 5913 | 617 | 438 | 47 | (1640) | (174) | 4711 | 490 |
|  Class 2 | 34261 | 3735 | 34272 | 3796 | (79188) | (8621) | (10655) | (1090) |
|  Class 3 | 292 | 31 | 495 | 53 | (1072) | (113) | (285) | (29) |
|  Class 4 | 121429 | 11743 | 12704 | 1244 | (57610) | (5614) | 76523 | 7373 |
|  Total net increase (decrease) | $196182 | 19854 | $64111 | 6886 | $(168611) | (17607) | $91682 | 9133 |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $9340 | 1009 | $15096 | 1627 | $(25253) | (2709) | $(817) | (73) |
|  Class 1A | 996 | 107 | 199 | 21 | (720) | (77) | 475 | 51 |
|  Class 2 | 18069 | 1979 | 35146 | 3885 | (64581) | (7119) | (11366) | (1255) |
|  Class 3 | 151 | 16 | 529 | 57 | (1201) | (130) | (521) | (57) |
|  Class 4 | 93982 | 9271 | 8335 | 821 | (55362) | (5531) | 46955 | 4561 |
|  Total net increase (decrease) | $122538 | 12382 | $59305 | 6411 | $(147117) | (15566) | $34726 | 3227 |
| American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund |  |  |  |  |  |
|  | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $422 | 45 | $803 | 85 | $(161) | (17) | $1064 | 113 |
|  Class 1A | 765 | 83 | 136 | 15 | (381) | (41) | 520 | 57 |
|  Class 2 | 2443 | 262 | 1703 | 184 | (6870) | (736) | (2724) | (290) |
|  Class 4 | 17888 | 1929 | 2473 | 270 | (8887) | (963) | 11474 | 1236 |
|  Total net increase (decrease) | $21518 | 2319 | $5115 | 554 | $(16299) | (1757) | $10334 | 1116 |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $170 | 18 | $804 | 87 | $(279) | (30) | $695 | 75 |
|  Class 1A | 976 | 105 | 121 | 13 | (195) | (21) | 902 | 97 |
|  Class 2 | 3228 | 349 | 1928 | 211 | (5636) | (603) | (480) | (43) |
|  Class 4 | 18316 | 1981 | 2148 | 239 | (14351) | (1539) | 6113 | 681 |
|  Total net increase (decrease) | $22690 | 2453 | $5001 | 550 | $(20461) | (2193) | $7230 | 810 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **364** |

---

------

Ultra-Short Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $12058 | 1051 | $1510 | 134 | $(16422) | (1436) | $(2854) | (251) |
|  Class 1A |  |  | 5 | –<sup>2</sup> |  |  | 5 | –<sup>2</sup> |
|  Class 2 | 56142 | 5069 | 9131 | 838 | (94607) | (8552) | (29334) | (2645) |
|  Class 3 | 305 | 27 | 156 | 14 | (904) | (81) | (443) | (40) |
|  Class 4 | 54897 | 4953 | 2138 | 195 | (54897) | (4931) | 2138 | 217 |
|  Total net increase (decrease) | $123402 | 11100 | $12940 | 1181 | $(166830) | (15000) | $(30488) | (2719) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $16477 | 1429 | $1996 | 176 | $(20160) | (1740) | $(1687) | (135) |
|  Class 1A |  |  | 6 | 1 |  |  | 6 | 1 |
|  Class 2 | 57235 | 5128 | 12858 | 1175 | (97431) | (8724) | (27338) | (2421) |
|  Class 3 | 370 | 32 | 204 | 19 | (841) | (74) | (267) | (23) |
|  Class 4 | 19303 | 1714 | 2569 | 233 | (26048) | (2325) | (4176) | (378) |
|  Total net increase (decrease) | $93385 | 8303 | $17633 | 1604 | $(144480) | (12863) | $(33462) | (2956) |
| U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund |  |  |  |  |  |  |
|  | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class 1 | $69757 | 7044 | $11280 | 1145 | $(96647) | (9743) | $(15610) | (1554) |
|  Class 1A | 34073 | 3475 | 12377 | 1264 | (41345) | (4222) | 5105 | 517 |
|  Class 2 | 118543 | 12052 | 44750 | 4609 | (191505) | (19527) | (28212) | (2866) |
|  Class 3 | 420 | 42 | 212 | 22 | (877) | (88) | (245) | (24) |
|  Class 4 | 114384 | 11659 | 10129 | 1045 | (86038) | (8789) | 38475 | 3915 |
|  Total net increase (decrease) | $337177 | 34272 | $78748 | 8085 | $(416412) | (42369) | $(487) | (12) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class 1 | $68973 | 6957 | $10757 | 1108 | $(60235) | (6083) | $19495 | 1982 |
|  Class 1A | 283124 | 28940 | 11344 | 1174 | (6503) | (659) | 287965 | 29455 |
|  Class 2 | 101793 | 10487 | 42550 | 4440 | (132491) | (13544) | 11852 | 1383 |
|  Class 3 | 881 | 89 | 204 | 21 | (1780) | (181) | (695) | (71) |
|  Class 4 | 72367 | 7407 | 7920 | 827 | (45157) | (4667) | 35130 | 3567 |
|  Total net increase (decrease) | $527138 | 53880 | $72775 | 7570 | $(246166) | (25134) | $353747 | 36316 |
| Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund |  |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases** | **Repurchases** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class P1 | $906 | 67 | $806 | 62 | $(2055) | (151) | $(343) | (22) |
|  Class P2 | 11175 | 851 | 27821 | 2164 | (95981) | (7085) | (56985) | (4070) |
|  Total net increase (decrease) | $12081 | 918 | $28627 | 2226 | $(98036) | (7236) | $(57328) | (4092) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class P1 | $974 | 79 | $93 | 8 | $(2663) | (220) | $(1596) | (133) |
|  Class P2 | 10767 | 875 | 2326 | 197 | (100353) | (8347) | (87260) | (7275) |
|  Total net increase (decrease) | $11741 | 954 | $2419 | 205 | $(103016) | (8567) | $(88856) | (7408) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **365** | American Funds Insurance Series |

---

------

Managed Risk International Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases** | **Repurchases** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class P1 | $128 | 15 | $30 | 4 | $(215) | (25) | $(57) | (6) |
|  Class P2 | 3091 | 371 | 1450 | 178 | (20067) | (2311) | (15526) | (1762) |
|  Total net increase (decrease) | $3219 | 386 | $1480 | 182 | $(20282) | (2336) | $(15583) | (1768) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class P1 | $146 | 17 | $29 | 3 | $(232) | (27) | $(57) | (7) |
|  Class P2 | 5087 | 599 | 1532 | 174 | (14961) | (1722) | (8342) | (949) |
|  Total net increase (decrease) | $5233 | 616 | $1561 | 177 | $(15193) | (1749) | $(8399) | (956) |
| Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases** | **Repurchases** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class P1 | $169 | 14 | $58 | 5 | $(347) | (29) | $(120) | (10) |
|  Class P2 | 6854 | 561 | 5902 | 497 | (45769) | (3770) | (33013) | (2712) |
|  Total net increase (decrease) | $7023 | 575 | $5960 | 502 | $(46116) | (3799) | $(33133) | (2722) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class P1 | $290 | 26 | $53 | 5 | $(607) | (54) | $(264) | (23) |
|  Class P2 | 6900 | 617 | 5422 | 490 | (51492) | (4594) | (39170) | (3487) |
|  Total net increase (decrease) | $7190 | 643 | $5475 | 495 | $(52099) | (4648) | $(39434) | (3510) |
| Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund |  |  |  |  |  |
|  | **Sales** | **Sales** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases** | **Repurchases** | **Net increase<br>(decrease)** | **Net increase<br>(decrease)** |
| **Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class P1 | $28162 | 1984 | $112468 | 8142 | $(296821) | (20511) | $(156191) | (10385) |
|  Class P2 | 3550 | 249 | 15647 | 1145 | (47556) | (3301) | (28359) | (1907) |
|  Total net increase (decrease) | $31712 | 2233 | $128115 | 9287 | $(344377) | (23812) | $(184550) | (12292) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class P1 | $16125 | 1168 | $58164 | 4309 | $(346171) | (25246) | $(271882) | (19769) |
|  Class P2 | 4069 | 297 | 7744 | 582 | (53124) | (3920) | (41311) | (3041) |
|  Total net increase (decrease) | $20194 | 1465 | $65908 | 4891 | $(399295) | (29166) | $(313193) | (22810) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **366** |

---

------

Managed Risk Asset Allocation Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of**<br>**distributions** | **Reinvestments of**<br>**distributions** | **Repurchases** | **Repurchases** | **Net increase**<br>**(decrease)** | **Net increase**<br>**(decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
|  **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
|  Class P1 | $26 | 2 | $1070 | 86 | $(494) | (38) | $602 | 50 |
|  Class P2 | 18388 | 1464 | 167196 | 13947 | (771163) | (60543) | (585579) | (45132) |
|  Total net increase (decrease) | $18414 | 1466 | $168266 | 14033 | $(771657) | (60581) | $(584977) | (45082) |
|  **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
|  Class P1 | $1509 | 116 | $365 | 29 | $(1325) | (108) | $549 | 37 |
|  Class P2 | 32478 | 2619 | 68762 | 5709 | (396241) | (32260) | (295001) | (23932) |
|  Total net increase (decrease) | $33987 | 2735 | $69127 | 5738 | $(397566) | (32368) | $(294452) | (23895) |

---

<sup>1</sup>Includes exchanges between share classes of the fund.

<sup>2</sup>Amount less than one thousand.

<sup>3</sup>Commencement of operations.

11. Ownership concentration

At December 31, 2025, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 16% and 12% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. Furthermore, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 16% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

In addition, American Funds Insurance Series - Managed Risk Growth Portfolio held aggregate ownership of 88% of the outstanding shares of American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund. The ownership percentage represents the seed money invested in the fund when it began operations. American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund began operations on November 15, 2024.

12. Investment transactions and other disclosures

The following tables present additional information for each fund for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global**<br> **Growth**<br> **Fund** | **Global**<br> **Small**<br> **Capitalization**<br> **Fund** | **Growth**<br> **Fund** | **International**<br> **Fund** | **New**<br> **World**<br> **Fund** | **Washington** <br> **Mutual**<br> **Investors**<br> **Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | $3656642 | $1452423 | $13253467 | $4365483 | $1743062 | $4143311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | 4157232 | 1904785 | 15938916 | 5008755 | 1945071 | 4942962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on dividend income | 6075 | 1809 | 5326 | 13842 | 6486 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes (refunded) paid on interest income | 13 | (4) |  |  | 73 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes refunded (paid) on realized gains | (575) | 6710 |  | 10979 | 6156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes provided on unrealized appreciation | 4050 | 16423 |  | 26206 | 18398 |  |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **367** | American Funds Insurance Series |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. Small**<br> **and Mid**<br> **Cap Equity**<br> **Fund** | **Capital**<br> **World**<br> **Growth**<br> **and Income**<br> **Fund** | **Growth-**<br> **Income**<br> **Fund** | **International**<br> **Growth**<br> **and Income**<br> **Fund** | **Capital**<br> **Income**<br> **Builder** | **Asset**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation** <br> **Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | $120447 | $858369 | $10813388 | $175002 | $768196 | $19856310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | 40880 | 1049450 | 14833476 | 191476 | 769516 | 23654064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on dividend income |  | 1944 | 4363 | 879 | 1935 | 4168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes (refunded) paid on interest income |  | 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes refunded (paid) on realized gains |  | 170 |  | 27 | 150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes provided on unrealized appreciation | – | 679 | – | 253 | 427 | – |
|  | **American**<br> **Funds**<br> **Global**<br> **Balanced**<br> **Fund** | **The Bond**<br> **Fund**<br> **of America** | **Capital**<br> **World Bond**<br> **Fund** | **American**<br> **High-Income**<br> **Trust** | **American**<br> **Funds**<br> **Mortgage**<br> **Fund** | **Ultra-Short**<br> **Bond**<br> **Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | $317783 | $12490283 | $1356541 | $445624 | $450360 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | 335715 | 13383953 | 1521836 | 359070 | 448538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes paid on dividend income | 359 |  |  | (9) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes (refunded) paid on interest income | 2 | 8 | 65 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes refunded (paid) on realized gains | 163 |  | 384 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. taxes provided on unrealized appreciation | 166 | – | 133 | – | – | – |
|  | **U.S.**<br> **Government**<br> **Securities**<br> **Fund** | **Managed**<br> **Risk**<br> **Growth**<br> **Fund** | **Managed**<br> **Risk**<br> **International**<br> **Fund** | **Managed**<br> **Risk**<br> **Washington**<br> **Mutual**<br> **Investors**<br> **Fund** | **Managed**<br> **Risk**<br> **Growth-**<br> **Income**<br> **Fund** | **Managed**<br> **Risk**<br> **Asset**<br> **Allocation**<br> **Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investment securities\* | $3759879 | $157397 | $17979 | $65380 | $583778 | $267997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investment securities\* | 3982540 | 225452 | 40733 | 93964 | 664906 | 889458 |

---

\*Excludes in-kind transactions, short-term securities and U.S. government obligations, if any.

