NPORT-EX 2 NPORT_IXFJ_86205553_0325.htm EDGAR HTML
Transamerica Janus Balanced VP
SCHEDULE OF INVESTMENTS
At March 31, 2025
(unaudited)
 
 
Shares
Value
COMMON STOCKS - 58.1% 
Aerospace & Defense - 1.2% 
General Electric Co.
34,493
$  6,903,774
Howmet Aerospace, Inc.
27,510
3,568,872
 
 
10,472,646
Banks - 1.2% 
JPMorgan Chase & Co.
41,672
10,222,142
Beverages - 0.9% 
Constellation Brands, Inc., Class A
19,378
3,556,251
Monster Beverage Corp. (A)
66,637
3,899,597
 
 
7,455,848
Biotechnology - 1.7% 
AbbVie, Inc.
25,720
5,388,855
Amgen, Inc.
13,593
4,234,899
Vertex Pharmaceuticals, Inc. (A)
9,589
4,648,939
 
 
14,272,693
Broadline Retail - 2.8% 
Amazon.com, Inc. (A)
126,777
24,120,592
Building Products - 0.6% 
Trane Technologies PLC
13,920
4,689,926
Capital Markets - 2.8% 
Charles Schwab Corp.
38,112
2,983,407
CME Group, Inc.
15,754
4,179,379
Goldman Sachs Group, Inc.
9,298
5,079,404
Intercontinental Exchange, Inc.
22,610
3,900,225
Moody's Corp.
5,530
2,575,266
Morgan Stanley
41,751
4,871,089
 
 
23,588,770
Chemicals - 0.3% 
Corteva, Inc.
41,066
2,584,283
Communications Equipment - 0.4% 
Motorola Solutions, Inc.
8,082
3,538,380
Consumer Finance - 1.5% 
American Express Co.
47,531
12,788,216
Consumer Staples Distribution & Retail - 0.6% 
Costco Wholesale Corp.
5,171
4,890,628
Electrical Equipment - 0.6% 
Eaton Corp. PLC
18,007
4,894,843
Electronic Equipment, Instruments & Components - 0.5% 
Amphenol Corp., Class A
65,982
4,327,759
Entertainment - 1.9% 
Netflix, Inc. (A)
8,497
7,923,708
Walt Disney Co.
79,679
7,864,317
 
 
15,788,025
Financial Services - 2.5% 
Mastercard, Inc., Class A
38,219
20,948,598
 
Shares
Value
COMMON STOCKS (continued)
Ground Transportation - 0.7% 
Uber Technologies, Inc. (A)
45,613
$  3,323,363
Union Pacific Corp.
12,818
3,028,125
 
 
6,351,488
Health Care Equipment & Supplies - 1.4% 
Abbott Laboratories
30,004
3,980,031
Intuitive Surgical, Inc. (A)
5,367
2,658,114
Stryker Corp.
13,548
5,043,243
 
 
11,681,388
Health Care Providers & Services - 1.8% 
HCA Healthcare, Inc.
12,886
4,452,757
UnitedHealth Group, Inc.
19,992
10,470,810
 
 
14,923,567
Hotels, Restaurants & Leisure - 2.9% 
Booking Holdings, Inc.
1,736
7,997,596
Chipotle Mexican Grill, Inc. (A)
79,317
3,982,507
Hilton Worldwide Holdings, Inc.
19,434
4,422,207
McDonald's Corp.
11,850
3,701,584
Royal Caribbean Cruises Ltd.
21,593
4,436,066
 
 
24,539,960
Independent Power & Renewable Electricity Producers - 0.2% 
Vistra Corp.
15,057
1,768,294
Industrial REITs - 0.4% 
Prologis, Inc.
29,218
3,266,280
Insurance - 2.1% 
Marsh & McLennan Cos., Inc.
18,504
4,515,531
Progressive Corp.
47,030
13,309,960
 
 
17,825,491
Interactive Media & Services - 4.5% 
Alphabet, Inc., Class C
141,943
22,175,755
Meta Platforms, Inc., Class A
28,499
16,425,684
 
 
38,601,439
IT Services - 0.6% 
Accenture PLC, Class A
17,482
5,455,083
Life Sciences Tools & Services - 1.2% 
Danaher Corp.
25,274
5,181,170
Thermo Fisher Scientific, Inc.
9,688
4,820,749
 
 
10,001,919
Machinery - 0.4% 
Deere & Co.
6,749
3,167,643
Oil, Gas & Consumable Fuels - 1.4% 
Chevron Corp.
43,356
7,253,025
ConocoPhillips
41,576
4,366,312
 
 
11,619,337
Pharmaceuticals - 2.5% 
Eli Lilly & Co.
13,918
11,495,015
Johnson & Johnson
40,642
6,740,069
Zoetis, Inc.
19,141
3,151,566
 
 
21,386,650
Transamerica Series Trust
Page 1
Transamerica Janus Balanced VP
SCHEDULE OF INVESTMENTS (continued)
At March 31, 2025
(unaudited)
 
Shares
Value
COMMON STOCKS (continued)
Professional Services - 0.4% 
Automatic Data Processing, Inc.
11,154
$  3,407,882
Semiconductors & Semiconductor Equipment - 6.7% 
Broadcom, Inc.
64,671
10,827,866
KLA Corp.
7,828
5,321,474
Lam Research Corp.
57,163
4,155,750
NVIDIA Corp.
336,624
36,483,309
 
 
56,788,399
Software - 6.9% 
Adobe, Inc. (A)
11,810
4,529,489
Cadence Design Systems, Inc. (A)
13,930
3,542,817
Intuit, Inc.
8,000
4,911,920
Microsoft Corp.
101,871
38,241,355
Oracle Corp.
28,146
3,935,092
ServiceNow, Inc. (A)
4,701
3,742,654
 
 
58,903,327
Specialized REITs - 0.1% 
Equinix, Inc.
1,527
1,245,039
Specialty Retail - 1.1% 
Home Depot, Inc.
15,754
5,773,684
TJX Cos., Inc.
28,205
3,435,369
 
 
9,209,053
Technology Hardware, Storage & Peripherals - 2.9% 
Apple, Inc.
112,282
24,941,201
Textiles, Apparel & Luxury Goods - 0.4% 
NIKE, Inc., Class B
55,879
3,547,199
Total Common Stocks
(Cost $333,880,356)
 
493,213,988
 
 
Principal
Value
CORPORATE DEBT SECURITIES - 12.1% 
Aerospace & Defense - 0.6% 
Boeing Co.
 
 
5.15%, 05/01/2030
$  723,000
726,366
6.30%, 05/01/2029
706,000
739,681
6.39%, 05/01/2031
784,000
834,471
6.53%, 05/01/2034
755,000
807,094
7.01%, 05/01/2064
234,000
252,869
TransDigm, Inc.
 
 
6.38%, 03/01/2029 (B)
253,000
255,546
6.63%, 03/01/2032 (B)
1,140,000
1,152,879
 
 
4,768,906
Automobile Components - 0.0% (C)
ZF North America Capital, Inc.
 
 
6.88%, 04/23/2032 (B)
413,000
383,188
Automobiles - 0.3% 
Ford Motor Credit Co. LLC
 
 
5.80%, 03/08/2029
830,000
821,440
6.13%, 03/08/2034
645,000
617,487
7.12%, 11/07/2033
474,000
485,341
 
Principal
Value
CORPORATE DEBT SECURITIES (continued)
Automobiles (continued)
Ford Motor Credit Co. LLC (continued)
 
 
7.20%, 06/10/2030
$  231,000
$  239,902
7.35%, 03/06/2030
234,000
244,635
 
 
2,408,805
Banks - 2.7% 
Bank of America Corp.
 
 
Fixed until 01/24/2030,
5.16% (D), 01/24/2031
1,788,000
1,810,517
Fixed until 02/12/2035,
5.74% (D), 02/12/2036
2,959,000
2,945,138
Fixed until 09/15/2033,
5.87% (D), 09/15/2034
799,000
831,888
Bank of New York Mellon Corp.
 
 
Fixed until 10/25/2033,
6.47% (D), 10/25/2034
904,000
985,141
Citigroup, Inc.
 
 
Fixed until 11/19/2029,
5.59% (D), 11/19/2034
569,000
570,414
Fixed until 02/13/2034,
5.83% (D), 02/13/2035
2,098,000
2,084,095
Fixed until 05/15/2025,
5.95% (D)(E)
496,000
494,814
Fifth Third Bancorp
 
 
Fixed until 01/29/2031,
5.63% (D), 01/29/2032
241,000
246,385
Goldman Sachs Group, Inc.
 
