N-CSRS

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

This semi-annual report is provided to you to show the investments and performance of your Portfolio(s) during the period ended. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all contract holders, and we believe it to be an important part of the investment process. This report provides detailed information about your Portfolio(s) for the six-month period ended June 30, 2018.

We believe it is important to understand market conditions over the six-month period ended June 30, 2018 to provide a context for reading this report. Following a strong first month of 2018, volatility quickly returned to the equity markets as concerns emerged focusing on inflation, interest rates and global trade. Expectations of continued benign inflation were tested when wage growth for the January employment report came in higher than anticipated, and this resulted in longer term interest rates rising as well. This sent stocks into correction mode as the S&P 500^® and Dow Jones Industrial Average both declined by more than 10% during the last week of January and first week of February.

In the weeks that followed, international trade took center stage as concerns of potential U.S. imposed tariffs created more volatility in the markets and stocks reached new lows for the year in late March. Initially aimed at China’s aluminum and steel exports, the prospect of more widely-spread tariffs grew throughout the spring and into the early summer, expanding to broader categories of goods and more regions, including Canada, Mexico and the Eurozone. As the tariffs on China approached actual implementation, the market reaction was more muted and stocks had appreciated from their previous lower levels.

U.S. equities benefitted from an improving environment for corporate profits as first quarter operating earnings growth for the S&P 500^® reached their highest annualized rate in eight years. As full year 2018 estimates for earnings growth were upgraded following these strong reports, macroeconomic news was also favorable as the unemployment rate reached its lowest level in almost two decades. While these encouraging fundamentals allowed the S&P 500^® to post a gain for the period, the index still finished below its January high watermark.

Following their strong performance in 2017, international developed and emerging markets experienced declines during the period as concerns of reduced international trade and declining rates of economic growth in Europe and Japan for the first quarter were viewed with caution by investors. Emerging market currencies also depreciated, which pressured the equities of those regions as well.

Both short and long term interest rates rose during the period as strong employment trends and expectations of higher inflation provided a backdrop for the U.S. Federal Reserve to increase the Fed Funds Rate twice, both times by 0.25%, in the months of March and June. The 10-year Treasury yield rose considerably during the early months of the year and by the middle of May had reached 3.11%, more than 0.60% higher than where it started the year, before backing off to 2.85% to close the period. Despite this increase, the yield curve between 2-year and 10-year bonds continued to flatten and closed out the period at just 0.33%, its tightest gap in more than ten years. This fueled some debate as to whether this narrow range is a predictor of slowing economic growth or the result of suppressed long term rates in other regions of the world. The London Interbank Offering Rate (“LIBOR”) also increased from 1.69% to 2.34% during the period.

For the six-month period ended June 30, 2018, the S&P 500^® returned 2.65%, while the MSCI EAFE Index, representing international developed market equities, returned -2.37%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned -1.62%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

S&P 500^®: a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

Dow Jones Industrial Average: a market that shows how 30 large, publicly owned companies based in the U.S. have traded during a standard trading session in the stock market.

MSCI EAFE Index: 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.

Bloomberg Barclays 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.

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

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

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

The actual expense examples are based on an investment of $1,000 invested at January 12, 2018, and held for the entire period until June 30, 2018.

The hypothetical expense examples are based on an investment of $1,000 invested at January 1, 2018, and held for the entire period until June 30, 2018.

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

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

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

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the management fees, expenses and fees of the trustees and their counsel, extraordinary expenses and interest expense.


	Shares		Value
INVESTMENT COMPANIES - 100.5%
International Equity Fund - 14.9%
Transamerica International Equity Index VP ^(A)		24,651		$ 266,967

U.S. Equity Fund - 45.8%
Transamerica U.S. Equity Index VP ^(A)		70,534		817,484

U.S. Fixed Income Fund - 39.8%
Transamerica Core Bond ^(B)		73,644		710,669

Total Investment Companies (Cost $1,798,700)				1,795,120

Total Investments (Cost $1,798,700)				1,795,120
Net Other Assets (Liabilities) - (0.5)%				(9,587	)


Net Assets - 100.0%				$ 1,785,533

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2018

(unaudited)


Assets:
Affiliated investments, at value (cost $1,798,700)	$	1,795,120
Receivables and other assets:
Due from investment manager		608
Investments sold		58

Total assets		1,795,786


Liabilities:
Due to custodian		58
Payables and other liabilities:
Shares of beneficial interest redeemed		277
Distribution and service fees		278
Trustees, CCO and deferred compensation fees		30
Audit and tax fees		8,214
Custody fees		1,085
Legal fees		5
Printing and shareholder reports fees		284
Other		22

Total liabilities		10,253

Net assets	$	1,785,533


Net assets consist of:
Capital stock ($0.01 par value)	$	1,830
Additional paid-in capital		1,786,800
Undistributed (distributions in excess of) net investment income (loss)		1,821
Accumulated net realized gain (loss)		(1,338	)
Net unrealized appreciation (depreciation) on:
Affiliated investments		(3,580	)

Net assets	$	1,785,533


Shares outstanding		182,971


Net asset value and offering price per share	$	9.76

STATEMENT OF OPERATIONS ^(A)

For the period ended June 30, 2018

(unaudited)


Investment Income:
Dividend income from Affiliated investments	$	3,054

Total investment income		3,054

Expenses:
Investment management fees		587
Distribution and service fees		489
Transfer agent costs		1
Trustees, CCO and deferred compensation fees		39
Audit and tax fees		8,214
Custody fees		2,587
Legal fees		350
Printing and shareholder reports fees		868
Other		315

Total expenses before waiver and/or reimbursement and recapture		13,450

Expense waived and/or reimbursed		(13,172	)
Recapture of previously waived and/or reimbursed fees		955

Net expenses		1,233


Net investment income (loss)		1,821


Net realized gain (loss) on:
Affiliated investments		(1,338	)


Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(3,580	)

Net realized and change in unrealized gain (loss)		(4,918	)


Net increase (decrease) in net assets resulting from operations	$	(3,097	)


(A)		Commenced operations on January 12, 2018.

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”) commenced operations on January 12, 2018. The Portfolio is a series of TST and is classified as diversified under the 1940 Act.

The only shareholders of the Portfolio are affiliated separate accounts, affiliated asset allocation portfolios, and contract holders of the variable life and annuity contracts. 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 is responsible for all aspects of the day-to-day management of 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 services as described below: to the extent agreed upon by TAM and the Portfolio from time to time, monitoring and verifying the custodian’s daily calculation of 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.

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. Dividends and net realized gains (losses) are from investments in shares of underlying portfolios. Dividend income and capital gain distributions from underlying portfolios, if any, are recorded on the ex-dividend date. Interest income, if any, is accrued as earned. Income or short-term capital gain distributions received from underlying portfolios are recorded as dividend income. Long-term capital gain distributions received from underlying portfolios are recorded as realized gains.

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

There were no commissions recaptured during the period ended June 30, 2018 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.

All investments in securities are recorded at their estimated fair value. The Portfolio values its investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Portfolio’s investments at June 30, 2018, is disclosed within the Security Valuation section of the Schedule of Investments.

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

The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Portfolio uses fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair value. These securities are categorized in Level 3 of the fair

value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines. The Board reviews and considers Valuation Committee determinations at its regularly scheduled meetings.

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

Fair value measurements: Descriptions of the valuation techniques applied to the 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 of the underlying portfolios 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 of the underlying portfolios and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

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 place limits on the amount of lending or borrowing the 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. As of June 30, 2018, the Portfolio has not utilized the program.

TST serves as a funding vehicle for certain affiliated asset allocation portfolios and certain affiliated separate accounts of Transamerica Premier Life Insurance Company (“TPLIC”), Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, and Transamerica Advisors Life Insurance Company.

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

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

Certain officers and trustees of the Portfolio are also officers and/or trustees of TAM, TFS and TCI. 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.

For the period ended June 30, 2018, the Portfolio’s transactions and earnings from investments in affiliates of TAM are as follows:

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 (“ANA”) at the following rates:

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, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization 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 ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations.

TAM is entitled to recapture expenses accrued by the Portfolio for fees waived and/or reimbursed during any of the previous thirty-six months if on any day or month the estimated annualized Portfolio operating expenses are less than the stated annual operating expense limit or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the period ended June 30, 2018 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

As of June 30, 2018, the balances available for recapture by TAM for the Portfolio are as follows:

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 TCI as the Portfolio’s distributor.

The Distribution Plan requires TST to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, 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 TCI based on daily ANA up to an annual fee of 0.25% of Service Class.

Transfer agent costs: TFS provides transfer agency services under an intercompany agreement with TAM. The Portfolio pays no separate transfer agent fee but does pay certain transfer agency related costs to TAM. For the period ended June 30, 2018, costs paid to TAM by the Portfolio are referred to as Transfer agent costs and included within the Statement of Operations and the costs payable to TAM are referred to as Transfer agent costs and included within the Statement of Assets and Liabilities.

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, (as amended and restated January 1, 2010), available to the trustees, compensation may be deferred that would otherwise be payable by TST to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statement of Assets and Liabilities. For the period ended June 30, 2018, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-advisers for the period ended June 30, 2018.

For the period ended June 30, 2018, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

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. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2018, 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) were as follows:

At a meeting of the Board of Trustees of Transamerica Series Trust (the “Trustees” or the “Board”) held on December 6-7, 2017, the Board considered the proposed management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Series Trust, on behalf of Transamerica 60/40 Allocation VP (the “Portfolio” or “60/40”).

Following its review and consideration, the Board determined that the terms of the Management Agreement were reasonable and that the approval of the Management Agreement was in the best interests of the Portfolio and the contract holders invested in the Portfolio. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the Management Agreement for an initial two-year period.

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

The Board considered the nature, extent and quality of the services expected to be provided by TAM. The Board considered the proposed investment strategies and approach for the Portfolio; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; the continuous and regular management services to be provided by TAM; the experience of TAM with the proposed investment strategy; the professional qualifications and experience of the portfolio management team; and the team’s expertise in managing asset allocation strategies. In this regard, the Board noted that TAM will leverage a methodology that is very similar to that already utilized in TAM’s direct management of certain other allocation funds, and that the same portfolio management team that manages those allocation portfolios will manage 60/40.

In addition to the portfolio management services TAM would provide to 60/40, the Board noted that TAM’s services would include the services TAM provides to all Transamerica mutual funds, including oversight of the services provided by the custodian, transfer agent, independent accountant and legal counsel and supervision of recordkeeping and shareholder relations functions. The Board further considered that TAM’s management services also would include, among other things, the provision of supervisory, compliance and administrative services to 60/40. Based on these and other considerations, the Trustees determined that TAM can provide investment and related services that are appropriate in scope and extent in light of 60/40’s operations, the competitive landscape of the investment company business, and investor needs.

The Board recognized that 60/40 is not yet in existence and therefore has no historical performance for the Board to review. However, the Board considered back-tested performance results of the strategy, which, subject to a number of limitations, showed how 60/40 would have performed if it had been operating in the past. While the back-tested results were below the all-equity benchmark (S&P 500 Index) for the relevant periods ended September 30, 2017, the returns were competitive against the blended benchmark, which consists of 45% S&P 500 Index, 15% MSCI EAFE NR Index, and 40% Bloomberg Barclays U.S. Aggregate Bond Index. The Board considered that the back-tested results showed that the performance of 60/40 would have provided a favorable risk profile against the peer group median and both benchmarks over all common time periods, as measured by both standard deviation and maximum drawdown. The back tested results also showed that 60/40 would have provided favorable risk-adjusted results, as measured by the Sharpe ratio, against the peer group median over all common time periods, and against both benchmarks over the one and ten-year periods. On the basis of this information and the Board’s assessment of the nature, extent and quality of the management services to be provided by TAM, the Board concluded that TAM is capable of generating a level of investment performance that is appropriate in light of 60/40’s proposed investment objective, policies and strategies.

The Board considered the proposed management fee and anticipated total expense ratio of 60/40, including information comparing the management fee and total expense ratio of 60/40 to the management fees and total expense ratios of comparable investment companies in Lipper and Morningstar peer universes. The Board noted that the proposed management fee for 60/40 was equal to both the Lipper and Morningstar medians, but 0.18% of the 0.30% fee will also be contractually waived by TAM until May 1, 2019. On the basis of these and other considerations, together with the other information it considered, the Board determined that the management fees to be received by TAM under the Management Agreement are reasonable in light of the services to be provided.

The Board noted that 60/40 was not yet in existence and therefore no revenue, cost or profitability data was available for the Board to review. However, the Board reviewed projected profitability information provided by TAM regarding its costs of portfolio management

services as well as the costs of providing transfer agency and other services to 60/40 by TAM and its affiliates. Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with 60/40 was not anticipated to be excessive.

In evaluating the extent to which the management fees payable under the Management Agreement reflect economies of scale or would permit economies of scale to be realized in the future, the Board took note of TAM’s fee schedule and the existence of management fee breakpoints, as detailed in the materials provided to the Board. The Trustees noted that the proposed fees and breakpoints may benefit contract holders by permitting economies of scale in the form of lower management fees as the level of assets grows for the Portfolio. The Trustees also noted that, in the future, they would have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM in light of any economies of scale experienced in the future.

The Board considered other benefits expected to be derived by TAM and its affiliates from their relationships with 60/40. The Board noted that TAM would not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (“soft dollars”) as a result of its relationship with 60/40. The Board noted that it would have the opportunity in the future to review the potential benefits over time.

The Board considered the investment objective of 60/40 and its investment strategy and noted that TAM believes that 60/40 would enhance Transamerica Series Trust’s product line-up. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage 60/40 in a professional manner that is consistent with the best interests of 60/40 and the contract holders. In this regard, the Board favorably considered TAM’s procedures and policies to enforce compliance with applicable laws and regulations. The Board also noted that TAM has made a significant entrepreneurial commitment and undertaken certain business risks with respect to the management and success of 60/40.

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the approval of the Management Agreement was in the best interest of 60/40 and the contract holders and voted to approve the Management Agreement.

The example is based on an investment of $1,000 invested at January 1, 2018, and held for the entire six-month period until June 30, 2018.


Asset Allocation	Percentage of Net Assets
Common Stocks		42.0	%
U.S. Government Obligations		22.6
U.S. Government Agency Obligations		16.6
Corporate Debt Securities		13.7
Exchange-Traded Funds		2.1
Foreign Government Obligations		1.8
Securities Lending Collateral		1.4
Repurchase Agreement		1.3
Mortgage-Backed Securities		0.8
Short-Term U.S. Government Obligation		0.4
Asset-Backed Securities		0.3
Municipal Government Obligations		0.2
Preferred Stocks		0.1
Rights		0.0	*
Net Other Assets (Liabilities) ^		(3.3	)
Total		100.0	%


	Shares		Value
COMMON STOCKS - 42.0%
Aerospace & Defense - 0.9%
Airbus SE		2,514		$ 294,348
Arconic, Inc.		4,133		70,302
BAE Systems PLC		10,735		91,636
Boeing Co.		2,400		805,224
Elbit Systems, Ltd.		100		11,774
General Dynamics Corp.		1,300		242,333
Leonardo SpA		2,100		20,762
Lockheed Martin Corp.		1,200		354,516
Northrop Grumman Corp.		1,000		307,700
Raytheon Co.		1,400		270,452
Rockwell Collins, Inc.		700		94,276
Safran SA		1,448		175,946
Textron, Inc.		400		26,364
Thales SA		400		51,547
United Technologies Corp.		3,700		462,611

				3,279,791

Air Freight & Logistics - 0.3%
Bollore SA		8,800		40,942
CH Robinson Worldwide, Inc.		600		50,196
Deutsche Post AG		3,560		116,282
Expeditors International of Washington, Inc.		900		65,790
FedEx Corp.		1,300		295,178
United Parcel Service, Inc., Class B		2,600		276,198
Yamato Holdings Co., Ltd. ^(A)		1,300		38,325

				882,911

Airlines - 0.1%
American Airlines Group, Inc.		1,600		60,736
ANA Holdings, Inc.		500		18,376
Delta Air Lines, Inc.		2,100		104,034
Deutsche Lufthansa AG		1,600		38,491
easyJet PLC		200		4,416
International Consolidated Airlines Group SA		4,800		42,164
Ryanair Holdings PLC, ADR ^(B)		70		7,996
Singapore Airlines, Ltd.		2,000		15,692
Southwest Airlines Co.		1,400		71,232
United Continental Holdings, Inc. ^(B)		2,000		139,460

				502,597

Auto Components - 0.3%
Aisin Seiki Co., Ltd.		900		41,051
Aptiv PLC		1,700		155,771
Autoliv, Inc. ^(A)		300		42,966
BorgWarner, Inc.		1,000		43,160
Bridgestone Corp.		2,800		109,582
Cie Generale des Etablissements Michelin SCA		701		85,383
Continental AG		385		87,920
Denso Corp.		2,100		102,653
Koito Manufacturing Co., Ltd.		300		19,835
Magna International, Inc.		1,300		75,608
NGK Spark Plug Co., Ltd.		1,000		28,542
Nokian Renkaat OYJ		350		13,831
Sumitomo Electric Industries, Ltd.		2,700		40,238
Sumitomo Rubber Industries, Ltd. ^(A)		900		14,307
Toyoda Gosei Co., Ltd.		800		20,297
Toyota Industries Corp.		500		28,045
Valeo SA		1,200		65,612

				974,801


	Shares		Value
COMMON STOCKS (continued)
Automobiles - 0.7%
Bayerische Motoren Werke AG		1,182		$ 107,156
Daimler AG		4,103		264,155
Ferrari NV		292		39,726
Fiat Chrysler Automobiles NV ^(B)		6,026		114,945
Ford Motor Co.		12,800		141,696
General Motors Co.		5,963		234,942
Harley-Davidson, Inc.		700		29,456
Honda Motor Co., Ltd.		6,300		185,105
Mazda Motor Corp.		2,200		27,024
Mitsubishi Motors Corp.		3,400		27,116
Nissan Motor Co., Ltd.		10,500		102,235
Peugeot SA		2,300		52,537
Renault SA ^(A)		805		68,466
Subaru Corp.		3,000		87,387
Suzuki Motor Corp.		1,300		71,837
Tesla, Inc. ^(B)		558		191,366
Toyota Motor Corp.		8,500		550,467
Yamaha Motor Co., Ltd. ^(A)		1,000		25,164

				2,320,780

Banks - 3.8%
AIB Group PLC		2,300		12,490
Australia & New Zealand Banking Group, Ltd.		11,541		241,196
Banco Bilbao Vizcaya Argentaria SA		27,863		197,638
Banco de Sabadell SA		3,772		6,323
Banco Espirito Santo SA ^{(B) (C) (D) (E) (F)}		8,203		0
Banco Santander SA		69,665		373,581
Bank Hapoalim BM		1,671		11,328
Bank Leumi Le-Israel BM		5,297		31,343
Bank of America Corp.		39,200		1,105,048
Bank of East Asia, Ltd.		5,000		19,979
Bank of Ireland Group PLC		4,660		36,379
Bank of Montreal		2,699		208,628
Bank of Nova Scotia		4,400		249,143
Bankia SA ^(A)		12,024		45,032
Barclays PLC		64,908		161,902
BB&T Corp.		3,400		171,496
BNP Paribas SA		4,145		257,468
BOC Hong Kong Holdings, Ltd.		17,500		82,419
CaixaBank SA		1,400		6,059
Canadian Imperial Bank of Commerce ^(A)		1,800		156,580
CIT Group, Inc.		1,000		50,410
Citigroup, Inc.		10,611		710,088
Citizens Financial Group, Inc.		2,600		101,140
Commonwealth Bank of Australia		7,140		385,042
Credit Agricole SA		4,350		58,089
Danske Bank A/S		3,242		101,504
DBS Group Holdings, Ltd.		7,000		136,712
DNB ASA		4,574		89,465
Erste Group Bank AG ^(B)		1,234		51,518
Fukuoka Financial Group, Inc.		3,000		15,093
Hang Seng Bank, Ltd.		2,800		70,021
HSBC Holdings PLC		78,583		737,067
ING Groep NV		16,960		244,167
Intesa Sanpaolo SpA		58,880		170,972
Japan Post Bank Co., Ltd.		1,300		15,147
JPMorgan Chase & Co.		13,800		1,437,960
KBC Group NV		1,053		81,307


	Shares		Value
COMMON STOCKS (continued)
Banks (continued)
KeyCorp		4,700		$ 91,838
Lloyds Banking Group PLC		335,233		278,948
M&T Bank Corp.		1,000		170,150
Mebuki Financial Group, Inc.		3,500		11,760
Mediobanca Banca di Credito Finanziario SpA		1,088		10,116
Mitsubishi UFJ Financial Group, Inc.		44,000		250,810
Mizrahi Tefahot Bank, Ltd.		500		9,199
Mizuho Financial Group, Inc.		105,000		176,873
National Australia Bank, Ltd.		11,557		234,431
National Bank of Canada ^(A)		1,400		67,218
Nordea Bank AB		10,999		105,953
Oversea-Chinese Banking Corp., Ltd.		12,000		102,517
PNC Financial Services Group, Inc.		1,900		256,690
Raiffeisen Bank International AG		532		16,333
Regions Financial Corp.		5,500		97,790
Resona Holdings, Inc.		8,000		42,820
Royal Bank of Canada		5,700		429,196
Royal Bank of Scotland Group PLC ^(B)		1,000		3,380
Seven Bank, Ltd.		5,320		16,289
Shinsei Bank, Ltd.		1,000		15,409
Skandinaviska Enskilda Banken AB, Class A		5,953		56,601
Societe Generale SA		3,782		159,506
Standard Chartered PLC		14,639		133,809
Sumitomo Mitsui Financial Group, Inc.		5,300		206,131
Sumitomo Mitsui Trust Holdings, Inc.		1,400		55,550
Svenska Handelsbanken AB, A Shares		6,612		73,497
Swedbank AB, Class A		3,890		83,301
Toronto-Dominion Bank		7,200		416,725
UniCredit SpA		8,855		147,833
United Overseas Bank, Ltd.		5,000		98,202
US Bancorp		6,900		345,138
Wells Fargo & Co.		18,400		1,020,096
Westpac Banking Corp. ^(A)		14,817		321,284