---

| | |
|:---|:---|
| American Funds Insurance Series | **368** |

---

------

Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  Global Growth Fund | Global Growth Fund | Global Growth Fund |  |  |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $36.91 | $.44 | $6.92 | $7.36 | $(.60) | $(4.88) | $(5.48) | $38.79 | 21.98% | $4115 | .52% | .42% | 1.18% |
|  12/31/2024 | 33.92 | .44 | 4.29 | 4.73 | (.67) | (1.07) | (1.74) | 36.91 | 13.94 | 3589 | .52 | .41 | 1.20 |
|  12/31/2023 | 30.18 | .36 | 6.30 | 6.66 | (.37) | (2.55) | (2.92) | 33.92 | 22.91 | 3418 | .52 | .41 | 1.13 |
|  12/31/2022 | 45.46 | .34 | (11.34) | (11.00) | (.31) | (3.97) | (4.28) | 30.18 | (24.54) | 3104 | .53 | .46 | 1.01 |
|  12/31/2021 | 41.16 | .25 | 6.48 | 6.73 | (.26) | (2.17) | (2.43) | 45.46 | 16.72 | 4270 | .55 | .54 | .56 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 36.70 | .30 | 6.90 | 7.20 | (.55) | (4.88) | (5.43) | 38.47 | 21.63 | 66 | .77 | .67 | .81 |
|  12/31/2024 | 33.74 | .35 | 4.26 | 4.61 | (.58) | (1.07) | (1.65) | 36.70 | 13.67 | 20 | .77 | .66 | .95 |
|  12/31/2023 | 30.04 | .28 | 6.26 | 6.54 | (.29) | (2.55) | (2.84) | 33.74 | 22.60 | 18 | .77 | .66 | .88 |
|  12/31/2022 | 45.28 | .26 | (11.31) | (11.05) | (.22) | (3.97) | (4.19) | 30.04 | (24.73) | 14 | .78 | .71 | .78 |
|  12/31/2021 | 41.02 | .14 | 6.46 | 6.60 | (.17) | (2.17) | (2.34) | 45.28 | 16.45 | 18 | .80 | .79 | .33 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 36.37 | .34 | 6.79 | 7.13 | (.51) | (4.88) | (5.39) | 38.11 | 21.62 | 3725 | .77 | .67 | .93 |
|  12/31/2024 | 33.44 | .35 | 4.22 | 4.57 | (.57) | (1.07) | (1.64) | 36.37 | 13.68 | 3512 | .77 | .66 | .95 |
|  12/31/2023 | 29.79 | .28 | 6.21 | 6.49 | (.29) | (2.55) | (2.84) | 33.44 | 22.60 | 3522 | .77 | .66 | .88 |
|  12/31/2022 | 44.94 | .25 | (11.21) | (10.96) | (.22) | (3.97) | (4.19) | 29.79 | (24.74) | 3234 | .78 | .71 | .76 |
|  12/31/2021 | 40.72 | .13 | 6.41 | 6.54 | (.15) | (2.17) | (2.32) | 44.94 | 16.42 | 4559 | .80 | .80 | .30 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 35.93 | .24 | 6.70 | 6.94 | (.44) | (4.88) | (5.32) | 37.55 | 21.34 | 1225 | 1.02 | .92 | .67 |
|  12/31/2024 | 33.08 | .25 | 4.18 | 4.43 | (.51) | (1.07) | (1.58) | 35.93 | 13.39 | 937 | 1.02 | .91 | .69 |
|  12/31/2023 | 29.51 | .20 | 6.14 | 6.34 | (.22) | (2.55) | (2.77) | 33.08 | 22.29 | 732 | 1.02 | .91 | .63 |
|  12/31/2022 | 44.57 | .17 | (11.12) | (10.95) | (.14) | (3.97) | (4.11) | 29.51 | (24.92) | 584 | 1.03 | .96 | .52 |
|  12/31/2021 | 40.45 | .03 | 6.35 | 6.38 | (.09) | (2.17) | (2.26) | 44.57 | 16.14 | 744 | 1.05 | 1.04 | .07 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **369** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  Global Small Capitalization Fund | Global Small Capitalization Fund | Global Small Capitalization Fund | Global Small Capitalization Fund | Global Small Capitalization Fund | Global Small Capitalization Fund | Global Small Capitalization Fund | Global Small Capitalization Fund |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $18.15 | $.16 | $2.50 | $2.66 | $(.10) | $(.40) | $(.50) | $20.31 | 14.89% | $784 | .70% | .65% | .84% |
|  12/31/2024 | 18.57 | .12 | .34 | .46 | (.23) | (.65) | (.88) | 18.15 | 2.59 | 942 | .70 | .67 | .66 |
|  12/31/2023 | 16.22 | .11 | 2.53 | 2.64 | (.08) | (.21) | (.29) | 18.57 | 16.45 | 1001 | .70 | .65 | .63 |
|  12/31/2022 | 34.17 | .05 | (9.50) | (9.45) |  | (8.50) | (8.50) | 16.22 | (29.37) | 916 | .72 | .69 | .24 |
|  12/31/2021 | 32.64 | (.02) | 2.32 | 2.30 |  | (.77) | (.77) | 34.17 | 6.98 | 1707 | .74 | .74 | (.07) |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 17.88 | .11 | 2.46 | 2.57 | (.06) | (.40) | (.46) | 19.99 | 14.63 | 6 | .95 | .90 | .58 |
|  12/31/2024 | 18.31 | .07 | .34 | .41 | (.19) | (.65) | (.84) | 17.88 | 2.34 | 5 | .95 | .92 | .40 |
|  12/31/2023 | 16.00 | .06 | 2.50 | 2.56 | (.04) | (.21) | (.25) | 18.31 | 16.15 | 5 | .95 | .90 | .38 |
|  12/31/2022 | 33.93 | -4 | (9.43) | (9.43) |  | (8.50) | (8.50) | 16.00 | (29.54) | 4 | .97 | .94 | -5 |
|  12/31/2021 | 32.49 | (.07) | 2.28 | 2.21 |  | (.77) | (.77) | 33.93 | 6.73 | 5 | .99 | .99 | (.21) |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 17.05 | .10 | 2.35 | 2.45 | (.06) | (.40) | (.46) | 19.04 | 14.64 | 1757 | .95 | .90 | .58 |
|  12/31/2024 | 17.50 | .07 | .32 | .39 | (.19) | (.65) | (.84) | 17.05 | 2.33 | 1733 | .95 | .92 | .41 |
|  12/31/2023 | 15.30 | .06 | 2.39 | 2.45 | (.04) | (.21) | (.25) | 17.50 | 16.17 | 1879 | .95 | .90 | .38 |
|  12/31/2022 | 32.94 | –<sup>4</sup> | (9.14) | (9.14) |  | (8.50) | (8.50) | 15.30 | (29.55) | 1762 | .97 | .94 | -5 |
|  12/31/2021 | 31.56 | (.10) | 2.25 | 2.15 |  | (.77) | (.77) | 32.94 | 6.74 | 2521 | .99 | .99 | (.30) |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 17.01 | .05 | 2.35 | 2.40 | (.04) | (.40) | (.44) | 18.97 | 14.33 | 407 | 1.20 | 1.15 | .31 |
|  12/31/2024 | 17.46 | .03 | .32 | .35 | (.15) | (.65) | (.80) | 17.01 | 2.12 | 310 | 1.20 | 1.17 | .15 |
|  12/31/2023 | 15.28 | .02 | 2.37 | 2.39 | –<sup>4</sup> | (.21) | (.21) | 17.46 | 15.79 | 300 | 1.20 | 1.15 | .13 |
|  12/31/2022 | 32.96 | (.05) | (9.13) | (9.18) |  | (8.50) | (8.50) | 15.28 | (29.69) | 261 | 1.22 | 1.19 | (.25) |
|  12/31/2021 | 31.67 | (.18) | 2.24 | 2.06 |  | (.77) | (.77) | 32.96 | 6.43 | 344 | 1.24 | 1.24 | (.53) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **370** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<sup>3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets** |
|  Growth Fund | Growth Fund | Growth Fund | Growth Fund | Growth Fund | Growth Fund |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $127.47 | $.36 | $24.17 | $24.53 | $(.33) | $(10.61) | $(10.94) | $141.06 | 20.54% | $25168 | .34% | .27% |
|  12/31/2024 | 99.44 | .51 | 30.78 | 31.29 | (.67) | (2.59) | (3.26) | 127.47 | 31.96 | 21469 | .34 | .45 |
|  12/31/2023 | 76.29 | .57 | 28.16 | 28.73 | (.54) | (5.04) | (5.58) | 99.44 | 38.81 | 17382 | .35 | .65 |
|  12/31/2022 | 127.58 | .58 | (37.03) | (36.45) | (.53) | (14.31) | (14.84) | 76.29 | (29.75) | 13660 | .35 | .64 |
|  12/31/2021 | 120.22 | .46 | 24.29 | 24.75 | (.58) | (16.81) | (17.39) | 127.58 | 22.30 | 19783 | .34 | .37 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 126.11 | .03 | 23.86 | 23.89 | (.21) | (10.61) | (10.82) | 139.18 | 20.24 | 458 | .59 | .02 |
|  12/31/2024 | 98.46 | .22 | 30.43 | 30.65 | (.41) | (2.59) | (3.00) | 126.11 | 31.61 | 377 | .59 | .20 |
|  12/31/2023 | 75.61 | .35 | 27.88 | 28.23 | (.34) | (5.04) | (5.38) | 98.46 | 38.47 | 280 | .60 | .40 |
|  12/31/2022 | 126.70 | .39 | (36.79) | (36.40) | (.38) | (14.31) | (14.69) | 75.61 | (29.93) | 187 | .60 | .45 |
|  12/31/2021 | 119.59 | .16 | 24.11 | 24.27 | (.35) | (16.81) | (17.16) | 126.70 | 21.97 | 121 | .59 | .13 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 125.79 | .03 | 23.80 | 23.83 | (.21) | (10.61) | (10.82) | 138.80 | 20.24 | 21576 | .59 | .02 |
|  12/31/2024 | 98.20 | .22 | 30.34 | 30.56 | (.38) | (2.59) | (2.97) | 125.79 | 31.61 | 20386 | .59 | .20 |
|  12/31/2023 | 75.41 | .35 | 27.80 | 28.15 | (.32) | (5.04) | (5.36) | 98.20 | 38.49 | 17879 | .60 | .40 |
|  12/31/2022 | 126.28 | .35 | (36.62) | (36.27) | (.29) | (14.31) | (14.60) | 75.41 | (29.94) | 14452 | .60 | .38 |
|  12/31/2021 | 119.18 | .15 | 24.03 | 24.18 | (.27) | (16.81) | (17.08) | 126.28 | 21.97 | 21986 | .59 | .12 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 128.88 | .13 | 24.42 | 24.55 | (.22) | (10.61) | (10.83) | 142.60 | 20.32 | 293 | .52 | .09 |
|  12/31/2024 | 100.54 | .30 | 31.09 | 31.39 | (.46) | (2.59) | (3.05) | 128.88 | 31.70 | 276 | .52 | .27 |
|  12/31/2023 | 77.09 | .42 | 28.45 | 28.87 | (.38) | (5.04) | (5.42) | 100.54 | 38.56 | 236 | .53 | .47 |
|  12/31/2022 | 128.68 | .42 | (37.35) | (36.93) | (.35) | (14.31) | (14.66) | 77.09 | (29.89) | 188 | .53 | .45 |
|  12/31/2021 | 121.13 | .24 | 24.47 | 24.71 | (.35) | (16.81) | (17.16) | 128.68 | 22.07 | 302 | .52 | .19 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 122.38 | (.29) | 23.08 | 22.79 | (.17) | (10.61) | (10.78) | 134.39 | 19.93 | 7184 | .84 | (.23) |
|  12/31/2024 | 95.70 | (.06) | 29.52 | 29.46 | (.19) | (2.59) | (2.78) | 122.38 | 31.29 | 5195 | .84 | (.06) |
|  12/31/2023 | 73.64 | .13 | 27.12 | 27.25 | (.15) | (5.04) | (5.19) | 95.70 | 38.13 | 3522 | .85 | .15 |
|  12/31/2022 | 123.79 | .12 | (35.87) | (35.75) | (.09) | (14.31) | (14.40) | 73.64 | (30.11) | 2409 | .85 | .14 |
|  12/31/2021 | 117.24 | (.15) | 23.59 | 23.44 | (.08) | (16.81) | (16.89) | 123.79 | 21.69 | 3214 | .84 | (.13) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **371** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<sup>3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets** |
|  International Fund | International Fund | International Fund | International Fund | International Fund | International Fund |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $17.84 | $.35 | $4.47 | $4.82 | $(.33) | $– | $(.33) | $22.33 | 27.04% | $3364 | .53% | 1.79% |
|  12/31/2024 | 17.50 | .23 | .38 | .61 | (.27) |  | (.27) | 17.84 | 3.40 | 3080 | .52 | 1.26 |
|  12/31/2023 | 15.31 | .25 | 2.20 | 2.45 | (.26) |  | (.26) | 17.50 | 16.12 | 3353 | .53 | 1.50 |
|  12/31/2022 | 22.70 | .34 | (4.79) | (4.45) | (.34) | (2.60) | (2.94) | 15.31 | (20.57) | 3157 | .54 | 1.95 |
|  12/31/2021 | 23.64 | .38 | (.67) | (.29) | (.65) |  | (.65) | 22.70 | (1.23) | 4747 | .55 | 1.57 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 17.75 | .30 | 4.43 | 4.73 | (.28) |  | (.28) | 22.20 | 26.68 | 17 | .78 | 1.50 |
|  12/31/2024 | 17.41 | .18 | .38 | .56 | (.22) |  | (.22) | 17.75 | 3.17 | 13 | .77 | .99 |
|  12/31/2023 | 15.23 | .21 | 2.19 | 2.40 | (.22) |  | (.22) | 17.41 | 15.85 | 12 | .78 | 1.24 |
|  12/31/2022 | 22.61 | .30 | (4.78) | (4.48) | (.30) | (2.60) | (2.90) | 15.23 | (20.80) | 10 | .79 | 1.73 |
|  12/31/2021 | 23.55 | .33 | (.67) | (.34) | (.60) |  | (.60) | 22.61 | (1.47) | 12 | .80 | 1.39 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 17.75 | .30 | 4.44 | 4.74 | (.27) |  | (.27) | 22.22 | 26.77 | 3481 | .78 | 1.54 |
|  12/31/2024 | 17.41 | .19 | .37 | .56 | (.22) |  | (.22) | 17.75 | 3.16 | 3238 | .77 | 1.00 |
|  12/31/2023 | 15.23 | .21 | 2.19 | 2.40 | (.22) |  | (.22) | 17.41 | 15.84 | 3382 | .78 | 1.24 |
|  12/31/2022 | 22.60 | .29 | (4.76) | (4.47) | (.30) | (2.60) | (2.90) | 15.23 | (20.79) | 3164 | .79 | 1.71 |
|  12/31/2021 | 23.54 | .33 | (.68) | (.35) | (.59) |  | (.59) | 22.60 | (1.49) | 4190 | .80 | 1.35 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 17.90 | .32 | 4.48 | 4.80 | (.29) |  | (.29) | 22.41 | 26.85 | 16 | .71 | 1.61 |
|  12/31/2024 | 17.56 | .20 | .37 | .57 | (.23) |  | (.23) | 17.90 | 3.19 | 15 | .70 | 1.08 |
|  12/31/2023 | 15.35 | .22 | 2.22 | 2.44 | (.23) |  | (.23) | 17.56 | 15.99 | 17 | .71 | 1.32 |
|  12/31/2022 | 22.76 | .31 | (4.81) | (4.50) | (.31) | (2.60) | (2.91) | 15.35 | (20.76) | 16 | .72 | 1.78 |
|  12/31/2021 | 23.69 | .34 | (.67) | (.33) | (.60) |  | (.60) | 22.76 | (1.39) | 21 | .73 | 1.41 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 17.46 | .25 | 4.36 | 4.61 | (.24) |  | (.24) | 21.83 | 26.41 | 574 | 1.03 | 1.26 |
|  12/31/2024 | 17.13 | .14 | .37 | .51 | (.18) |  | (.18) | 17.46 | 2.93 | 441 | 1.02 | .74 |
|  12/31/2023 | 14.99 | .16 | 2.16 | 2.32 | (.18) |  | (.18) | 17.13 | 15.56 | 415 | 1.03 | .99 |
|  12/31/2022 | 22.31 | .25 | (4.71) | (4.46) | (.26) | (2.60) | (2.86) | 14.99 | (21.02) | 373 | 1.04 | 1.47 |
|  12/31/2021 | 23.25 | .27 | (.67) | (.40) | (.54) |  | (.54) | 22.31 | (1.71) | 459 | 1.05 | 1.13 |