 
Fixed until 01/28/2035,
5.54% (D), 01/28/2036
830,000
839,026
JPMorgan Chase & Co.
 
 
Fixed until 01/23/2029,
5.01% (D), 01/23/2030
414,000
418,181
Fixed until 01/24/2030,
5.14% (D), 01/24/2031
794,000
805,509
Fixed until 01/24/2035,
5.50% (D), 01/24/2036
761,000
776,034
Morgan Stanley
 
 
Fixed until 01/21/2032,
2.94% (D), 01/21/2033
676,000
591,789
Fixed until 01/24/2028,
3.77% (D), 01/24/2029
90,000
87,964
4.35%, 09/08/2026
79,000
78,651
Fixed until 07/19/2034,
5.32% (D), 07/19/2035
968,000
966,068
Fixed until 07/21/2033,
5.42% (D), 07/21/2034
774,000
781,246
National Australia Bank Ltd.
 
 
2.99%, 05/21/2031 (B)
1,103,000
971,172
PNC Financial Services Group, Inc.
 
 
Fixed until 01/29/2030,
5.22% (D), 01/29/2031
281,000
285,594
Fixed until 07/23/2034,
5.40% (D), 07/23/2035
910,000
910,490
Fixed until 01/29/2035,
5.58% (D), 01/29/2036
395,000
400,948
Fixed until 10/20/2033,
6.88% (D), 10/20/2034
950,000
1,048,360
Transamerica Series Trust
Page 2
Transamerica Janus Balanced VP
SCHEDULE OF INVESTMENTS (continued)
At March 31, 2025
(unaudited)
 
Principal
Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Societe Generale SA
 
 
Fixed until 04/13/2028,
5.50% (D), 04/13/2029 (B)
$  565,000
$  572,261
Fixed until 04/13/2032,
6.10% (D), 04/13/2033 (B)
1,300,000
1,330,085
U.S. Bancorp
 
 
Fixed until 11/03/2031,
2.49% (D), 11/03/2036
857,000
710,711
Fixed until 02/12/2030,
5.05% (D), 02/12/2031
783,000
788,401
Fixed until 02/12/2035,
5.42% (D), 02/12/2036
862,000
864,778
 
 
23,195,660
Biotechnology - 0.1% 
Royalty Pharma PLC
 
 
3.55%, 09/02/2050
782,000
521,768
Building Products - 0.1% 
Quikrete Holdings, Inc.
 
 
6.38%, 03/01/2032 (B)
608,000
611,569
Capital Markets - 0.1% 
Blackstone Private Credit Fund
 
 
7.30%, 11/27/2028
604,000
638,484
Blue Owl Credit Income Corp.
 
 
4.70%, 02/08/2027
113,000
111,567
7.95%, 06/13/2028
371,000
392,816
 
 
1,142,867
Communications Equipment - 0.1% 
AT&T, Inc.
 
 
3.65%, 09/15/2059
109,000
73,164
T-Mobile USA, Inc.
 
 
5.88%, 11/15/2055
397,000
398,617
 
 
471,781
Containers & Packaging - 0.2% 
Berry Global, Inc.
 
 
5.65%, 01/15/2034
224,000
226,560
5.80%, 06/15/2031
1,309,000
1,358,867
 
 
1,585,427
Distributors - 0.1% 
LKQ Corp.
 
 
6.25%, 06/15/2033
802,000
831,539
Diversified REITs - 0.4% 
American Tower Trust #1
 
 
5.49%, 03/15/2053 (B)
1,406,000
1,427,420
GLP Capital LP/GLP Financing II, Inc.
 
 
5.30%, 01/15/2029
73,000
73,066
5.38%, 04/15/2026
333,000
334,056
5.63%, 09/15/2034
1,220,000
1,199,888
 
 
3,034,430
Electric Utilities - 0.6% 
American Electric Power Co., Inc.
 
 
5.63%, 03/01/2033 (F)
893,000
914,197
 
Principal
Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Duke Energy Corp.
 
 
5.45%, 06/15/2034 (F)
$  1,332,000
$  1,346,454
Duquesne Light Holdings, Inc.
 
 
2.78%, 01/07/2032 (B)
642,000
546,327
Electricite de France SA
 
 
5.70%, 05/23/2028 (B)
421,000
431,840
Exelon Corp.
 
 
5.45%, 03/15/2034
679,000
688,721
National Grid PLC
 
 
5.81%, 06/12/2033
672,000
691,371
Xcel Energy, Inc.
 
 
5.60%, 04/15/2035
438,000
438,808
 
 
5,057,718
Electrical Equipment - 0.1% 
WESCO Distribution, Inc.
 
 
6.38%, 03/15/2029 (B)
483,000
488,488
6.63%, 03/15/2032 (B)
611,000
618,486
 
 
1,106,974
Electronic Equipment, Instruments & Components - 0.0% (C)
Trimble, Inc.
 
 
4.90%, 06/15/2028
314,000
314,579
Financial Services - 1.2% 
Blue Owl Finance LLC
 
 
6.25%, 04/18/2034
960,000
982,055
Capital One Financial Corp.
 
 
Fixed until 02/01/2029,
5.70% (D), 02/01/2030
214,000
218,402
Fixed until 07/26/2034,
5.88% (D), 07/26/2035
944,000
950,746
Fixed until 01/30/2035,
6.18% (D), 01/30/2036
688,000
684,407
Fixed until 06/08/2028,
6.31% (D), 06/08/2029
388,000
403,067
Fixed until 10/30/2030,
7.62% (D), 10/30/2031
726,000
807,656
Discover Financial Services
 
 
Fixed until 11/02/2033,
7.96% (D), 11/02/2034
1,157,000
1,320,081
Jane Street Group/JSG Finance, Inc.
 
 
6.13%, 11/01/2032 (B)
1,519,000
1,496,431
7.13%, 04/30/2031 (B)
947,000
972,990
LPL Holdings, Inc.
 
 
6.00%, 05/20/2034
787,000
801,181
Nasdaq, Inc.
 
 
5.55%, 02/15/2034
1,295,000
1,325,121
 
 
9,962,137
Food Products - 0.0% (C)
Mars, Inc.
 
 
5.00%, 03/01/2032 (B)
323,000
323,926
Health Care Equipment & Supplies - 0.4% 
Solventum Corp.
 
 
5.45%, 03/13/2031
1,292,000
1,314,617
Transamerica Series Trust
Page 3
Transamerica Janus Balanced VP
SCHEDULE OF INVESTMENTS (continued)
At March 31, 2025
(unaudited)
 
Principal
Value
CORPORATE DEBT SECURITIES (continued)
Health Care Equipment & Supplies (continued)
Solventum Corp. (continued)
 
 
5.60%, 03/23/2034
$  1,703,000
$  1,723,223
6.00%, 05/15/2064
597,000
584,051
 
 
3,621,891
Health Care Providers & Services - 0.8% 
Elevance Health, Inc.
 
 
5.20%, 02/15/2035
499,000
498,920
HCA, Inc.
 
 
3.63%, 03/15/2032
450,000
405,997
5.60%, 04/01/2034
690,000
692,325
5.88%, 02/01/2029
175,000
180,223
Health Care Service Corp. A Mutual Legal
Reserve Co.
 
 
2.20%, 06/01/2030 (B)
510,000
451,811
5.20%, 06/15/2029 (B)
575,000
584,683
5.45%, 06/15/2034 (B)
1,297,000
1,312,736
5.88%, 06/15/2054 (B)
542,000
530,253
Humana, Inc.
 
 
5.75%, 04/15/2054
563,000
521,194
5.88%, 03/01/2033
220,000
224,527
5.95%, 03/15/2034
544,000
555,383
UnitedHealth Group, Inc.
 
 
5.15%, 07/15/2034
522,000
524,236
Universal Health Services, Inc.
 
 
2.65%, 10/15/2030
163,000
142,872
 
 
6,625,160
Hotels, Restaurants & Leisure - 0.0% (C)
Royal Caribbean Cruises Ltd.
 
 
5.63%, 09/30/2031 (B)
151,000
148,220
Insurance - 0.8% 
Aon North America, Inc.
 