				13,335,127

Beverages - 0.8%
Anheuser-Busch InBev SA		2,775		280,316
Asahi Group Holdings, Ltd.		1,400		71,723
Brown-Forman Corp., Class B		1,500		73,515
Carlsberg A/S, Class B		449		52,895
Coca-Cola Co.		14,900		653,514
Constellation Brands, Inc., Class A		600		131,322
Diageo PLC		10,637		382,119
Dr. Pepper Snapple Group, Inc.		1,200		146,400
Heineken NV		1,100		110,499
Kirin Holdings Co., Ltd.		4,100		109,726
PepsiCo, Inc.		6,600		718,542
Pernod Ricard SA ^(A)		983		160,598
Treasury Wine Estates, Ltd.		1,152		14,826

				2,905,995

Biotechnology - 0.9%
AbbVie, Inc.		6,700		620,755
Alexion Pharmaceuticals, Inc. ^(B)		808		100,313
Alkermes PLC ^(B)		643		26,466
Amgen, Inc.		2,533		467,566
Biogen, Inc. ^(B)		1,000		290,240
BioMarin Pharmaceutical, Inc. ^(B)		1,100		103,620
Celgene Corp. ^(B)		3,800		301,796


	Shares		Value
COMMON STOCKS (continued)
Biotechnology (continued)
CSL, Ltd.		1,863		$ 265,568
Gilead Sciences, Inc.		6,500		460,460
Grifols SA ^(A)		588		17,702
Incyte Corp. ^(B)		1,300		87,100
Regeneron Pharmaceuticals, Inc. ^(B)		400		137,996
Shire PLC		3,691		207,757
Vertex Pharmaceuticals, Inc. ^(B)		1,100		186,956

				3,274,295

Building Products - 0.2%
Assa Abloy AB, B Shares		4,407		93,929
Cie de Saint-Gobain		1,980		88,490
Daikin Industries, Ltd.		1,000		119,857
Geberit AG		200		86,014
Johnson Controls International PLC		4,300		143,835
LIXIL Group Corp.		1,400		28,021

				560,146

Capital Markets - 1.3%
Ameriprise Financial, Inc.		1,000		139,880
Amundi SA ^(G)		700		48,508
Bank of New York Mellon Corp.		5,000		269,650
BlackRock, Inc.		500		249,520
Brookfield Asset Management, Inc., Class A		3,800		154,151
Charles Schwab Corp.		5,000		255,500
CI Financial Corp.		2,400		43,138
CME Group, Inc.		1,670		273,746
Credit Suisse Group AG ^(B)		12,128		183,090
Daiwa Securities Group, Inc.		7,000		40,673
Deutsche Bank AG		8,226		88,589
Deutsche Boerse AG		586		78,116
Franklin Resources, Inc.		3,400		108,970
Goldman Sachs Group, Inc.		1,700		374,969
Hong Kong Exchanges & Clearing, Ltd.		4,200		126,338
Intercontinental Exchange, Inc.		3,200		235,360
Invesco, Ltd.		1,500		39,840
Japan Exchange Group, Inc.		2,000		37,195
London Stock Exchange Group PLC		1,500		88,509
Macquarie Group, Ltd.		1,200		109,809
Moody’s Corp.		1,000		170,560
Morgan Stanley		6,300		298,620
Natixis SA		7,300		51,815
Nomura Holdings, Inc.		15,400		74,861
Partners Group Holding AG		100		73,463
Quilter PLC ^{(B) (G)}		1		1
S&P Global, Inc.		1,100		224,279
Schroders PLC		1,300		54,181
State Street Corp.		1,900		176,871
T. Rowe Price Group, Inc.		1,500		174,135
TD Ameritrade Holding Corp.		2,000		109,540
UBS Group AG ^(B)		16,124		249,521

				4,603,398

Chemicals - 1.1%
Air Liquide SA		1,754		220,604
Air Products & Chemicals, Inc.		1,600		249,168
Air Water, Inc.		2,000		36,743
Akzo Nobel NV		1,323		113,279
Asahi Kasei Corp.		5,000		63,587
BASF SE		3,931		376,018


	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Celanese Corp., Series A		800		$ 88,848
Covestro AG ^(G)		100		8,924
DowDuPont, Inc.		10,058		663,023
Eastman Chemical Co.		600		59,976
Ecolab, Inc.		600		84,198
EMS-Chemie Holding AG ^(B)		200		128,547
FMC Corp.		600		53,526
Frutarom Industries, Ltd.		100		9,835
Givaudan SA		3		6,822
Hitachi Chemical Co., Ltd.		700		14,131
Incitec Pivot, Ltd.		7,463		20,049
Israel Chemicals, Ltd.		3,656		16,750
Johnson Matthey PLC		33		1,576
JSR Corp.		600		10,221
Kansai Paint Co., Ltd.		1,300		27,030
Koninklijke DSM NV		1,052		105,801
LANXESS AG		1,000		78,009
Linde AG		812		169,595
LyondellBasell Industries NV, Class A		1,326		145,661
Mitsubishi Chemical Holdings Corp.		6,000		50,259
Mitsubishi Gas Chemical Co., Inc.		1,000		22,671
Mitsui Chemicals, Inc.		800		21,316
Mosaic Co.		2,000		56,100
Nissan Chemical Industries, Ltd.		1,000		46,697
Nitto Denko Corp.		700		53,002
Novozymes A/S, Class B		1,430		72,554
Nutrien, Ltd.		2,372		129,042
Orica, Ltd.		841		11,047
PPG Industries, Inc.		800		82,984
Praxair, Inc.		1,100		173,965
Sherwin-Williams Co.		600		244,542
Shin-Etsu Chemical Co., Ltd.		1,400		124,845
Sika AG		300		41,624
Solvay SA		297		37,510
Sumitomo Chemical Co., Ltd.		5,000		28,361
Toray Industries, Inc.		5,000		39,471
Umicore SA		586		33,635
Yara International ASA		701		29,092

				4,050,638

Commercial Services & Supplies - 0.1%
Dai Nippon Printing Co., Ltd.		1,500		33,586
Edenred		711		22,468
G4S PLC		15,300		54,054
Republic Services, Inc.		1,400		95,704
Secom Co., Ltd.		800		61,470
Stericycle, Inc. ^(B)		600		39,174
Toppan Printing Co., Ltd.		2,000		15,680
Waste Management, Inc.		1,900		154,546

				476,682

Communications Equipment - 0.4%
Cisco Systems, Inc.		18,200		783,146
F5 Networks, Inc. ^(B)		500		86,225
Juniper Networks, Inc.		1,800		49,356
Motorola Solutions, Inc.		2,213		257,527
Nokia OYJ		21,559		124,121
Telefonaktiebolaget LM Ericsson, B Shares		10,276		79,461

				1,379,836


	Shares		Value
COMMON STOCKS (continued)
Construction & Engineering - 0.2%
Bouygues SA		792		$ 34,138
CIMIC Group, Ltd.		1,787		55,940
Ferrovial SA		2,951		60,567
Fluor Corp.		600		29,268
HOCHTIEF AG		300		54,233
JGC Corp.		1,300		26,220
Obayashi Corp.		2,800		29,159
SNC-Lavalin Group, Inc. ^(A)		800		35,331
Taisei Corp.		1,040		57,394
Vinci SA		2,296		220,829

				603,079

Construction Materials - 0.1%
Boral, Ltd.		3,696		17,861
CRH PLC		3,021		107,073
Fletcher Building, Ltd.		3,832		18,038
HeidelbergCement AG		650		54,714
Imerys SA		300		24,261
James Hardie Industries PLC, CDI		700		11,749
LafargeHolcim, Ltd. ^(B)		1,394		68,102
Taiheiyo Cement Corp.		800		26,338

				328,136

Consumer Finance - 0.2%
Acom Co., Ltd.		1,300		5,002
American Express Co.		3,800		372,400
Capital One Financial Corp.		2,500		229,750
Credit Saison Co., Ltd.		600		9,451
Synchrony Financial		4,543		151,646

				768,249

Containers & Packaging - 0.1%
Amcor, Ltd.		610		6,505
CCL Industries, Inc., Class B		1,000		49,024
Smurfit Kappa Group PLC		800		32,418
Toyo Seikan Group Holdings, Ltd.		1,600		28,123
WestRock Co.		1,400		79,828

				195,898

Distributors - 0.0% ^(H)
Genuine Parts Co.		600		55,074

Diversified Consumer Services - 0.0% ^(H)
Benesse Holdings, Inc.		300		10,649

Diversified Financial Services - 0.3%
Berkshire Hathaway, Inc., Class B ^(B)		4,700		877,255
Groupe Bruxelles Lambert SA		429		45,249
Investor AB, B Shares		1,891		77,040
Kinnevik AB, B Shares		699		23,951
Onex Corp.		100		7,340
ORIX Corp.		5,460		86,401
Wendel SA		200		27,560

				1,144,796

Diversified Telecommunication Services - 0.9%
AT&T, Inc.		30,359		974,827
BCE, Inc.		1,149		46,532
Bezeq Israeli Telecommunication Corp., Ltd.		12,438		14,018
BT Group PLC		33,088		95,109
Deutsche Telekom AG ^(B)		14,611		226,422
Elisa OYJ		564		26,128
Koninklijke KPN NV		13,289		36,159


	Shares		Value
COMMON STOCKS (continued)
Diversified Telecommunication Services (continued)
Nippon Telegraph & Telephone Corp.		2,900		$ 131,910
Orange SA		8,100		135,692
PCCW, Ltd.		36,000		20,281
Proximus SADP		242		5,457
Singapore Telecommunications, Ltd.		31,000		70,077
Spark New Zealand, Ltd.		4,216		10,651
Swisscom AG		129		57,733
Telecom Italia SpA ^(B)		49,323		36,714
Telecom Italia SpA		1,422		929
Telefonica SA		17,172		145,969
Telenor ASA		2,858		58,656
Telia Co. AB		10,340		47,286
Telstra Corp., Ltd.		15,830		30,693
Verizon Communications, Inc.		17,493		880,073

				3,051,316

Electric Utilities - 0.7%
American Electric Power Co., Inc.		2,000		138,500
Chubu Electric Power Co., Inc.		2,300		34,506
Chugoku Electric Power Co., Inc.		1,700		21,988
CK Infrastructure Holdings, Ltd.		2,000		14,824
CLP Holdings, Ltd.		8,500		91,548
Duke Energy Corp.		3,296		260,648
EDP - Energias de Portugal SA		10,120		40,182
Electricite de France SA		1,316		18,104
Enel SpA		30,044		166,901
Entergy Corp.		600		48,474
Eversource Energy		2,461		144,239
Exelon Corp.		3,078		131,123
FirstEnergy Corp.		1,066		38,280
Fortis, Inc.		1,300		41,552
Fortum OYJ		1,387		33,108
HK Electric Investments & HK Electric Investments, Ltd. ^{(A) (G)}		1,000		956
Hydro One, Ltd. ^(G)		2,900		44,206
Iberdrola SA		25,845		199,924
Kansai Electric Power Co., Inc.		2,700		39,409
Kyushu Electric Power Co., Inc.		3,500		39,073
NextEra Energy, Inc.		1,700		283,951
Orsted A/S ^(G)		700		42,351
PG&E Corp.		3,100		131,936
Power Assets Holdings, Ltd.		5,000		34,956
PPL Corp.		2,900		82,795
Southern Co.		3,100		143,561
SSE PLC		4,598		82,224
Terna Rete Elettrica Nazionale SpA ^(A)		4,800		25,964
Tohoku Electric Power Co., Inc.		1,300		15,887

				2,391,170

Electrical Equipment - 0.4%
ABB, Ltd.		7,949		174,263
Eaton Corp. PLC		1,994		149,032
Emerson Electric Co.		2,700		186,678
Legrand SA		1,171		86,015
Melrose Industries PLC		19,063		53,512
Mitsubishi Electric Corp.		8,000		106,544
Nidec Corp.		1,000		150,160
OSRAM Licht AG		351		14,346
Prysmian SpA		896		22,319


	Shares		Value
COMMON STOCKS (continued)
Electrical Equipment (continued)
Rockwell Automation, Inc.		500		$ 83,115
Schneider Electric SE		1,982		165,307
Vestas Wind Systems A/S		1,000		61,913

				1,253,204

Electronic Equipment, Instruments & Components - 0.3%
Alps Electric Co., Ltd.		600		15,423
Amphenol Corp., Class A		1,200		104,580
Hexagon AB, B Shares		1,072		59,783
Hirose Electric Co., Ltd.		315		39,064
Hitachi High-Technologies Corp.		500		20,413
Hitachi, Ltd.		17,800		125,660
Keyence Corp.		400		226,022
Kyocera Corp.		1,200		67,709
Murata Manufacturing Co., Ltd.		700		117,726
Nippon Electric Glass Co., Ltd.		300		8,346
Omron Corp.		600		28,018
TDK Corp.		500		51,122
TE Connectivity, Ltd.		800		72,048
Venture Corp., Ltd.		1,000		13,094
Yaskawa Electric Corp.		1,100		38,897

				987,905

Energy Equipment & Services - 0.2%
Baker Hughes a GE Co.		3,000		99,090
Halliburton Co.		3,900		175,734
Schlumberger, Ltd.		5,129		343,797
TechnipFMC PLC		2,662		84,492
Tenaris SA		3,718		68,232

				771,345

Equity Real Estate Investment Trusts - 0.9%
American Tower Corp.		1,935		278,969
Ascendas Real Estate Investment Trust		8,000		15,501
Boston Properties, Inc.		1,200		150,504
British Land Co. PLC		8,400		74,520
CapitaLand Commercial Trust		11,000		13,402
CapitaLand Mall Trust		1,000		1,519
Covivio		400		41,620
Crown Castle International Corp.		1,500		161,730
Digital Realty Trust, Inc.		500		55,790
Equinix, Inc.		300		128,967
Essex Property Trust, Inc.		269		64,310
Federal Realty Investment Trust		500		63,275
Gecina SA		5		837
GGP, Inc.		6,114		124,909
HCP, Inc.		3,100		80,042
Host Hotels & Resorts, Inc.		7,000		147,490
Japan Retail Fund Investment Corp.		25		45,071
Kimco Realty Corp.		1,900		32,281
Klepierre SA		1,069		40,260
Land Securities Group PLC		3,979		50,250
Link REIT		10,500		95,891
Macerich Co.		600		34,098
Mirvac Group		4,600		7,387
Nippon Building Fund, Inc. ^(A)		4		23,086
Prologis, Inc.		200		13,138
Public Storage		1,000		226,860
RioCan Real Estate Investment Trust		1,500		27,555
SBA Communications Corp. ^(B)		700		115,584


	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Scentre Group		31,774		$ 103,228
Simon Property Group, Inc.		1,413		240,479
SL Green Realty Corp.		700		70,371
Stockland		15,671		46,041
Suntec Real Estate Investment Trust		14,000		17,776
Unibail-Rodamco-Westfield ^(B)		147		32,271
Unibail-Rodamco-Westfield		369		81,250
Ventas, Inc.		2,200		125,290
VEREIT, Inc.		3,301		24,559
Vornado Realty Trust		1,300		96,096
Welltower, Inc.		2,000		125,380
Weyerhaeuser Co.		6,300		229,698

				3,307,285

Food & Staples Retailing - 0.6%
Aeon Co., Ltd.		2,200		47,094
Alimentation Couche-Tard, Inc., Class B		1,900		82,538
Carrefour SA		1,400		22,676
Colruyt SA		300		17,121
Costco Wholesale Corp.		2,100		438,858
Dairy Farm International Holdings, Ltd.		1,000		8,790
FamilyMart UNY Holdings Co., Ltd.		300		31,595
George Weston, Ltd. ^(A)		400		32,635
Jeronimo Martins SGPS SA		1,149		16,598
Koninklijke Ahold Delhaize NV		4,421		105,864
Kroger Co.		3,200		91,040
Lawson, Inc.		500		31,251
Loblaw Cos., Ltd.		909		46,741
Metro, Inc.		200		6,799
Seven & i Holdings Co., Ltd.		3,200		139,631
Tesco PLC		34,088		115,483
Walgreens Boots Alliance, Inc.		3,700		222,056
Walmart, Inc.		6,200		531,030
Wesfarmers, Ltd.		4,891		178,663
Woolworths Group, Ltd.		5,314		120,024

				2,286,487

Food Products - 0.7%
a2 Milk Co., Ltd. ^(B)		2,100		16,300
Ajinomoto Co., Inc.		3,000		56,794
Bunge, Ltd.		600		41,826
Campbell Soup Co.		1,100		44,594
Chocoladefabriken Lindt & Spruengli AG		1		76,139
Conagra Brands, Inc.		1,500		53,595
Danone SA		2,555		187,587
Golden Agri-Resources, Ltd.		16,000		3,582
Hormel Foods Corp. ^(A)		3,400		126,514
J.M. Smucker, Co.		500		53,740
Kerry Group PLC, Class A		630		65,920
Kikkoman Corp.		1,000		50,490
Kraft Heinz Co.		2,033		127,713
Marine Harvest ASA		1,700		33,857
MEIJI Holdings Co., Ltd.		600		50,616
Mondelez International, Inc., Class A		6,100		250,100
Nestle SA		11,462		890,061
Orkla ASA		3,187		27,940
Saputo, Inc.		1,000		33,203
Toyo Suisan Kaisha, Ltd.		1,000		35,632
WH Group, Ltd. ^(G)		24,000		19,547


	Shares		Value
COMMON STOCKS (continued)
Food Products (continued)
Wilmar International, Ltd.		8,000		$ 17,967
Yakult Honsha Co., Ltd.		600		40,103

				2,303,820

Gas Utilities - 0.1%
APA Group		4,694		34,217
Gas Natural SDG SA		2,960		78,398
Hong Kong & China Gas Co., Ltd.		33,426		63,992
Osaka Gas Co., Ltd.		1,400		28,989
Toho Gas Co., Ltd.		720		24,940
Tokyo Gas Co., Ltd.		1,800		47,806

				278,342

Health Care Equipment & Supplies - 0.9%
Abbott Laboratories		8,528		520,123
Baxter International, Inc.		2,000		147,680
Becton Dickinson and Co.		900		215,604
Boston Scientific Corp. ^(B)		5,400		176,580
Danaher Corp.		2,100		207,228
DENTSPLY SIRONA, Inc.		2,100		91,917
Edwards Lifesciences Corp. ^(B)		800		116,456
Essilor International Cie Generale d’Optique SA		964		136,104
Fisher & Paykel Healthcare Corp., Ltd.		2,400		24,204
Hoya Corp.		1,600		91,030
Intuitive Surgical, Inc. ^(B)		600		287,088
Koninklijke Philips NV		3,632		154,495
Medtronic PLC		5,712		489,004
Olympus Corp.		1,200		44,980
Siemens Healthineers AG ^{(B) (G)}		1,000		41,288
Smith & Nephew PLC		2,200		40,590
Stryker Corp.		1,300		219,518
Sysmex Corp.		600		56,036
Terumo Corp.		1,400		80,296
William Demant Holding A/S ^{(A) (B)}		1,400		56,352
Zimmer Biomet Holdings, Inc.		1,200		133,728

				3,330,301

Health Care Providers & Services - 0.9%
Aetna, Inc.		1,600		293,600
AmerisourceBergen Corp.		1,000		85,270
Anthem, Inc.		900		214,227
Cigna Corp.		1,300		220,935
CVS Health Corp.		4,700		302,445
DaVita, Inc. ^(B)		1,200		83,328
Express Scripts Holding Co. ^(B)		2,928		226,071
Fresenius Medical Care AG & Co. KGaA		1,268		127,909
Fresenius SE & Co. KGaA		1,644		132,086
HCA Healthcare, Inc.		1,300		133,380
Humana, Inc.		600		178,578
Laboratory Corp. of America Holdings ^(B)		400		71,812
McKesson Corp.		1,000		133,400
Medipal Holdings Corp.		900		18,111
Ryman Healthcare, Ltd.		1,600		12,972
Sonic Healthcare, Ltd.		3,610		65,534
Suzuken Co., Ltd.		100		4,236
UnitedHealth Group, Inc.		3,600		883,224

				3,187,118

Health Care Technology - 0.0% ^(H)
M3, Inc.		800		31,902


	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure - 0.7%
Accor SA		500		$ 24,536
Aristocrat Leisure, Ltd.		3,600		82,323
Carnival PLC		1,600		91,791
Chipotle Mexican Grill, Inc. ^(B)		136		58,666
Compass Group PLC		7,057		150,739
Crown Resorts, Ltd.		2,958		29,552
Galaxy Entertainment Group, Ltd.		11,400		88,272
Genting Singapore, Ltd.		36,000		32,235
Hilton Worldwide Holdings, Inc.		900		71,244
Las Vegas Sands Corp.		2,300		175,628
Marriott International, Inc., Class A		1,300		164,580
McDonald’s Corp.		3,400		532,746
McDonald’s Holdings Co. Japan, Ltd. ^(A)		400		20,413
MGM China Holdings, Ltd. ^(A)		10,000		23,198
Oriental Land Co., Ltd.		800		84,000
Paddy Power Betfair PLC		368		40,826
Restaurant Brands International, Inc.		1,000		60,320
Sands China, Ltd.		10,000		53,469
Starbucks Corp.		6,700		327,295
TUI AG		2,000		43,882
Whitbread PLC		1,300		67,924
Wynn Macau, Ltd.		9,161		29,483
Wynn Resorts, Ltd.		625		104,588
Yum! Brands, Inc.		1,700		132,974