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Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| American Funds Insurance Series | **372** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  New World Fund | New World Fund | New World Fund |  |  |  |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $26.67 | $.49 | $6.93 | $7.42 | $(.41) | $(1.21) | $(1.62) | $32.47 | 28.60% | $2103 | .65% | .58% | 1.66% |
|  12/31/2024 | 25.48 | .43 | 1.32 | 1.75 | (.44) | (.12) | (.56) | 26.67 | 6.86 | 1800 | .64 | .57 | 1.60 |
|  12/31/2023 | 22.30 | .40 | 3.19 | 3.59 | (.41) |  | (.41) | 25.48 | 16.22 | 1778 | .64 | .57 | 1.64 |
|  12/31/2022 | 31.83 | .37 | (7.17) | (6.80) | (.39) | (2.34) | (2.73) | 22.30 | (21.86) | 1610 | .68 | .57 | 1.48 |
|  12/31/2021 | 31.59 | .29 | 1.38 | 1.67 | (.36) | (1.07) | (1.43) | 31.83 | 5.16 | 2443 | .74 | .56 | .88 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 26.53 | .37 | 6.93 | 7.30 | (.37) | (1.21) | (1.58) | 32.25 | 28.27 | 32 | .90 | .83 | 1.25 |
|  12/31/2024 | 25.36 | .36 | 1.31 | 1.67 | (.38) | (.12) | (.50) | 26.53 | 6.58 | 12 | .89 | .82 | 1.33 |
|  12/31/2023 | 22.19 | .33 | 3.20 | 3.53 | (.36) |  | (.36) | 25.36 | 15.98 | 10 | .89 | .82 | 1.38 |
|  12/31/2022 | 31.70 | .30 | (7.15) | (6.85) | (.32) | (2.34) | (2.66) | 22.19 | (22.09) | 9 | .93 | .82 | 1.24 |
|  12/31/2021 | 31.43 | .17 | 1.41 | 1.58 | (.24) | (1.07) | (1.31) | 31.70 | 4.90 | 12 | .99 | .81 | .54 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 26.33 | .41 | 6.84 | 7.25 | (.34) | (1.21) | (1.55) | 32.03 | 28.29 | 941 | .90 | .83 | 1.41 |
|  12/31/2024 | 25.17 | .36 | 1.30 | 1.66 | (.38) | (.12) | (.50) | 26.33 | 6.55 | 791 | .89 | .82 | 1.36 |
|  12/31/2023 | 22.02 | .33 | 3.17 | 3.50 | (.35) |  | (.35) | 25.17 | 15.99 | 803 | .89 | .82 | 1.39 |
|  12/31/2022 | 31.48 | .30 | (7.10) | (6.80) | (.32) | (2.34) | (2.66) | 22.02 | (22.10) | 764 | .93 | .82 | 1.24 |
|  12/31/2021 | 31.25 | .20 | 1.38 | 1.58 | (.28) | (1.07) | (1.35) | 31.48 | 4.92 | 1086 | .99 | .81 | .63 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 26.09 | .33 | 6.77 | 7.10 | (.27) | (1.21) | (1.48) | 31.71 | 27.92 | 971 | 1.15 | 1.08 | 1.16 |
|  12/31/2024 | 24.95 | .29 | 1.28 | 1.57 | (.31) | (.12) | (.43) | 26.09 | 6.33 | 809 | 1.14 | 1.07 | 1.10 |
|  12/31/2023 | 21.84 | .27 | 3.14 | 3.41 | (.30) |  | (.30) | 24.95 | 15.67 | 787 | 1.14 | 1.07 | 1.14 |
|  12/31/2022 | 31.24 | .24 | (7.03) | (6.79) | (.27) | (2.34) | (2.61) | 21.84 | (22.25) | 701 | 1.18 | 1.07 | .99 |
|  12/31/2021 | 31.04 | .12 | 1.36 | 1.48 | (.21) | (1.07) | (1.28) | 31.24 | 4.63 | 906 | 1.24 | 1.06 | .38 |

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Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| **373** | American Funds Insurance Series |

---

------

Financial highlights (continued)