 
5.30%, 03/01/2031
941,000
961,280
5.45%, 03/01/2034
1,584,000
1,609,054
Arthur J Gallagher & Co.
 
 
4.85%, 12/15/2029
133,000
133,785
5.00%, 02/15/2032
124,000
123,794
5.15%, 02/15/2035
309,000
305,526
5.45%, 07/15/2034
823,000
833,894
6.50%, 02/15/2034
427,000
462,110
Athene Global Funding
 
 
2.65%, 10/04/2031 (B)
712,000
609,710
2.72%, 01/07/2029 (B)
800,000
739,275
Brown & Brown, Inc.
 
 
4.95%, 03/17/2052
845,000
725,254
 
 
6,503,682
IT Services - 0.1% 
Booz Allen Hamilton, Inc.
 
 
5.95%, 08/04/2033
932,000
930,343
Machinery - 0.1% 
Regal Rexnord Corp.
 
 
6.05%, 04/15/2028
693,000
710,447
 
Principal
Value
CORPORATE DEBT SECURITIES (continued)
Media - 0.3% 
Charter Communications
Operating LLC/Charter Communications
Operating Capital
 
 
5.50%, 04/01/2063
$  605,000
$  483,182
6.65%, 02/01/2034
1,852,000
1,915,880
 
 
2,399,062
Metals & Mining - 0.1% 
Glencore Funding LLC
 
 
5.67%, 04/01/2035 (B)(G)
1,138,000
1,138,909
Oil, Gas & Consumable Fuels - 1.2% 
Cheniere Energy, Inc.
 
 
5.65%, 04/15/2034
888,000
897,007
Columbia Pipelines Operating Co. LLC
 
 
5.93%, 08/15/2030 (B)
212,000
220,061
6.04%, 11/15/2033 (B)
510,000
525,329
6.50%, 08/15/2043 (B)
103,000
106,869
6.54%, 11/15/2053 (B)
532,000
556,759
DT Midstream, Inc.
 
 
4.30%, 04/15/2032 (B)
288,000
266,879
4.38%, 06/15/2031 (B)
635,000
583,964
5.80%, 12/15/2034 (B)
639,000
640,977
Energy Transfer LP
 
 
4.95%, 06/15/2028
78,000
78,465
Hess Midstream Operations LP
 
 
5.13%, 06/15/2028 (B)
460,000
452,761
Occidental Petroleum Corp.
 
 
5.20%, 08/01/2029
371,000
370,307
5.38%, 01/01/2032
852,000
839,550
5.55%, 10/01/2034
778,000
758,784
6.13%, 01/01/2031
534,000
548,800
6.63%, 09/01/2030
296,000
311,173
8.88%, 07/15/2030
420,000
480,544
Sunoco LP
 
 
7.00%, 05/01/2029 (B)
908,000
928,195
7.25%, 05/01/2032 (B)
512,000
528,522
Viper Energy, Inc.
 
 
7.38%, 11/01/2031 (B)
835,000
871,415
 
 
9,966,361
Pharmaceuticals - 0.4% 
AbbVie, Inc.
 
 
5.40%, 03/15/2054
337,000
329,390
CVS Health Corp.
 
 
4.78%, 03/25/2038
628,000
563,395
5.25%, 02/21/2033
109,000
107,444
5.70%, 06/01/2034 (F)
561,000
568,454
Organon & Co./Organon Foreign Debt Co-
Issuer BV
 
 
6.75%, 05/15/2034 (B)
653,000
640,548
7.88%, 05/15/2034 (B)(F)
869,000
841,537
 
 
3,050,768
Real Estate Management & Development - 0.1% 
CBRE Services, Inc.
 
 
5.95%, 08/15/2034
1,245,000
1,298,546
Transamerica Series Trust
Page 4
Transamerica Janus Balanced VP
SCHEDULE OF INVESTMENTS (continued)
At March 31, 2025
(unaudited)
 
Principal
Value
CORPORATE DEBT SECURITIES (continued)
Residential REITs - 0.1% 
Sun Communities Operating LP
 
 
2.70%, 07/15/2031
$  898,000
$  780,205
Semiconductors & Semiconductor Equipment - 0.3% 
Foundry JV Holdco LLC
 
 
5.50%, 01/25/2031 (B)
379,000
384,582
5.88%, 01/25/2034 (B)
360,000
360,272
5.90%, 01/25/2033 (B)
453,000
460,400
Intel Corp.
 
 
2.45%, 11/15/2029
244,000
218,583
5.13%, 02/10/2030
325,000
326,979
5.60%, 02/21/2054
162,000
146,468
5.70%, 02/10/2053
649,000
594,051
Marvell Technology, Inc.
 
 
4.88%, 06/22/2028
378,000
379,364
 
 
2,870,699
Software - 0.8% 
AppLovin Corp.
 
 
5.38%, 12/01/2031
721,000
723,548
5.50%, 12/01/2034
831,000
828,691
5.95%, 12/01/2054
246,000
239,998
Cadence Design Systems, Inc.
 
 
4.70%, 09/10/2034
540,000
525,725
Constellation Software, Inc.
 
 
5.46%, 02/16/2034 (B)
744,000
755,534
MSCI, Inc.
 
 
3.63%, 09/01/2030 (B)
992,000
917,526
3.88%, 02/15/2031 (B)
962,000
893,959
4.00%, 11/15/2029 (B)
184,000
175,702
Synopsys, Inc.
 
 
4.85%, 04/01/2030
283,000
284,519
5.00%, 04/01/2032
542,000
542,629
5.70%, 04/01/2055
806,000
797,016
 
 
6,684,847
Total Corporate Debt Securities
(Cost $102,720,479)
 
102,450,414
U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.3% 
BAMLL Re-REMICS Trust
 
 
1.18% (D), 11/27/2048 (B)
155,000
145,507
1.26% (D), 11/27/2048 (B)
130,000
123,058
Federal Home Loan Mortgage Corp.
 
 
2.50%, 12/01/2033 - 05/01/2052
8,920,669
7,650,237
3.00%, 05/01/2031 - 06/01/2052
1,607,614
1,476,545
3.50%, 07/01/2046 - 06/01/2052
748,622
685,037
4.00%, 03/01/2047 - 03/01/2050
1,044,481
984,555
4.50%, 03/01/2048 - 03/01/2052
1,483,636
1,431,798
5.00%, 09/01/2048 - 10/01/2054
1,906,988
1,879,356
5.50%, 09/01/2052 - 12/01/2054
4,488,220
4,517,356
6.00%, 04/01/2040 - 04/01/2054
4,240,749
4,356,242
6.50%, 11/01/2053
609,265
643,079
Federal Home Loan Mortgage Corp.
STACR REMICS Trust
 
 
1-Month SOFR Average + 0.85%,
 
 
5.19% (D), 11/25/2041 (B)
190,785
190,533
 
Principal
Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp.
STACR REMICS Trust (continued)
 
 
1-Month SOFR Average + 0.95%,
 
 
5.29% (D), 12/25/2041 (B)
$  613,601
$  611,459
1-Month SOFR Average + 1.05%,
 
 
5.39% (D), 01/25/2045 (B)
320,962
320,033
1-Month SOFR Average + 1.15%,
 
 
5.49% (D), 02/25/2045 (B)
732,822
731,635
1-Month SOFR Average + 1.30%,
 
 
5.64% (D), 02/25/2042 (B)
82,105
82,130
1-Month SOFR Average + 1.50%,
 
 
5.84% (D), 10/25/2041 (B)
188,759
188,818
1-Month SOFR Average + 1.85%,
 
 
6.19% (D), 11/25/2043 (B)
292,787
295,163
1-Month SOFR Average + 2.00%,
 
 
6.34% (D), 04/25/2042 - 06/25/2043 (B)
132,285
133,158
1-Month SOFR Average + 2.10%,
 
 
6.44% (D), 09/25/2041 - 04/25/2043 (B)
386,517
390,220
1-Month SOFR Average + 2.30%,
 