				2,490,684

Household Durables - 0.2%
Electrolux AB, Series B		977		22,252
Garmin, Ltd.		800		48,800
Iida Group Holdings Co., Ltd.		1,600		30,883
Newell Brands, Inc.		1,700		43,843
Panasonic Corp.		9,500		128,151
Rinnai Corp.		200		17,649
Sekisui Chemical Co., Ltd.		900		15,348
Sekisui House, Ltd.		3,000		53,109
Sharp Corp.		600		14,632
Sony Corp.		4,900		250,676
Techtronic Industries Co., Ltd.		1,912		10,662

				636,005

Household Products - 0.5%
Church & Dwight Co., Inc.		1,800		95,688
Clorox Co.		600		81,150
Colgate-Palmolive Co.		3,400		220,354
Essity AB, Class B		2,423		59,840
Henkel AG & Co. KGaA		564		62,735
Kimberly-Clark Corp.		1,400		147,476
Procter & Gamble Co.		9,400		733,764
Reckitt Benckiser Group PLC		2,937		241,830
Unicharm Corp.		1,500		45,157

				1,687,994

Independent Power & Renewable Electricity Producers - 0.0% ^(H)
AES Corp.		3,000		40,230
Meridian Energy, Ltd.		7,600		16,060

				56,290

Industrial Conglomerates - 0.7%
3M Co.		2,800		550,816
CK Hutchison Holdings, Ltd.		12,156		128,910


	Shares		Value
COMMON STOCKS (continued)
Industrial Conglomerates (continued)
General Electric Co.		36,005		$ 490,028
Honeywell International, Inc.		3,300		475,365
Jardine Matheson Holdings, Ltd.		1,100		69,410
Jardine Strategic Holdings, Ltd.		1,000		36,480
Keppel Corp., Ltd.		5,200		27,288
Roper Technologies, Inc.		400		110,364
Seibu Holdings, Inc.		1,300		21,934
Sembcorp Industries, Ltd.		8,000		16,147
Siemens AG		2,819		372,723
Smiths Group PLC		3,680		82,467
Toshiba Corp. ^(B)		25,500		76,697

				2,458,629

Insurance - 1.4%
Ageas		501		25,281
AIA Group, Ltd.		44,600		389,972
Allianz SE		1,904		393,603
Allstate Corp.		1,200		109,524
American International Group, Inc.		5,920		313,878
Arch Capital Group, Ltd. ^(B)		900		23,814
Assicurazioni Generali SpA		4,281		71,841
Aviva PLC		17,697		117,712
Brighthouse Financial, Inc. ^(B)		363		14,545
Chubb, Ltd.		1,821		231,303
CNP Assurances		2,400		54,625
Dai-ichi Life Holdings, Inc.		4,700		83,884
Direct Line Insurance Group PLC		700		3,168
Everest Re Group, Ltd.		100		23,048
Fairfax Financial Holdings, Ltd.		100		56,035
Great-West Lifeco, Inc.		1,000		24,585
Hannover Rueck SE		200		24,944
Hartford Financial Services Group, Inc.		1,800		92,034
Insurance Australia Group, Ltd.		14,101		89,014
Japan Post Holdings Co., Ltd.		6,400		70,119
Legal & General Group PLC		24,800		87,061
Lincoln National Corp.		400		24,900
Loews Corp.		2,700		130,356
Manulife Financial Corp.		7,900		141,937
Mapfre SA		2,680		8,090
Marsh & McLennan Cos., Inc.		2,000		163,940
MetLife, Inc.		4,000		174,400
MS&AD Insurance Group Holdings, Inc.		2,100		65,325
Muenchener Rueckversicherungs-Gesellschaft AG		631		133,413
NN Group NV		2,600		105,784
Poste Italiane SpA ^(G)		3,200		26,794
Power Corp. of Canada		600		13,436
Principal Financial Group, Inc.		1,400		74,130
Prudential Financial, Inc.		2,000		187,020
Prudential PLC		11,309		258,875
RenaissanceRe Holdings, Ltd.		200		24,064
Sampo OYJ, Class A		1,811		88,402
SCOR SE		1,574		58,489
Sompo Holdings, Inc.		1,700		68,789
Sun Life Financial, Inc.		2,500		100,464
Suncorp Group, Ltd.		4,800		51,827
Swiss Re AG		1,463		126,607
T&D Holdings, Inc.		2,100		31,572
Tokio Marine Holdings, Inc.		3,100		145,403


	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Travelers Cos., Inc.		1,600		$ 195,744
XL Group, Ltd.		2,500		139,875
Zurich Insurance Group AG		709		210,559

				5,050,185

Internet & Catalog Retail - 0.0% ^(H)
Zalando SE ^{(B) (G)}		1,100		61,493

Internet & Direct Marketing Retail - 1.0%
Amazon.com, Inc. ^(B)		1,500		2,549,700
Booking Holdings, Inc. ^(B)		200		405,418
Netflix, Inc. ^(B)		1,600		626,288
Qurate Retail, Inc., Class A ^(B)		2,000		42,440
Start Today Co., Ltd.		800		29,011

				3,652,857

Internet Software & Services - 1.4%
Alphabet, Inc., Class A ^(B)		1,200		1,355,028
Alphabet, Inc., Class C ^(B)		1,203		1,342,127
eBay, Inc. ^(B)		4,200		152,292
Facebook, Inc., Class A ^(B)		8,845		1,718,760
REA Group, Ltd.		400		26,899
Shopify, Inc., Class A ^(B)		300		43,748
Twitter, Inc. ^(B)		4,828		210,839
United Internet AG		300		17,188
Yahoo Japan Corp. ^(A)		10,300		34,236

				4,901,117

IT Services - 1.2%
Accenture PLC, Class A		2,300		376,257
Amadeus IT Group SA		1,607		126,862
Atos SE		313		42,748
Automatic Data Processing, Inc.		2,100		281,694
Capgemini SE		792		106,548
CGI Group, Inc., Class A ^(B)		1,300		82,382
Cognizant Technology Solutions Corp., Class A		3,200		252,768
Computershare, Ltd.		1,370		18,685
Fidelity National Information Services, Inc.		1,100		116,633
Fiserv, Inc. ^(B)		2,000		148,180
FleetCor Technologies, Inc. ^(B)		400		84,260
Fujitsu, Ltd.		7,000		42,475
International Business Machines Corp.		3,500		488,950
Mastercard, Inc., Class A		4,000		786,080
NTT Data Corp.		2,955		34,057
Paychex, Inc.		300		20,505
PayPal Holdings, Inc. ^(B)		4,200		349,734
Visa, Inc., Class A		7,200		953,640
Western Union Co.		2,100		42,693
Wirecard AG		300		48,329

				4,403,480

Leisure Products - 0.1%
Mattel, Inc. ^(A)		2,600		42,692
Sankyo Co., Ltd.		300		11,746
Sega Sammy Holdings, Inc.		2,200		37,715
Shimano, Inc. ^(A)		300		44,059
Yamaha Corp.		700		36,418

				172,630

Life Sciences Tools & Services - 0.2%
Illumina, Inc. ^(B)		500		139,645
Lonza Group AG ^(B)		342		91,000


	Shares		Value
COMMON STOCKS (continued)
Life Sciences Tools & Services (continued)
Thermo Fisher Scientific, Inc.		1,500		$ 310,710

				541,355

Machinery - 0.8%
Alfa Laval AB		700		16,615
Andritz AG		200		10,618
Atlas Copco AB, A Shares		3,127		91,051
Atlas Copco AB, B Shares		1,598		41,865
Caterpillar, Inc.		2,300		312,041
CNH Industrial NV		3,146		33,418
Deere & Co.		1,600		223,680
Dover Corp.		1,300		95,160
Epiroc AB ^(B)		4,725		47,444
FANUC Corp.		800		159,003
Fortive Corp.		2,150		165,786
Hino Motors, Ltd.		2,000		21,370
Hitachi Construction Machinery Co., Ltd.		200		6,503
Hoshizaki Corp.		300		30,375
Illinois Tool Works, Inc.		1,800		249,372
JTEKT Corp.		1,200		16,345
Kawasaki Heavy Industries, Ltd.		700		20,643
Komatsu, Ltd.		4,000		114,456
Kone OYJ, Class B		1,488		75,867
Kubota Corp.		5,000		78,716
Kurita Water Industries, Ltd.		500		14,271
Makita Corp.		600		26,907
MAN SE		400		45,287
Mitsubishi Heavy Industries, Ltd.		1,500		54,613
Nabtesco Corp.		600		18,480
NGK Insulators, Ltd.		1,400		24,949
NSK, Ltd.		2,000		20,648
PACCAR, Inc.		2,800		173,488
Pentair PLC		263		11,067
Sandvik AB		5,023		89,168
SMC Corp.		200		73,396
Stanley Black & Decker, Inc.		500		66,405
Sumitomo Heavy Industries, Ltd.		800		27,024
Volvo AB, Class B		7,096		113,450
Wartsila OYJ Abp		1,761		34,611
Weir Group PLC		2,900		76,546

				2,680,638

Marine - 0.0% ^(H)
AP Moller - Maersk A/S, Class B		30		37,373
Keuhne & Nagel International AG		443		66,743
Mitsui O.S.K. Lines, Ltd.		700		16,869
Nippon Yusen KK		1,100		21,848

				142,833

Media - 1.0%
Axel Springer SE		700		50,642
CBS Corp., Class B		1,500		84,330
Charter Communications, Inc., Class A ^(B)		863		253,040
Comcast Corp., Class A		20,800		682,448
Dentsu, Inc. ^(A)		1,300		61,645
Discovery, Inc., Class A ^{(A) (B)}		2,000		55,000
Discovery, Inc., Class C ^(B)		2,952		75,276
DISH Network Corp., Class A ^(B)		3,200		107,552
Eutelsat Communications SA		1,278		26,513
Informa PLC		4,644		51,177


	Shares		Value
COMMON STOCKS (continued)
Media (continued)
JCDecaux SA		15		$ 502
Liberty Global PLC, Class A ^(B)		2,200		60,588
Liberty Global PLC, Series C ^(B)		2,200		58,542
Liberty Media Corp. - Liberty SiriusXM, Class A ^(B)		600		27,030
Liberty Media Corp. - Liberty SiriusXM, Class C ^(B)		1,200		54,432
News Corp., Class A		1,524		23,622
Omnicom Group, Inc.		2,300		175,421
Pearson PLC ^(A)		7,530		87,949
Publicis Groupe SA		701		48,250
Shaw Communications, Inc., Class B		2,300		46,852
Singapore Press Holdings, Ltd. ^(A)		7,000		13,358
Sirius XM Holdings, Inc. ^(A)		6,832		46,253
Sky PLC		4,495		86,700
Telenet Group Holding NV ^(B)		200		9,342
Twenty-First Century Fox, Inc., Class A		4,100		203,729
Twenty-First Century Fox, Inc., Class B		3,400		167,518
Vivendi SA		5,666		138,952
Walt Disney Co.		5,600		586,936
WPP PLC		5,810		91,476

				3,375,075

Metals & Mining - 0.7%
Agnico Eagle Mines, Ltd.		1,300		59,598
Anglo American PLC ^(A)		4,851		108,503
Antofagasta PLC		5,815		75,976
ArcelorMittal		519		15,219
Barrick Gold Corp. ^(A)		4,200		55,174
BHP Billiton PLC		7,679		172,892
BHP Billiton, Ltd.		13,601		341,318
Boliden AB		1,192		38,674
First Quantum Minerals, Ltd.		3,948		58,170
Fortescue Metals Group, Ltd. ^(A)		24,092		78,270
Franco-Nevada Corp.		1,100		80,284
Glencore PLC ^(B)		56,702		270,894
JFE Holdings, Inc.		2,100		39,756
Kinross Gold Corp. ^(B)		6,433		24,222
Kobe Steel, Ltd.		900		8,243
Newcrest Mining, Ltd.		3,252		52,465
Newmont Mining Corp.		6,400		241,344
Nippon Steel & Sumitomo Metal Corp.		3,100		60,914
Norsk Hydro ASA		5,754		34,470
Nucor Corp.		2,400		150,000
Rio Tinto PLC		4,842		268,454
Rio Tinto, Ltd.		1,626		100,405
South32, Ltd.		13,380		35,746
Sumitomo Metal Mining Co., Ltd.		1,000		38,278
Teck Resources, Ltd., Class B		2,100		53,496
thyssenkrupp AG		2,686		65,306
Turquoise Hill Resources, Ltd. ^(B)		16,445		46,534
voestalpine AG		363		16,723

				2,591,328

Mortgage Real Estate Investment Trusts - 0.0% ^(H)
AGNC Investment Corp.		1,500		27,885
Annaly Capital Management, Inc.		600		6,174

				34,059


	Shares		Value
COMMON STOCKS (continued)
Multi-Utilities - 0.5%
AGL Energy, Ltd.		3,330		$ 55,399
Ameren Corp.		1,100		66,935
Canadian Utilities, Ltd., Class A		600		15,152
CenterPoint Energy, Inc.		1,900		52,649
Centrica PLC		21,915		45,596
CMS Energy Corp.		3,100		146,568
Consolidated Edison, Inc.		1,600		124,768
Dominion Energy, Inc.		2,400		163,632
DTE Energy Co.		700		72,541
E.ON SE		8,854		94,650
Engie SA		7,410		113,619
Innogy SE ^(G)		1,100		47,131
National Grid PLC		15,210		168,295
Public Service Enterprise Group, Inc.		2,800		151,592
RWE AG		1,736		39,583
SCANA Corp.		1,500		57,780
Sempra Energy		600		69,666
Veolia Environnement SA		2,882		61,692
WEC Energy Group, Inc.		2,600		168,090

				1,715,338

Multiline Retail - 0.2%
Canadian Tire Corp., Ltd., Class A		400		52,211
Dollar Tree, Inc. ^(B)		973		82,705
Dollarama, Inc.		1,200		46,516
Isetan Mitsukoshi Holdings, Ltd.		1,200		15,001
Kohl’s Corp.		800		58,320
Macy’s, Inc.		3,200		119,776
Marks & Spencer Group PLC		13,300		51,798
Nordstrom, Inc.		700		36,246
Ryohin Keikaku Co., Ltd.		95		33,464
Target Corp.		2,300		175,076

				671,113

Oil, Gas & Consumable Fuels - 2.6%
Anadarko Petroleum Corp.		741		54,278
Apache Corp.		3,400		158,950
BP PLC		71,068		542,399
Canadian Natural Resources, Ltd.		4,700		169,638
Chevron Corp.		7,000		885,010
ConocoPhillips		5,300		368,986
Crescent Point Energy Corp. ^(A)		4,600		33,801
Devon Energy Corp.		4,400		193,424
Enagas SA		700		20,469
Enbridge, Inc.		6,100		218,081
Encana Corp. ^(A)		3,100		40,488
Eni SpA		10,808		200,759
EOG Resources, Inc.		2,200		273,746
EQT Corp.		600		33,108
Equinor ASA		4,735		125,812
Exxon Mobil Corp.		17,115		1,415,924
Galp Energia SGPS SA		2,135		40,727
Hess Corp.		3,000		200,670
Husky Energy, Inc. ^(A)		1,700		26,496
Imperial Oil, Ltd.		900		29,917
Inpex Corp.		3,200		33,224
JXTG Holdings, Inc.		15,650		108,871
Keyera Corp. ^(A)		600		16,695
Kinder Morgan, Inc.		8,156		144,117


	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Lundin Petroleum AB		596		$ 19,011
Marathon Oil Corp.		1,600		33,376
Marathon Petroleum Corp.		2,000		140,320
Neste OYJ		497		39,003
Noble Energy, Inc.		2,600		91,728
Occidental Petroleum Corp.		2,900		242,672
Oil Search, Ltd.		8,200		54,009
OMV AG		597		33,862
ONEOK, Inc.		2,500		174,575
Origin Energy, Ltd. ^(B)		8,100		60,124
Pembina Pipeline Corp. ^(A)		1,900		65,802
Phillips 66		2,500		280,775
Pioneer Natural Resources Co.		500		94,620
PrairieSky Royalty, Ltd.		94		1,855
Repsol SA		5,028		98,439
Royal Dutch Shell PLC, Class A		16,481		571,829
Royal Dutch Shell PLC, Class B		14,528		520,268
Santos, Ltd. ^(B)		4,052		18,802
Seven Generations Energy, Ltd., Class A ^(B)		1,500		16,533
Showa Shell Sekiyu KK		200		2,986
Suncor Energy, Inc.		6,100		248,241
TOTAL SA		8,876		541,177
Tourmaline Oil Corp. ^(A)		1,724		30,804
TransCanada Corp. ^(A)		4,000		173,065
Valero Energy Corp.		1,600		177,328
Vermilion Energy, Inc.		500		18,031
Williams Cos., Inc.		400		10,844
Woodside Petroleum, Ltd. ^(A)		3,611		94,760

				9,190,429

Paper & Forest Products - 0.0% ^(H)
Mondi PLC		200		5,414
Stora Enso OYJ, Class R		1,863		36,463
UPM-Kymmene OYJ		2,088		74,663

				116,540

Personal Products - 0.3%
Beiersdorf AG		86		9,766
Coty, Inc., Class A		2,253		31,767
Kao Corp.		2,200		167,909
L’Oreal SA		886		218,833
Shiseido Co., Ltd.		1,600		127,144
Unilever NV, CVA		6,902		385,154
Unilever PLC		4,438		245,528

				1,186,101

Pharmaceuticals - 2.2%
Allergan PLC		1,368		228,073
Astellas Pharma, Inc.		7,300		111,364
AstraZeneca PLC		5,530		383,375
Bayer AG		3,835		422,548
Bristol-Myers Squibb Co.		7,300		403,982
Chugai Pharmaceutical Co., Ltd.		700		36,734
Daiichi Sankyo Co., Ltd.		2,400		91,847
Eisai Co., Ltd.		900		63,439
Eli Lilly & Co.		3,800		324,254
GlaxoSmithKline PLC		18,369		370,862
Johnson & Johnson		9,894		1,200,538
Merck & Co., Inc.		10,000		607,000
Novartis AG		9,228		701,488


	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals (continued)
Novo Nordisk A/S, Class B		7,330		$ 340,078
Ono Pharmaceutical Co., Ltd.		2,000		46,913
Orion OYJ, Class B		352		9,491
Otsuka Holdings Co., Ltd. ^(A)		1,800		87,208
Perrigo Co. PLC		588		42,871
Pfizer, Inc.		22,000		798,160
Recordati SpA ^(E)		100		3,978
Roche Holding AG		2,625		584,614
Sanofi		4,464		357,876
Shionogi & Co., Ltd.		1,400		71,963
Taisho Pharmaceutical Holdings Co., Ltd.		201		23,547
Takeda Pharmaceutical Co., Ltd. ^(A)		3,300		139,434
UCB SA		505		39,713
Valeant Pharmaceuticals International, Inc. ^(B)		1,400		32,587
Zoetis, Inc.		1,900		161,861

				7,685,798

Professional Services - 0.2%
Experian PLC		3,140		77,680
Intertek Group PLC		1,100		82,981
Randstad NV		800		47,104
Recruit Holdings Co., Ltd.		5,100		141,233
RELX NV		5,546		118,295
RELX PLC		6,093		130,469
SGS SA		28		74,701

				672,463

Real Estate Management & Development - 0.3%
Azrieli Group, Ltd.		200		9,941
CapitaLand, Ltd.		11,000		25,512
City Developments, Ltd.		2,362		18,948
CK Asset Holdings, Ltd.		12,156		96,528
Daito Trust Construction Co., Ltd.		300		48,801
Daiwa House Industry Co., Ltd.		2,100		71,622
Deutsche Wohnen SE		1,600		77,355
Henderson Land Development Co., Ltd.		4,273		22,602
Hongkong Land Holdings, Ltd.		5,000		35,750
Hulic Co., Ltd. ^(A)		5,300		56,631
Hysan Development Co., Ltd.		389		2,172
Kerry Properties, Ltd.		1,000		4,786
LendLease Group		4,700		68,904
Mitsubishi Estate Co., Ltd.		5,200		90,976
Mitsui Fudosan Co., Ltd.		4,200		101,439
New World Development Co., Ltd.		22,000		30,957
Sino Land Co., Ltd.		15,200		24,721
Sumitomo Realty & Development Co., Ltd.		1,900		70,172
Sun Hung Kai Properties, Ltd.		7,000		105,639
Swire Pacific, Ltd., Class A		2,500		26,480
Vonovia SE		2,080		99,007
Wharf Holdings, Ltd.		6,000		19,272
Wharf Real Estate Investment Co., Ltd.		6,000		42,712

				1,150,927

Road & Rail - 0.5%
Canadian National Railway Co.		2,900		237,202
Canadian Pacific Railway, Ltd.		700		128,281
Central Japan Railway Co.		618		128,160
CSX Corp.		4,400		280,632
DSV A/S		915		73,946
East Japan Railway Co.		1,400		134,227


	Shares		Value
COMMON STOCKS (continued)
Road & Rail (continued)
Hankyu Hanshin Holdings, Inc.		1,100		$ 44,262
Kansas City Southern		500		52,980
Keikyu Corp.		1,500		24,604
Keisei Electric Railway Co., Ltd.		800		27,494
Kintetsu Group Holdings Co., Ltd.		700		28,578
MTR Corp., Ltd.		4,000		22,127
Norfolk Southern Corp.		800		120,696
Odakyu Electric Railway Co., Ltd.		1,000		21,479
Tobu Railway Co., Ltd.		800		24,495
Tokyu Corp.		1,500		25,850
Union Pacific Corp.		3,400		481,712
West Japan Railway Co.		720		53,092