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>3</sup>** |
|  Washington Mutual Investors Fund | Washington Mutual Investors Fund | Washington Mutual Investors Fund | Washington Mutual Investors Fund | Washington Mutual Investors Fund | Washington Mutual Investors Fund |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $16.86 | $.29 | $2.52 | $2.81 | $(.29) | $(1.20) | $(1.49) | $18.18 | 17.50% | $6435 | .41% | .26% | 1.66% |
|  12/31/2024 | 14.49 | .29 | 2.51 | 2.80 | (.30) | (.13) | (.43) | 16.86 | 19.40 | 6269 | .41 | .26 | 1.78 |
|  12/31/2023 | 12.69 | .28 | 1.92 | 2.20 | (.28) | (.12) | (.40) | 14.49 | 17.66 | 6020 | .41 | .27 | 2.07 |
|  12/31/2022 | 18.09 | .31 | (1.69) | (1.38) | (.30) | (3.72) | (4.02) | 12.69 | (8.28) | 5507 | .41 | .26 | 2.13 |
|  12/31/2021 | 14.35 | .29 | 3.73 | 4.02 | (.28) |  | (.28) | 18.09 | 28.12 | 6766 | .42 | .31 | 1.79 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 16.79 | .24 | 2.51 | 2.75 | (.25) | (1.20) | (1.45) | 18.09 | 17.21 | 38 | .66 | .51 | 1.41 |
|  12/31/2024 | 14.43 | .25 | 2.50 | 2.75 | (.26) | (.13) | (.39) | 16.79 | 19.15 | 29 | .66 | .51 | 1.53 |
|  12/31/2023 | 12.61 | .23 | 1.92 | 2.15 | (.21) | (.12) | (.33) | 14.43 | 17.29 | 23 | .66 | .52 | 1.77 |
|  12/31/2022 | 17.96 | .27 | (1.67) | (1.40) | (.23) | (3.72) | (3.95) | 12.61 | (8.45) | 64 | .66 | .51 | 1.76 |
|  12/31/2021 | 14.28 | .27 | 3.67 | 3.94 | (.26) |  | (.26) | 17.96 | 27.70 | 169 | .67 | .53 | 1.62 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 16.53 | .24 | 2.46 | 2.70 | (.24) | (1.20) | (1.44) | 17.79 | 17.21 | 3148 | .66 | .51 | 1.41 |
|  12/31/2024 | 14.21 | .24 | 2.47 | 2.71 | (.26) | (.13) | (.39) | 16.53 | 19.14 | 3002 | .66 | .51 | 1.53 |
|  12/31/2023 | 12.46 | .24 | 1.88 | 2.12 | (.25) | (.12) | (.37) | 14.21 | 17.29 | 2899 | .66 | .52 | 1.82 |
|  12/31/2022 | 17.83 | .26 | (1.65) | (1.39) | (.26) | (3.72) | (3.98) | 12.46 | (8.45) | 2775 | .66 | .51 | 1.88 |
|  12/31/2021 | 14.15 | .25 | 3.67 | 3.92 | (.24) |  | (.24) | 17.83 | 27.78 | 3426 | .67 | .56 | 1.54 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 16.34 | .20 | 2.42 | 2.62 | (.21) | (1.20) | (1.41) | 17.55 | 16.90 | 2353 | .91 | .76 | 1.16 |
|  12/31/2024 | 14.06 | .20 | 2.44 | 2.64 | (.23) | (.13) | (.36) | 16.34 | 18.85 | 1766 | .91 | .76 | 1.28 |
|  12/31/2023 | 12.34 | .20 | 1.86 | 2.06 | (.22) | (.12) | (.34) | 14.06 | 16.97 | 1344 | .91 | .77 | 1.58 |
|  12/31/2022 | 17.71 | .23 | (1.64) | (1.41) | (.24) | (3.72) | (3.96) | 12.34 | (8.69) | 1098 | .91 | .77 | 1.64 |
|  12/31/2021 | 14.06 | .21 | 3.65 | 3.86 | (.21) |  | (.21) | 17.71 | 27.51 | 1104 | .92 | .81 | 1.30 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **374** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund | U.S. Small and Mid Cap Equity Fund |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $9.71 | $.10 | $1.45 | $1.55 | $(.05) | $–<sup>4</sup> | $(.05) | $11.21 | 15.95% | $88 | .59% | .54% | .87% |
|  12/31/2024<sup>6,7</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71 | (2.81)<sup>8</sup> | –9 | .59<sup>10</sup> | .54<sup>10</sup> | .72<sup>10</sup> |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.71 | .08 | 1.46 | 1.54 | (.04) | –<sup>4</sup> | (.04) | 11.21 | 15.9311 | –9 | .68<sup>11</sup> | .54<sup>11</sup> | .74<sup>11</sup> |
|  12/31/2024<sup>6,7</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71 | (2.81)<sup>8,11</sup> | –9 | .59<sup>10,11</sup> | .54<sup>10,11</sup> | .72<sup>10,11</sup> |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.71 | .08 | 1.46 | 1.54 | (.04) | –<sup>4</sup> | (.04) | 11.21 | 15.9311 | –9 | .68<sup>11</sup> | .54<sup>11</sup> | .74<sup>11</sup> |
|  12/31/2024<sup>6,7</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71 | (2.81)<sup>8,11</sup> | –9 | .59<sup>10,11</sup> | .54<sup>10,11</sup> | .72<sup>10,11</sup> |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.71 | .07 | 1.47 | 1.54 | (.03) | –<sup>4</sup> | (.03) | 11.22 | 15.88 | 12 | .77 | .63 | .64 |
|  12/31/2024<sup>6,7</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71 | (2.82)<sup>8,11</sup> | 15 | .59<sup>10,11</sup> | .55<sup>10,11</sup> | .71<sup>10,11</sup> |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **375** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund | Capital World Growth and Income Fund |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $15.53 | $.29 | $3.51 | $3.80 | $(.28) | $(.61) | $(.89) | $18.44 | 25.16% | $622 | .52% | .42% | 1.70% |
|  12/31/2024 | 13.85 | .27 | 1.71 | 1.98 | (.30) |  | (.30) | 15.53 | 14.24 | 597 | .52 | .42 | 1.75 |
|  12/31/2023 | 11.67 | .27 | 2.19 | 2.46 | (.28) |  | (.28) | 13.85 | 21.22 | 579 | .52 | .41 | 2.08 |
|  12/31/2022 | 18.42 | .32 | (3.28) | (2.96) | (.34) | (3.45) | (3.79) | 11.67 | (17.13) | 548 | .57 | .41 | 2.36 |
|  12/31/2021 | 16.67 | .38 | 2.10 | 2.48 | (.33) | (.40) | (.73) | 18.42 | 15.03 | 812 | .63 | .47 | 2.14 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 15.44 | .24 | 3.48 | 3.72 | (.24) | (.61) | (.85) | 18.31 | 24.79 | 12 | .77 | .67 | 1.43 |
|  12/31/2024 | 13.77 | .23 | 1.70 | 1.93 | (.26) |  | (.26) | 15.44 | 14.00 | 8 | .77 | .67 | 1.50 |
|  12/31/2023 | 11.61 | .23 | 2.18 | 2.41 | (.25) |  | (.25) | 13.77 | 20.87 | 7 | .77 | .66 | 1.83 |
|  12/31/2022 | 18.34 | .28 | (3.25) | (2.97) | (.31) | (3.45) | (3.76) | 11.61 | (17.29) | 6 | .82 | .66 | 2.13 |
|  12/31/2021 | 16.62 | .37 | 2.06 | 2.43 | (.31) | (.40) | (.71) | 18.34 | 14.71 | 7 | .88 | .70 | 2.08 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 15.49 | .24 | 3.50 | 3.74 | (.24) | (.61) | (.85) | 18.38 | 24.80 | 1090 | .77 | .67 | 1.45 |
|  12/31/2024 | 13.81 | .23 | 1.71 | 1.94 | (.26) |  | (.26) | 15.49 | 14.00 | 1015 | .77 | .67 | 1.51 |
|  12/31/2023 | 11.64 | .23 | 2.18 | 2.41 | (.24) |  | (.24) | 13.81 | 20.88 | 1040 | .77 | .66 | 1.83 |
|  12/31/2022 | 18.38 | .28 | (3.26) | (2.98) | (.31) | (3.45) | (3.76) | 11.64 | (17.33) | 983 | .82 | .66 | 2.11 |
|  12/31/2021 | 16.63 | .33 | 2.11 | 2.44 | (.29) | (.40) | (.69) | 18.38 | 14.78 | 1340 | .88 | .73 | 1.85 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 15.08 | .19 | 3.40 | 3.59 | (.21) | (.61) | (.82) | 17.85 | 24.46 | 363 | 1.02 | .92 | 1.18 |
|  12/31/2024 | 13.46 | .18 | 1.67 | 1.85 | (.23) |  | (.23) | 15.08 | 13.70 | 268 | 1.02 | .92 | 1.25 |
|  12/31/2023 | 11.35 | .19 | 2.14 | 2.33 | (.22) |  | (.22) | 13.46 | 20.65 | 235 | 1.02 | .91 | 1.57 |
|  12/31/2022 | 18.04 | .24 | (3.20) | (2.96) | (.28) | (3.45) | (3.73) | 11.35 | (17.57) | 188 | 1.07 | .91 | 1.86 |
|  12/31/2021 | 16.35 | .29 | 2.06 | 2.35 | (.26) | (.40) | (.66) | 18.04 | 14.46 | 225 | 1.13 | .97 | 1.65 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **376** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<sup>3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets** |
|  Growth-Income Fund | Growth-Income Fund | Growth-Income Fund | Growth-Income Fund | Growth-Income Fund | Growth-Income Fund |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $69.59 | $.78 | $10.25 | $11.03 | $(.76) | $(12.13) | $(12.89) | $67.73 | 18.37% | $25780 | .28% | 1.17% |
|  12/31/2024 | 59.26 | .84 | 13.33 | 14.17 | (.89) | (2.95) | (3.84) | 69.59 | 24.55 | 24476 | .28 | 1.28 |
|  12/31/2023 | 50.21 | .86 | 11.96 | 12.82 | (.88) | (2.89) | (3.77) | 59.26 | 26.47 | 22319 | .29 | 1.60 |
|  12/31/2022 | 67.35 | .85 | (11.50) | (10.65) | (.83) | (5.66) | (6.49) | 50.21 | (16.28) | 19692 | .29 | 1.54 |
|  12/31/2021 | 55.38 | .79 | 12.64 | 13.43 | (.86) | (.60) | (1.46) | 67.35 | 24.42 | 25507 | .29 | 1.28 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 69.10 | .61 | 10.14 | 10.75 | (.61) | (12.13) | (12.74) | 67.11 | 18.06 | 54 | .53 | .92 |
|  12/31/2024 | 58.88 | .67 | 13.24 | 13.91 | (.74) | (2.95) | (3.69) | 69.10 | 24.25 | 44 | .53 | 1.02 |
|  12/31/2023 | 49.93 | .72 | 11.87 | 12.59 | (.75) | (2.89) | (3.64) | 58.88 | 26.12 | 35 | .54 | 1.35 |
|  12/31/2022 | 67.02 | .71 | (11.44) | (10.73) | (.70) | (5.66) | (6.36) | 49.93 | (16.48) | 28 | .54 | 1.30 |
|  12/31/2021 | 55.16 | .65 | 12.55 | 13.20 | (.74) | (.60) | (1.34) | 67.02 | 24.08 | 32 | .53 | 1.04 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 68.38 | .60 | 10.03 | 10.63 | (.60) | (12.13) | (12.73) | 66.28 | 18.06 | 14357 | .53 | .92 |
|  12/31/2024 | 58.30 | .66 | 13.10 | 13.76 | (.73) | (2.95) | (3.68) | 68.38 | 24.23 | 13882 | .53 | 1.03 |
|  12/31/2023 | 49.46 | .72 | 11.75 | 12.47 | (.74) | (2.89) | (3.63) | 58.30 | 26.14 | 12894 | .54 | 1.35 |
|  12/31/2022 | 66.44 | .70 | (11.33) | (10.63) | (.69) | (5.66) | (6.35) | 49.46 | (16.50) | 11508 | .54 | 1.29 |
|  12/31/2021 | 54.66 | .63 | 12.45 | 13.08 | (.70) | (.60) | (1.30) | 66.44 | 24.10 | 15319 | .54 | 1.03 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 69.76 | .66 | 10.26 | 10.92 | (.64) | (12.13) | (12.77) | 67.91 | 18.13 | 163 | .46 | .99 |
|  12/31/2024 | 59.40 | .72 | 13.36 | 14.08 | (.77) | (2.95) | (3.72) | 69.76 | 24.32 | 155 | .46 | 1.10 |
|  12/31/2023 | 50.33 | .77 | 11.97 | 12.74 | (.78) | (2.89) | (3.67) | 59.40 | 26.23 | 142 | .47 | 1.42 |
|  12/31/2022 | 67.48 | .75 | (11.51) | (10.76) | (.73) | (5.66) | (6.39) | 50.33 | (16.43) | 125 | .47 | 1.36 |
|  12/31/2021 | 55.49 | .68 | 12.65 | 13.33 | (.74) | (.60) | (1.34) | 67.48 | 24.18 | 166 | .47 | 1.10 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 67.14 | .43 | 9.80 | 10.23 | (.47) | (12.13) | (12.60) | 64.77 | 17.77 | 3273 | .78 | .67 |
|  12/31/2024 | 57.34 | .49 | 12.86 | 13.35 | (.60) | (2.95) | (3.55) | 67.14 | 23.93 | 2698 | .78 | .78 |
|  12/31/2023 | 48.72 | .57 | 11.57 | 12.14 | (.63) | (2.89) | (3.52) | 57.34 | 25.82 | 2062 | .79 | 1.10 |
|  12/31/2022 | 65.57 | .56 | (11.18) | (10.62) | (.57) | (5.66) | (6.23) | 48.72 | (16.70) | 1630 | .79 | 1.05 |
|  12/31/2021 | 53.99 | .48 | 12.28 | 12.76 | (.58) | (.60) | (1.18) | 65.57 | 23.80 | 1928 | .79 | .79 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **377** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund | International Growth and Income Fund |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $10.19 | $.33 | $3.31 | $3.64 | $(.34) | $– | $(.34) | $13.49 | 35.83% | $35 | .57% | .57% | 2.68% |
|  12/31/2024 | 10.10 | .28 | .10 | .38 | (.29) |  | (.29) | 10.19 | 3.64 | 17 | .57 | .57 | 2.62 |
|  12/31/2023 | 8.94 | .27 | 1.15 | 1.42 | (.26) |  | (.26) | 10.10 | 16.08 | 15 | .56 | .55 | 2.82 |
|  12/31/2022 | 19.62 | .39 | (3.09) | (2.70) | (.28) | (7.70) | (7.98) | 8.94 | (15.00) | 13 | .64 | .54 | 3.29 |
|  12/31/2021 | 19.01 | .54 | .53 | 1.07 | (.46) |  | (.46) | 19.62 | 5.64 | 30 | .67 | .67 | 2.70 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.91 | .28 | 3.21 | 3.49 | (.31) |  | (.31) | 13.09 | 35.35 | 9 | .81 | .81 | 2.40 |
|  12/31/2024 | 9.83 | .24 | .10 | .34 | (.26) |  | (.26) | 9.91 | 3.39 | 6 | .82 | .82 | 2.34 |
|  12/31/2023 | 8.70 | .24 | 1.13 | 1.37 | (.24) |  | (.24) | 9.83 | 15.92 | 6 | .81 | .80 | 2.54 |
|  12/31/2022 | 19.39 | .35 | (3.05) | (2.70) | (.29) | (7.70) | (7.99) | 8.70 | (15.31) | 5 | .88 | .79 | 3.15 |
|  12/31/2021 | 18.97 | .50 | .52 | 1.02 | (.60) |  | (.60) | 19.39 | 5.39 | 6 | .94 | .92 | 2.50 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.91 | .28 | 3.22 | 3.50 | (.31) |  | (.31) | 13.10 | 35.41 | 172 | .81 | .81 | 2.44 |
|  12/31/2024 | 9.82 | .25 | .10 | .35 | (.26) |  | (.26) | 9.91 | 3.48 | 150 | .82 | .82 | 2.40 |
|  12/31/2023 | 8.70 | .24 | 1.12 | 1.36 | (.24) |  | (.24) | 9.82 | 15.76 | 165 | .81 | .80 | 2.54 |
|  12/31/2022 | 19.38 | .36 | (3.05) | (2.69) | (.29) | (7.70) | (7.99) | 8.70 | (15.25) | 162 | .88 | .78 | 3.24 |
|  12/31/2021 | 18.95 | .48 | .53 | 1.01 | (.58) |  | (.58) | 19.38 | 5.37 | 211 | .93 | .92 | 2.44 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.74 | .25 | 3.16 | 3.41 | (.28) |  | (.28) | 12.87 | 35.09 | 189 | 1.06 | 1.06 | 2.18 |
|  12/31/2024 | 9.67 | .22 | .09 | .31 | (.24) |  | (.24) | 9.74 | 3.11 | 150 | 1.07 | 1.07 | 2.13 |
|  12/31/2023 | 8.56 | .21 | 1.12 | 1.33 | (.22) |  | (.22) | 9.67 | 15.66 | 143 | 1.06 | 1.05 | 2.29 |
|  12/31/2022 | 19.23 | .33 | (3.04) | (2.71) | (.26) | (7.70) | (7.96) | 8.56 | (15.52) | 121 | 1.13 | 1.04 | 3.01 |
|  12/31/2021 | 18.82 | .44 | .51 | .95 | (.54) |  | (.54) | 19.23 | 5.09 | 132 | 1.18 | 1.17 | 2.21 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **378** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  Capital Income Builder | Capital Income Builder | Capital Income Builder | Capital Income Builder | Capital Income Builder | Capital Income Builder |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $12.39 | $.45 | $2.09 | $2.54 | $(.44) | $– | $(.44) | $14.49 | 20.69% | $841 | .40% | .27% | 3.29% |
|  12/31/2024 | 11.63 | .42 | .79 | 1.21 | (.45) |  | (.45) | 12.39 | 10.45 | 709 | .40 | .27 | 3.44 |
|  12/31/2023 | 10.99 | .41 | .59 | 1.00 | (.36) |  | (.36) | 11.63 | 9.28 | 660 | .40 | .26 | 3.68 |
|  12/31/2022 | 12.17 | .37 | (1.21) | (.84) | (.34) |  | (.34) | 10.99 | (6.90) | 586 | .44 | .26 | 3.31 |
|  12/31/2021 | 10.87 | .37 | 1.28 | 1.65 | (.35) |  | (.35) | 12.17 | 15.31 | 563 | .53 | .27 | 3.19 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 12.38 | .41 | 2.10 | 2.51 | (.41) |  | (.41) | 14.48 | 20.42 | 15 | .65 | .52 | 3.04 |
|  12/31/2024 | 11.62 | .39 | .79 | 1.18 | (.42) |  | (.42) | 12.38 | 10.19 | 13 | .65 | .52 | 3.17 |
|  12/31/2023 | 10.98 | .38 | .59 | .97 | (.33) |  | (.33) | 11.62 | 9.01 | 10 | .65 | .51 | 3.42 |
|  12/31/2022 | 12.15 | .34 | (1.19) | (.85) | (.32) |  | (.32) | 10.98 | (7.06) | 10 | .69 | .52 | 3.06 |
|  12/31/2021 | 10.86 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.15 | 14.95 | 10 | .78 | .52 | 2.94 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 12.38 | .41 | 2.10 | 2.51 | (.41) |  | (.41) | 14.48 | 20.41 | 23 | .65 | .52 | 3.04 |
|  12/31/2024 | 11.62 | .39 | .79 | 1.18 | (.42) |  | (.42) | 12.38 | 10.19 | 18 | .65 | .52 | 3.18 |
|  12/31/2023 | 10.98 | .38 | .59 | .97 | (.33) |  | (.33) | 11.62 | 9.01 | 15 | .65 | .51 | 3.43 |
|  12/31/2022 | 12.16 | .34 | (1.20) | (.86) | (.32) |  | (.32) | 10.98 | (7.13) | 13 | .69 | .51 | 3.06 |
|  12/31/2021 | 10.87 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.16 | 14.94 | 13 | .78 | .52 | 2.93 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 12.36 | .38 | 2.09 | 2.47 | (.37) |  | (.37) | 14.46 | 20.16 | 781 | .90 | .77 | 2.79 |
|  12/31/2024 | 11.60 | .36 | .79 | 1.15 | (.39) |  | (.39) | 12.36 | 9.93 | 629 | .90 | .77 | 2.93 |
|  12/31/2023 | 10.96 | .35 | .59 | .94 | (.30) |  | (.30) | 11.60 | 8.75 | 566 | .90 | .76 | 3.18 |
|  12/31/2022 | 12.14 | .31 | (1.20) | (.89) | (.29) |  | (.29) | 10.96 | (7.37) | 530 | .94 | .76 | 2.81 |
|  12/31/2021 | 10.85 | .31 | 1.27 | 1.58 | (.29) |  | (.29) | 12.14 | 14.68 | 559 | 1.03 | .77 | 2.69 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **379** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets<sup>3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets** |
|  Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund | Asset Allocation Fund |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $26.04 | $.59 | $3.39 | $3.98 | $(.60) | $(1.91) | $(2.51) | $27.51 | 16.16% | $15919 | .30% | 2.24% |
|  12/31/2024 | 23.86 | .60 | 3.29 | 3.89 | (.61) | (1.10) | (1.71) | 26.04 | 16.73 | 16023 | .30 | 2.36 |
|  12/31/2023 | 22.20 | .57 | 2.54 | 3.11 | (.56) | (.89) | (1.45) | 23.86 | 14.55 | 15555 | .30 | 2.49 |
|  12/31/2022 | 29.08 | .52 | (4.24) | (3.72) | (.51) | (2.65) | (3.16) | 22.20 | (13.19) | 15138 | .30 | 2.15 |