 
6.64% (D), 08/25/2042 (B)
181,105
184,384
1-Month SOFR Average + 2.35%,
 
 
6.69% (D), 12/25/2041 (B)
258,132
260,391
Federal National Mortgage Association
 
 
2.00%, 07/01/2051
211,079
168,499
2.50%, 11/01/2034 - 03/01/2062
17,488,253
14,700,416
3.00%, 10/01/2034 - 06/01/2057
6,237,258
5,463,898
3.50%, 08/01/2047 - 08/01/2056
5,615,764
5,135,962
4.00%, 05/01/2045 - 05/01/2052
960,314
906,511
4.50%, 11/01/2042 - 08/01/2053
2,985,912
2,874,717
5.00%, 07/01/2044 - 07/01/2054
2,642,347
2,607,915
5.50%, 06/01/2053 - 12/01/2054
8,927,127
8,986,601
6.00%, 02/01/2037 - 05/01/2054
2,441,193
2,519,146
Federal National Mortgage Association
Connecticut Avenue Securities Trust
 
 
1-Month SOFR Average + 1.10%,
 
 
5.44% (D), 01/25/2045 (B)
160,844
160,491
1-Month SOFR Average + 1.15%,
 
 
5.49% (D), 03/25/2044 - 02/25/2045 (B)
490,308
489,786
1-Month SOFR Average + 1.50%,
 
 
5.84% (D), 10/25/2043 (B)
304,076
304,316
1-Month SOFR Average + 1.65%,
 
 
5.99% (D), 12/25/2041 (B)
496,000
497,226
1-Month SOFR Average + 1.70%,
 
 
6.04% (D), 07/25/2043 (B)
331,894
332,854
1-Month SOFR Average + 2.00%,
 
 
6.34% (D), 11/25/2041 (B)
1,446,000
1,451,422
1-Month SOFR Average + 2.30%,
 
 
6.64% (D), 05/25/2043 (B)
435,606
443,587
1-Month SOFR Average + 3.00%,
 
 
7.34% (D), 01/25/2042 - 04/25/2042 (B)
903,000
923,060
Federal National Mortgage Association
REMICS
 
 
3.00%, 05/25/2048 - 11/25/2049
890,431
788,450
Government National Mortgage
Association
 
 
2.50%, 03/20/2051 - 01/20/2052
2,578,132
2,180,124
3.00%, 11/20/2046 - 08/20/2051
4,862,538
4,316,138
3.50%, 05/20/2049
1,527,330
1,407,326
Transamerica Series Trust
Page 5
Transamerica Janus Balanced VP
SCHEDULE OF INVESTMENTS (continued)
At March 31, 2025
(unaudited)
 
Principal
Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage
Association (continued)
 
 
4.00%, 01/15/2045 - 05/20/2048
$  1,179,538
$  1,119,369
4.50%, 08/15/2046 - 05/20/2048
613,873
597,733
5.00%, 08/20/2048
152,309
151,617
Seasoned Loans Structured Transaction
Trust
 
 
4.75% (D), 09/25/2060 (B)
123,799
122,454
Uniform Mortgage-Backed Security, TBA
 
 
3.00%, 04/01/2055 (G)
404,999
350,589
5.50%, 04/01/2055 (G)
784,057
782,348
6.00%, 04/01/2055 (G)
424,136
430,409
Total U.S. Government Agency Obligations
(Cost $89,984,540)
87,493,658
MORTGAGE-BACKED SECURITIES - 7.2% 
280 Park Avenue Mortgage Trust
 
 
Series 2017-280P, Class A,
1-Month Term SOFR + 1.18%,
5.50% (D), 09/15/2034 (B)
592,515
581,405
A&D Mortgage Trust
 
 
Series 2024-NQM5, Class A1,
5.70%, 11/25/2069 (B)
296,310
296,931
Angel Oak Mortgage Trust
 
 
Series 2019-5, Class A1,
2.59% (D), 10/25/2049 (B)
33,140
32,604
Series 2019-6, Class A1,
2.62% (D), 11/25/2059 (B)
31,843
31,192
Series 2020-3, Class A2,
2.41% (D), 04/25/2065 (B)
103,083
97,710
Series 2024-3, Class A1,
4.80% (D), 11/26/2068 (B)
157,871
156,640
Series 2024-5, Class A1,
4.95% (D), 07/25/2068 (B)
906,460
896,046
Series 2024-6, Class A1,
4.65% (D), 11/25/2067 (B)
979,082
961,682
Asset Based Lending LLC
 
 
Series 2024-RTL1, Class A1,
6.08% (D), 09/25/2029 (B)
296,000
296,112
BAMLL Re-REMICS Trust
 
 
Series 2024-FRR2, Class E,
1.27% (D), 07/27/2050 (B)
328,000
264,098
Series 2024-FRR3, Class E,
0.50% (D), 01/27/2050 (B)
380,014
325,362
Bayview MSR Opportunity Master Fund
Trust
 
 
Series 2021-5, Class AF,
1-Month SOFR Average + 0.85%,
5.00% (D), 11/25/2051 (B)
607,707
563,554
Series 2022-2, Class A1,
3.00% (D), 12/25/2051 (B)
445,337
378,536
BBCMS Trust
 
 
Series 2015-SRCH, Class A2,
4.20%, 08/10/2035 (B)
715,000
697,104
BPR Trust
 
 
Series 2022-OANA, Class A,
1-Month Term SOFR + 1.90%,
6.22% (D), 04/15/2037 (B)
891,000
891,195
Series 2023-BRK2, Class A,
6.90% (D), 10/05/2038 (B)
831,000
862,642
 
Principal
Value
MORTGAGE-BACKED SECURITIES (continued)
BPR Trust (continued)
 
 
Series 2024-PMDW, Class A,
5.36% (D), 11/05/2041 (B)
$  1,017,578
$  1,023,365
Series 2024-PMDW, Class D,
5.85% (D), 11/05/2041 (B)
391,000
383,168
BX Commercial Mortgage Trust
 
 
Series 2021-VINO, Class A,
1-Month Term SOFR + 0.77%,
5.09% (D), 05/15/2038 (B)
32,355
32,264
Series 2021-VOLT, Class B,
1-Month Term SOFR + 1.06%,
5.38% (D), 09/15/2036 (B)
733,000
725,670
Series 2021-VOLT, Class D,
1-Month Term SOFR + 1.76%,
6.08% (D), 09/15/2036 (B)
770,000
759,894
Series 2024-AIR2, Class A,
1-Month Term SOFR + 1.49%,
5.81% (D), 10/15/2041 (B)
980,000
980,000
Series 2024-AIRC, Class A,
1-Month Term SOFR + 1.69%,
6.01% (D), 08/15/2039 (B)
1,354,000
1,354,000
Series 2024-AIRC, Class C,
1-Month Term SOFR + 2.59%,
6.91% (D), 08/15/2039 (B)
427,000
426,733
Series 2024-BRBK, Class A,
1-Month Term SOFR + 2.88%,
7.20% (D), 10/15/2041 (B)
1,070,787
1,072,124
Series 2024-GPA3, Class A,
1-Month Term SOFR + 1.29%,
5.61% (D), 12/15/2039 (B)
572,452
571,021
Series 2024-GPA3, Class B,
1-Month Term SOFR + 1.64%,
5.96% (D), 12/15/2039 (B)
395,715
394,726
Series 2024-VLT5, Class A,
5.05% (D), 11/13/2046 (B)
1,217,000
1,207,978
Series 2024-VLT5, Class B,
5.41% (D), 11/13/2046 (B)
281,000
278,035
Series 2024-VLT5, Class C,
5.78% (D), 11/13/2046 (B)
220,000
217,017
Series 2025-SPOT, Class A,
1-Month Term SOFR + 1.44%,
5.76% (D), 04/15/2040 (B)
432,000
431,730
BX Trust
 
 
Class A2,
1-Month Term SOFR + 0.75%,
5.07% (D), 04/15/2039 (B)
599,339
594,844
Series 2019-OC11, Class B,
3.61%, 12/09/2041 (B)
242,000
224,193
Series 2019-OC11, Class C,
3.86%, 12/09/2041 (B)
481,000
445,160
Series 2021-LBA, Class AJV,
1-Month Term SOFR + 0.91%,
5.23% (D), 02/15/2036 (B)
820,000
819,011
Series 2021-LBA, Class AV,
1-Month Term SOFR + 0.91%,
5.23% (D), 02/15/2036 (B)
737,035
733,849
Series 2024-VLT4, Class A,
1-Month Term SOFR + 1.49%,
5.81% (D), 07/15/2029 (B)
939,765
935,066
Series 2025-DIME, Class A,
1-Month Term SOFR + 1.15%,
5.47% (D), 02/15/2035 (B)
861,000
850,238
Transamerica Series Trust
Page 6
Transamerica Janus Balanced VP
SCHEDULE OF INVESTMENTS (continued)
At March 31, 2025
(unaudited)
 
Principal
Value
MORTGAGE-BACKED SECURITIES (continued)
BX Trust (continued)
 
 
Series 2025-ROIC, Class A,
1-Month Term SOFR + 1.14%,
5.46% (D), 03/15/2030 (B)
$  1,095,000
$  1,089,536
Series 2025-ROIC, Class B,
1-Month Term SOFR + 1.39%,
5.71% (D), 03/15/2030 (B)
240,000
238,503
BXP Trust
 
 
Series 2017-GM, Class A,
3.38%, 06/13/2039 (B)
324,000
311,647
CENT Trust
 
 
Series 2023-CITY, Class A,
1-Month Term SOFR + 2.62%,
6.94% (D), 09/15/2038 (B)
849,000
850,586
Chase Mortgage Finance Corp.
 