				1,909,817

Semiconductors & Semiconductor Equipment - 1.3%
Analog Devices, Inc.		510		48,919
Applied Materials, Inc.		5,000		230,950
ASM Pacific Technology, Ltd.		1,178		14,894
ASML Holding NV		1,328		263,177
Broadcom, Inc.		1,750		424,620
Infineon Technologies AG		4,149		105,771
Intel Corp.		17,300		859,983
KLA-Tencor Corp.		700		71,771
Marvell Technology Group, Ltd.		2,500		53,600
Maxim Integrated Products, Inc.		1,300		76,258
Micron Technology, Inc. ^(B)		4,400		230,736
NVIDIA Corp.		2,500		592,250
NXP Semiconductors NV ^(B)		1,500		163,905
QUALCOMM, Inc.		7,300		409,676
Rohm Co., Ltd.		400		33,600
Skyworks Solutions, Inc.		1,300		125,645
STMicroelectronics NV		3,600		80,340
Texas Instruments, Inc.		4,200		463,050
Tokyo Electron, Ltd.		700		120,255
Xilinx, Inc.		1,100		71,786

				4,441,186

Software - 1.9%
Activision Blizzard, Inc.		3,600		274,752
Adobe Systems, Inc. ^(B)		2,100		512,001
Blackberry, Ltd. ^(B)		1,700		16,397
CA, Inc.		1,500		53,475
Citrix Systems, Inc. ^(B)		1,300		136,292
Constellation Software, Inc.		100		77,553
Dassault Systemes SE		500		70,068
Dell Technologies, Inc., Class V ^(B)		824		69,694
Electronic Arts, Inc. ^(B)		1,100		155,122
Intuit, Inc.		1,000		204,305
LINE Corp. ^{(A) (B)}		800		33,347
Microsoft Corp.		27,000		2,662,470
Nexon Co., Ltd. ^(B)		2,000		29,066
Nice, Ltd. ^(B)		271		28,047
Nintendo Co., Ltd.		400		130,786
Open Text Corp. ^(A)		500		17,598
Oracle Corp.		700		57,219
Oracle Corp.		14,433		635,918
Red Hat, Inc. ^(B)		600		80,622
Sage Group PLC		7,890		65,455
salesforce.com, Inc. ^(B)		3,600		491,040


	Shares		Value
COMMON STOCKS (continued)
Software (continued)
SAP SE		3,635		$ 420,038
Symantec Corp.		6,900		142,485
Trend Micro, Inc.		400		22,833
VMware, Inc., Class A ^(B)		900		132,273
Workday, Inc., Class A ^(B)		900		109,008

				6,627,864

Specialty Retail - 0.7%
ABC-Mart, Inc.		400		21,894
Fast Retailing Co., Ltd.		200		91,966
Gap, Inc.		4,000		129,560
Hennes & Mauritz AB, B Shares ^(A)		3,974		59,232
Home Depot, Inc.		5,000		975,500
Industria de Diseno Textil SA		4,560		155,815
Kingfisher PLC		10,833		42,462
L Brands, Inc.		400		14,752
Lowe’s Cos., Inc.		4,500		430,065
Nitori Holdings Co., Ltd.		450		70,234
O’Reilly Automotive, Inc. ^(B)		400		109,428
Tiffany & Co.		500		65,800
TJX Cos., Inc.		2,700		256,986

				2,423,694

Technology Hardware, Storage & Peripherals - 1.3%
Apple, Inc.		18,958		3,509,315
Brother Industries, Ltd.		2,200		43,477
Canon, Inc. ^(A)		3,700		121,345
FUJIFILM Holdings Corp.		1,700		66,425
Hewlett Packard Enterprise Co.		7,200		105,192
HP, Inc.		7,200		163,368
Konica Minolta, Inc.		1,500		13,941
NEC Corp.		700		19,221
NetApp, Inc.		3,400		267,002
Seagate Technology PLC		2,800		158,116
Western Digital Corp.		1,538		119,057
Xerox Corp.		1,200		28,800

				4,615,259

Textiles, Apparel & Luxury Goods - 0.6%
adidas AG		924		201,728
Burberry Group PLC		3,000		85,520
Cie Financiere Richemont SA		1,908		162,073
Gildan Activewear, Inc.		100		2,817
Hermes International		100		61,169
Kering SA		340		192,014
Li & Fung, Ltd.		20,000		7,342
Lululemon Athletica, Inc. ^(B)		234		29,215
Luxottica Group SpA		871		56,208
LVMH Moet Hennessy Louis Vuitton SE		1,061		353,373
Michael Kors Holdings, Ltd. ^(B)		830		55,278
NIKE, Inc., Class B		5,200		414,336
Pandora A/S		500		34,937
Puma SE		28		16,382
Ralph Lauren Corp.		700		88,004
Swatch Group AG		446		104,020
Tapestry, Inc.		2,400		112,104

				1,976,520

Tobacco - 0.5%
Altria Group, Inc.		8,700		494,073


	Shares		Value
COMMON STOCKS (continued)
Tobacco (continued)
British American Tobacco PLC		9,352		$ 472,710
Imperial Brands PLC		3,581		133,368
Japan Tobacco, Inc. ^(A)		4,678		130,772
Philip Morris International, Inc.		7,200		581,328
Swedish Match AB		700		34,677

				1,846,928

Trading Companies & Distributors - 0.2%
Ashtead Group PLC		2,800		83,994
Bunzl PLC		2,400		72,692
Fastenal Co.		2,700		129,951
Ferguson PLC		28		2,272
Finning International, Inc.		500		12,342
ITOCHU Corp.		6,000		108,793
Marubeni Corp.		6,400		48,852
Mitsubishi Corp.		5,600		155,686
Mitsui & Co., Ltd.		7,400		123,484
Sumitomo Corp.		5,500		90,412

				828,478

Transportation Infrastructure - 0.1%
Aena SME SA ^(G)		300		54,478
Aeroports de Paris		224		50,670
Atlantia SpA		2,254		66,648
Auckland International Airport, Ltd.		4,656		21,381
Kamigumi Co., Ltd.		1,000		20,801
SATS, Ltd.		4,000		14,679
Sydney Airport ^(A)		4,436		23,505
Transurban Group		12,477		110,526

				362,688

Water Utilities - 0.0% ^(H)
American Water Works Co., Inc.		1,100		93,918

Wireless Telecommunication Services - 0.3%
KDDI Corp.		6,754		184,902
Millicom International Cellular SA, SDR		429		25,338
NTT DOCOMO, Inc.		4,500		114,720
Rogers Communications, Inc., Class B		1,700		80,742
SoftBank Group Corp.		3,000		216,041
Sprint Corp. ^(A) (B)		15,500		84,320
Tele2 AB, Class B		210		2,469
Vodafone Group PLC		98,842		239,787

				948,319

Total Common Stocks (Cost $96,149,875)				148,233,105


PREFERRED STOCKS - 0.1%
Automobiles - 0.1%
Porsche Automobil Holding SE, 3.13%^(I)		98		6,244
Volkswagen AG, 2.71%^(I)		699		116,093

				122,337

Household Products - 0.0% ^(H)
Henkel AG & Co. KGaA, 1.65%^(I)		744		95,138

Total Preferred Stocks (Cost $182,156)				217,475


	Shares		Value
EXCHANGE-TRADED FUNDS - 2.1%
International Equity Fund - 0.1%
iShares Core MSCI Emerging Markets ETF		7,824		$ 410,838

International Fixed Income Fund - 2.0%
iShares JP Morgan USD Emerging Markets Bond ETF		66,180		7,066,039

Total Exchange-Traded Funds (Cost $7,621,743)				7,476,877


RIGHTS - 0.0% ^(H)
Banks - 0.0% ^(H)
Intesa Sanpaolo SpA, ^{(B) (D) (E)} Exercise Price $0, Expiration Date 07/17/2018		58,880		0

Oil, Gas & Consumable Fuels - 0.0% ^(H)
Repsol SA, ^(A) (B) Exercise Price $0, Expiration Date 07/06/2018		5,028		2,854

Total Rights (Cost $2,833)				2,854


	Principal		Value
ASSET-BACKED SECURITIES - 0.3%
Ally Auto Receivables Trust Series 2016-2, Class A4, 1.60%, 01/15/2021		$ 700,000		692,961
Synchrony Credit Card Master Note Trust Series 2016-1, Class A, 2.04%, 03/15/2022		280,000		279,131

Total Asset-Backed Securities (Cost $979,774)				972,092


CORPORATE DEBT SECURITIES - 13.7%
Aerospace & Defense - 0.2%
Lockheed Martin Corp. 4.07%, 12/15/2042		185,000		177,991
Raytheon Co. 2.50%, 12/15/2022		170,000		164,961
United Technologies Corp. 4.50%, 06/01/2042		220,000		217,406

				560,358

Air Freight & Logistics - 0.1%
United Parcel Service, Inc. 2.45%, 10/01/2022		170,000		164,725

Automobiles - 0.1%
Ford Motor Co. 4.75%, 01/15/2043		416,000		359,554

Banks - 2.2%
Bank of America Corp.
4.13%, 01/22/2024, MTN		825,000		838,579
Fixed until 01/20/2047, 4.44% ^(J), 01/20/2048, MTN		197,000		192,330
5.63%, 07/01/2020, MTN		205,000		214,554
Barclays Bank PLC 5.14%, 10/14/2020		110,000		112,645
Barclays PLC 5.25%, 08/17/2045		200,000		195,209


	Principal		Value

CORPORATE DEBT SECURITIES (continued)
Banks (continued)
BNP Paribas SA 5.00%, 01/15/2021		$ 85,000		$ 88,391
Citigroup, Inc.
3.50%, 05/15/2023		385,000		376,495
3.75%, 06/16/2024		490,000		484,267
3.88%, 10/25/2023		848,000		848,070
6.13%, 08/25/2036		172,000		194,830
Commonwealth Bank of Australia 4.32%, 01/10/2048 ^(G)		200,000		178,917
Cooperatieve Rabobank UA 2.25%, 01/14/2020, MTN		250,000		246,902
HSBC Bank USA NA 4.88%, 08/24/2020		250,000		257,664
HSBC Holdings PLC
2.95%, 05/25/2021		510,000		502,110
Fixed until 06/19/2028, 4.58% ^(J), 06/19/2029		500,000		505,017
JPMorgan Chase & Co.
3.38%, 05/01/2023		390,000		380,914
3.63%, 05/13/2024		480,000		476,794
4.40%, 07/22/2020		540,000		553,146
4.63%, 05/10/2021		53,000		54,823
Kreditanstalt fuer Wiederaufbau 4.50%, 07/16/2018		310,000		310,263
Mellon Capital IV 3-Month LIBOR + 0.57%, 4.00% ^(J), 07/30/2018 ^{(A) (K)}		115,000		103,098
Wells Fargo & Co.
3.45%, 02/13/2023		175,000		171,506
4.10%, 06/03/2026, MTN		393,000		385,101
Westpac Banking Corp. 4.88%, 11/19/2019		50,000		51,265

				7,722,890

Beverages - 0.6%
Anheuser-Busch InBev Finance, Inc.
3.65%, 02/01/2026		575,000		562,892
3.70%, 02/01/2024		470,000		469,355
Anheuser-Busch InBev Worldwide, Inc.
4.38%, 02/15/2021		110,000		113,462
8.20%, 01/15/2039		126,000		180,133
Coca-Cola Co. 3.30%, 09/01/2021		140,000		141,173
Diageo Capital PLC 4.83%, 07/15/2020		445,000		460,146
PepsiCo, Inc.
3.00%, 08/25/2021		180,000		180,376
4.25%, 10/22/2044		106,000		108,062

				2,215,599

Biotechnology - 0.3%
AbbVie, Inc. 4.40%, 11/06/2042		220,000		208,971
Amgen, Inc.
4.66%, 06/15/2051		168,000		166,117
5.70%, 02/01/2019		85,000		86,395
Biogen, Inc. 5.20%, 09/15/2045		80,000		84,898
Celgene Corp. 3.88%, 08/15/2025		490,000		476,850


	Principal		Value

CORPORATE DEBT SECURITIES (continued)
Biotechnology (continued)
Gilead Sciences, Inc. 4.50%, 02/01/2045		$ 82,000		$ 81,962

				1,105,193

Capital Markets - 0.8%
BlackRock, Inc. 5.00%, 12/10/2019		140,000		144,414
Credit Suisse Group Funding Guernsey, Ltd. 3.75%, 03/26/2025		520,000		500,120
Goldman Sachs Group, Inc.
3.63%, 01/22/2023		370,000		367,568
4.00%, 03/03/2024		842,000		842,589
6.00%, 06/15/2020, MTN		50,000		52,584
6.13%, 02/15/2033		95,000		108,632
Morgan Stanley
4.38%, 01/22/2047		194,000		185,264
4.88%, 11/01/2022		345,000		357,838
5.50%, 07/24/2020, MTN		200,000		208,928

				2,767,937

Chemicals - 0.5%
Dow Chemical Co.
4.25%, 11/15/2020		50,000		51,073
4.38%, 11/15/2042		510,000		480,388
8.55%, 05/15/2019		80,000		83,846
E.I. du Pont de Nemours & Co. 2.80%, 02/15/2023		375,000		363,642
Ecolab, Inc. 5.50%, 12/08/2041		130,000		152,882
LYB International Finance II BV 3.50%, 03/02/2027		517,000		484,821
Mosaic Co. 5.63%, 11/15/2043		124,000		124,907
Praxair, Inc. 3.55%, 11/07/2042		160,000		149,266

				1,890,825

Commercial Services & Supplies - 0.0% ^(H)
Cintas Corp. No. 2 4.30%, 06/01/2021		145,000		148,926

Communications Equipment - 0.1%
Cisco Systems, Inc. 5.90%, 02/15/2039		160,000		197,954
Motorola Solutions, Inc. 7.50%, 05/15/2025		4,000		4,553

				202,507

Consumer Finance - 0.1%
American Express Co. 8.13%, 05/20/2019		75,000		78,473
Capital One Financial Corp.
3.50%, 06/15/2023		93,000		90,849
4.75%, 07/15/2021		80,000		82,682

				252,004

Containers & Packaging - 0.1%
International Paper Co. 3.00%, 02/15/2027		532,000		481,571

Diversified Financial Services - 0.2%
Berkshire Hathaway, Inc. 3.75%, 08/15/2021 ^(A)		200,000		205,513


	Principal		Value

CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		$ 488,000		$ 472,764
National Rural Utilities Cooperative Finance Corp. 3.05%, 02/15/2022		155,000		153,932

				832,209

Diversified Telecommunication Services - 0.8%
AT&T, Inc.
3.40%, 05/15/2025		509,000		477,309
4.55%, 03/09/2049		97,000		83,869
5.35%, 09/01/2040		10,000		9,760
British Telecommunications PLC 9.63%, 12/15/2030		102,000		145,726
Deutsche Telekom International Finance BV
4.88%, 03/06/2042 ^(G)		470,000		458,673
6.00%, 07/08/2019		75,000		77,265
Telefonica Emisiones SAU 5.13%, 04/27/2020		75,000		77,372
Verizon Communications, Inc.
3.50%, 11/01/2024		665,000		643,208
4.60%, 04/01/2021		220,000		227,419
4.86%, 08/21/2046		294,000		280,938
5.15%, 09/15/2023		260,000		276,511

				2,758,050

Electric Utilities - 0.9%
AEP Texas, Inc. 6.65%, 02/15/2033		85,000		107,951
Ameren Illinois Co. 9.75%, 11/15/2018		103,000		105,640
Berkshire Hathaway Energy Co. 6.13%, 04/01/2036		371,000		457,553
Duke Energy Carolinas LLC 4.25%, 12/15/2041		455,000		463,640
Entergy Texas, Inc. 7.13%, 02/01/2019		100,000		102,303
Exelon Corp. 5.15%, 12/01/2020		90,000		93,018
Florida Power & Light Co. 4.13%, 02/01/2042		115,000		116,165
Oncor Electric Delivery Co. LLC 6.80%, 09/01/2018		100,000		100,628
Pacific Gas & Electric Co. 3.50%, 06/15/2025		475,000		443,128
Progress Energy, Inc. 4.40%, 01/15/2021		165,000		168,547
Southern California Edison Co.
4.00%, 04/01/2047		239,000		223,193
5.55%, 01/15/2036		400,000		449,654
TECO Finance, Inc. 5.15%, 03/15/2020		75,000		77,051
Wisconsin Electric Power Co. 2.95%, 09/15/2021		95,000		94,427

				3,002,898

Electronic Equipment, Instruments & Components - 0.0% ^(H)
Corning, Inc. 4.75%, 03/15/2042		155,000		156,441


	Principal		Value

CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts - 0.1%
American Tower Corp. 5.05%, 09/01/2020		$ 90,000		$ 93,018
Welltower, Inc. 4.95%, 01/15/2021		175,000		180,076

				273,094

Food & Staples Retailing - 0.1%
Ahold Finance USA LLC 6.88%, 05/01/2029		55,000		64,537
Costco Wholesale Corp. 1.70%, 12/15/2019		165,000		162,427

				226,964

Food Products - 0.3%
Kraft Heinz Foods Co.
3.00%, 06/01/2026		534,000		480,880
5.38%, 02/10/2020		78,000		80,666
Tyson Foods, Inc. 3.95%, 08/15/2024		470,000		469,056

				1,030,602

Gas Utilities - 0.0% ^(H)
CenterPoint Energy Resources Corp. 4.10%, 09/01/2047		108,000		102,850

Health Care Equipment & Supplies - 0.0% ^(H)
Medtronic, Inc. 4.50%, 03/15/2042		135,000		137,878

Health Care Providers & Services - 0.1%
Anthem, Inc. 4.55%, 03/01/2048		173,000		164,800
Cigna Corp. 4.50%, 03/15/2021		75,000		76,586
UnitedHealth Group, Inc. 4.25%, 04/15/2047		212,000		211,047

				452,433

Hotels, Restaurants & Leisure - 0.0% ^(H)
McDonald’s Corp. 5.00%, 02/01/2019, MTN		85,000		86,127

Household Durables - 0.1%
Newell Brands, Inc. 3.90%, 11/01/2025		490,000		467,186

Household Products - 0.0% ^(H)
Kimberly-Clark Corp. 3.88%, 03/01/2021		115,000		117,238

Independent Power & Renewable Electricity Producers - 0.0% ^(H)
Exelon Generation Co. LLC 4.00%, 10/01/2020		145,000		146,986

Insurance - 0.9%
American International Group, Inc.
6.25%, 05/01/2036		181,000		206,318
6.40%, 12/15/2020		70,000		75,028
Aon Corp. 5.00%, 09/30/2020		75,000		77,607
Chubb INA Holdings, Inc. 6.70%, 05/15/2036		355,000		457,815
Hartford Financial Services Group, Inc. 5.50%, 03/30/2020		430,000		446,664


	Principal		Value

CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Marsh & McLennan Cos., Inc.
4.35%, 01/30/2047		$ 204,000		$ 202,923
4.80%, 07/15/2021		55,000		57,187
MetLife, Inc. 6.40%, 12/15/2066		441,000		467,460
Prudential Financial, Inc.
3.50%, 05/15/2024, MTN		399,000		395,587
5.38%, 06/21/2020, MTN		90,000		93,658
Fixed until 06/15/2023, 5.63% ^(J), 06/15/2043		475,000		489,844
XLIT, Ltd. 5.75%, 10/01/2021		80,000		85,359

				3,055,450

Internet & Direct Marketing Retail - 0.2%
Amazon.com, Inc. 3.80%, 12/05/2024		558,000		569,322
Expedia Group, Inc. 3.80%, 02/15/2028		288,000		263,736

				833,058

IT Services - 0.2%
DXC Technology Co. 7.45%, 10/15/2029		75,000		90,944
International Business Machines Corp.
3.63%, 02/12/2024		470,000		474,469
4.00%, 06/20/2042		92,000		89,721
5.60%, 11/30/2039		5,000		5,924

				661,058

Machinery - 0.0% ^(H)
Caterpillar, Inc. 7.38%, 03/01/2097		55,000		74,194

Media - 1.2%
21st Century Fox America, Inc.
5.65%, 08/15/2020		85,000		89,187
6.15%, 02/15/2041		405,000		483,964
6.55%, 03/15/2033		75,000		89,540
CBS Corp. 3.50%, 01/15/2025		1,005,000		961,174
Comcast Cable Communications Holdings, Inc. 9.46%, 11/15/2022		225,000		276,598
Comcast Corp. 4.75%, 03/01/2044		470,000		462,736
NBCUniversal Media LLC 5.15%, 04/30/2020		50,000		51,668
RELX Capital, Inc. 8.63%, 01/15/2019		39,000		40,159
Time Warner Cable LLC 5.00%, 02/01/2020		145,000		148,027
Viacom, Inc. 3.88%, 04/01/2024 ^(A)		315,000		304,762
Walt Disney Co. 5.50%, 03/15/2019, MTN		85,000		86,704
Warner Media LLC
3.55%, 06/01/2024		500,000		482,122
3.80%, 02/15/2027		513,000		484,464
4.70%, 01/15/2021		115,000		118,361
WPP Finance 4.75%, 11/21/2021		16,000		16,454

				4,095,920


	Principal		Value

CORPORATE DEBT SECURITIES (continued)
Metals & Mining - 0.1%
Barrick North America Finance LLC 5.70%, 05/30/2041		$ 150,000		$ 166,396
Newmont Mining Corp. 4.88%, 03/15/2042		150,000		149,832
Rio Tinto Finance USA PLC 4.13%, 08/21/2042		155,000		152,797

				469,025

Multi-Utilities - 0.3%
Consolidated Edison Co. of New York, Inc. 5.30%, 03/01/2035		90,000		100,705
Dominion Energy, Inc. 3.90%, 10/01/2025		475,000		469,211
Sempra Energy 4.05%, 12/01/2023		543,000		549,869