|  12/31/2021 | 26.50 | .48 | 3.54 | 4.02 | (.50) | (.94) | (1.44) | 29.08 | 15.40 | 18836 | .30 | 1.71 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 25.88 | .52 | 3.36 | 3.88 | (.54) | (1.91) | (2.45) | 27.31 | 15.86 | 56 | .55 | 1.98 |
|  12/31/2024 | 23.74 | .54 | 3.26 | 3.80 | (.56) | (1.10) | (1.66) | 25.88 | 16.41 | 42 | .55 | 2.12 |
|  12/31/2023 | 22.10 | .51 | 2.53 | 3.04 | (.51) | (.89) | (1.40) | 23.74 | 14.32 | 32 | .55 | 2.25 |
|  12/31/2022 | 28.97 | .46 | (4.22) | (3.76) | (.46) | (2.65) | (3.11) | 22.10 | (13.43) | 27 | .55 | 1.95 |
|  12/31/2021 | 26.42 | .42 | 3.52 | 3.94 | (.45) | (.94) | (1.39) | 28.97 | 15.13 | 24 | .55 | 1.49 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 25.65 | .52 | 3.32 | 3.84 | (.53) | (1.91) | (2.44) | 27.05 | 15.85 | 4401 | .55 | 1.99 |
|  12/31/2024 | 23.53 | .53 | 3.24 | 3.77 | (.55) | (1.10) | (1.65) | 25.65 | 16.44 | 4340 | .55 | 2.11 |
|  12/31/2023 | 21.91 | .50 | 2.52 | 3.02 | (.51) | (.89) | (1.40) | 23.53 | 14.27 | 4261 | .55 | 2.24 |
|  12/31/2022 | 28.74 | .46 | (4.19) | (3.73) | (.45) | (2.65) | (3.10) | 21.91 | (13.41) | 4228 | .55 | 1.90 |
|  12/31/2021 | 26.21 | .41 | 3.49 | 3.90 | (.43) | (.94) | (1.37) | 28.74 | 15.10 | 5473 | .55 | 1.46 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 26.08 | .55 | 3.38 | 3.93 | (.55) | (1.91) | (2.46) | 27.55 | 15.94 | 35 | .48 | 2.06 |
|  12/31/2024 | 23.90 | .56 | 3.29 | 3.85 | (.57) | (1.10) | (1.67) | 26.08 | 16.52 | 32 | .48 | 2.18 |
|  12/31/2023 | 22.23 | .53 | 2.55 | 3.08 | (.52) | (.89) | (1.41) | 23.90 | 14.37 | 30 | .48 | 2.31 |
|  12/31/2022 | 29.12 | .48 | (4.25) | (3.77) | (.47) | (2.65) | (3.12) | 22.23 | (13.37) | 28 | .48 | 1.97 |
|  12/31/2021 | 26.53 | .43 | 3.55 | 3.98 | (.45) | (.94) | (1.39) | 29.12 | 15.22 | 36 | .48 | 1.53 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 25.41 | .45 | 3.29 | 3.74 | (.47) | (1.91) | (2.38) | 26.77 | 15.59 | 7264 | .80 | 1.74 |
|  12/31/2024 | 23.34 | .46 | 3.20 | 3.66 | (.49) | (1.10) | (1.59) | 25.41 | 16.11 | 6649 | .80 | 1.87 |
|  12/31/2023 | 21.75 | .44 | 2.49 | 2.93 | (.45) | (.89) | (1.34) | 23.34 | 14.02 | 5807 | .80 | 1.99 |
|  12/31/2022 | 28.56 | .39 | (4.16) | (3.77) | (.39) | (2.65) | (3.04) | 21.75 | (13.66) | 5380 | .80 | 1.66 |
|  12/31/2021 | 26.06 | .34 | 3.47 | 3.81 | (.37) | (.94) | (1.31) | 28.56 | 14.84 | 6337 | .80 | 1.22 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **380** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund | American Funds Global Balanced Fund |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $12.96 | $.36 | $1.84 | $2.20 | $(.22) | $(.53) | $(.75) | $14.41 | 17.42% | $97 | .52% | .51% | 2.63% |
|  12/31/2024 | 12.37 | .34 | .52 | .86 | (.27) |  | (.27) | 12.96 | 6.90 | 95 | .52 | .51 | 2.63 |
|  12/31/2023 | 12.55 | .33 | 1.29 | 1.62 | (.23) | (1.57) | (1.80) | 12.37 | 14.05 | 98 | .53 | .52 | 2.67 |
|  12/31/2022 | 14.73 | .26 | (2.37) | (2.11) |  | (.07) | (.07) | 12.55 | (14.33) | 96 | .59 | .58 | 1.99 |
|  12/31/2021 | 14.19 | .18 | 1.37 | 1.55 | (.19) | (.82) | (1.01) | 14.73 | 11.05 | 120 | .73 | .73 | 1.24 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 12.87 | .32 | 1.84 | 2.16 | (.19) | (.53) | (.72) | 14.31 | 17.21 | 4 | .78 | .76 | 2.36 |
|  12/31/2024 | 12.30 | .30 | .51 | .81 | (.24) |  | (.24) | 12.87 | 6.57 | 4 | .78 | .77 | 2.35 |
|  12/31/2023 | 12.49 | .29 | 1.30 | 1.59 | (.21) | (1.57) | (1.78) | 12.30 | 13.77 | 3 | .78 | .77 | 2.42 |
|  12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 3 | .84 | .84 | 1.71 |
|  12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.83 | 4 | .98 | .98 | 1.02 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 12.89 | .32 | 1.84 | 2.16 | (.19) | (.53) | (.72) | 14.33 | 17.14 | 147 | .77 | .76 | 2.38 |
|  12/31/2024 | 12.31 | .31 | .50 | .81 | (.23) |  | (.23) | 12.89 | 6.58 | 149 | .77 | .76 | 2.38 |
|  12/31/2023 | 12.49 | .30 | 1.29 | 1.59 | (.20) | (1.57) | (1.77) | 12.31 | 13.83 | 160 | .78 | .77 | 2.42 |
|  12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 158 | .84 | .83 | 1.73 |
|  12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.79 | 208 | .98 | .98 | 1.01 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 12.66 | .28 | 1.82 | 2.10 | (.17) | (.53) | (.70) | 14.06 | 16.96 | 202 | 1.03 | 1.01 | 2.10 |
|  12/31/2024 | 12.10 | .27 | .50 | .77 | (.21) |  | (.21) | 12.66 | 6.32 | 144 | 1.02 | 1.01 | 2.12 |
|  12/31/2023 | 12.32 | .26 | 1.27 | 1.53 | (.18) | (1.57) | (1.75) | 12.10 | 13.45 | 128 | 1.03 | 1.02 | 2.17 |
|  12/31/2022 | 14.53 | .19 | (2.33) | (2.14) |  | (.07) | (.07) | 12.32 | (14.73) | 111 | 1.09 | 1.08 | 1.49 |
|  12/31/2021 | 14.02 | .11 | 1.34 | 1.45 | (.12) | (.82) | (.94) | 14.53 | 10.46 | 135 | 1.23 | 1.23 | .77 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **381** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  The Bond Fund of America | The Bond Fund of America | The Bond Fund of America | The Bond Fund of America | The Bond Fund of America | The Bond Fund of America |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $9.27 | $.43 | $.25 | $.68 | $(.43) | $– | $(.43) | $9.52 | 7.40% | $6909 | .39% | .24% | 4.54% |
|  12/31/2024 | 9.54 | .44 | (.29) | .15 | (.42) |  | (.42) | 9.27 | 1.50 | 6992 | .39 | .24 | 4.60 |
|  12/31/2023 | 9.41 | .39 | .09 | .48 | (.35) |  | (.35) | 9.54 | 5.21 | 6908 | .39 | .20 | 4.15 |
|  12/31/2022 | 11.21 | .31 | (1.67) | (1.36) | (.32) | (.12) | (.44) | 9.41 | (12.26) | 6370 | .39 | .20 | 3.09 |
|  12/31/2021 | 11.89 | .21 | (.23) | (.02) | (.19) | (.47) | (.66) | 11.21 | (.14) | 8555 | .39 | .26 | 1.84 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.20 | .41 | .25 | .66 | (.41) |  | (.41) | 9.45 | 7.24 | 297 | .64 | .49 | 4.28 |
|  12/31/2024 | 9.47 | .41 | (.29) | .12 | (.39) |  | (.39) | 9.20 | 1.23 | 221 | .64 | .49 | 4.35 |
|  12/31/2023 | 9.35 | .37 | .08 | .45 | (.33) |  | (.33) | 9.47 | 4.89 | 258 | .64 | .45 | 3.90 |
|  12/31/2022 | 11.16 | .31 | (1.69) | (1.38) | (.31) | (.12) | (.43) | 9.35 | (12.49) | 220 | .64 | .45 | 3.15 |
|  12/31/2021 | 11.84 | .18 | (.23) | (.05) | (.16) | (.47) | (.63) | 11.16 | (.36) | 12 | .64 | .51 | 1.59 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.12 | .40 | .26 | .66 | (.41) |  | (.41) | 9.37 | 7.26 | 2724 | .64 | .49 | 4.29 |
|  12/31/2024 | 9.40 | .41 | (.30) | .11 | (.39) |  | (.39) | 9.12 | 1.16 | 2766 | .64 | .49 | 4.35 |
|  12/31/2023 | 9.27 | .36 | .10 | .46 | (.33) |  | (.33) | 9.40 | 5.02 | 2879 | .64 | .45 | 3.89 |
|  12/31/2022 | 11.06 | .28 | (1.66) | (1.38) | (.29) | (.12) | (.41) | 9.27 | (12.58) | 2844 | .64 | .45 | 2.84 |
|  12/31/2021 | 11.73 | .18 | (.22) | (.04) | (.16) | (.47) | (.63) | 11.06 | (.31) | 3729 | .64 | .52 | 1.57 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.07 | .38 | .25 | .63 | (.39) |  | (.39) | 9.31 | 6.98 | 1426 | .89 | .74 | 4.04 |
|  12/31/2024 | 9.35 | .38 | (.29) | .09 | (.37) |  | (.37) | 9.07 | .98 | 1188 | .89 | .74 | 4.10 |
|  12/31/2023 | 9.23 | .34 | .09 | .43 | (.31) |  | (.31) | 9.35 | 4.72 | 963 | .89 | .70 | 3.66 |
|  12/31/2022 | 11.01 | .26 | (1.65) | (1.39) | (.27) | (.12) | (.39) | 9.23 | (12.75) | 787 | .89 | .70 | 2.61 |
|  12/31/2021 | 11.69 | .15 | (.22) | (.07) | (.14) | (.47) | (.61) | 11.01 | (.59) | 891 | .89 | .76 | 1.34 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **382** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund | Capital World Bond Fund |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $9.63 | $.41 | $.51 | $.92 | $(.33) | $– | $(.33) | $10.22 | 9.55% | $611 | .48% | .48% | 4.07% |
|  12/31/2024 | 10.16 | .42 | (.70) | (.28) | (.25) |  | (.25) | 9.63 | (2.76) | 588 | .48 | .48 | 4.20 |
|  12/31/2023 | 9.55 | .32 | .29 | .61 |  |  |  | 10.16 | 6.39 | 665 | .48 | .48 | 3.33 |
|  12/31/2022 | 11.79 | .25 | (2.30) | (2.05) | (.03) | (.16) | (.19) | 9.55 | (17.43) | 663 | .51 | .48 | 2.43 |
|  12/31/2021 | 12.94 | .25 | (.85) | (.60) | (.24) | (.31) | (.55) | 11.79 | (4.73) | 988 | .60 | .50 | 2.06 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.54 | .39 | .50 | .89 | (.30) |  | (.30) | 10.13 | 9.31 | 30 | .73 | .73 | 3.84 |
|  12/31/2024 | 10.08 | .40 | (.69) | (.29) | (.25) |  | (.25) | 9.54 | (2.97) | 39 | .74 | .74 | 4.05 |
|  12/31/2023 | 9.50 | .30 | .28 | .58 |  |  |  | 10.08 | 6.11 | 1 | .73 | .73 | 3.08 |
|  12/31/2022 | 11.76 | .22 | (2.30) | (2.08) | (.02) | (.16) | (.18) | 9.50 | (17.69) | 1 | .76 | .73 | 2.19 |
|  12/31/2021 | 12.91 | .23 | (.85) | (.62) | (.22) | (.31) | (.53) | 11.76 | (4.88) | 1 | .85 | .75 | 1.85 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.52 | .38 | .50 | .88 | (.30) |  | (.30) | 10.10 | 9.39 | 758 | .73 | .73 | 3.82 |
|  12/31/2024 | 10.03 | .39 | (.69) | (.30) | (.21) |  | (.21) | 9.52 | (3.04) | 761 | .73 | .73 | 3.95 |
|  12/31/2023 | 9.45 | .29 | .29 | .58 |  |  |  | 10.03 | 6.14 | 817 | .73 | .73 | 3.08 |
|  12/31/2022 | 11.70 | .22 | (2.29) | (2.07) | (.02) | (.16) | (.18) | 9.45 | (17.70) | 765 | .76 | .73 | 2.18 |
|  12/31/2021 | 12.84 | .22 | (.84) | (.62) | (.21) | (.31) | (.52) | 11.70 | (4.92) | 1030 | .85 | .75 | 1.82 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.37 | .35 | .49 | .84 | (.28) |  | (.28) | 9.93 | 9.03 | 81 | .98 | .98 | 3.56 |
|  12/31/2024 | 9.88 | .36 | (.68) | (.32) | (.19) |  | (.19) | 9.37 | (3.32) | 60 | .98 | .98 | 3.70 |
|  12/31/2023 | 9.33 | .27 | .28 | .55 |  |  |  | 9.88 | 5.89 | 57 | .98 | .98 | 2.84 |
|  12/31/2022 | 11.57 | .19 | (2.25) | (2.06) | (.02) | (.16) | (.18) | 9.33 | (17.84) | 53 | 1.01 | .98 | 1.94 |
|  12/31/2021 | 12.71 | .19 | (.84) | (.65) | (.18) | (.31) | (.49) | 11.57 | (5.18) | 66 | 1.10 | 1.00 | 1.57 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **383** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>3</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,3</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  American High-Income Trust | American High-Income Trust | American High-Income Trust | American High-Income Trust | American High-Income Trust | American High-Income Trust |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $9.19 | $.64 | $.13 | $.77 | $(.63) | $– | $(.63) | $9.33 | 8.52% | $255 | .45% | .33% | 6.81% |
|  12/31/2024 | 8.94 | .65 | .24 | .89 | (.64) |  | (.64) | 9.19 | 9.92 | 229 | .45 | .32 | 6.96 |
|  12/31/2023 | 8.53 | .63 | .43 | 1.06 | (.65) |  | (.65) | 8.94 | 12.69 | 223 | .45 | .31 | 7.10 |
|  12/31/2022 | 10.19 | .56 | (1.47) | (.91) | (.75) |  | (.75) | 8.53 | (9.01) | 224 | .47 | .32 | 5.95 |
|  12/31/2021 | 9.80 | .51 | .34 | .85 | (.46) |  | (.46) | 10.19 | 8.74 | 278 | .53 | .37 | 4.95 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.15 | .61 | .13 | .74 | (.62) |  | (.62) | 9.27 | 8.19 | 8 | .70 | .58 | 6.50 |
|  12/31/2024 | 8.90 | .62 | .25 | .87 | (.62) |  | (.62) | 9.15 | 9.73 | 3 | .70 | .57 | 6.71 |
|  12/31/2023 | 8.51 | .61 | .41 | 1.02 | (.63) |  | (.63) | 8.90 | 12.40 | 3 | .70 | .56 | 6.90 |
|  12/31/2022 | 10.16 | .53 | (1.46) | (.93) | (.72) |  | (.72) | 8.51 | (9.29) | 1 | .72 | .57 | 5.70 |
|  12/31/2021 | 9.78 | .49 | .33 | .82 | (.44) |  | (.44) | 10.16 | 8.42 | 1 | .78 | .64 | 4.75 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 8.96 | .60 | .13 | .73 | (.61) |  | (.61) | 9.08 | 8.24 | 533 | .70 | .58 | 6.57 |
|  12/31/2024 | 8.73 | .61 | .23 | .84 | (.61) |  | (.61) | 8.96 | 9.67 | 536 | .70 | .57 | 6.70 |
|  12/31/2023 | 8.35 | .59 | .41 | 1.00 | (.62) |  | (.62) | 8.73 | 12.45 | 533 | .70 | .56 | 6.85 |
|  12/31/2022 | 9.98 | .52 | (1.43) | (.91) | (.72) |  | (.72) | 8.35 | (9.26) | 521 | .72 | .57 | 5.68 |
|  12/31/2021 | 9.61 | .48 | .33 | .81 | (.44) |  | (.44) | 9.98 | 8.42 | 673 | .78 | .65 | 4.80 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.25 | .63 | .13 | .76 | (.62) |  | (.62) | 9.39 | 8.26 | 8 | .63 | .51 | 6.64 |
|  12/31/2024 | 8.99 | .63 | .25 | .88 | (.62) |  | (.62) | 9.25 | 9.79 | 8 | .63 | .50 | 6.77 |
|  12/31/2023 | 8.58 | .61 | .43 | 1.04 | (.63) |  | (.63) | 8.99 | 12.54 | 8 | .63 | .49 | 6.91 |
|  12/31/2022 | 10.24 | .54 | (1.47) | (.93) | (.73) |  | (.73) | 8.58 | (9.25) | 9 | .65 | .50 | 5.76 |
|  12/31/2021 | 9.84 | .50 | .34 | .84 | (.44) |  | (.44) | 10.24 | 8.60 | 10 | .71 | .58 | 4.86 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 10.07 | .65 | .14 | .79 | (.59) |  | (.59) | 10.27 | 7.93 | 235 | .95 | .83 | 6.29 |
|  12/31/2024 | 9.75 | .65 | .27 | .92 | (.60) |  | (.60) | 10.07 | 9.39 | 156 | .95 | .82 | 6.45 |
|  12/31/2023 | 9.26 | .63 | .46 | 1.09 | (.60) |  | (.60) | 9.75 | 12.18 | 107 | .95 | .81 | 6.62 |
|  12/31/2022 | 10.99 | .55 | (1.58) | (1.03) | (.70) |  | (.70) | 9.26 | (9.53) | 77 | .97 | .82 | 5.44 |
|  12/31/2021 | 10.54 | .50 | .36 | .86 | (.41) |  | (.41) | 10.99 | 8.18 | 90 | 1.03 | .89 | 4.52 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **384** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of**<br> **expenses**<br> **to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments** | **Ratio of**<br> **expenses**<br> **to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2</sup>** | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses**<br> **to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments** | **Ratio of**<br> **expenses**<br> **to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund | American Funds Mortgage Fund |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $9.08 | $.46 | $.34 | $.80 | $(.42) | $— | $(.42) | $9.46 | 8.92% | $19 | .39% | .32% | 4.84% |
|  12/31/2024 | 9.44 | .47 | (.38) | .09 | (.45) |  | (.45) | 9.08 | .93 | 17 | .39 | .31 | 5.04 |
|  12/31/2023 | 9.45 | .45 | (.08) | .37 | (.38) |  | (.38) | 9.44 | 4.03 | 17 | .41 | .29 | 4.76 |
|  12/31/2022 | 10.63 | .07 | (1.10) | (1.03) | (.15) |  | (.15) | 9.45 | (9.76) | 1 | .45 | .25 | .70 |
|  12/31/2021 | 11.11 | .06 | (.09) | (.03) | (.08) | (.37) | (.45) | 10.63 | (.32) | 231 | .49 | .29 | .58 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 8.96 | .43 | .33 | .76 | (.40) |  | (.40) | 9.32 | 8.57 | 3 | .64 | .57 | 4.59 |
|  12/31/2024 | 9.32 | .44 | (.37) | .07 | (.43) |  | (.43) | 8.96 | .74 | 3 | .64 | .56 | 4.78 |
|  12/31/2023 | 9.34 | .41 | (.07) | .34 | (.36) |  | (.36) | 9.32 | 3.72 | 2 | .65 | .53 | 4.38 |
|  12/31/2022 | 10.59 | .19 | (1.24) | (1.05) | (.20) |  | (.20) | 9.34 | (10.03) | 2 | .69 | .54 | 1.91 |
|  12/31/2021 | 11.08 | .04 | (.10) | (.06) | (.06) | (.37) | (.43) | 10.59 | (.47) | 2 | .74 | .54 | .33 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 8.98 | .43 | .34 | .77 | (.40) |  | (.40) | 9.35 | 8.63 | 41 | .64 | .56 | 4.60 |
|  12/31/2024 | 9.34 | .45 | (.38) | .07 | (.43) |  | (.43) | 8.98 | .68 | 42 | .64 | .56 | 4.79 |
|  12/31/2023 | 9.36 | .41 | (.07) | .34 | (.36) |  | (.36) | 9.34 | 3.68 | 44 | .64 | .52 | 4.35 |
|  12/31/2022 | 10.61 | .18 | (1.23) | (1.05) | (.20) |  | (.20) | 9.36 | (9.94) | 46 | .69 | .54 | 1.87 |
|  12/31/2021 | 11.09 | .04 | (.10) | (.06) | (.05) | (.37) | (.42) | 10.61 | (.57) | 58 | .74 | .54 | .33 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 8.86 | .40 | .33 | .73 | (.38) |  | (.38) | 9.21 | 8.32 | 63 | .89 | .82 | 4.33 |
|  12/31/2024 | 9.23 | .42 | (.38) | .04 | (.41) |  | (.41) | 8.86 | .35 | 49 | .89 | .82 | 4.53 |
|  12/31/2023 | 9.25 | .38 | (.06) | .32 | (.34) |  | (.34) | 9.23 | 3.51 | 45 | .90 | .78 | 4.12 |
|  12/31/2022 | 10.49 | .16 | (1.22) | (1.06) | (.18) |  | (.18) | 9.25 | (10.16) | 40 | .94 | .79 | 1.66 |
|  12/31/2021 | 10.97 | .01 | (.09) | (.08) | (.03) | (.37) | (.40) | 10.49 | (.78) | 43 | .99 | .79 | .08 |