 
Series 2021-CL1, Class M1,
1-Month SOFR Average + 1.20%,
5.54% (D), 02/25/2050 (B)
613,165
597,369
COLT Mortgage Loan Trust
 
 
Series 2020-3, Class A1,
1.51% (D), 04/27/2065 (B)
23,091
22,393
COMM Mortgage Trust
 
 
Series 2024-WCL1, Class A,
1-Month Term SOFR + 1.84%,
6.16% (D), 06/15/2041 (B)
951,334
948,353
CONE Trust
 
 
Series 2024-DFW1, Class A,
1-Month Term SOFR + 1.64%,
5.96% (D), 08/15/2041 (B)
632,000
627,259
Series 2024-DFW1, Class B,
1-Month Term SOFR + 2.29%,
6.61% (D), 08/15/2041 (B)
465,108
461,619
DATA Mortgage Trust
 
 
Series 2024-CTR2, Class A,
5.30% (D), 05/10/2046 (B)
263,256
261,770
EFMT
 
 
Series 2025-CES1, Class A1A,
5.73% (D), 01/25/2060 (B)
401,291
404,172
Extended Stay America Trust
 
 
Series 2021-ESH, Class A,
1-Month Term SOFR + 1.19%,
5.51% (D), 07/15/2038 (B)
371,579
371,230
Finance of America Structured Securities
Trust
 
 
Series 2025-S1, Class A1,
3.50%, 02/25/2075 (B)
355,843
337,728
Flagstar Mortgage Trust
 
 
Series 2021-13IN, Class A2,
3.00% (D), 12/30/2051 (B)
1,209,814
1,028,342
FREMF Mortgage Trust
 
 
Series 2023-K511, Class C,
5.63% (D), 11/25/2028 (B)
187,000
171,322
GCAT Trust
 
 
Series 2022-INV1, Class A1,
3.00% (D), 12/25/2051 (B)
804,803
685,289
Series 2023-INV1, Class A1,
6.00% (D), 08/25/2053 (B)
755,019
758,795
GS Mortgage Securities Corp. Trust
 
 
1-Month Term SOFR + 2.65%,
6.97% (D), 11/18/2029 (B)(G)
1,159,000
1,159,000
 
Principal
Value
MORTGAGE-BACKED SECURITIES (continued)
GWT Trust
 
 
Series 2024-WLF2, Class A,
1-Month Term SOFR + 1.69%,
6.01% (D), 05/15/2041 (B)
$  1,141,000
$  1,140,643
Homeward Opportunities Fund Trust
 
 
Series 2024-RRTL2, Class A1,
5.99% (D), 09/25/2039 (B)
424,000
425,148
Series 2024-RTL1, Class A1,
7.12% (D), 07/25/2029 (B)
1,020,000
1,026,529
Series 2025-RRTL1, Class A1,
5.48% (D), 03/25/2040 (B)
675,000
671,576
Hudsons Bay Simon JV Trust
 
 
Series 2015-HB10, Class A10,
4.15%, 08/05/2034 (B)
321,959
317,176
Series 2015-HB7, Class A7,
3.91%, 08/05/2034 (B)
131,004
129,519
KRE Commercial Mortgage Trust
 
 
Series 2025-AIP4, Class A,
1-Month Term SOFR + 1.30%,
5.62% (D), 03/15/2042 (B)
749,000
744,319
LBA Trust
 
 
Series 2024-BOLT, Class A,
1-Month Term SOFR + 1.59%,
5.91% (D), 06/15/2039 (B)
752,511
750,630
LEX Mortgage Trust
 
 
Series 2024-BBG, Class A,
4.87% (D), 10/13/2033 (B)
215,000
212,932
LHOME Mortgage Trust
 
 
Series 2022-RTL3, Class A1,
8.15% (D), 11/25/2027 (B)
589,468
593,823
Series 2024-RTL2, Class A1,
7.13% (D), 03/25/2029 (B)
249,645
252,610
Series 2024-RTL3, Class A1,
6.90% (D), 05/25/2029 (B)
311,653
315,299
Series 2024-RTL4, Class A1,
5.92% (D), 07/25/2039 (B)
920,061
923,805
Life Mortgage Trust
 
 
Series 2021-BMR, Class C,
1-Month Term SOFR + 1.21%,
5.53% (D), 03/15/2038 (B)
527,100
521,500
Series 2022-BMR2, Class A1,
1-Month Term SOFR + 1.30%,
5.61% (D), 05/15/2039 (B)
886,000
858,415
Series 2022-BMR2, Class B,
1-Month Term SOFR + 1.79%,
6.11% (D), 05/15/2039 (B)
257,000
235,155
Mello Mortgage Capital Acceptance
 
 
Series 2021-INV2, Class A11,
1-Month SOFR Average + 0.95%,
5.00% (D), 08/25/2051 (B)
451,847
420,887
Series 2021-INV3, Class A11,
1-Month SOFR Average + 0.95%,
5.00% (D), 10/25/2051 (B)
562,962
524,532
Series 2022-INV1, Class A2,
3.00% (D), 03/25/2052 (B)
300,464
255,394
Series 2024-SD1, Class A1,
4.00% (D), 04/25/2054 (B)
318,465
307,890
Transamerica Series Trust
Page 7
Transamerica Janus Balanced VP
SCHEDULE OF INVESTMENTS (continued)
At March 31, 2025
(unaudited)
 
Principal
Value
MORTGAGE-BACKED SECURITIES (continued)
MHC Commercial Mortgage Trust
 
 
Series 2021-MHC, Class A,
1-Month Term SOFR + 0.92%,
5.23% (D), 04/15/2038 (B)
$  409,861
$  408,837
Series 2021-MHC, Class C,
1-Month Term SOFR + 1.47%,
5.78% (D), 04/15/2038 (B)
607,417
605,898
MIC Trust
 
 
Series 2023-MIC, Class A,
8.44% (D), 12/05/2038 (B)
584,328
635,001
NCMF Trust
 
 
Series 2022-MFP, Class A,
1-Month Term SOFR + 1.74%,
6.06% (D), 03/15/2039 (B)
400,000
398,774
New Residential Mortgage Loan Trust
 
 
Series 2018-2A, Class A1,
4.50% (D), 02/25/2058 (B)
78,124
76,877
Series 2024-NQM2, Class A1,
5.12% (D), 09/25/2064 (B)
530,702
526,628
Series 2024-RTL2, Class A1,
5.44% (D), 09/25/2039 (B)
343,000
341,928
NRTH Mortgage Trust
 
 
Series 2024-PARK, Class A,
1-Month Term SOFR + 1.64%,
5.96% (D), 03/15/2039 (B)
1,390,000
1,389,053
OBX Trust
 
 
Series 2022-INV1, Class A1,
3.00% (D), 12/25/2051 (B)
189,659
161,210
Series 2022-INV1, Class A18,
3.00% (D), 12/25/2051 (B)
502,487
423,973
OPEN Trust
 
 
Series 2023-AIR, Class C,
1-Month Term SOFR + 5.24%,
9.56% (D), 11/15/2040 (B)
165,551
165,964
PRET Trust
 
 
Series 2025-RPL1, Class A1,
4.00% (D), 07/25/2069 (B)
453,623
435,008
Series 2025-RPL2, Class A1,
4.00% (D), 08/25/2064 (B)
476,000
454,955
PRPM LLC
 
 
Series 2020-4, Class A1,
6.61% (D), 10/25/2025 (B)
365,985
365,964
Series 2024-RCF2, Class A1,
3.75% (D), 03/25/2054 (B)
209,660
203,702
RCKT Mortgage Trust
 