				1,119,785

Oil, Gas & Consumable Fuels - 1.3%
BP Capital Markets PLC 2.52%, 01/15/2020		509,000		505,800
ConocoPhillips 6.50%, 02/01/2039		303,000		386,968
ConocoPhillips Holding Co. 6.95%, 04/15/2029		75,000		92,427
Devon Energy Corp.
4.75%, 05/15/2042		140,000		136,677
5.00%, 06/15/2045		187,000		190,232
Energy Transfer Partners, LP
6.13%, 12/15/2045		378,000		377,785
6.70%, 07/01/2018		90,000		90,000
Enterprise Products Operating LLC
3.70%, 02/15/2026		480,000		469,022
5.20%, 09/01/2020		50,000		52,104
Hess Corp. 6.00%, 01/15/2040		50,000		51,514
Husky Energy, Inc. 7.25%, 12/15/2019		50,000		52,764
Kinder Morgan Energy Partners, LP 5.30%, 09/15/2020		125,000		129,651
Marathon Petroleum Corp. 5.13%, 03/01/2021		33,000		34,332
Occidental Petroleum Corp. 2.70%, 02/15/2023		150,000		145,732
Plains All American Pipeline, LP / PAA Finance Corp. 3.60%, 11/01/2024		410,000		388,289
Shell International Finance BV
4.38%, 03/25/2020		55,000		56,430
6.38%, 12/15/2038		298,000		385,561
Tennessee Gas Pipeline Co. LLC 7.00%, 10/15/2028 ^(A)		425,000		499,031
TransCanada PipeLines, Ltd.
3.80%, 10/01/2020		130,000		131,652
6.50%, 08/15/2018 ^(A)		50,000		50,236
9.88%, 01/01/2021		168,000		193,756
Valero Energy Corp. 6.13%, 02/01/2020		90,000		94,008
Williams Partners, LP 5.25%, 03/15/2020		90,000		92,780

				4,606,751


	Principal		Value

CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals - 0.2%
AstraZeneca PLC 6.45%, 09/15/2037		$ 100,000		$ 123,768
GlaxoSmithKline Capital PLC 2.85%, 05/08/2022		220,000		216,277
Johnson & Johnson 3.55%, 05/15/2021		200,000		203,559
Merck & Co., Inc. 3.60%, 09/15/2042		80,000		74,720
Mylan, Inc. 5.40%, 11/29/2043		66,000		65,266

				683,590

Road & Rail - 0.1%
Burlington Northern Santa Fe LLC 4.40%, 03/15/2042		175,000		177,282
Union Pacific Corp. 3.80%, 10/01/2051		140,000		123,350

				300,632

Semiconductors & Semiconductor Equipment - 0.1%
Applied Materials, Inc. 5.85%, 06/15/2041		200,000		242,370

Software - 0.3%
Microsoft Corp.
3.70%, 08/08/2046		509,000		494,996
4.00%, 02/08/2021^(A)		200,000		206,182
Oracle Corp. 3.25%, 05/15/2030		505,000		473,055

				1,174,233

Specialty Retail - 0.2%
Home Depot, Inc. 1.80%, 06/05/2020		517,000		507,701
Lowe’s Cos., Inc. 3.80%, 11/15/2021		140,000		142,930

				650,631

Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc.
4.25%, 02/09/2047		230,000		233,277
4.65%, 02/23/2046		451,000		485,862
Xerox Corp.
3.63%, 03/15/2023		536,000		514,289
4.50%, 05/15/2021		80,000		81,045

				1,314,473

Tobacco - 0.4%
Altria Group, Inc.
2.85%, 08/09/2022		505,000		493,074
4.50%, 05/02/2043		79,000		75,769
9.25%, 08/06/2019		118,000		126,046
Philip Morris International, Inc. 6.38%, 05/16/2038		105,000		126,901
Reynolds American, Inc. 5.85%, 08/15/2045		440,000		480,346

				1,302,136

Wireless Telecommunication Services - 0.1%
Vodafone Group PLC 4.38%, 03/16/2021		230,000		236,102

Total Corporate Debt Securities (Cost $49,967,166)				48,482,453


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 1.8%
Hungary - 0.1%
Hungary Government International Bond 7.63%, 03/29/2041		$ 200,000		$ 272,949

Iraq - 0.4%
Iraq Government AID Bond 2.15%, 01/18/2022		1,272,000		1,246,545

Israel - 0.1%
Israel Government International Bond 5.13%, 03/26/2019		310,000		314,464

Mexico - 0.2%
Mexico Government International Bond 4.00%, 10/02/2023^(A)		850,000		852,550

Poland - 0.1%
Republic of Poland Government International Bond 3.25%, 04/06/2026		405,000		390,825

Supranational - 0.4%
European Investment Bank
2.88%, 09/15/2020		220,000		220,685
4.88%, 02/15/2036		285,000		351,970
Inter-American Development Bank 3.88%, 02/14/2020, MTN		635,000		647,644
International Bank for Reconstruction & Development 4.75%, 02/15/2035, MTN		245,000		299,034

				1,519,333

Ukraine - 0.5%
Ukraine Government AID Bonds 1.47%, 09/29/2021		1,900,000		1,823,968

Total Foreign Government Obligations (Cost $6,547,255)				6,420,634


MORTGAGE-BACKED SECURITIES - 0.8%
CCUBS Commercial Mortgage Trust Series 2017-C1, Class A4, 3.54%, 11/15/2050		800,000		783,686
COMM Mortgage Trust
Series 2015-CR25, Class A4,
3.76%, 08/10/2048		550,000		554,331
Series 2015-DC1, Class A5,
3.35%, 02/10/2048		575,000		568,398
CSAIL Commercial Mortgage Trust Series 2015-C4, Class A4, 3.81%, 11/15/2048		600,000		604,822
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-SGP, Class A, 1-Month LIBOR + 1.70%, 3.77% ^(J), 07/15/2036 ^(G)		237,459		238,278

Total Mortgage-Backed Securities (Cost $2,879,545)				2,749,515


MUNICIPAL GOVERNMENT OBLIGATIONS - 0.2%
California - 0.1%
Los Angeles Department of Water & Power Power System Revenue, Revenue Bonds, 6.57%, 07/01/2045		105,000		148,309


	Principal		Value

MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
State of California, General Obligation Unlimited, 7.60%, 11/01/2040		$ 115,000		$ 172,957

				321,266

New Jersey - 0.1%
New Jersey Turnpike Authority, Revenue Bonds, Series F, 7.41%, 01/01/2040		109,000		158,522

New York - 0.0% ^(H)
New York City Water & Sewer System, Revenue Bonds, 5.44%, 06/15/2043		110,000		134,991

Texas - 0.0% ^(H)
Dallas Area Rapid Transit, Revenue Bonds, Series B, 6.00%, 12/01/2044		110,000		142,674

Total Municipal Government Obligations (Cost $703,910)				757,453


U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.6%
Federal Home Loan Mortgage Corp.
2.38%, 01/13/2022		745,000		735,221
2.75%, 06/19/2023		1,906,000		1,898,805
3.00%, TBA ^(L)		1,725,000		1,712,797
3.00%, 07/01/2045 - 02/01/2047		3,667,058		3,553,641
3.50%, 10/01/2047 - 12/01/2047		4,325,997		4,306,193
4.00%, 11/01/2025 - 02/01/2046		1,532,981		1,575,977
4.00%, TBA ^(L)		950,000		968,307
4.50%, 05/01/2023		16,705		17,264
5.00%, 12/01/2038 - 04/01/2040		563,026		600,843
5.50%, 04/01/2038 - 10/01/2038		223,679		241,989
6.00%, 11/01/2037		19,049		20,982
6.75%, 03/15/2031		245,000		334,504
Federal National Mortgage Association
1.88%, 09/24/2026		1,408,000		1,285,665
2.50%, 11/01/2031 - 01/01/2032		3,111,308		3,025,383
2.63%, 09/06/2024		1,070,000		1,052,179
3.00%, 05/01/2027 - 12/01/2047		6,526,374		6,378,236
3.50%, 04/01/2047 - 03/01/2048		6,375,474		6,353,784
4.00%, 03/01/2024 - 10/01/2043		986,667		1,012,982
4.00%, TBA ^(L)		4,529,000		4,617,324
4.50%, TBA ^(L)		2,003,000		2,085,641
5.00%, 03/01/2023 - 08/01/2040		416,694		445,953
5.50%, 12/01/2023 - 12/01/2039		360,702		387,123
6.00%, 03/01/2038 - 02/01/2040		251,083		275,775
6.63%, 11/15/2030		414,000		555,307
7.25%, 05/15/2030		445,000		621,685
Government National Mortgage Association
3.00%, 04/20/2046 - 09/20/2047		4,381,270		4,300,782
3.50%, 02/20/2048		6,489,844		6,520,704
4.00%, 12/15/2040 - 11/20/2045		1,515,437		1,565,036
4.50%, 06/15/2039 - 07/20/2045		1,344,247		1,415,627
5.00%, 08/15/2039 - 09/20/2041		367,244		392,024
5.50%, 12/20/2038 - 04/15/2040		165,525		178,021
6.00%, 06/15/2037		21,329		23,323

Total U.S. Government Agency Obligations (Cost $59,187,230)				58,459,077


	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 22.6%
U.S. Treasury - 22.6%
U.S. Treasury Bond
2.25%, 08/15/2046		$ 1,209,300		$ 1,041,510
2.50%, 02/15/2046		869,000		790,077
2.75%, 11/15/2047		514,000		490,468
2.88%, 08/15/2045 - 11/15/2046		1,265,000		1,239,276
3.00%, 02/15/2047 - 05/15/2047		488,500		489,983
3.00%, 02/15/2048 ^(A)		392,000		393,317
3.13%, 11/15/2041		680,000		698,780
3.63%, 08/15/2043		2,428,300		2,706,796
3.75%, 08/15/2041 - 11/15/2043		1,243,000		1,408,694
4.38%, 05/15/2040		1,205,400		1,483,207
4.50%, 02/15/2036		851,400		1,041,036
5.50%, 08/15/2028		958,200		1,179,522
6.00%, 02/15/2026		290,000		353,154
6.13%, 11/15/2027		194,000		246,031
U.S. Treasury Note
0.75%, 07/15/2019		4,950,000		4,868,016
0.88%, 04/15/2019		2,311,000		2,285,272
1.13%, 02/28/2021 - 09/30/2021		1,486,000		1,425,758
1.25%, 01/31/2020 - 10/31/2021		3,780,600		3,663,448
1.38%, 06/30/2023		1,319,000		1,235,377
1.50%, 05/31/2019 - 08/15/2026		8,089,300		7,933,500
1.63%, 06/30/2019 - 11/15/2022		6,942,000		6,839,425
1.75%, 03/31/2022 - 05/15/2023		3,273,200		3,150,140
1.88%, 11/30/2021 - 10/31/2022		4,365,000		4,231,334
2.00%, 07/31/2022 - 02/15/2025		2,180,000		2,094,795
2.13%, 11/30/2023 - 05/15/2025		2,138,900		2,055,311
2.25%, 11/15/2024 - 08/15/2027		1,762,000		1,697,485
2.38%, 08/15/2024 - 05/15/2027		3,578,300		3,480,936
2.50%, 03/31/2023		418,800		414,612
2.63%, 08/15/2020 - 11/15/2020		4,739,000		4,743,916
2.75%, 02/15/2019 - 02/15/2028		6,787,300		6,769,569
3.50%, 05/15/2020		1,591,500		1,619,476
3.63%, 02/15/2021		7,638,000		7,832,829

Total U.S. Government Obligations (Cost $81,061,844)				79,903,050


SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.4%
U.S. Treasury Bill 1.90% ^(I), 08/16/2018		1,527,000		1,523,277

Total Short-Term U.S. Government Obligation (Cost $1,523,277)				1,523,277


	Shares		Value
SECURITIES LENDING COLLATERAL - 1.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.93% ^(I)		5,020,679		5,020,679

Total Securities Lending Collateral (Cost $5,020,679)				5,020,679

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2018

(unaudited)


Assets:
Investments, at value (cost $311,827,287) (including securities loaned of $4,841,800)	$	360,218,541
Repurchase agreement, at value (cost $4,675,241)		4,675,241
Cash		8,745
Cash collateral pledged at broker:
Centrally cleared swap agreements		179,547
Futures contracts		1,284,699
Foreign currency, at value (cost $316,638)		316,551
Receivables and other assets:
Shares of beneficial interest sold		16,125
Investments sold		1,996,853
Interest		1,312,680
Dividends		200,808
Tax reclaims		127,476
Net income from securities lending		2,653
Variation margin receivable on futures contracts		13,812
Variation margin receivable on centrally cleared swap agreements		4,431
Prepaid expenses		1,189
OTC swap agreements, at value		617,696
Unrealized appreciation on forward foreign currency contracts		163,282

Total assets		371,140,329


Liabilities:
Cash collateral received at broker:
OTC derivatives ^(A)		590,000
Payables and other liabilities:
Shares of beneficial interest redeemed		74,978
Investments purchased		2,526,000
When-issued, delayed-delivery, forward and TBA commitments purchased		9,341,917
Investment management fees		216,466
Distribution and service fees		65,464
Transfer agent costs		816
Trustees, CCO and deferred compensation fees		1,402
Audit and tax fees		15,175
Custody fees		20,865
Legal fees		4,826
Printing and shareholder reports fees		54,554
Other		4,727
Collateral for securities on loan		5,020,679
Unrealized depreciation on forward foreign currency contracts		117,500

Total liabilities		18,055,369

Net assets	$	353,084,960


Net assets consist of:
Capital stock ($0.01 par value)	$	353,398
Additional paid-in capital		291,396,659
Undistributed (distributions in excess of) net investment income (loss)		8,383,407
Accumulated net realized gain (loss)		4,174,175
Net unrealized appreciation (depreciation) on:
Investments		48,391,254
Swap agreements		590,881
Futures contracts		(234,400	)
Forward foreign currency contracts		45,782
Translation of assets and liabilities denominated in foreign currencies		(16,196	)

Net assets	$	353,084,960


Net assets by class:
Initial Class	$	26,283,143
Service Class		326,801,817

Shares outstanding:
Initial Class		2,611,197
Service Class		32,728,554

Net asset value and offering price per share:
Initial Class	$	10.07
Service Class		9.99


(A)		OTC derivatives may include swaps, options and/or swaptions and forward foreign currency contracts.

STATEMENT OF OPERATIONS

For the period ended June 30, 2018

(unaudited)


Investment Income:
Dividend income	$	2,384,371
Interest income		2,614,166
Net income (loss) from securities lending		22,759
Withholding taxes on foreign income		(138,832	)

Total investment income		4,882,464

Expenses:
Investment management fees		1,375,561
Distribution and service fees:
Service Class		416,434
Transfer agent costs		2,643
Trustees, CCO and deferred compensation fees		5,730
Audit and tax fees		22,589
Custody fees		84,852
Legal fees		11,453
Printing and shareholder reports fees		24,987
Other		9,419

Total expenses		1,953,668


Net investment income (loss)		2,928,796


Net realized gain (loss) on:
Investments		6,478,075
Swap agreements		(833,762	)
Futures contracts		(1,613,981	)
Forward foreign currency contracts		105,552
Foreign currency transactions		(26,874	)

Net realized gain (loss)		4,109,010


Net change in unrealized appreciation (depreciation) on:
Investments		(13,681,274	)
Swap agreements		602,935
Futures contracts		(240,952	)
Forward foreign currency contracts		383,770
Translation of assets and liabilities denominated in foreign currencies		(30,497	)

Net change in unrealized appreciation (depreciation)		(12,966,018	)

Net realized and change in unrealized gain (loss)		(8,857,008	)


Net increase (decrease) in net assets resulting from operations	$	(5,928,212	)

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 AB Dynamic 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.

TAM currently acts as a “manager of managers” and hires 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 a 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.

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. Interest income, if any, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

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.

There were no commissions recaptured during the period ended June 30, 2018 by the Portfolio.

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, ETF and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

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

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

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

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

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

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

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

Short-term notes: The 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.

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.

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.

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

REITs held at June 30, 2018, if any, are identified within the Schedule of Investments.

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

Restricted and illiquid securities held at June 30, 2018, 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.

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 the Portfolio’s other assets. Unsettled TBA commitments are valued at the current value of the underlying securities.

When-issued, delayed-delivery, forward and TBA commitment transactions held at June 30, 2018, 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.

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

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolio and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolio, through a single payment, in the event of default or termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2018.

Repurchase agreements at June 30, 2018, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Portfolio pursuant to a Securities Lending Agreement. The lending of securities exposes the Portfolio to risks such as, the borrowers may fail to return the loaned securities, the borrowers 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 collateral with a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities loaned. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

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

The value of loaned securities and related collateral outstanding at June 30, 2018, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of June 30, 2018.

The Portfolio’s investment objectives 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 objectives, the Portfolio may seek to use derivatives to increase or decrease its exposure to the following market risks:

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

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

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

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

they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

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

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

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, and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss within the Statement of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected as such 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). These upfront payments are recorded as Net realized gain (loss) on swap agreements within the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as Net realized gain (loss) on swap agreements within the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of Net realized gain (loss) on swap agreements within the Statement of Operations.

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

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

acceleration, obligation default, or repudiation/moratorium. If a defined credit event had occurred during the period, the swap agreements’ credit-risk-related contingent features would have been triggered, and the Portfolio would have been required to pay the notional amounts for the credit default swap agreements with a sell protection less the value of the contracts’ related reference obligations.

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

Total return swap agreements: The Portfolio is subject to commodity risk, equity risk, and other risks related to the underlying investments of the swap agreement 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 at June 30, 2018, if any, are listed within the Schedule of Investments. Centrally cleared swap agreements are marked-to-market daily and an appropriate payable or receivable for the variation margin is recorded, if applicable, and is shown in Variation margin receivable or payable on centrally cleared swap agreements within the Statement of Assets and Liabilities.

Open OTC swap agreements at June 30, 2018, if any, are listed within the Schedule of Investments. The value, as applicable, is shown in OTC swap agreements, at value within the Statement of Assets and Liabilities.

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

Open futures contracts at June 30, 2018, if any, 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.

currency contracts within the Statement of Assets and Liabilities. When the contracts are settled, a realized gain or loss is incurred and is shown in Net realized gain (loss) on forward foreign currency contracts within the Statement of Operations. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at June 30, 2018, if any, 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, if any, within the Statement of Assets and Liabilities, categorized by primary market risk exposure as of June 30, 2018.

The following is a summary of the location and the effect of derivative investments, if any, within the Statement of Operations, categorized by primary market risk exposure as of June 30, 2018.

The following is a summary of the ending monthly average volume on derivative activity during the period ended June 30, 2018.

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 its credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the 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 post collateral on derivatives if the Portfolio is in a net liability position with the counterparty exceeding certain amounts. Additionally, 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.

For financial reporting purposes, cash collateral that has been pledged or received at the custodian and/or broker to cover obligations of the Portfolio, if any, is reported separately in Cash collateral pledged at custodian and/or broker, and Cash collateral received by the 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. 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.

The following is a summary of the Portfolio’s OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolio as of June 30, 2018. For financial reporting purposes, the Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statement of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.

Investing in the Portfolio may involve certain risks. Set forth below is a summary of certain key risks related to the Portfolio’s trading activity. Please see the Portfolio’s prospectuses for a more complete discussion of these and other risks of investing in the Portfolio.

Emerging market risk: Investments in the securities of issuers located in or principally doing business in emerging markets are subject to heightened foreign investments risks. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility.

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

LLC (“Aegon USA”). Commonwealth and AUSA are wholly owned by Aegon USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

The Portfolio pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

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. TCI 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, 2019. Prior to TCI 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 TCI based on daily ANA of each class up to the following annual rates:

Brokerage commissions: The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-advisers for the period ended June 30, 2018.

For the period ended June 30, 2018, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities”. ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implication, if any, of the additional requirements and its impact on the Portfolio’s financial statements.

In December 2015, State Street, the Portfolio’s custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Portfolio in September 2016 as a reimbursement. Please reference the Financial Highlights for additional information in regards to the per share impact.

At a meeting of the Board of Trustees of Transamerica Series Trust (the “Trustees” or the “Board”) held on June 21-22, 2018, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Series Trust, on behalf of Transamerica AB Dynamic Allocation VP (the “Portfolio”). The Board also considered the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) for the Portfolio between TAM and AllianceBernstein L.P. (the “Sub-Adviser”).

Following its review and consideration, the Board determined that the terms of the Management Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the Portfolio and the contract holders invested in the Portfolio. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2019.

Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, and knowledge they gained over time through meeting with TAM and the Sub-Adviser. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Services, Inc. (“Broadridge”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees considered information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. In their review, the Trustees also sought to identify instances in which the Portfolio’s performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics, and sought to understand the reasons for such comparative positions.

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

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Portfolio; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; TAM’s and the Sub-Adviser’s responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM, when acting as a manager of managers, for the portion of the management fee it retains after payment of the sub-advisory fees. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio’s prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to the Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolio, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and contract holder functions of the funds.

company business and investor needs. The Board’s conclusions as to the Portfolio’s performance are summarized below. In describing the Portfolio’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” median if the Portfolio’s performance ranked anywhere in the first or second quintiles, as “below” median if it ranked anywhere in the fourth or fifth quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

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

The Board noted that the performance of Initial Class Shares of the Portfolio was in line with the median for its peer universe for the past 1- and 5-year periods and below the median for the past 3- and 10-year periods. The Board also noted that the performance of Initial Class Shares of the Portfolio was below its composite benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Portfolio. The Board noted that the Portfolio’s sub-adviser had commenced subadvising the Portfolio on August 16, 2010 pursuant to its current investment objective and investment strategies.

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

The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of the Portfolio’s management fee retained by TAM following payment of the sub-advisory fee and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by an independent provider of information.