---

Refer to the end of the table<sup>(s)</sup> for footnote<sup>(s)</sup>.

---

| | |
|:---|:---|
| **385** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** |<br>**Ratio of**<br> **expenses<br>to average<br>net assets** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets** |
|  Ultra-Short Bond Fund | Ultra-Short Bond Fund | Ultra-Short Bond Fund | Ultra-Short Bond Fund | Ultra-Short Bond Fund | Ultra-Short Bond Fund |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $11.31 | $.46 | $.01 | $.47 | $(.50) | $— | $(.50) | $11.28 | 4.15% | $36 | .31% | 4.01% |
|  12/31/2024 | 11.35 | .58 | (.01) | .57 | (.61) |  | (.61) | 11.31 | 5.08 | 39 | .30 | 4.98 |
|  12/31/2023 | 11.35 | .55 | .01 | .56 | (.56) |  | (.56) | 11.35 | 4.94 | 40 | .30 | 4.81 |
|  12/31/2022 | 11.27 | .17 | (.01) | .16 | (.08) |  | (.08) | 11.35 | 1.42 | 51 | .32 | 1.48 |
|  12/31/2021 | 11.31 | (.03) | (.01) | (.04) |  |  |  | 11.27 | (.35) | 37 | .37 | (.28) |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 11.31 | .43 | .01 | .44 | (.47) |  | (.47) | 11.28 | 3.92 | —<sup>9</sup> | .53 | 3.78 |
|  12/31/2024 | 11.35 | .55 | —<sup>4</sup> | .55 | (.59) |  | (.59) | 11.31 | 4.86 | —<sup>9</sup> | .53 | 4.74 |
|  12/31/2023 | 11.35 | .54 |  | .54 | (.54) |  | (.54) | 11.35 | 4.79 | —<sup>9</sup> | .53 | 4.69 |
|  12/31/2022 | 11.28 | .16 | (.01) | .15 | (.08) |  | (.08) | 11.35 | 1.32 | —<sup>9</sup> | .31 | 1.40 |
|  12/31/2021 | 11.31 | (.03) | —<sup>4</sup> | (.03) |  |  |  | 11.28 | (.27) | —<sup>9</sup> | .36 | (.28) |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 10.93 | .42 | —<sup>4</sup> | .42 | (.47) |  | (.47) | 10.88 | 3.83 | 215 | .56 | 3.77 |
|  12/31/2024 | 10.98 | .53 | —<sup>4</sup> | .53 | (.58) |  | (.58) | 10.93 | 4.89 | 245 | .55 | 4.73 |
|  12/31/2023 | 11.00 | .51 | —<sup>4</sup> | .51 | (.53) |  | (.53) | 10.98 | 4.64 | 273 | .55 | 4.56 |
|  12/31/2022 | 10.93 | .13 | —<sup>4</sup> | .13 | (.06) |  | (.06) | 11.00 | 1.17 | 297 | .57 | 1.23 |
|  12/31/2021 | 10.99 | (.06) | —<sup>4</sup> | (.06) |  |  |  | 10.93 | (.55) | 245 | .62 | (.53) |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 11.08 | .43 | —<sup>4</sup> | .43 | (.48) |  | (.48) | 11.03 | 3.86 | 4 | .49 | 3.84 |
|  12/31/2024 | 11.13 | .54 | —<sup>4</sup> | .54 | (.59) |  | (.59) | 11.08 | 4.91 | 4 | .48 | 4.79 |
|  12/31/2023 | 11.14 | .52 | .01 | .53 | (.54) |  | (.54) | 11.13 | 4.75 | 4 | .48 | 4.64 |
|  12/31/2022 | 11.07 | .13 | —<sup>4</sup> | .13 | (.06) |  | (.06) | 11.14 | 1.19 | 4 | .50 | 1.19 |
|  12/31/2021 | 11.12 | (.05) | —<sup>4</sup> | (.05) |  |  |  | 11.07 | (.45) | 5 | .55 | (.46) |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 11.00 | .39 | —<sup>4</sup> | .39 | (.43) |  | (.43) | 10.96 | 3.59 | 53 | .81 | 3.52 |
|  12/31/2024 | 11.05 | .50 | .01 | .51 | (.56) |  | (.56) | 11.00 | 4.62 | 51 | .80 | 4.47 |
|  12/31/2023 | 11.05 | .48 | .01 | .49 | (.49) |  | (.49) | 11.05 | 4.44 | 56 | .80 | 4.28 |
|  12/31/2022 | 11.00 | .12 | (.03) | .09 | (.04) |  | (.04) | 11.05 | .83 | 80 | .82 | 1.05 |
|  12/31/2021 | 11.08 | (.09) | .01 | (.08) |  |  |  | 11.00 | (.72) | 46 | .87 | (.79) |

---

Refer to the end of the table<sup>(s)</sup> for footnote<sup>(s)</sup>.