 
Series 2021-3, Class A21,
1-Month SOFR Average + 0.80%,
5.00% (D), 07/25/2051 (B)
401,526
371,224
Series 2023-CES1, Class A1A,
6.52% (D), 06/25/2043 (B)
223,501
224,883
Series 2024-CES5, Class A1A,
5.85% (D), 08/25/2044 (B)
790,240
792,668
Series 2024-CES7, Class A1A,
5.16% (D), 10/25/2044 (B)
945,320
939,994
Series 2024-CES8, Class A1A,
5.49% (D), 11/25/2044 (B)
563,155
562,856
Series 2024-CES9, Class A1A,
5.58% (D), 12/25/2044 (B)
474,453
475,688
Series 2025-CES1, Class A1A,
5.65% (D), 01/25/2045 (B)
206,471
207,127
 
Principal
Value
MORTGAGE-BACKED SECURITIES (continued)
RCKT Mortgage Trust (continued)
 
 
Series 2025-CES2, Class A1A,
5.50% (D), 02/25/2055 (B)
$  577,153
$  577,189
Series 2025-CES3, Class A1A,
5.55% (D), 03/25/2055 (B)
253,000
253,265
Saluda Grade Alternative Mortgage Trust
 
 
Series 2024-CES1, Class A1,
6.31% (D), 03/25/2054 (B)
293,064
295,065
Series 2024-FIG5, Class A,
6.26% (D), 04/25/2054 (B)
373,530
376,867
Series 2024-RTL6, Class A1,
7.44% (D), 07/25/2030 (B)
775,000
779,855
SELF Commercial Mortgage Trust
 
 
Series 2024-STRG, Class A,
1-Month Term SOFR + 1.54%,
5.86% (D), 11/15/2034 (B)
993,000
993,914
Sequoia Mortgage Trust
 
 
Series 2013-5, Class A1,
2.50% (D), 05/25/2043 (B)
93,875
81,307
Series 2020-2, Class A19,
3.50% (D), 03/25/2050 (B)
41,764
37,223
SMRT Commercial Mortgage Trust
 
 
Series 2022-MINI, Class A,
1-Month Term SOFR + 1.00%,
5.32% (D), 01/15/2039 (B)
451,000
447,618
SREIT Trust
 
 
Series 2021-MFP, Class A,
1-Month Term SOFR + 0.85%,
5.16% (D), 11/15/2038 (B)
88,070
87,520
SWCH Commercial Mortgage Trust
 
 
Series 2025-DATA, Class A,
1-Month Term SOFR + 1.44%,
5.76% (D), 03/15/2042 (B)
892,000
881,955
TEXAS Commercial Mortgage Trust
 
 
Series 2025-TWR, Class A,
1-Month Term SOFR + 1.29%,
5.60% (D), 04/15/2042 (B)
284,000
283,468
Toorak Mortgage Trust
 
 
Series 2025-RRTL1, Class A1,
5.52% (D), 02/25/2040 (B)
260,000
260,315
TYSN Mortgage Trust
 
 
Series 2023-CRNR, Class A,
6.58% (D), 12/10/2033 (B)
924,755
969,683
UWM Mortgage Trust
 
 
Series 2021-INV1, Class A9,
1-Month SOFR Average + 0.90%,
5.00% (D), 08/25/2051 (B)
544,642
505,882
VASA Trust
 
 
Series 2021-VASA, Class A,
1-Month Term SOFR + 1.01%,
5.33% (D), 07/15/2039 (B)
425,000
412,365
Wells Fargo Commercial Mortgage Trust
 
 
Series 2021-SAVE, Class A,
1-Month Term SOFR + 1.36%,
5.68% (D), 02/15/2040 (B)
101,192
101,184
Series 2025-VTT, Class A,
5.27% (D), 03/15/2038 (B)
1,014,000
1,011,098
Total Mortgage-Backed Securities
(Cost $61,951,209)
 
61,269,579
Transamerica Series Trust
Page 8
Transamerica Janus Balanced VP
SCHEDULE OF INVESTMENTS (continued)
At March 31, 2025
(unaudited)
 
Principal
Value
U.S. GOVERNMENT OBLIGATIONS - 6.0% 
U.S. Treasury - 6.0% 
U.S. Treasury Bonds
 
 
4.50%, 11/15/2054
$  30,969,000
$  30,359,298
4.75%, 02/15/2045
20,652,000
20,948,872
Total U.S. Government Obligations
(Cost $50,410,951)
 
51,308,170
ASSET-BACKED SECURITIES - 5.5% 
Aqua Finance Trust
 
 
Series 2021-A, Class A,
1.54%, 07/17/2046 (B)
118,550
108,221
Ares LIII CLO Ltd.
 
 
Series 2019-53A, Class A1R,
3-Month Term SOFR + 1.28%,
5.58% (D), 10/24/2036 (B)
1,072,000
1,070,055
Ares LX CLO Ltd.
 
 
Series 2021-60A, Class A,
3-Month Term SOFR + 1.38%,
5.67% (D), 07/18/2034 (B)
250,000
249,993
Ares XXXIX CLO Ltd.
 
 
Series 2016-39A, Class AR3,
3-Month Term SOFR + 1.42%,
5.71% (D), 07/18/2037 (B)
767,128
768,084
Arivo Acceptance Auto Loan Receivables
Trust
 
 
Series 2022-1A, Class A,
3.93%, 05/15/2028 (B)
38,974
38,847
Ballyrock CLO 14 Ltd.
 
 
Series 2020-14A, Class A1AR,
3-Month Term SOFR + 1.38%,
5.67% (D), 07/20/2037 (B)
1,233,102
1,232,737
Series 2020-14A, Class A1BR,
3-Month Term SOFR + 1.58%,
5.87% (D), 07/20/2037 (B)
250,000
250,591
Barings Loan Partners CLO Ltd. 5
 
 
Series LP-5A, Class A,
3-Month Term SOFR + 1.22%,
5.51% (D), 01/20/2035 (B)
895,249
892,247
Benefit Street Partners CLO XV Ltd.
 
 
Series 2018-15A, Class A1R,
3-Month Term SOFR + 1.39%,
5.69% (D), 07/15/2037 (B)
743,000
742,979
Carlyle U.S. CLO Ltd.
 
 
Series 2017-3A, Class A1R2,
3-Month Term SOFR + 1.40%,
5.69% (D), 10/21/2037 (B)
868,000
868,271
Series 2018-4A, Class A2R,
3-Month Term SOFR + 1.56%,
5.86% (D), 10/17/2037 (B)
1,284,000
1,278,347
CBAM Ltd.
 
 
Series 2019-11RA, Class A1,
3-Month Term SOFR + 1.44%,
5.73% (D), 01/20/2035 (B)
1,210,000
1,210,109
Series 2019-11RA, Class B,
3-Month Term SOFR + 2.01%,
6.30% (D), 01/20/2035 (B)
308,466
308,472
Cedar Funding IX CLO Ltd.
 
 
Series 2018-9A, Class AR,
3-Month Term SOFR + 1.42%,
5.71% (D), 07/20/2037 (B)
970,000
970,548
 
Principal
Value
ASSET-BACKED SECURITIES (continued)
CF Hippolyta Issuer LLC
 
 
Series 2020-1, Class A1,
1.69%, 07/15/2060 (B)
$  440,947
$  435,126
Series 2020-1, Class B1,
2.28%, 07/15/2060 (B)
89,945
88,525
Series 2021-1A, Class A1,
1.53%, 03/15/2061 (B)
778,462
744,043
Series 2021-1A, Class B1,
1.98%, 03/15/2061 (B)
294,044
277,518
Series 2022-1A, Class A1,
5.97%, 08/15/2062 (B)
725,133
727,851
Series 2022-1A, Class A2,
6.11%, 08/15/2062 (B)
2,064,677
2,073,092
CIFC Funding Ltd.
 