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

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and Sub-Advisory Agreement are reasonable in light of the services provided.

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

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

With respect to the Sub-Adviser, the Board noted that the sub-advisory fee is the product of arm’s-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and is paid by TAM and not the Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the Portfolio.

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

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

Benefits to TAM, its Affiliates and the Sub-Adviser from their Relationships with the Portfolio

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

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

The example is based on an investment of $1,000 invested at January 1, 2018, and held for the entire six-month period until June 30, 2018.


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 19.7%
Federal Agricultural Mortgage Corp.
1-Month LIBOR - 0.09%, 1.89%^(A), 11/01/2018		$ 17,500,000		$ 17,500,000
1-Month LIBOR - 0.07%, 1.93%^(A), 07/05/2019, MTN		5,500,000		5,500,000
Federal Farm Credit Banks
3-Month LIBOR - 0.26%, 2.08%^(A), 09/28/2018		7,000,000		7,000,163
3-Month LIBOR - 0.23%, 2.08%^(A), 04/03/2019		9,000,000		8,999,469
Federal Home Loan Banks
1-Month LIBOR - 0.14%, 1.95%^(A), 10/19/2018		11,500,000		11,500,000
1-Month LIBOR - 0.09%, 1.97%^(A), 01/14/2019		7,400,000		7,400,000
3-Month LIBOR - 0.26%, 2.07%^(A), 12/20/2019		11,500,000		11,500,000
3-Month LIBOR - 0.24%, 2.10%^(A), 09/23/2019		7,750,000		7,750,000
3-Month LIBOR - 0.20%, 2.16%^(A), 01/18/2019		8,500,000		8,501,114
Federal Home Loan Mortgage Corp.
0.88%, 10/12/2018		4,531,000		4,517,921
3-Month LIBOR - 0.28%, 2.07%^(A), 08/10/2018, MTN		16,000,000		16,000,000

Total U.S. Government Agency Obligations (Cost $106,168,667)				106,168,667


SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 41.2%
Federal Agricultural Mortgage Corp.
1-Month LIBOR - 0.10%, 1.90%^(A), 01/02/2019		5,500,000		5,500,000
1-Month LIBOR - 0.10%, 1.96%^(A), 09/14/2018		6,000,000		6,000,000
1-Month LIBOR - 0.06%, 2.03%^(A), 07/25/2019		11,500,000		11,500,000
3-Month LIBOR - 0.18%, 2.18%^(A), 10/30/2018		13,000,000		13,000,000
Federal Agricultural Mortgage Corp. Discount Notes 1.68%^(B), 08/03/2018		7,500,000		7,488,348
Federal Farm Credit Bank Discount Notes
1.49%^(B), 08/09/2018		7,500,000		7,487,917
2.13%^(B), 12/04/2018		2,900,000		2,873,694
Federal Farm Credit Discount Notes 2.24%^(B), 01/23/2019		8,000,000		7,899,720
Federal Home Loan Bank Discount Notes
1.60%^(B), 07/13/2018		9,000,000		8,994,913
1.88%^(B), 08/07/2018		10,000,000		9,980,472
1.89%^(B), 07/20/2018 - 07/24/2018		26,900,000		26,868,876
1.90%^(B), 07/18/2018 - 08/13/2018		45,500,000		45,432,845
1.91%^(B), 08/08/2018		10,000,000		9,979,688
1.92%^(B), 07/25/2018		3,300,000		3,295,669
1.93%^(B), 08/03/2018		1,250,000		1,247,757
1.94%^(B), 08/23/2018 - 08/29/2018		24,000,000		23,926,340
1.95%^(B), 08/17/2018 - 09/06/2018		14,700,000		14,649,503


	Principal		Value

SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Bank Discount Notes (continued)
1.96%^(B), 09/19/2018		$ 16,500,000		$ 16,428,534

Total Short-Term U.S. Government Agency Obligations (Cost $222,554,276)				222,554,276


SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 16.0%
U.S. Treasury Bill
1.75%^(B), 08/09/2018		7,500,000		7,485,704
1.84%^(B), 08/02/2018 - 08/23/2018		18,650,000		18,609,529
1.94%^(B), 09/13/2018		7,900,000		7,868,737
1.98%^(B), 10/11/2018		8,000,000		7,955,699
1.99%^(B), 10/04/2018 - 10/18/2018		19,250,000		19,142,687
2.04%^(B), 10/25/2018		7,000,000		6,954,705
2.12%^(B), 11/23/2018 - 12/20/2018		18,250,000		18,084,201

Total Short-Term U.S. Government Obligations (Cost $86,101,262)				86,101,262


REPURCHASE AGREEMENTS - 23.2%
Fixed Income Clearing Corp., 0.90%^(B), dated 06/29/2018, to be repurchased at $112,467 on 07/02/2018. Collateralized by a U.S. Government Obligation, 1.13%, due 09/30/2021, and with a value of $119,447.		112,459		112,459
Goldman Sachs & Co., 2.00%^(B), dated 06/29/2018, to be repurchased at $24,304,050 on 07/02/2018. Collateralized by U.S. Government Obligations, 2.10% - 2.13%, due 12/06/2018 - 08/15/2021, and with a total value of $24,786,077.		24,300,000		24,300,000
Jefferies LLC, 2.00%^(B), dated 06/29/2018, to be repurchased at $50,508,417 on 07/02/2018. Collateralized by U.S. Government Obligations, 0.00% - 2.63%, due 09/15/2018 - 03/31/2025, and with a total value of $51,510,004.		50,500,000		50,500,000
Nomura Securities International, Inc., 2.10%^(B), dated 06/29/2018, to be repurchased at $50,508,838 on 07/02/2018. Collateralized by U.S. Government Obligations, 1.38% - 2.75%, due 12/06/2018 - 05/31/2023, and with a total value of $51,510,028.		50,500,000		50,500,000

Total Repurchase Agreements (Cost $125,412,459)				125,412,459

Total Investments (Cost $540,236,664)				540,236,664
Net Other Assets (Liabilities) - (0.1)%				(396,426	)


Net Assets - 100.0%				$ 539,840,238

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2018

(unaudited)


Assets:
Investments, at value (cost $414,824,205)	$	414,824,205
Repurchase agreement, at value (cost $125,412,459)		125,412,459
Receivables and other assets:
Shares of beneficial interest sold		194,915
Interest		271,563
Prepaid expenses		1,465

Total assets		540,704,607


Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		97,677
Money market waiver due to advisor		218,031
Investment management fees		397,991
Distribution and service fees		71,337
Transfer agent costs		1,084
Trustees, CCO and deferred compensation fees		1,739
Audit and tax fees		12,167
Custody fees		16,023
Legal fees		7,638
Printing and shareholder reports fees		29,059
Other		11,623

Total liabilities		864,369

Net assets	$	539,840,238


Net assets consist of:
Capital stock ($0.01 par value)	$	5,398,413
Additional paid-in capital		534,441,807
Undistributed (distributions in excess of) net investment income (loss)		18

Net assets	$	539,840,238


Net assets by class:
Initial Class	$	189,252,625
Service Class		350,587,613

Shares outstanding:
Initial Class		189,254,129
Service Class		350,587,173

Net asset value and offering price per share:
Initial Class	$	1.00
Service Class		1.00

STATEMENT OF OPERATIONS

For the period ended June 30, 2018

(unaudited)


Investment Income:
Interest income	$	4,288,902

Total investment income		4,288,902

Expenses:
Investment management fees		732,996
Distribution and service fees:
Service Class		428,870
Transfer agent costs		3,599
Trustees, CCO and deferred compensation fees		8,161
Audit and tax fees		11,581
Custody fees		69,557
Legal fees		16,671
Printing and shareholder reports fees		14,725
Other		12,239

Total expenses before waiver and/or reimbursement and recapture		1,298,399

Recapture of previously waived and/or reimbursed fees:
Initial Class		276,000
Service Class		1,647,489

Net expenses		3,221,888


Net investment income (loss)		1,067,014


Net increase (decrease) in net assets resulting from operations	$	1,067,014

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 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.

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. Interest income, if any, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

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.

There were no commissions recaptured during the period ended June 30, 2018 by the Portfolio.

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.

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.

Repurchase agreements at June 30, 2018, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

Government money market fund risk: The Portfolio operates as a “government” money market portfolio under new federal regulations. The Portfolio continues to use the special pricing and valuation conventions that currently facilitate a stable share price of $1.00, although there is no guarantee that the Portfolio will be able to maintain a $1.00 share price. The Portfolio does not currently intend to avail itself of the ability to impose “liquidity fees” and/or “gates” on fund redemptions, as permitted under the new regulations. However, the Board reserves the right, with notice to shareholders, to change this policy, thereby permitting the fund to impose such fees and gates in the future.

Aegon USA Investment Management LLC (“AUIM”) is both an affiliate and a sub-adviser of the Portfolio.

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

The Portfolio pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

As of June 30, 2018, there are no amounts available for recapture by TAM due to the operating expense limitation.

TAM, on a voluntary basis and in addition to the contractual waivers in effect from time to time, has agreed to waive fees and/or reimburse expenses of one or more classes of the Portfolio to such level(s) as the Trust’s officers have determined, or may reasonably determine from time to time, in order to prevent a negative yield. Any such waiver or expense reimbursement may be discontinued by TAM at any time. TAM is entitled to recapture any amounts so waived or reimbursed upon the Portfolio, or any classes thereof, attaining such yield as the Trust’s officers reasonably determine.

Once the Portfolio, or any classes thereof, has maintained a daily positive yield for a reasonable amount of time, as determined by TAM, TAM is entitled to reimbursement by the Portfolio, or any classes thereof, of the fees waived and/or expenses reimbursed by TAM or any of its affiliates to the Portfolio, or any classes thereof, during any of the previous thirty-six months. Waived and/or reimbursed expenses related to the maintenance of yield are included in Expenses waived and/or reimbursed within the Statement of Operations.

For the years and period ended December 31, 2015, December 31, 2016, December 31, 2017 and June 30, 2018, the amounts waived by TAM due to the maintenance of the yield are as follows:

As of June 30, 2018, there are no balances available for recapture by TAM due to the maintenance of the yield.

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. TCI 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, 2019. Prior to TCI 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 TCI based on daily ANA of each class up to the following annual rates:

Brokerage commissions: The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-advisers for the period ended June 30, 2018.

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities”. ASU 2017-08 amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implication, if any, of the additional requirements and its impact on the Portfolio’s financial statements.

At a meeting of the Board of Trustees of Transamerica Series Trust (the “Trustees” or the “Board”) held on June 21-22, 2018, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Series Trust, on behalf of Transamerica Aegon Government Money Market VP (the “Portfolio”). The Board also considered the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) for the Portfolio between TAM and Aegon USA Investment Management, LLC (the “Sub-Adviser”).

and strategies and operations, the competitive landscape of the investment company business and investor needs. The Board’s conclusions as to the Portfolio’s performance are summarized below. In describing the Portfolio’s performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was “above,” “below” or “in line with” the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as “above” median if the Portfolio’s performance ranked anywhere in the first or second quintiles, as “below” median if it ranked anywhere in the fourth or fifth quintiles, or “in line with” the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

The Board noted that the performance of Initial Class Shares of the Portfolio was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Portfolio. The Board noted that the Portfolio’s sub-adviser had commenced subadvising the Portfolio on March 22, 2011. The Trustees noted that the Portfolio transitioned from a “prime” money market portfolio to a “government” money market portfolio on May 1, 2016.

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

With respect to the Sub-Adviser, the Board noted that information about the Sub-Adviser’s revenues and expenses was incorporated into the profitability analysis for TAM and its affiliates with respect to the Portfolio. As a result, the Board principally considered profitability information for TAM and its affiliates and the Sub-Adviser in the aggregate.

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

Benefits to TAM, its Affiliates and the Sub-Adviser from their Relationships with the Portfolio

The example is based on an investment of $1,000 invested at January 1, 2018, and held for the entire six-month period until June 30, 2018.


	Principal		Value
CORPORATE DEBT SECURITIES - 93.7%
Aerospace & Defense - 1.3%
Bombardier, Inc.
6.00%, 10/15/2022^(A)		$ 117,000		$ 116,526
6.13%, 01/15/2023^(A)		1,005,000		1,007,512
7.50%, 03/15/2025^(A)		309,000		321,746
7.75%, 03/15/2020^(A)		55,000		58,025
DAE Funding LLC
4.50%, 08/01/2022^(A)		227,000		220,190
5.00%, 08/01/2024^(A)		367,000		352,504
Triumph Group, Inc.
5.25%, 06/01/2022		935,000		899,938
7.75%, 08/15/2025		491,000		486,090

				3,462,531

Airlines - 2.1%
American Airlines Group, Inc.
4.63%, 03/01/2020^(A)		710,000		706,450
5.50%, 10/01/2019^(A)		804,000		812,040
American Airlines Pass-Through Trust
5.60%, 01/15/2022^(A)		565,848		577,519
5.63%, 07/15/2022^(A)		379,128		385,762
6.13%, 07/15/2018^(A)		676,000		676,811
Continental Airlines Pass-Through Trust
5.50%, 04/29/2022		247,909		252,694
6.90%, 10/19/2023		627,486		650,138
United Airlines Pass-Through Trust 4.63%, 03/03/2024		227,147		227,534
United Continental Holdings, Inc. 4.25%, 10/01/2022		407,000		392,755
US Airways Pass-Through Trust
5.38%, 05/15/2023		432,351		441,993
6.75%, 12/03/2022		479,170		505,429

				5,629,125

Auto Components - 0.2%
Goodyear Tire & Rubber Co. 5.00%, 05/31/2026		561,000		521,730

Banks - 2.3%
Barclays PLC Fixed until 09/15/2019, 6.63%^(B), 09/15/2019 ^{(C) (D)}		687,000		687,493
BNP Paribas SA
Fixed until 03/14/2022, 6.75%^(B), 03/14/2022^{(A) (C)}		680,000		674,900
Fixed until 03/30/2021, 7.63%^(B), 03/30/2021^{(A) (C) (D)}		475,000		495,781
CIT Group, Inc. 5.00%, 08/15/2022		765,000		773,606
Intesa Sanpaolo SpA 5.71%, 01/15/2026^(A)		925,000		845,785
Lloyds Banking Group PLC Fixed until 06/27/2024, 7.50%^(B), 06/27/2024 ^(C)		1,075,000		1,091,662
Royal Bank of Scotland Group PLC Fixed until 08/15/2021, 8.63%^(B), 08/15/2021 ^(C)		690,000		733,298
Societe Generale SA Fixed until 09/13/2021, 7.38%^(B), 09/13/2021 ^{(A) (C) (D)}		920,000		936,100

				6,238,625


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages - 0.3%
Cott Holdings, Inc. 5.50%, 04/01/2025^(A)		$ 872,000		$ 848,020

Building Products - 2.1%
Associated Materials LLC / AMH New Finance, Inc. 9.00%, 01/01/2024^(A)		2,751,000		2,881,673
Builders FirstSource, Inc. 5.63%, 09/01/2024^(A)		1,284,000		1,248,690
Griffon Corp. 5.25%, 03/01/2022		1,719,000		1,672,415

				5,802,778

Capital Markets - 0.8%
Credit Suisse Group AG
Fixed until 12/18/2024, 6.25%^(B), 12/18/2024^{(A) (C)}		166,000		162,283
Fixed until 12/11/2023, 7.50%^(B), 12/11/2023^{(A) (C)}		1,807,000		1,865,728
Goldman Sachs Capital II 3-Month LIBOR + 0.77%, 4.00%, 07/30/2018 ^{(B) (C)}		169,000		142,061

				2,170,072

Chemicals - 2.1%
Eagle Intermediate Global Holding BV / Ruyi US Finance LLC 7.50%, 05/01/2025^(A)		839,000		837,951
Hexion, Inc.
6.63%, 04/15/2020		1,603,000		1,501,049
7.88%, 02/15/2023		682,000		545,600
10.00%, 04/15/2020^(D)		458,000		453,420
NOVA Chemicals Corp.
4.88%, 06/01/2024^(A)		403,000		382,850
5.25%, 06/01/2027^(A)		1,449,000		1,350,287
OCI NV 6.63%, 04/15/2023^(A)		540,000		548,478

				5,619,635

Commercial Services & Supplies - 1.0%
Aramark Services, Inc. 5.00%, 02/01/2028^(A)		262,000		250,210
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.50%, 04/01/2023^(D)		972,000		947,700
6.38%, 04/01/2024^{(A) (D)}		312,000		305,760
Garda World Security Corp. 8.75%, 05/15/2025^(A)		1,080,000		1,104,300

				2,607,970

Communications Equipment - 0.7%
CommScope Technologies LLC 6.00%, 06/15/2025 ^(A)		1,317,000		1,344,986
Nokia OYJ 3.38%, 06/12/2022		677,000		655,390

				2,000,376

Construction & Engineering - 3.0%
Abengoa Abenewco 2 SAU PIK Rate 1.25%, Cash Rate 0.25%, 03/31/2023 ^{(A) (E)}		296,447		20,751


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering (continued)
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.75%, 08/01/2025 ^(A)		$ 993,000		$ 943,350
6.88%, 02/15/2021 ^(A)		1,473,000		1,480,365
Brookfield Residential Properties, Inc.
6.38%, 05/15/2025 ^(A)		880,000		880,000
6.50%, 12/15/2020 ^(A)		256,000		259,200
Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. 6.13%, 07/01/2022 ^(A)		75,000		75,281
Century Communities, Inc. 5.88%, 07/15/2025		879,000		830,655
Pisces Midco, Inc. 8.00%, 04/15/2026 ^(A)		1,624,000		1,561,963
Weekley Homes LLC / Weekley Finance Corp. 6.00%, 02/01/2023		463,000		450,846
William Lyon Homes, Inc.
5.88%, 01/31/2025		511,000		483,534
6.00%, 09/01/2023 ^(A)		365,000		360,332
7.00%, 08/15/2022		940,000		957,625

				8,303,902

Consumer Finance - 2.5%
Ally Financial, Inc.
5.75%, 11/20/2025 ^(D)		481,000		490,019
7.50%, 09/15/2020		641,000		685,870
8.00%, 03/15/2020		294,000		314,213
Altice Financing SA
6.63%, 02/15/2023 ^(A)		516,000		508,518
7.50%, 05/15/2026 ^{(A) (D)}		807,000		780,530
Altice US Finance I Corp. 5.38%, 07/15/2023 ^(A)		340,000		338,300
Navient Corp.
4.88%, 06/17/2019, MTN		413,000		415,065
5.00%, 10/26/2020		489,000		487,778
5.88%, 10/25/2024		428,000		413,555
6.50%, 06/15/2022		325,000		332,719
6.63%, 07/26/2021		279,000		286,589
6.75%, 06/15/2026		407,000		397,720
Springleaf Finance Corp.
5.25%, 12/15/2019		645,000		653,062
6.00%, 06/01/2020		577,000		592,146

				6,696,084

Containers & Packaging - 2.5%
ARD Finance SA PIK Rate 7.88%, Cash Rate 7.13%, 09/15/2023 ^(E)		660,000		661,650
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
6.00%, 02/15/2025 ^(A)		810,000		788,737
7.25%, 05/15/2024 ^(A)		950,000		988,000
BWAY Holding Co.
5.50%, 04/15/2024 ^(A)		888,000		865,800
7.25%, 04/15/2025 ^(A)		217,000		211,575
Crown Americas LLC / Crown Americas Capital Corp. VI 4.75%, 02/01/2026 ^{(A) (D)}		263,000		249,850


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Containers & Packaging (continued)
Flex Acquisition Co., Inc.
6.88%, 01/15/2025 ^(A)		$ 522,000		$ 502,425
7.88%, 07/15/2026 ^(A)		313,000		311,779
OI European Group BV 4.00%, 03/15/2023 ^(A)		381,000		355,283
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023 ^(A)		693,000		700,796
6.38%, 08/15/2025 ^{(A) (D)}		178,000		182,450
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.13%, 07/15/2023 ^(A)		341,000		336,738
5.75%, 10/15/2020		439,975		441,625
6.88%, 02/15/2021		177,774		179,996
7.00%, 07/15/2024 ^(A)		177,000		180,761

				6,957,465

Diversified Financial Services - 2.6%
Avation Capital SA 6.50%, 05/15/2021 ^(A)		562,000		564,810
Dana Financing Luxembourg Sarl 5.75%, 04/15/2025 ^(A)		1,645,000		1,620,325
ILFC E-Capital Trust I 1.55% + Max of 3-Month LIBOR, 10-Year CMT, or 30-Year CMT, 4.57%, 12/21/2065 ^{(A) (B)}		1,578,000		1,475,430
ILFC E-Capital Trust II 1.80% + Max of 3-Month LIBOR, 15-Year CMT or 30-Year CMT, 4.82%, 12/21/2065 ^{(A) (B)}		137,000		126,725
Jefferies Finance LLC / JFIN Co-Issuer Corp.
7.25%, 08/15/2024 ^(A)		490,000		480,200
7.50%, 04/15/2021 ^(A)		848,000		860,720
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.25%, 03/15/2022 ^(A)		1,052,000		1,052,000
Travelport Corporate Finance PLC 6.00%, 03/15/2026 ^(A)		1,017,000		1,024,628

				7,204,838

Diversified Telecommunication Services - 7.9%
Altice France SA 7.38%, 05/01/2026 ^(A)		1,766,000		1,726,618
CenturyLink, Inc.
6.45%, 06/15/2021		850,000		873,944
6.75%, 12/01/2023 ^(D)		1,054,000		1,059,270
7.50%, 04/01/2024 ^(D)		242,000		248,655
7.60%, 09/15/2039		1,491,000		1,237,530
7.65%, 03/15/2042		1,294,000		1,074,020
Frontier Communications Corp.
7.63%, 04/15/2024		1,429,000		985,867
8.50%, 04/01/2026 ^{(A) (D)}		259,000		249,935
8.75%, 04/15/2022 ^(D)		389,000		328,705
9.00%, 08/15/2031 ^(D)		1,091,000		714,605
10.50%, 09/15/2022		405,000		367,538
11.00%, 09/15/2025 ^(D)		110,000		87,967
Hughes Satellite Systems Corp.
5.25%, 08/01/2026		118,000		110,625
6.50%, 06/15/2019		159,000		162,729
6.63%, 08/01/2026		620,000		573,500
7.63%, 06/15/2021		2,321,000		2,468,964