---

| | |
|:---|:---|
| American Funds Insurance Series | **386** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2</sup>** | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value,**<br> **end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of year**<br> **(in millions)** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund | U.S. Government Securities Fund |  |  |  |  |  |  |  |  |
|  **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $9.59 | $.43 | $.33 | $.76 | $(.45) | $— | $(.45) | $9.90 | 8.01% | $261 | .33% | .26% | 4.35% |
|  12/31/2024 | 9.91 | .45 | (.35) | .10 | (.42) |  | (.42) | 9.59 | .99 | 268 | .33 | .27 | 4.53 |
|  12/31/2023 | 9.99 | .40 | (.09) | .31 | (.39) |  | (.39) | 9.91 | 3.21 | 257 | .33 | .21 | 4.05 |
|  12/31/2022 | 11.67 | .32 | (1.56) | (1.24) | (.44) |  | (.44) | 9.99 | (10.75) | 242 | .36 | .22 | 2.90 |
|  12/31/2021 | 13.04 | .18 | (.26) | (.08) | (.18) | (1.11) | (1.29) | 11.67 | (.44) | 522 | .39 | .29 | 1.50 |
|  **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.53 | .41 | .33 | .74 | (.43) |  | (.43) | 9.84 | 7.80 | 300 | .58 | .51 | 4.10 |
|  12/31/2024 | 9.87 | .42 | (.35) | .07 | (.41) |  | (.41) | 9.53 | .70 | 286 | .58 | .51 | 4.23 |
|  12/31/2023 | 9.96 | .38 | (.10) | .28 | (.37) |  | (.37) | 9.87 | 2.88 | 5 | .58 | .46 | 3.83 |
|  12/31/2022 | 11.63 | .29 | (1.55) | (1.26) | (.41) |  | (.41) | 9.96 | (10.93) | 4 | .60 | .47 | 2.70 |
|  12/31/2021 | 13.00 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.63 | (.65) | 5 | .64 | .53 | 1.28 |
|  **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.46 | .40 | .33 | .73 | (.43) |  | (.43) | 9.76 | 7.75 | 1056 | .58 | .51 | 4.10 |
|  12/31/2024 | 9.78 | .42 | (.34) | .08 | (.40) |  | (.40) | 9.46 | .75 | 1051 | .58 | .52 | 4.28 |
|  12/31/2023 | 9.87 | .37 | (.09) | .28 | (.37) |  | (.37) | 9.78 | 2.89 | 1073 | .58 | .46 | 3.80 |
|  12/31/2022 | 11.53 | .29 | (1.54) | (1.25) | (.41) |  | (.41) | 9.87 | (10.95) | 1059 | .61 | .47 | 2.69 |
|  12/31/2021 | 12.89 | .15 | (.25) | (.10) | (.15) | (1.11) | (1.26) | 11.53 | (.62) | 1391 | .64 | .54 | 1.24 |
|  **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.62 | .42 | .32 | .74 | (.43) |  | (.43) | 9.93 | 7.78 | 5 | .51 | .44 | 4.17 |
|  12/31/2024 | 9.94 | .43 | (.35) | .08 | (.40) |  | (.40) | 9.62 | .79 | 5 | .51 | .44 | 4.35 |
|  12/31/2023 | 10.02 | .39 | (.10) | .29 | (.37) |  | (.37) | 9.94 | 3.00 | 6 | .51 | .39 | 3.85 |
|  12/31/2022 | 11.70 | .30 | (1.57) | (1.27) | (.41) |  | (.41) | 10.02 | (10.90) | 6 | .54 | .40 | 2.76 |
|  12/31/2021 | 13.07 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.70 | (.62) | 9 | .57 | .47 | 1.31 |
|  **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 9.44 | .38 | .33 | .71 | (.41) |  | (.41) | 9.74 | 7.54 | 255 | .83 | .76 | 3.85 |
|  12/31/2024 | 9.77 | .39 | (.34) | .05 | (.38) |  | (.38) | 9.44 | .44 | 210 | .83 | .77 | 4.02 |
|  12/31/2023 | 9.86 | .35 | (.10) | .25 | (.34) |  | (.34) | 9.77 | 2.62 | 183 | .83 | .71 | 3.54 |
|  12/31/2022 | 11.52 | .26 | (1.54) | (1.28) | (.38) |  | (.38) | 9.86 | (11.19) | 190 | .85 | .72 | 2.45 |
|  12/31/2021 | 12.88 | .12 | (.25) | (.13) | (.12) | (1.11) | (1.23) | 11.52 | (.88) | 238 | .89 | .79 | .98 |

---

Refer to the end of the table<sup>(s)</sup> for footnote<sup>(s)</sup>.

---

| | |
|:---|:---|
| **387** | American Funds Insurance Series |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>12</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,12</sup>** | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value, end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of**<br> **year**<br> **(in millions)** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>12</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,12</sup>** |<br>**Net<br>effective<br>expense<br>ratio<sup>2,13,14</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund | Managed Risk Growth Fund |  |  |  |  |  |  |  |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $13.35 | $.06 | $1.67 | $1.73 | $(.25) | $(.57) | $(.82) | $14.26 | 13.63% | $14 | .38% | .36% | .67% | .47% |
|  12/31/2024 | 10.86 | .10 | 2.48 | 2.58 | (.09) |  | (.09) | 13.35 | 23.82 | 14 | .42 | .37 | .69 | .81 |
|  12/31/2023 | 11.37 | .08 | 2.28 | 2.36 | (.08) | (2.79) | (2.87) | 10.86 | 23.77 | 13 | .42 | .37 | .70 | .77 |
|  12/31/2022 | 18.53 | .06 | (4.46) | (4.40) | (.22) | (2.54) | (2.76) | 11.37 | (24.62) | 9 | .41 | .36 | .68 | .47 |
|  12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18) | (.74) | (.92) | 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 13.19 | .03 | 1.66 | 1.69 | (.19) | (.57) | (.76) | 14.12 | 13.41 | 491 | .63 | .62 | .93 | .21 |
|  12/31/2024 | 10.73 | .06 | 2.46 | 2.52 | (.06) |  | (.06) | 13.19 | 23.50 | 513 | .67 | .62 | .94 | .52 |
|  12/31/2023 | 11.28 | .05 | 2.26 | 2.31 | (.07) | (2.79) | (2.86) | 10.73 | 23.50 | 495 | .67 | .62 | .95 | .43 |
|  12/31/2022 | 18.42 | .03 | (4.45) | (4.42) | (.18) | (2.54) | (2.72) | 11.28 | (24.88) | 445 | .67 | .62 | .94 | .20 |
|  12/31/2021 | 17.11 | (.01) | 2.16 | 2.15 | (.10) | (.74) | (.84) | 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07) |
|  Managed Risk International Fund | Managed Risk International Fund | Managed Risk International Fund | Managed Risk International Fund | Managed Risk International Fund | Managed Risk International Fund |  |  |  |  |  |  |  |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $8.23 | $.14 | $1.10 | $1.24 | $(.13) | $— | $(.13) | $9.34 | 15.33% | $2 | .41% | .36% | .83% | 1.58% |
|  12/31/2024 | 8.36 | .13 | (.12) | .01 | (.14) |  | (.14) | 8.23 | (.05) | 2 | .46 | .37 | .84 | 1.50 |
|  12/31/2023 | 8.61 | .13 | .41 | .54 | (.15) | (.64) | (.79) | 8.36 | 6.36 | 2 | .46 | .36 | .84 | 1.60 |
|  12/31/2022 | 10.55 | .15 | (1.75) | (1.60) | (.34) |  | (.34) | 8.61 | (15.27) | 2 | .44 | .37 | .85 | 1.70 |
|  12/31/2021 | 11.07 | .24 | (.67) | (.43) | (.09) |  | (.09) | 10.55 | (3.92) | 2 | .44 | .36 | .86 | 2.12 |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 8.18 | .10 | 1.12 | 1.22 | (.11) |  | (.11) | 9.29 | 15.09 | 111 | .68 | .63 | 1.10 | 1.23 |
|  12/31/2024 | 8.32 | .10 | (.13) | (.03) | (.11) |  | (.11) | 8.18 | (.45) | 112 | .72 | .63 | 1.10 | 1.19 |
|  12/31/2023 | 8.58 | .10 | .42 | .52 | (.14) | (.64) | (.78) | 8.32 | 6.22 | 122 | .73 | .63 | 1.11 | 1.21 |
|  12/31/2022 | 10.48 | .12 | (1.74) | (1.62) | (.28) |  | (.28) | 8.58 | (15.54) | 124 | .70 | .63 | 1.11 | 1.36 |
|  12/31/2021 | 10.99 | .20 | (.65) | (.45) | (.06) |  | (.06) | 10.48 | (4.13) | 160 | .71 | .63 | 1.13 | 1.79 |
|  Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Washington Mutual Investors Fund |  |  |  |  |  |  |  |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $11.76 | $.20 | $1.07 | $1.27 | $(.26) | $— | $(.26) | $12.77 | 10.95% | $3 | .37% | .36% | .61% | 1.64% |
|  12/31/2024 | 10.50 | .20 | 1.28 | 1.48 | (.22) |  | (.22) | 11.76 | 14.20 | 3 | .41 | .36 | .61 | 1.80 |
|  12/31/2023 | 11.24 | .20 | .79 | .99 | (.24) | (1.49) | (1.73) | 10.50 | 10.04 | 3 | .42 | .37 | .63 | 1.91 |
|  12/31/2022 | 12.95 | .23 | (1.38) | (1.15) | (.56) |  | (.56) | 11.24 | (8.92) | 3 | .41 | .36 | .60 | 1.96 |
|  12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24) |  | (.24) | 12.95 | 17.46 | 2 | .41 | .36 | .66 | 1.33 |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 11.69 | .16 | 1.07 | 1.23 | (.23) |  | (.23) | 12.69 | 10.65 | 312 | .64 | .63 | .88 | 1.34 |
|  12/31/2024 | 10.43 | .17 | 1.28 | 1.45 | (.19) |  | (.19) | 11.69 | 13.99 | 319 | .68 | .63 | .88 | 1.51 |
|  12/31/2023 | 11.18 | .18 | .77 | .95 | (.21) | (1.49) | (1.70) | 10.43 | 9.73 | 322 | .68 | .63 | .89 | 1.71 |
|  12/31/2022 | 12.88 | .19 | (1.37) | (1.18) | (.52) |  | (.52) | 11.18 | (9.16) | 321 | .67 | .62 | .86 | 1.62 |
|  12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20) |  | (.20) | 12.88 | 17.11 | 371 | .68 | .62 | .92 | .91 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **388** |