 
Class A1R3,
3-Month Term SOFR + 1.38%,
5.68% (D), 07/17/2037 (B)
1,352,000
1,350,790
Series 2014-2RA, Class AR,
3-Month Term SOFR + 1.36%,
5.66% (D), 10/24/2037 (B)
1,063,000
1,062,787
Series 2021-7A, Class A1,
3-Month Term SOFR + 1.39%,
5.68% (D), 01/23/2035 (B)
375,000
375,152
Series 2021-7A, Class B,
3-Month Term SOFR + 1.86%,
6.15% (D), 01/23/2035 (B)
250,874
249,930
Compass Datacenters Issuer III LLC
 
 
Series 2025-1A, Class A2,
5.66%, 02/25/2050 (B)
731,000
740,858
Series 2025-2A, Class A2,
5.84%, 02/25/2050 (B)
455,000
461,295
CP EF Asset Securitization I LLC
 
 
Series 2022-1A, Class A,
5.96%, 04/15/2030 (B)
18,312
18,321
CP EF Asset Securitization II LLC
 
 
Series 2023-1A, Class A,
7.48%, 03/15/2032 (B)
210,000
212,610
CRB Securitization Trust
 
 
Series 2023-1, Class A,
6.96%, 10/20/2033 (B)
49,643
49,949
Croton Park CLO Ltd.
 
 
Series 2014-1A, Class A2,
3-Month Term SOFR + 1.56%,
6.21% (D), 10/15/2036 (B)
594,000
591,276
CyrusOne Data Centers Issuer I LLC
 
 
Series 2023-1A, Class B,
5.45%, 04/20/2048 (B)
161,144
157,669
Series 2023-2A, Class A2,
5.56%, 11/20/2048 (B)
173,519
173,865
Series 2024-1A, Class A2,
4.76%, 03/22/2049 (B)
372,724
363,370
Series 2024-2A, Class A2,
4.50%, 05/20/2049 (B)
135,000
129,718
Series 2024-3A, Class A2,
4.65%, 05/20/2049 (B)
1,339,000
1,267,014
Diamond Infrastructure Funding LLC
 
 
Series 2021-1A, Class A,
1.76%, 04/15/2049 (B)
821,000
777,577
Transamerica Series Trust
Page 9
Transamerica Janus Balanced VP
SCHEDULE OF INVESTMENTS (continued)
At March 31, 2025
(unaudited)
 
Principal
Value
ASSET-BACKED SECURITIES (continued)
Elmwood CLO VI Ltd.
 
 
Series 2020-3A, Class ARR,
3-Month Term SOFR + 1.38%,
5.67% (D), 07/18/2037 (B)
$  1,485,000
$  1,485,821
Exeter Automobile Receivables Trust
 
 
Series 2021-1A, Class D,
1.08%, 11/16/2026
90,476
89,979
FIGRE Trust
 
 
Series 2024-HE1, Class A,
6.17% (D), 03/25/2054 (B)
379,029
381,565
Series 2024-HE2, Class A,
6.38% (D), 05/25/2054 (B)
329,833
334,485
Series 2024-HE3, Class A,
5.94% (D), 07/25/2054 (B)
228,204
229,414
Series 2024-HE4, Class A,
5.06% (D), 09/25/2054 (B)
378,728
376,405
Series 2025-HE2, Class A,
5.78% (D), 03/25/2055 (B)
449,000
449,978
Gracie Point International Funding LLC
 
 
Series 2024-1A, Class A,
3-Month SOFR Average + 1.70%,
6.12% (D), 03/01/2028 (B)
287,000
287,504
HPS Loan Management Ltd.
 
 
Series 2021-16A, Class B,
3-Month Term SOFR + 1.96%,
6.25% (D), 01/23/2035 (B)
250,000
250,005
Lendbuzz Securitization Trust
 
 
Series 2023-1A, Class A2,
6.92%, 08/15/2028 (B)
150,108
152,477
Libra Solutions LLC
 
 
Series 2024-1A, Class A,
5.88%, 09/30/2038 (B)(H)
439,000
438,525
M&T Equipment Notes
 
 
Series 2023-1A, Class A2,
6.09%, 07/15/2030 (B)
49,228
49,279
Series 2023-1A, Class A3,
5.74%, 07/15/2030 (B)
207,000
208,628
Madison Park Funding LV Ltd.
 
 
Series 2022-55A, Class A1R,
3-Month Term SOFR + 1.36%,
5.65% (D), 07/18/2037 (B)
1,117,389
1,118,226
Madison Park Funding XXXIV Ltd.
 
 
Series 2019-34A, Class A2RR,
3-Month Term SOFR + 1.60%,
5.91% (D), 10/16/2037 (B)
435,000
435,137
Marlette Funding Trust
 
 
Series 2023-2A, Class B,
6.54%, 06/15/2033 (B)
117,081
117,551
New Economy Assets Phase 1
Sponsor LLC
 
 
Series 2021-1, Class B1,
2.41%, 10/20/2061 (B)
353,000
322,614
NRM FNT1 Excess LLC
 
 
Series 2024-FNT1, Class A,
7.40% (D), 11/25/2031 (B)
474,405
479,766
NRZ Excess Spread-Collateralized Notes
 
 
Series 2020-PLS1, Class A,
3.84%, 12/25/2025 (B)
98,728
97,528
Series 2021-FHT1, Class A,
3.10%, 07/25/2026 (B)
193,696
188,113
 
Principal
Value
ASSET-BACKED SECURITIES (continued)
Oak Street Investment Grade Net
Lease Fund
 
 
Series 2020-1A, Class A1,
1.85%, 11/20/2050 (B)
$  651,303
$  631,276
OCP CLO Ltd.
 
 
Series 2020-18A, Class A2R2,
3-Month Term SOFR + 1.57%,
5.86% (D), 07/20/2037 (B)
337,764
337,852
Series 2020-8RA, Class AR,
3-Month Term SOFR + 1.25%,
5.55% (D), 10/17/2036 (B)
895,249
891,780
OHA Credit Funding 9 Ltd.
 
 
Series 2021-9A, Class A2R,
3-Month Term SOFR + 1.58%,
5.87% (D), 10/19/2037 (B)
630,000
630,295
PRPM LLC
 
 
Series 2022-2, Class A1,
8.00% (D), 03/25/2027 (B)
807,763
808,514
RCKT Mortgage Trust
 
 
Series 2023-CES3, Class A1A,
7.11% (D), 11/25/2043 (B)
352,532
358,228
Series 2024-CES1, Class A1A,
6.03% (D), 02/25/2044 (B)
440,841
443,205
Series 2024-CES2, Class A1A,
6.14% (D), 04/25/2044 (B)
1,214,827
1,224,577
Series 2024-CES3, Class A1A,
6.59% (D), 05/25/2044 (B)
440,805
446,469
Series 2024-CES6, Class A1A,
5.34% (D), 09/25/2044 (B)
598,734
597,083
Regatta XI Funding Ltd.
 
 
Series 2018-1A, Class AR,
3-Month Term SOFR + 1.40%,
5.70% (D), 07/17/2037 (B)
1,358,910
1,364,529
Regatta XXIII Funding Ltd.
 
 
Series 2021-4A, Class A1,
3-Month Term SOFR + 1.41%,
5.70% (D), 01/20/2035 (B)
952,000
952,406
Series 2021-4A, Class B,
3-Month Term SOFR + 1.96%,
6.25% (D), 01/20/2035 (B)
264,465
262,693
RR 21 Ltd.
 
 
Series 2022-21A, Class A1AR,
3-Month Term SOFR + 1.40%,
5.70% (D), 07/15/2039 (B)
767,128
767,449
Saluda Grade Alternative Mortgage Trust
 
 
Series 2023-FIG3, Class A,
7.07% (D), 08/25/2053 (B)
931,673
956,736
Series 2023-FIG4, Class A,
6.72% (D), 11/25/2053 (B)
503,612
518,461
Santander Bank Auto Credit-Linked Notes
 
 
Series 2022-A, Class B,
5.28%, 05/15/2032 (B)
35,881
35,881
Series 2022-B, Class A2,
5.59%, 08/16/2032 (B)
69,387
69,835
Sixth Street CLO IX Ltd.
 
 
Series 2017-9A, Class AR,
3-Month Term SOFR + 1.38%,
5.67% (D), 07/21/2037 (B)
957,000
958,675
Taco Bell Funding LLC
 
 
Series 2021-1A, Class A2II,
2.29%, 08/25/2051 (B)
205,342
184,011
Transamerica Series Trust
Page 10
Transamerica Janus Balanced VP
SCHEDULE OF INVESTMENTS (continued)
At March 31, 2025
(unaudited)
 
Principal
Value
ASSET-BACKED SECURITIES (continued)
Texas Debt Capital CLO Ltd.
 