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Intelsat Jackson Holdings SA
7.25%, 10/15/2020		$ 1,634,000		$ 1,625,830
8.00%, 02/15/2024 ^(A)		185,000		194,250
9.50%, 09/30/2022 ^{(A) (D)}		355,000		410,025
Level 3 Parent LLC 5.75%, 12/01/2022		426,000		426,000
Sprint Capital Corp. 6.90%, 05/01/2019		590,000		601,918
UPCB Finance IV, Ltd. 5.38%, 01/15/2025 ^(A)		925,000		878,842
Virgin Media Finance PLC
5.75%, 01/15/2025 ^(A)		1,092,000		1,023,750
6.00%, 10/15/2024 ^(A)		200,000		190,260
6.38%, 04/15/2023 ^(A)		2,148,000		2,148,000
Virgin Media Secured Finance PLC
5.25%, 01/15/2026 ^(A)		400,000		370,000
5.50%, 08/15/2026 ^(A)		245,000		229,345
Windstream Services LLC / Windstream Finance Corp.
6.38%, 08/01/2023 ^{(A) (D)}		687,000		405,330
7.75%, 10/01/2021		473,000		379,582
8.63%, 10/31/2025 ^(A)		360,000		342,000

				21,495,604

Electric Utilities - 0.8%
Elwood Energy LLC 8.16%, 07/05/2026		1,012,087		1,123,416
Red Oak Power LLC 9.20%, 11/30/2029		841,000		960,843

				2,084,259

Energy Equipment & Services - 3.3%
CSI Compressco, LP / CSI Compressco Finance, Inc.
7.25%, 08/15/2022		860,000		786,900
7.50%, 04/01/2025 ^(A)		240,000		240,900
Exterran Energy Solutions, LP / EES Finance Corp. 8.13%, 05/01/2025		554,000		584,470
Genesis Energy, LP / Genesis Energy Finance Corp.
6.50%, 10/01/2025		598,000		574,080
6.75%, 08/01/2022		894,000		902,940
KCA Deutag UK Finance PLC 9.63%, 04/01/2023 ^(A)		1,030,000		1,044,162
Noble Holding International, Ltd.
6.05%, 03/01/2041		527,000		382,075
8.95%, 04/01/2045		359,000		327,588
NuStar Logistics, LP
4.80%, 09/01/2020		1,323,000		1,326,307
5.63%, 04/28/2027 ^(D)		496,000		479,880
6.75%, 02/01/2021		461,000		482,898
Rowan Cos., Inc.
4.88%, 06/01/2022		655,000		618,975
7.38%, 06/15/2025 ^(D)		90,000		87,075
Weatherford International LLC
6.80%, 06/15/2037 ^(D)		680,000		544,000
9.88%, 03/01/2025 ^{(A) (D)}		70,000		70,350


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Weatherford International, Ltd. 6.75%, 09/15/2040 ^(D)		$ 843,000		$ 668,077

				9,120,677

Equity Real Estate Investment Trusts - 2.2%
CBL & Associates, LP
5.25%, 12/01/2023 ^(D)		1,214,000		1,056,180
5.95%, 12/15/2026		386,000		325,082
Iron Mountain US Holdings, Inc. 5.38%, 06/01/2026 ^(A)		324,000		307,800
Iron Mountain, Inc.
4.38%, 06/01/2021 ^(A)		309,000		308,518
5.25%, 03/15/2028 ^(A)		1,163,000		1,076,240
iStar, Inc.
5.25%, 09/15/2022		404,000		391,123
6.00%, 04/01/2022		707,000		707,000
SBA Communications Corp.
4.00%, 10/01/2022 ^(A)		840,000		803,250
4.88%, 07/15/2022		1,065,000		1,055,681

				6,030,874

Food & Staples Retailing - 0.9%
Albertsons Cos. LLC / Safeway, Inc.
5.75%, 03/15/2025		914,000		808,890
6.63%, 06/15/2024 ^(D)		786,000		742,063
Rite Aid Corp.
6.13%, 04/01/2023 ^{(A) (D)}		891,000		903,474
7.70%, 02/15/2027		118,000		99,710

				2,554,137

Food Products - 1.5%
JBS USA LUX SA / JBS USA Finance, Inc.
5.75%, 06/15/2025 ^(A)		415,000		385,950
7.25%, 06/01/2021 ^(A)		748,000		755,480
Pilgrim’s Pride Corp. 5.88%, 09/30/2027 ^(A)		1,071,000		993,352
Post Holdings, Inc.
5.00%, 08/15/2026 ^(A)		692,000		645,290
5.63%, 01/15/2028 ^(A)		413,000		387,188
8.00%, 07/15/2025 ^(A)		754,000		836,940
Simmons Foods, Inc. 5.75%, 11/01/2024 ^(A)		96,000		83,280

				4,087,480

Gas Utilities - 0.1%
Ferrellgas, LP / Ferrellgas Finance Corp. 6.75%, 06/15/2023 ^(D)		460,000		400,200

Health Care Equipment & Supplies - 0.9%
DJO Finance LLC / DJO Finance Corp. 8.13%, 06/15/2021 ^(A)		1,116,000		1,129,615
Mallinckrodt International Finance SA / Mallinckrodt CB LLC
5.50%, 04/15/2025 ^{(A) (D)}		382,000		305,600
5.75%, 08/01/2022 ^{(A) (D)}		1,058,000		952,200

				2,387,415

Health Care Providers & Services - 5.0%
CHS / Community Health Systems, Inc.
5.13%, 08/01/2021 ^(D)		150,000		138,750
6.25%, 03/31/2023		323,000		295,949
6.88%, 02/01/2022		1,663,000		848,130
8.13%, 06/30/2024 ^{(A) (D)}		186,000		153,334


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
DaVita, Inc.
5.13%, 07/15/2024		$ 562,000		$ 545,140
5.75%, 08/15/2022		415,000		422,005
Encompass Health Corp. 5.75%, 11/01/2024 - 09/15/2025		1,641,000		1,649,281
HCA Healthcare, Inc. 6.25%, 02/15/2021		188,000		195,050
HCA, Inc.
5.25%, 04/15/2025 - 06/15/2026		1,736,000		1,731,614
5.88%, 03/15/2022 - 02/15/2026		1,703,000		1,739,602
7.50%, 02/15/2022		1,358,000		1,476,825
LifePoint Health, Inc.
5.38%, 05/01/2024 ^(D)		640,000		616,000
5.88%, 12/01/2023		718,000		714,410
Tenet Healthcare Corp.
4.38%, 10/01/2021		515,000		506,631
5.13%, 05/01/2025 ^(A)		284,000		269,978
6.00%, 10/01/2020		341,000		350,377
6.75%, 06/15/2023		369,000		367,155
8.13%, 04/01/2022		1,512,000		1,580,826

				13,601,057

Health Care Technology - 0.1%
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc. 5.75%, 03/01/2025 ^(A)		412,000		389,793

Hotels, Restaurants & Leisure - 6.4%
Boyd Gaming Corp.
6.00%, 08/15/2026 ^(A)		337,000		333,630
6.38%, 04/01/2026		405,000		410,063
6.88%, 05/15/2023		1,208,000		1,265,380
Boyne USA, Inc. 7.25%, 05/01/2025 ^(A)		788,000		821,490
GLP Capital, LP / GLP Financing II, Inc. 5.25%, 06/01/2025		689,000		689,000
Hilton Domestic Operating Co., Inc. 5.13%, 05/01/2026 ^(A)		847,000		832,177
International Game Technology PLC 6.50%, 02/15/2025 ^(A)		1,478,000		1,526,035
KFC Holding Co. / Pizza Hut Holdings LLC 5.25%, 06/01/2026 ^(A)		340,000		334,900
MGM Resorts International
6.00%, 03/15/2023		1,537,000		1,583,110
6.63%, 12/15/2021		794,000		836,677
MGM Resorts International Co. 5.75%, 06/15/2025		692,000		690,927
NCL Corp., Ltd. 4.75%, 12/15/2021 ^(A)		527,000		525,683
Rivers Pittsburgh Borrower, LP / Rivers Pittsburgh Finance Corp. 6.13%, 08/15/2021 ^(A)		891,000		882,090
Scientific Games International, Inc.
5.00%, 10/15/2025 ^(A)		703,000		669,607
10.00%, 12/01/2022		2,303,000		2,457,232
Viking Cruises, Ltd.
5.88%, 09/15/2027 ^(A)		2,116,000		1,999,620
6.25%, 05/15/2025 ^(A)		723,000		708,540


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
Wyndham Destinations, Inc.
4.15%, 04/01/2024		$ 717,000		$ 705,349
4.50%, 04/01/2027		291,000		282,998

				17,554,508

Household Durables - 2.2%
Beazer Homes USA, Inc.
5.88%, 10/15/2027 ^(D)		664,000		578,357
6.75%, 03/15/2025		783,000		747,765
8.75%, 03/15/2022		322,000		342,125
KB Home
7.00%, 12/15/2021		1,211,000		1,271,550
7.63%, 05/15/2023		812,000		870,870
Lennar Corp.
4.75%, 11/29/2027		512,000		480,154
5.00%, 06/15/2027		398,000		381,085
Meritage Homes Corp.
5.13%, 06/06/2027		408,000		379,440
7.15%, 04/15/2020		1,027,000		1,083,485

				6,134,831

Independent Power & Renewable Electricity Producers - 2.0%
Calpine Corp.
5.25%, 06/01/2026 ^(A)		609,000		573,602
5.50%, 02/01/2024		577,000		530,119
5.75%, 01/15/2025 ^(D)		712,000		651,035
5.88%, 01/15/2024 ^(A)		825,000		816,750
6.00%, 01/15/2022 ^(A)		683,000		696,660
NRG Energy, Inc. 7.25%, 05/15/2026		808,000		860,520
Vistra Energy Corp.
7.63%, 11/01/2024		614,000		654,677
8.00%, 01/15/2025 ^(A)		652,000		700,085

				5,483,448

Insurance - 1.4%
Genworth Holdings, Inc. 4.90%, 08/15/2023 ^(D)		698,000		610,750
Hartford Financial Services Group, Inc. 3-Month LIBOR + 2.13%, 4.47% ^(B), 02/12/2067 ^{(A) (D)}		1,692,000		1,598,940
Lincoln National Corp. 3-Month LIBOR + 2.36%, 4.68% ^(B), 05/17/2066		1,714,000		1,631,454

				3,841,144

Internet & Catalog Retail - 0.3%
NetFlix, Inc. 5.88%, 11/15/2028 ^(A)		687,000		693,664

IT Services - 0.8%
First Data Corp.
5.00%, 01/15/2024 ^(A)		394,000		391,045
5.75%, 01/15/2024 ^(A)		803,000		803,016
7.00%, 12/01/2023 ^(A)		864,000		899,925

				2,093,986

Leisure Products - 0.6%
Mattel, Inc.
2.35%, 08/15/2021 ^(D)		286,000		259,545
3.15%, 03/15/2023 ^(D)		228,000		200,070
4.35%, 10/01/2020 ^(D)		292,000		290,540


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Leisure Products (continued)
Mattel, Inc. (continued)
5.45%, 11/01/2041		$ 200,000		$ 161,000
6.75%, 12/31/2025 ^(A)		726,000		706,943

				1,618,098

Machinery - 1.3%
Meritor, Inc. 6.25%, 02/15/2024		1,503,000		1,514,272
Novelis Corp.
5.88%, 09/30/2026 ^(A)		523,000		500,773
6.25%, 08/15/2024 ^(A)		520,000		520,000
Xerium Technologies, Inc. 9.50%, 08/15/2021		1,021,000		1,077,155

				3,612,200

Media - 7.7%
Altice Luxembourg SA 7.63%, 02/15/2025 ^(A) (D)		225,000		207,000
Cablevision Systems Corp. 8.00%, 04/15/2020		383,000		402,035
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00%, 02/01/2028 ^(A)		394,000		360,510
5.13%, 02/15/2023		780,000		771,958
5.13%, 05/01/2027 ^(A)		879,000		822,414
5.25%, 03/15/2021		425,000		427,922
5.50%, 05/01/2026 ^(A)		643,000		623,517
5.75%, 01/15/2024		61,000		61,153
5.75%, 02/15/2026 ^(A)		291,000		285,908
Cequel Communications Holdings I LLC / Cequel Capital Corp.
7.50%, 04/01/2028 ^(A)		497,000		503,063
7.75%, 07/15/2025 ^(A)		800,000		836,000
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022		1,619,000		1,645,770
7.63%, 03/15/2020		2,606,000		2,590,237
CSC Holdings LLC
6.63%, 10/15/2025 ^(A)		1,449,000		1,483,414
10.13%, 01/15/2023 ^(A)		449,000		495,023
10.88%, 10/15/2025 ^(A)		483,000		556,802
DISH DBS Corp.
5.00%, 03/15/2023 ^(D)		948,000		822,390
5.88%, 07/15/2022 ^(D)		693,000		651,420
6.75%, 06/01/2021		605,000		605,756
7.75%, 07/01/2026		2,137,000		1,872,546
7.88%, 09/01/2019		601,000		623,538
Unitymedia GmbH 6.13%, 01/15/2025 ^(A)		525,000		540,750
Univision Communications, Inc.
5.13%, 02/15/2025 ^(A)		1,514,000		1,398,557
6.75%, 09/15/2022 ^(A)		1,105,000		1,131,189
Ziggo BV 5.50%, 01/15/2027 ^(A)		1,450,000		1,354,445

				21,073,317

Metals & Mining - 3.1%
Cleveland-Cliffs, Inc.
4.88%, 01/15/2024 ^(A)		634,000		611,810
5.75%, 03/01/2025 ^(D)		384,000		363,840


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
Constellium NV
5.75%, 05/15/2024 ^(A)		$ 341,000		$ 329,918
6.63%, 03/01/2025 ^{(A) (D)}		849,000		855,367
First Quantum Minerals, Ltd.
6.50%, 03/01/2024 ^(A)		700,000		675,500
7.00%, 02/15/2021 ^(A)		383,000		386,830
7.25%, 04/01/2023 ^(A)		855,000		855,000
Freeport-McMoRan, Inc.
5.45%, 03/15/2043		910,000		798,252
6.88%, 02/15/2023		877,000		924,095
New Gold, Inc.
6.25%, 11/15/2022 ^(A)		682,000		688,820
6.38%, 05/15/2025 ^{(A) (D)}		571,000		562,435
Teck Resources, Ltd.
6.00%, 08/15/2040		1,183,000		1,150,467
6.25%, 07/15/2041		134,000		133,330
8.50%, 06/01/2024 ^(A)		146,000		160,053

				8,495,717

Oil, Gas & Consumable Fuels - 10.0%
Alta Mesa Holdings, LP / Alta Mesa Finance Services Corp. 7.88%, 12/15/2024		618,000		654,307
Andeavor Logistics, LP / Tesoro Logistics Finance Corp. 6.38%, 05/01/2024		400,000		427,000
Callon Petroleum Co.
6.13%, 10/01/2024		1,093,000		1,106,662
6.38%, 07/01/2026 ^(A)		235,000		235,588
Carrizo Oil & Gas, Inc.
6.25%, 04/15/2023		345,000		349,313
7.50%, 09/15/2020		135,000		135,844
8.25%, 07/15/2025		746,000		790,760
Cheniere Corpus Christi Holdings LLC 5.88%, 03/31/2025		520,000		540,800
Chesapeake Energy Corp.
8.00%, 12/15/2022 ^{(A) (D)}		392,000		411,482
8.00%, 06/15/2027 ^(D)		661,000		672,567
CITGO Petroleum Corp. 6.25%, 08/15/2022 ^(A)		769,000		765,386
Continental Resources, Inc. 5.00%, 09/15/2022		597,000		604,888
CrownRock, LP / CrownRock Finance, Inc. 5.63%, 10/15/2025 ^(A)		570,000		550,050
DCP Midstream, LP Fixed until 12/15/2022, 7.38%, 12/15/2022 ^{(B) (C)}		718,000		687,485
Denbury Resources, Inc. 9.00%, 05/15/2021 ^(A)		768,000		811,930
Diamondback Energy, Inc. 5.38%, 05/31/2025 ^(A)		275,000		274,313
EP Energy LLC / Everest Acquisition Finance, Inc.
7.75%, 05/15/2026 ^(A)		485,000		495,912
8.00%, 11/29/2024 ^{(A) (D)}		215,000		217,150
9.38%, 05/01/2024 ^(A)		331,000		271,420
Gulfport Energy Corp.
6.00%, 10/15/2024		217,000		208,863
6.38%, 05/15/2025 - 01/15/2026		1,045,000		1,011,200


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
HighPoint Operating Corp. 8.75%, 06/15/2025		$ 431,000		$ 461,170
Kinder Morgan, Inc.
7.75%, 01/15/2032, MTN		245,000		299,190
8.05%, 10/15/2030, MTN		134,000		159,844
Oasis Petroleum, Inc.
6.25%, 05/01/2026 ^(A)		432,000		436,320
6.88%, 03/15/2022		939,000		955,160
Parsley Energy LLC / Parsley Finance Corp.
5.25%, 08/15/2025 ^(A)		240,000		235,800
5.38%, 01/15/2025 ^(A)		505,000		501,212
5.63%, 10/15/2027 ^(A)		227,000		225,298
PDC Energy, Inc. 6.13%, 09/15/2024		993,000		1,012,860
QEP Resources, Inc. 5.63%, 03/01/2026 ^(D)		344,000		329,380
Shelf Drilling Holdings, Ltd. 8.25%, 02/15/2025 ^(A)		793,000		798,947
SM Energy Co.
6.13%, 11/15/2022 ^(D)		619,000		634,475
6.50%, 11/15/2021		426,000		435,798
6.50%, 01/01/2023 ^(D)		182,000		183,820
6.75%, 09/15/2026 ^(D)		118,000		118,295
Southwestern Energy Co. 7.50%, 04/01/2026 ^(D)		709,000		733,815
Summit Midstream Holdings LLC / Summit Midstream Finance Corp. 5.75%, 04/15/2025		343,000		325,850
Summit Midstream Partners, LP Fixed until 12/15/2022, 9.50%, 12/15/2022 ^{(B) (C)}		672,000		658,560
Targa Resources Partners, LP / Targa Resources Partners Finance Corp.
5.00%, 01/15/2028 ^(A)		450,000		418,500
5.13%, 02/01/2025		991,000		978,612
5.88%, 04/15/2026 ^(A)		628,000		632,710
6.75%, 03/15/2024		1,043,000		1,095,150
Ultra Resources, Inc.
6.88%, 04/15/2022 ^(A)		118,000		89,385
7.13%, 04/15/2025 ^{(A) (D)}		587,000		412,368
Whiting Petroleum Corp.
5.75%, 03/15/2021		845,000		863,565
6.63%, 01/15/2026 ^{(A) (D)}		360,000		370,800
WildHorse Resource Development Corp.
6.88%, 02/01/2025 ^(A)		50,000		50,938
6.88%, 02/01/2025		978,000		996,337
WPX Energy, Inc.
5.25%, 09/15/2024		476,000		468,265
6.00%, 01/15/2022		334,000		347,360
8.25%, 08/01/2023		726,000		822,195

				27,274,899

Paper & Forest Products - 0.5%
Boise Cascade Co. 5.63%, 09/01/2024 ^(A)		375,000		375,937
Norbord, Inc. 6.25%, 04/15/2023 ^(A)		1,018,000		1,061,367

				1,437,304


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Personal Products - 0.2%
Revlon Consumer Products Corp. 5.75%, 02/15/2021 ^(D)		$ 886,000		$ 662,285

Pharmaceuticals - 2.2%
Endo Dac / Endo Finance LLC 6.00%, 07/15/2023 ^(A)		1,243,000		1,022,367
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/2021		164,000		152,116
6.75%, 03/01/2028 ^(D)		749,000		763,402
Valeant Pharmaceuticals International, Inc.
5.50%, 11/01/2025 ^(A)		172,000		169,506
5.88%, 05/15/2023 ^(A)		3,064,000		2,878,245
6.13%, 04/15/2025 ^(A)		67,000		61,724
6.50%, 03/15/2022 ^(A)		125,000		129,375
7.50%, 07/15/2021 ^(A)		323,000		328,047
9.25%, 04/01/2026 ^(A)		415,000		431,081

				5,935,863

Real Estate Management & Development - 0.3%
Realogy Group LLC / Realogy Co-Issuer Corp.
4.88%, 06/01/2023 ^(A)		479,000		450,260
5.25%, 12/01/2021 ^{(A) (D)}		239,000		237,805

				688,065

Road & Rail - 0.3%
Hertz Corp.
5.50%, 10/15/2024 ^{(A) (D)}		301,000		236,661
6.25%, 10/15/2022 ^(D)		668,000		594,520

				831,181

Semiconductors & Semiconductor Equipment - 0.3%
NXP BV / NXP Funding LLC 3.88%, 09/01/2022 ^(A)		896,000		880,320

Software - 1.2%
Infor US, Inc.
5.75%, 08/15/2020 ^(A)		672,000		680,400
6.50%, 05/15/2022		1,648,000		1,650,060
Sophia, LP / Sophia Finance, Inc. 9.00%, 09/30/2023 ^(A)		980,000		1,028,878