---

------

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>12</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,12</sup>** | | |
| <br>**Year ended** |<br>**Net asset**<br> **value,**<br> **beginning**<br> **of year** | **Net**<br> **investment**<br> **income**<br> (loss) | **Net gains**<br> (losses) on<br> **securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **(from net**<br> **investment**<br> **income)** | **Distributions**<br> **(from capital**<br> **gains)** | **Total**<br> **dividends**<br> **and**<br> **distributions** |<br>**Net asset**<br> **value, end**<br> **of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets,**<br> **end of**<br> **year**<br> **(in millions)** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>before**<br> **waivers/<br>reimburse-**<br> **ments<sup>12</sup>** | **Ratio of**<br> **expenses<br>to average<br>net assets<br>after**<br> **waivers/<br>reimburse-**<br> **ments<sup>2,12</sup>** |<br>**Net<br>effective<br>expense<br>ratio<sup>2,13,14</sup>** |<br>**Ratio of**<br> **net income**<br> (loss)<br> **to average**<br> **net assets<sup>2</sup>** |
|  Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund | Managed Risk Growth-Income Fund |  |  |  |  |  |  |  |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $14.35 | $.20 | $1.36 | $1.56 | $(.34) | $(.56) | $(.90) | $15.01 | 11.45% | $1834 | .37% | .36% | .63% | 1.35% |
|  12/31/2024 | 12.53 | .21 | 2.02 | 2.23 | (.23) | (.18) | (.41) | 14.35 | 18.03 | 1903 | .41 | .36 | .63 | 1.55 |
|  12/31/2023 | 12.51 | .20 | 1.65 | 1.85 | (.21) | (1.62) | (1.83) | 12.53 | 16.17 | 1910 | .41 | .36 | .63 | 1.64 |
|  12/31/2022 | 15.73 | .18 | (2.79) | (2.61) | (.30) | (.31) | (.61) | 12.51 | (16.74) | 1833 | .41 | .36 | .62 | 1.33 |
|  12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21) | (.20) | (.41) | 15.73 | 15.32 | 2328 | .41 | .36 | .64 | .96 |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 14.25 | .16 | 1.35 | 1.51 | (.30) | (.56) | (.86) | 14.90 | 11.17 | 258 | .62 | .61 | .88 | 1.10 |
|  12/31/2024 | 12.45 | .17 | 2.01 | 2.18 | (.20) | (.18) | (.38) | 14.25 | 17.69 | 274 | .66 | .61 | .88 | 1.29 |
|  12/31/2023 | 12.44 | .17 | 1.64 | 1.81 | (.18) | (1.62) | (1.80) | 12.45 | 15.90 | 277 | .66 | .61 | .88 | 1.39 |
|  12/31/2022 | 15.64 | .15 | (2.78) | (2.63) | (.26) | (.31) | (.57) | 12.44 | (16.93) | 268 | .66 | .61 | .87 | 1.10 |
|  12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17) | (.20) | (.37) | 15.64 | 15.05 | 340 | .66 | .61 | .89 | .70 |
|  Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund | Managed Risk Asset Allocation Fund |  |  |  |  |  |  |  |  |  |
|  **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | $13.20 | $.26 | $1.22 | $1.48 | $(.39) | $(.83) | $(1.22) | $13.46 | 12.01% | $13 | .38% | .36% | .65% | 1.96% |
|  12/31/2024 | 11.90 | .29 | 1.45 | 1.74 | (.27) | (.17) | (.44) | 13.20 | 14.90 | 12 | .41 | .36 | .65 | 2.28 |
|  12/31/2023 | 12.43 | .31 | .87 | 1.18 | (.26) | (1.45) | (1.71) | 11.90 | 10.51 | 10 | .41 | .36 | .66 | 2.61 |
|  12/31/2022 | 15.33 | .24 | (2.34) | (2.10) | (.32) | (.48) | (.80) | 12.43 | (13.75) | 7 | .41 | .36 | .65 | 1.80 |
|  12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27) |  | (.27) | 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 |
|  **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  12/31/2025 | 12.78 | .17 | 1.22 | 1.39 | (.34) | (.83) | (1.17) | 13.00 | 11.67 | 1463 | .63 | .61 | .90 | 1.30 |
|  12/31/2024 | 11.53 | .22 | 1.44 | 1.66 | (.24) | (.17) | (.41) | 12.78 | 14.63 | 2014 | .66 | .61 | .90 | 1.81 |
|  12/31/2023 | 12.09 | .21 | .90 | 1.11 | (.22) | (1.45) | (1.67) | 11.53 | 10.23 | 2093 | .66 | .61 | .91 | 1.86 |
|  12/31/2022 | 14.93 | .18 | (2.25) | (2.07) | (.29) | (.48) | (.77) | 12.09 | (13.97) | 2182 | .66 | .61 | .90 | 1.40 |
|  12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20) |  | (.20) | 14.93 | 12.50 | 2812 | .66 | .61 | .91 | 1.03 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **389** | American Funds Insurance Series |

---

------

Financial highlights (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes**<br>**excluding mortgage dollar roll transactions<sup>15,16</sup>** | **2025<sup>17</sup>** | **2024** | **2023** | **2022** | **2021** |
|  Capital Income Builder | 72% | 49% | 59% | 48% | 60% |
|  Asset Allocation Fund | 72 | 43 | 54 | 42 | 45 |
|  American Funds Global Balanced Fund | 57 | 55 | 43 | 111 | 36 |
|  The Bond Fund of America | 159 | 102 | 129 | 77 | 87 |
|  Capital World Bond Fund | 59 | 54 | 110 | 114 | 64 |
|  American Funds Mortgage Fund | 65 | 52 | 85 | 56 | 38 |
|  U.S. Government Securities Fund | 44 | 43 | 113 | 77 | 126 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Portfolio turnover rate for all share classes**<br>**including mortgage dollar roll transactions, if any<sup>15,16</sup>** | **2025<sup>17</sup>** | **2024** | **2023** | **2022** | **2021** |
|  Global Growth Fund | 45% | 41% | 29% | 29% | 18% |
|  Global Small Capitalization Fund | 51 | 47 | 36 | 40 | 29 |
|  Growth Fund | 27 | 23 | 23 | 29 | 25 |
|  International Fund | 63 | 35 | 28 | 42 | 44 |
|  New World Fund | 49 | 55 | 36 | 40 | 43 |
|  Washington Mutual Investors Fund | 37 | 31 | 29 | 30 | 90 |
|  Capital World Growth and Income Fund | 45 | 34 | 29 | 42 | 85 |
|  Growth-Income Fund | 27 | 45 | 26 | 25 | 24 |
|  International Growth and Income Fund | 48 | 39 | 38 | 48 | 41 |
|  Capital Income Builder | 87 | 107 | 149 | 126 | 93 |
|  Asset Allocation Fund | 115 | 129 | 159 | 118 | 124 |
|  American Funds Global Balanced Fund | 86 | 141 | 103 | 126 | 39 |
|  The Bond Fund of America | 247 | 398 | 545 | 415 | 456 |
|  Capital World Bond Fund | 106 | 269 | 286 | 188 | 91 |
|  American High-Income Trust | 39 | 45 | 40 | 34 | 56 |
|  American Funds Mortgage Fund | 421 | 644 | 1053 | 1141 | 975 |
|  U.S. Government Securities Fund | 253 | 398 | 744 | 695 | 433 |
|  Ultra-Short Bond Fund | –<sup>18</sup> | –<sup>18</sup> | –<sup>18</sup> | –<sup>18</sup> | –<sup>18</sup> |
|  U.S. Small and Mid Cap Equity Fund | 82 | 4<sup>678</sup> |  |  |  |
|  Managed Risk Growth Fund | 32 | 14 | 39 | 97 | 32 |
|  Managed Risk International Fund | 17 | 11 | 27 | 82 | 24 |
|  Managed Risk Washington Mutual Investors Fund | 22 | 8 | 19 | 70 | 16 |
|  Managed Risk Growth-Income Fund | 29 | 13 | 21 | 67 | 13 |
|  Managed Risk Asset Allocation Fund | 15 | 7 | 13 | 48 | 5 |

---

<sup>1</sup>Based on average shares outstanding.

<sup>2</sup>This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>3</sup>Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

<sup>4</sup>Amount less than $.01.

<sup>5</sup>Amount less than .01%.

<sup>6</sup>Based on operations for a period that is less than a full year.

<sup>7</sup>For the period November 15, 2024, commencement of operations, through December 31, 2024.

<sup>8</sup>Not annualized.

<sup>9</sup>Amount less than $1 million.

<sup>10</sup>Annualized.

<sup>11</sup>All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services and/or insurance administrative services, as applicable, are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.

<sup>12</sup>This column does not include expenses of the underlying funds in which each fund invests.

<sup>13</sup>This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented.

<sup>14</sup>Unaudited.

<sup>15</sup>Refer to Note 5 for further information on mortgage dollar rolls.

<sup>16</sup>Rates do not include the fund's portfolio activity with respect to any Central Funds, if applicable.

<sup>17</sup>Rates exclude in-kind transactions, if any.

<sup>18</sup>Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **390** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund, Washington Mutual Investors Fund, U.S. Small and Mid Cap Equity Fund, Capital World Growth and Income Fund, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder, Asset Allocation Fund, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund, Ultra-Short Bond Fund, U.S. Government Securities Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of each of the funds listed in the table below (twenty-four of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Statements of operations** | **Statements of changes in net<br>assets** | **Financial highlights** |
| &nbsp;&nbsp;&nbsp; Global Growth Fund | For the year ended | For the years ended | For the years ended |
| &nbsp;&nbsp;&nbsp; Global Small Capitalization Fund | December 31, 2025 | December 31, 2025 and 2024 | December 31, 2025, 2024, |
| &nbsp;&nbsp;&nbsp; Growth Fund |  |  | 2023, 2022 and 2021 |
| &nbsp;&nbsp;&nbsp; International Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; New World Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; Washington Mutual Investors Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital World Growth and Income Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; Growth-Income Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; International Growth and Income Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital Income Builder |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset Allocation Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; American Funds Global Balanced Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; The Bond Fund of America |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital World Bond Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; American High-Income Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; American Funds Mortgage Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; Ultra-Short Bond Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government Securities Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; Managed Risk Growth Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; Managed Risk International Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; Managed Risk Washington Mutual Investors Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; Managed Risk Growth-Income Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; Managed Risk Asset Allocation Fund |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Small and Mid Cap Equity Fund |  | For the year ended December 31, 2025 and the period | For the year ended December 31, 2025 and the period |
|  |  | November 15, 2024 (commencement of operations) through | November 15, 2024 (commencement of operations) through |
|  |  | December 31, 2024 | December 31, 2024 |

---

---

| | |
|:---|:---|
| **391** | American Funds Insurance Series |

---

------

Report of Independent Registered Public Accounting Firm

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 of these financial statements 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.

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 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. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

February 13, 2026

We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.

---

| | |
|:---|:---|
| American Funds Insurance Series | **392** |

---

------

Changes in and disagreements with accountants

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP ("D&T") was appointed as the independent registered public accounting firm for the funds constituting the American Funds Insurance Series (hereafter referred to as the "series") for the fiscal year ending December 31, 2026 audit. The change in the series' independent registered public accounting firm was approved by the series' board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. The dismissal does not affect PwC's previous engagement to audit the series' financial statements for the fiscal year ended December 31, 2025.

PwC's reports on the series' financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the series' fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, <sup>(i)</sup> were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the series' financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304<sup>(a)(1)(v)</sup> of Regulation S-K under the Securities Exchange Act of 1934, as amended. The series requested that PwC furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit to the series' Form N-CSR.

During the series' fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, neither the series, nor anyone on its behalf, consulted with D&T on items which: <sup>(i)</sup> concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the series' financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph <sup>(a)(1)</sup>(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph <sup>(a)(1)(v)</sup> of said Item 304).

---

| | |
|:---|:---|
| **393** | American Funds Insurance Series |

---

------

Matters submitted for shareholder vote

#### Results of special meeting of shareholders
Held November 25, 2025

Shares outstanding (all classes) on August 28, 2025 (record date):

6,453,899,830

Total shares voting on November 25, 2025:

5,466,407,300 (84.7% of shares outstanding)

The proposal: To elect board members

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Board member** | <br>**Votes for** | **Percent**<br>**of shares**<br>**voting for** | <br>**Votes withheld** | **Percent**<br>**of shares**<br>**withheld** |
|  Christopher D. Buchbinder | 5306101397 | 97.1% | 160305903 | 2.9% |
|  Vanessa C. L. Chang | 5284613703 | 96.7% | 181793597 | 3.3% |
|  Francisco G. Cigarroa | 5286720803 | 96.7% | 179686497 | 3.3% |
|  Nariman Farvardin | 5280935681 | 96.6% | 185471619 | 3.4% |
|  Jennifer C. Feikin | 5301887966 | 97.0% | 164519334 | 3.0% |
|  John G. Freund | 5294548932 | 96.9% | 171858368 | 3.1% |
|  Leslie Stone Heisz | 5298606338 | 96.9% | 167800962 | 3.1% |
|  Sharon I. Meers | 5301554248 | 97.0% | 164853052 | 3.0% |
|  William L. Robbins | 5308925891 | 97.1% | 157481409 | 2.9% |
|  Kenneth M. Simril | 5304791425 | 97.0% | 161615875 | 3.0% |
|  Margaret Spellings | 5296599626 | 96.9% | 169807674 | 3.1% |
|  Christopher E. Stone | 5297067517 | 96.9% | 169339783 | 3.1% |
|  Alexandra Trower | 5307205561 | 97.1% | 159201739 | 2.9% |
|  Paul S. Williams | 5302164262 | 97.0% | 164243038 | 3.0% |

---

Remuneration paid to directors, officers and others

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

Approval of Investment Advisory and Service Agreement

Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

---

| | |
|:---|:---|
| American Funds Insurance Series | **394** |

---

------

(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.](d768862dex99codeeth.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.](d768862dex99cert.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.](d768862dex99906cert.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 |
|  19(a)(1) | [Code of Ethics for Principal Executive and Principal Financial Officers](d768862dex99codeeth.htm) |
|  19(a)(3) | [Section 302 N-CSR Certification of Principal Executive Officer](d768862dex99cert.htm) |
|  19(a)(3) | [Section 302 N-CSR Certification of Principal Financial Officer](d768862dex99cert.htm) |
|  19(b) | [Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer](d768862dex99906cert.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, ________.

---

| |
|:---|
| Signature |
| Name: |

---

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;(1) the Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and;

&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Trust.

---

| | |
|:---|:---|
| / s/ Marijn P. Smit | Date: 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.