 
Series 2023-2A, Class A1R,
3-Month Term SOFR + 1.37%,
5.66% (D), 10/21/2037 (B)
$  934,000
$  935,380
THL Credit Wind River CLO Ltd.
 
 
Series 2019-1A, Class AR,
3-Month Term SOFR + 1.42%,
5.71% (D), 07/20/2034 (B)
314,000
314,086
Vantage Data Centers Issuer LLC
 
 
Series 2021-1A, Class A2,
2.17%, 10/15/2046 (B)
1,953,558
1,869,280
Vantage Data Centers LLC
 
 
Series 2020-2A, Class A2,
1.99%, 09/15/2045 (B)
596,000
553,244
Voya CLO Ltd.
 
 
Series 2024-4A, Class A2,
3-Month Term SOFR + 1.55%,
5.84% (D), 07/20/2037 (B)
386,336
386,611
Wendy's Funding LLC
 
 
Series 2021-1A, Class A2I,
2.37%, 06/15/2051 (B)
133,711
121,311
Series 2021-1A, Class A2II,
2.78%, 06/15/2051 (B)
355,161
308,545
Westgate Resorts LLC
 
 
Series 2022-1A, Class A,
1.79%, 08/20/2036 (B)
69,239
68,255
Total Asset-Backed Securities
(Cost $46,553,266)
46,807,504
LOAN ASSIGNMENTS - 0.7% 
Building Products - 0.1% 
EMRLD Borrower LP
Term Loan B,
3-Month Term SOFR + 2.50%,
6.80% (D), 08/04/2031
1,195,572
1,182,869
Commercial Services & Supplies - 0.0% (C)
Belron Finance LLC
Term Loan B,
3-Month Term SOFR + 2.75%,
7.05% (D), 10/16/2031
477,600
476,108
Electric Utilities - 0.2% 
Alpha Generation LLC
Term Loan B,
1-Month Term SOFR + 2.75%,
7.07% (D), 09/30/2031
556,205
555,741
Lightning Power LLC
Term Loan B,
3-Month Term SOFR + 2.25%,
6.55% (D), 08/18/2031
1,059,675
1,052,674
 
 
1,608,415
 
Principal
Value
LOAN ASSIGNMENTS (continued)
Health Care Equipment & Supplies - 0.1% 
Medline Borrower LP
Term Loan B,
1-Month Term SOFR + 2.25%,
6.57% (D), 10/23/2028
$  920,375
$  918,246
IT Services - 0.1% 
Amentum Government Services
Holdings LLC
Term Loan B,
1-Month Term SOFR + 2.25%,
6.57% (D), 09/29/2031
697,252
675,463
Transportation Infrastructure - 0.2% 
Genesee & Wyoming, Inc.
Term Loan B,
3-Month Term SOFR + 1.75%,
6.05% (D), 04/10/2031
1,515,007
1,499,015
Total Loan Assignments
(Cost $6,409,412)
 
6,360,116
 
 
Shares
Value
OTHER INVESTMENT COMPANY - 0.4% 
Securities Lending Collateral - 0.4% 
State Street Navigator Securities Lending
Trust - Government Money Market Portfolio,
4.31% (I)
3,734,810
3,734,810
Total Other Investment Company
(Cost $3,734,810)
3,734,810
 
 
Principal
Value
REPURCHASE AGREEMENT - 0.4% 
Fixed Income Clearing Corp.,
1.80% (I), dated 03/31/2025, to be
repurchased at $3,165,634 on 04/01/2025.
Collateralized by a U.S. Government
Obligation, 0.88%, due 06/30/2026, and
with a value of $3,228,879.
$  3,165,476
3,165,476
Total Repurchase Agreement
(Cost $3,165,476)
3,165,476
Total Investments
(Cost $698,810,499)
855,803,715
Net Other Assets (Liabilities) - (0.7)%
(6,231,089)
Net Assets - 100.0%
 $  849,572,626
Transamerica Series Trust
Page 11
Transamerica Janus Balanced VP
SCHEDULE OF INVESTMENTS (continued)
At March 31, 2025
(unaudited)
INVESTMENT VALUATION:
  
Valuation Inputs (J)
 
 
 
 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2 -
Other Significant
Observable Inputs
Level 3 -
Significant
Unobservable Inputs
Value
ASSETS
Investments
Common Stocks
$493,213,988
$—
$—
$493,213,988
Corporate Debt Securities
—
102,450,414
—
102,450,414
U.S. Government Agency Obligations
—
87,493,658
—
87,493,658
Mortgage-Backed Securities
—
61,269,579
—
61,269,579
U.S. Government Obligations
—
51,308,170
—
51,308,170
Asset-Backed Securities
—
46,807,504
—
46,807,504
Loan Assignments
—
6,360,116
—
6,360,116
Other Investment Company
3,734,810
—
—
3,734,810
Repurchase Agreement
—
3,165,476
—
3,165,476
Total Investments
$496,948,798
$358,854,917
$—
$855,803,715
FOOTNOTES TO SCHEDULE OF INVESTMENTS: 
(A)
Non-income producing security.
(B)
Security is exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Security may be resold as transactions exempt from
registration, normally to qualified institutional buyers. At March 31, 2025, the total value of 144A securities is $144,578,785, representing 17.0% of the
Portfolio's net assets.
(C)
Percentage rounds to less than 0.1% or (0.1)%.
(D)
Floating or variable rate security. The rate disclosed is as of March 31, 2025. For securities based on a published reference rate and spread, the
reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate,
where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and
are based on current market conditions; these securities do not indicate a reference rate and spread in the description.
(E)
Perpetual maturity. The date displayed is the next call date.
(F)
All or a portion of the security is on loan. The total value of the securities on loan is $3,657,969, collateralized by cash collateral of $3,734,810. The
amount on loan indicated may not correspond with the securities on loan identified because a security with pending sales are in the process of recall
from the brokers.
(G)
When-issued, delayed-delivery and/or forward commitment (including TBAs) security. Security to be settled and delivered after March 31, 2025.
Security may display a coupon rate of 0.00%, as the rate is to be determined at time of settlement.
(H)
Restricted security. At March 31, 2025, the total value of such securities held by the Portfolio is as follows:
 
Investments
Description
Acquisition
Date
Acquisition
Cost
Value
Value as
Percentage of
Net Assets
Asset-Backed Securities
Libra Solutions LLC,
Series 2024-1A
5.88%, 09/30/2038
09/24/2024
$438,931
$438,525
0.1
%
 
(I)
Rate disclosed reflects the yield at March 31, 2025.
(J)
There were no transfers in or out of Level 3 during the period ended March 31, 2025. Please reference the Investment Valuation section of the Notes to
Schedule of Investments for more information regarding investment valuation and pricing inputs.
PORTFOLIO ABBREVIATION(S): 
CLO
Collateralized Loan Obligation
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
STACR
Structured Agency Credit Risk
TBA
To Be Announced
Transamerica Series Trust
Page 12
Transamerica Janus Balanced VP
NOTES TO SCHEDULE OF INVESTMENTS
At March 31, 2025
(unaudited)
INVESTMENT VALUATION
Transamerica Janus Balanced VP (the "Portfolio") is a series of the Transamerica Series Trust.
Transamerica Asset Management, Inc. (“TAM”) has been designated as the Portfolio's valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, with responsibility for fair valuation subject to oversight by the Portfolio's Board of Trustees. The net asset value of the Portfolio is computed as of the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.
TAM utilizes various methods to measure the fair value of its investments on a recurring basis. Generally Accepted Accounting Principles in the United States of America establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels ("Levels") of inputs of the fair value hierarchy are defined as follows:
Level 1—Unadjusted quoted prices in active markets for identical securities.
Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.
Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include TAM's own assumptions used in determining the fair value of the Portfolio's investments.
The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using Net Asset Value (“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 March 31, 2025, is disclosed within the Investment Valuation section of the Schedule of Investments.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.
Fair value measurements: Descriptions of the valuation techniques applied to the Portfolio's significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:
Asset-backed securities: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.
Corporate debt securities: The fair value of corporate debt securities is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate debt securities are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.
Equity securities: Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.
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NOTES TO SCHEDULE OF INVESTMENTS (continued)
At March 31, 2025
(unaudited)
Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, or ETFs and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.
Loan assignments: Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.
Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.
U.S. government agency obligations: U.S. government agency obligations are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government obligations. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.
U.S. government obligations: U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.
Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the actively traded NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.
Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.
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