				3,359,338

Specialty Retail - 0.9%
L Brands, Inc.
6.75%, 07/01/2036		1,119,000		984,720
6.88%, 11/01/2035		773,000		687,970
PetSmart, Inc. 5.88%, 06/01/2025 ^{(A) (D)}		1,180,000		908,718

				2,581,408

Technology Hardware, Storage & Peripherals - 2.2%
Dell International LLC / EMC Corp.
5.45%, 06/15/2023 ^(A)		566,000		592,397
5.88%, 06/15/2021 ^(A)		664,000		673,045
7.13%, 06/15/2024 ^{(A) (D)}		693,000		734,184
8.35%, 07/15/2046 ^(A)		405,000		487,749
Diebold Nixdorf, Inc. 8.50%, 04/15/2024 ^(D)		1,314,000		1,258,589
Seagate HDD Cayman
4.75%, 06/01/2023 ^(D)		617,000		611,903
4.75%, 01/01/2025		385,000		369,236


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Seagate HDD Cayman (continued)
4.88%, 06/01/2027		$ 128,000		$ 118,971
5.75%, 12/01/2034 ^(D)		700,000		638,919
Western Digital Corp. 4.75%, 02/15/2026		513,000		498,892

				5,983,885

Trading Companies & Distributors - 0.8%
United Rentals North America, Inc.
4.88%, 01/15/2028		168,000		155,560
5.50%, 07/15/2025 - 05/15/2027		2,042,000		2,039,690

				2,195,250

Wireless Telecommunication Services - 2.8%
Sprint Communications, Inc.
9.00%, 11/15/2018 ^(A)		467,000		476,340
11.50%, 11/15/2021		955,000		1,126,900
Sprint Corp.
7.13%, 06/15/2024		1,338,000		1,350,831
7.63%, 03/01/2026		734,000		748,680
7.88%, 09/15/2023		1,788,000		1,853,932
T-Mobile USA, Inc.
4.00%, 04/15/2022		360,000		356,328
4.50%, 02/01/2026		412,000		384,705
6.50%, 01/15/2024		273,000		285,285
Wind Tre SpA 5.00%, 01/20/2026 ^(A)		1,205,000		954,963

				7,537,964

Total Corporate Debt Securities (Cost $259,509,228)				256,183,322


LOAN ASSIGNMENTS - 1.5%
Communications Equipment - 0.3%
Avaya, Inc. Term Loan B, 1-Month LIBOR + 4.25%, 6.32% ^(B), 12/15/2024		796,000		796,497

Electrical Equipment - 0.1%
Atkore International, Inc. 1st Lien Term Loan, 3-Month LIBOR + 2.75%, 5.09% ^(B), 12/22/2023		317,753		317,276

Energy Equipment & Services - 0.3%
Weatherford International, Ltd. Term Loan, 1-Month LIBOR + 1.43%, 3.53% ^(B), 07/13/2020		782,353		772,574

IT Services - 0.2%
First Data Corp. Term Loan, 1-Month LIBOR + 2.00%, 4.09% ^(B), 07/08/2022		720,064		715,203

Machinery - 0.2%
Cortes NP Acquisition Corp. Term Loan B, 1-Month LIBOR + 4.00%, 6.00% ^(B), 11/30/2023		507,705		500,724


	Principal		Value

LOAN ASSIGNMENTS (continued)
Marine - 0.2%
Commercial Barge Line Co. 1st Lien Term Loan, 1-Month LIBOR + 8.75%, 10.84% ^(B), 11/12/2020 ^(H)		$ 661,188		$ 456,311

Software - 0.2%
Kronos, Inc. 2nd Lien Term Loan, 3-Month LIBOR + 8.25%, 10.61% ^(B), 11/01/2024		454,000		468,755

Total Loan Assignments (Cost $4,212,058)				4,027,340


	Shares		Value
COMMON STOCK - 0.2%
Electric Utilities - 0.2%
Homer City Generation LLC ^{(F) (G) (H) (I)}		39,132		570,936

Total Common Stock (Cost $2,125,325)				570,936


PREFERRED STOCKS - 1.4%
Banks - 1.1%
GMAC Capital Trust I, Series 2, 3-Month LIBOR + 5.79%, 8.13% ^(B)		113,050		2,973,215

Building Products - 0.3%
Associated Materials Group, Inc., PIK Rate 0.00%, Cash Rate 0.00% ^{(E) (F) (H) (I)}		1,300,464		988,352

Total Preferred Stocks (Cost $3,939,350)				3,961,567


WARRANT - 0.0% ^(J)
Building Products - 0.0% ^(J)
Associated Materials Group, Inc., ^{(F) (G) (H) (I)} Exercise Price $0, Expiration Date 11/17/2023		15,911		10,342

Total Warrant (Cost $0)				10,342


SECURITIES LENDING COLLATERAL - 10.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.93% ^(K)		29,601,488		29,601,488

Total Securities Lending Collateral (Cost $29,601,488)				29,601,488

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2018

(unaudited)


Assets:
Investments, at value (cost $299,387,449) (including securities loaned of $28,989,934)	$	294,354,995
Repurchase agreement, at value (cost $3,922,327)		3,922,327
Cash		4,119
Receivables and other assets:
Shares of beneficial interest sold		116
Investments sold		1,006,861
When-issued, delayed-delivery, forward and TBA commitments sold		84,141
Interest		4,421,742
Tax reclaims		16,607
Net income from securities lending		20,217
Prepaid expenses		908

Total assets		303,832,033


Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		139,394
Investments purchased		231,016
When-issued, delayed-delivery, forward and TBA commitments purchased		83,000
Investment management fees		127,061
Distribution and service fees		32,899
Transfer agent costs		634
Trustees, CCO and deferred compensation fees		955
Audit and tax fees		16,174
Custody fees		3,564
Legal fees		10,659
Printing and shareholder reports fees		29,412
Other		5,682
Collateral for securities on loan		29,601,488

Total liabilities		30,281,938

Net assets	$	273,550,095


Net assets consist of:
Capital stock ($0.01 par value)	$	341,272
Additional paid-in capital		262,999,724
Undistributed (distributions in excess of) net investment income (loss)		24,418,475
Accumulated net realized gain (loss)		(9,176,922	)
Net unrealized appreciation (depreciation) on:
Investments		(5,032,454	)

Net assets	$	273,550,095


Net assets by class:
Initial Class	$	109,069,405
Service Class		164,480,690

Shares outstanding:
Initial Class		13,713,010
Service Class		20,414,231

Net asset value and offering price per share:
Initial Class	$	7.95
Service Class		8.06

STATEMENT OF OPERATIONS

For the period ended June 30, 2018

(unaudited)


Investment Income:
Dividend income	$	105,733
Interest income		8,784,812
Net income (loss) from securities lending		131,328

Total investment income		9,021,873

Expenses:
Investment management fees		802,431
Distribution and service fees:
Service Class		206,484
Transfer agent costs		2,033
Trustees, CCO and deferred compensation fees		4,357
Audit and tax fees		15,776
Custody fees		23,974
Legal fees		18,348
Printing and shareholder reports fees		15,728
Other		6,153

Total expenses		1,095,284


Net investment income (loss)		7,926,589


Net realized gain (loss) on:
Investments		575,267


Net change in unrealized appreciation (depreciation) on:
Investments		(8,466,917	)

Net realized and change in unrealized gain (loss)		(7,891,650	)


Net increase (decrease) in net assets resulting from operations	$	34,939

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.

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. Interest income, if any, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

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

There were no commissions recaptured during the period ended June 30, 2018 by the Portfolio.

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.

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.

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.

Warrants: Warrants may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the warrants are priced at zero. Warrants are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

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 unsecured loan participations at June 30, 2018. Open secured loan participations and assignments at June 30, 2018, if any, are included within the Schedule of Investments.

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

PIKs held at June 30, 2018, if any, are identified within the Schedule of Investments.

REITs held at June 30, 2018, if any, are identified within the Schedule of Investments.

Restricted and illiquid securities held at June 30, 2018, if any, are identified within the Schedule of Investments.

Repurchase agreements at June 30, 2018, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

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 collateral with a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities loaned. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

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

The value of loaned securities and related collateral outstanding at June 30, 2018, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

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

Aegon USA Investment Management LLC (“AUIM”) is both an affiliate and a sub-adviser of the Portfolio.

The Portfolio pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

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. TCI 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, 2019. Prior to TCI 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 TCI based on daily ANA of each class up to the following annual rates:

to TAM by the Portfolio are referred to as Transfer agent costs and included within the Statement of Operations and the costs payable to TAM are referred to as Transfer agent costs and included within the Statement of Assets and Liabilities.

Brokerage commissions: The Portfolio incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-advisers for the period ended June 30, 2018.

For the period ended June 30, 2018, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

At a meeting of the Board of Trustees of Transamerica Series Trust (the “Trustees” or the “Board”) held on June 21-22, 2018, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Series Trust, on behalf of Transamerica Aegon High Yield Bond VP (the “Portfolio”). The Board also considered the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) for the Portfolio between TAM and Aegon USA Investment Management, LLC (the “Sub-Adviser”).

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

Benefits to TAM, its Affiliates and the Sub-Adviser from their Relationships with the Portfolio

The example is based on an investment of $1,000 invested at January 1, 2018, and held for the entire six-month period until June 30, 2018.

§	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.

†	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.

‡

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

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

Allocations are subject to change.


	Principal		Value
ASSET-BACKED SECURITIES - 9.6%
Access to Loans for Learning Student Loan Corp. Series 2012-1, Class A, 1-Month LIBOR + 0.70%, 2.79% ^(A), 07/25/2036		$ 4,039,324		$ 4,051,041
Edsouth Indenture No. 3 LLC Series 2012-2, Class A, 1-Month LIBOR + 0.73%, 2.82% ^(A), 04/25/2039 ^(B)		2,434,012		2,440,486
Navient Student Loan Trust Series 2017-1A, Class A2, 1-Month LIBOR + 0.75%, 2.84% ^(A), 07/26/2066 ^(B)		5,000,000		5,031,454
SBA Small Business Investment Cos. Series 2012-10B, Class 1, 2.25%, 09/10/2022		3,356,954		3,276,990
SLM Student Loan Trust
Series 2005-10, Class B,
3-Month LIBOR + 0.27%, 2.63% ^(A), 10/26/2026		6,010,000		5,682,456
Series 2006-2, Class A6,
3-Month LIBOR + 0.17%, 2.53% ^(A), 01/25/2041		5,000,000		4,882,305
South Carolina Student Loan Corp. Series 2010-1, Class A2, 3-Month LIBOR + 1.00%, 3.36% ^(A), 07/25/2025		2,917,500		2,929,024

Total Asset-Backed Securities (Cost $28,396,429)				28,293,756


CORPORATE DEBT SECURITIES - 5.7%
Automobiles - 0.1%
General Motors Co. 3.50%, 10/02/2018		347,000		347,657

Banks - 2.3%
Bank of America Corp. Fixed until 12/20/2027, 3.42% ^(A), 12/20/2028		6,308,000		5,940,081
Barclays Bank PLC 10.18%, 06/12/2021 ^(B)		304,000		350,767
Cooperatieve Rabobank UA Fixed until 06/30/2019, 11.00% ^(A), 06/30/2019 ^{(B) (C)}		295,000		316,019
ING Bank NV 5.80%, 09/25/2023 ^(B)		316,000		334,844

				6,941,711

Beverages - 0.2%
Anheuser-Busch InBev Finance, Inc. 3.30%, 02/01/2023		263,000		260,801
Constellation Brands, Inc. 4.25%, 05/01/2023		210,000		214,099

				474,900

Building Products - 0.1%
Owens Corning 4.20%, 12/15/2022		316,000		316,772

Capital Markets - 0.7%
Goldman Sachs Group, Inc. 4.00%, 03/03/2024		1,645,000		1,646,150


	Principal		Value

CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Morgan Stanley 3.75%, 02/25/2023, MTN		$ 316,000		$ 316,358

				1,962,508

Consumer Finance - 0.3%
Discover Financial Services 3.85%, 11/21/2022		485,000		482,922
Ford Motor Credit Co. LLC 4.25%, 09/20/2022		298,000		300,402

				783,324

Diversified Financial Services - 1.1%
Aviation Capital Group LLC
2.88%, 01/20/2022 ^(B)		208,000		201,183
7.13%, 10/15/2020 ^(B)		1,403,000		1,513,109
Portmarnock Leasing LLC 1.74%, 10/22/2024		1,700,485		1,632,124

				3,346,416

Diversified Telecommunication Services - 0.1%
AT&T, Inc. 2.45%, 06/30/2020		422,000		415,618

Electrical Equipment - 0.1%
Siemens Financieringsmaatschappij NV 2.15%, 05/27/2020 ^(B)		263,000		258,627

Food & Staples Retailing - 0.1%
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		263,000		261,327

Health Care Equipment & Supplies - 0.1%
Abbott Laboratories 3.40%, 11/30/2023		263,000		259,482

Industrial Conglomerates - 0.1%
General Electric Co. 4.65%, 10/17/2021, MTN		263,000		273,549

Insurance - 0.3%
Fidelity National Financial, Inc. 5.50%, 09/01/2022		369,000		392,654
Prudential Financial, Inc. Fixed until 05/15/2025, 5.38% ^(A), 05/15/2045		477,000		474,615

				867,269

Oil, Gas & Consumable Fuels - 0.1%
BP Capital Markets PLC 4.74%, 03/11/2021		263,000		273,767

Total Corporate Debt Securities (Cost $17,059,107)				16,782,927


MORTGAGE-BACKED SECURITIES - 9.2%
BCAP LLC Trust Series 2009-RR6, Class 2A1, 3.66% ^(A), 08/26/2035 ^(B)		219,810		219,731
COMM Mortgage Trust
Series 2012-CR4, Class A3,
2.85%, 10/15/2045		2,560,000		2,492,869
Series 2013-CR9, Class A4,
4.38% ^(A), 07/10/2045		3,000,000		3,124,054
Series 2013-WWP, Class A2,
3.42%, 03/10/2031 ^(B)		5,000,000		5,034,916


	Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
Eleven Madison Mortgage Trust Series 2015-11MD, Class A, 3.67% ^(A), 09/10/2035 ^(B)		$ 5,000,000		$ 4,973,825
GS Mortgage Securities Trust Series 2014-GC18, Class A4, 4.07%, 01/10/2047		3,000,000		3,088,883
JPMBB Commercial Mortgage Securities Trust Series 2013-C12, Class A5, 3.66%, 07/15/2045		4,535,000		4,589,269
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11, Class A4, 4.30% ^(A), 08/15/2046		3,500,000		3,624,722

Total Mortgage-Backed Securities (Cost $27,294,216)				27,148,269


MUNICIPAL GOVERNMENT OBLIGATIONS - 1.9%
Texas - 1.3%
North Texas Higher Education Authority, Inc., Revenue Bonds, Series 1, 1-Month LIBOR + 1.00%, 2.98% ^(A), 12/01/2034		3,767,271		3,811,650

Vermont - 0.6%
Vermont Student Assistance Corp., Certificate of Obligation, 1-Month LIBOR + 0.70%, 2.80% ^(A), 07/28/2034		1,910,947		1,917,559

Total Municipal Government Obligations (Cost $5,668,725)				5,729,209


U.S. GOVERNMENT AGENCY OBLIGATIONS - 40.0%
Federal Home Loan Banks 1-Month LIBOR - 0.13%, 1.96% ^(A), 03/01/2019		20,000,000		20,000,000
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
2.31%, 08/25/2022		5,150,000		5,006,087
3.11%, 02/25/2023		10,000,000		10,043,291
3.31%, 09/25/2025		15,000,000		15,047,878
3.53%, 06/25/2020		5,500,000		5,560,249
3.97% ^(A), 01/25/2021		2,945,000		3,011,481
4.08% ^(A), 11/25/2020		3,690,000		3,779,718
4.22%, 03/25/2020		1,982,626		2,022,326
Federal Home Loan Mortgage Corp. REMIC 4.00%, 02/15/2029		248,230		249,374
Federal National Mortgage Association
1.88%, 12/28/2020 ^(D)		4,000,000		3,926,160
3.50%, TBA ^(E)		19,000,000		18,910,624
Government National Mortgage Association
4.58% ^(A), 10/20/2061		3,269,573		3,292,155
4.60% ^(A), 06/20/2062		5,864,778		5,944,606
4.62% ^(A), 09/20/2061		2,937,150		2,960,866
4.65% ^(A), 10/20/2061		2,829,219		2,845,762
4.69% ^(A), 12/20/2061		1,954,215		1,970,922


	Principal		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
4.74% ^(A), 07/20/2061		$ 3,308,973		$ 3,334,569
4.76% ^(A), 08/20/2061		4,334,973		4,375,237
Overseas Private Investment Corp. 5.14%, 12/15/2023		10,687		11,167
Tennessee Valley Authority Series A, 2.88%, 02/01/2027		6,000,000		5,850,798

Total U.S. Government Agency Obligations (Cost $121,360,870)				118,143,270


U.S. GOVERNMENT OBLIGATIONS - 37.0%
U.S. Treasury - 37.0%
U.S. Treasury Bond
2.50%, 02/15/2046		5,967,000		5,425,075
2.75%, 11/15/2047		5,400,000		5,152,781
2.88%, 11/15/2046		5,350,000		5,238,193
3.00%, 11/15/2045		2,250,000		2,257,910
3.00%, 02/15/2048 ^(D)		2,000,000		2,006,719
3.50%, 02/15/2039		1,414,500		1,541,032
4.38%, 05/15/2040		15,881,700		19,541,936
U.S. Treasury Note
0.75%, 08/15/2019		4,000,000		3,926,875
1.13%, 02/28/2021		28,000,000		26,940,156
1.25%, 03/31/2021		4,362,000		4,205,581
1.38%, 01/31/2021		1,700,000		1,648,137
2.00%, 01/31/2020		12,000,000		11,909,531
2.38%, 01/31/2023		9,825,000		9,678,393
2.50%, 01/31/2025		8,500,000		8,344,942
2.75%, 04/30/2023 - 02/15/2028		1,650,000		1,642,080

Total U.S. Government Obligations (Cost $111,690,823)				109,459,341


	Shares		Value
SECURITIES LENDING COLLATERAL - 1.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.93% ^(F)		4,054,300		4,054,300

Total Securities Lending Collateral (Cost $4,054,300)				4,054,300


	Principal		Value
REPURCHASE AGREEMENT - 2.5%
Fixed Income Clearing Corp., 0.90% ^(F), dated 06/29/2018, to be repurchased at $7,435,794 on 07/02/2018. Collateralized by a U.S. Government Obligation, 0.13%, due 04/15/2022, and with a value of $7,585,717.		$ 7,435,236		7,435,236

Total Repurchase Agreement (Cost $7,435,236)				7,435,236

Total Investments (Cost $322,959,706)				317,046,308
Net Other Assets (Liabilities) - (7.3)%				(21,451,603	)


Net Assets - 100.0%				$ 295,594,705

STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2018

(unaudited)


Assets:
Investments, at value (cost $315,524,470) (including securities loaned of $3,972,444)	$	309,611,072
Repurchase agreement, at value (cost $7,435,236)		7,435,236
Cash collateral pledged at broker:
Futures contracts		500,000
Receivables and other assets:
Shares of beneficial interest sold		5,697
Interest		1,320,816
Net income from securities lending		362
Prepaid expenses		686

Total assets		318,873,869


Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		153,327
When-issued, delayed-delivery, forward and TBA commitments purchased		18,805,085
Investment management fees		135,701
Distribution and service fees		43,526
Transfer agent costs		1,029
Trustees, CCO and deferred compensation fees		1,445
Audit and tax fees		15,320
Custody fees		5,545
Legal fees		8,945
Printing and shareholder reports fees		36,506
Variation margin payable on futures contracts		7,961
Other		10,474
Collateral for securities on loan		4,054,300

Total liabilities		23,279,164

Net assets	$	295,594,705


Net assets consist of:
Capital stock ($0.01 par value)	$	272,809
Additional paid-in capital		293,852,204
Undistributed (distributions in excess of) net investment income (loss)		9,857,088
Accumulated net realized gain (loss)		(2,875,947	)
Net unrealized appreciation (depreciation) on:
Investments		(5,913,398	)
Futures contracts		401,949

Net assets	$	295,594,705


Net assets by class:
Initial Class	$	75,704,143
Service Class		219,890,562

Shares outstanding:
Initial Class		7,135,491
Service Class		20,145,448

Net asset value and offering price per share:
Initial Class	$	10.61
Service Class		10.92

STATEMENT OF OPERATIONS

For the period ended June 30, 2018

(unaudited)


Investment Income:
Interest income	$	3,409,469
Net income (loss) from securities lending		18,570

Total investment income		3,428,039


Expenses:
Investment management fees		862,464
Distribution and service fees:
Service Class		275,776
Transfer agent costs		2,321
Trustees, CCO and deferred compensation fees		4,994
Audit and tax fees		14,469
Custody fees		19,195
Legal fees		12,632
Printing and shareholder reports fees		19,483
Other		8,709

Total expenses before waiver and/or reimbursement and recapture		1,220,043

Expenses waived and/or reimbursed:
Initial Class		(8,061	)
Service Class		(10,136	)
Recapture of previously waived and/or reimbursed fees:
Initial Class		6,142
Service Class		4,633

Net expenses		1,212,621


Net investment income (loss)		2,215,418


Net realized gain (loss) on:
Investments		(90,431	)
Futures contracts		(1,151,052	)

Net realized gain (loss)		(1,241,483	)


Net change in unrealized appreciation (depreciation) on:
Investments		(5,739,772	)
Futures contracts		378,293

Net change in unrealized appreciation (depreciation)		(5,361,479	)

Net realized and change in unrealized gain (loss)		(6,602,962	)


Net increase (decrease) in net assets resulting from operations	$	(4,387,544	)

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.