Transamerica Asset Allocation – Short Horizon Subaccount

SCHEDULE OF INVESTMENTS

At September 30, 2019

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 2.0%
Transamerica Variable International Equity (A) (B)		5,327		$  121,842
Money Market Fund - 0.2%
Transamerica Variable Government Money Market (A) (B)		668		14,268
U.S. Equity Funds - 8.1%
Transamerica Variable Large Growth (A) (B)		1,379		196,493
Transamerica Variable Large Value Opportunities (A) (B)		1,893		188,178
Transamerica Variable Small Cap Core (A) (B)		2,015		117,398
				502,069

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 89.7%
Transamerica Variable High Quality Bond (A) (B)		53,720		$   986,724
Transamerica Variable High Yield Bond (A) (B)		17,129		635,678
Transamerica Variable Inflation-Protected Securities (A) (B)		34,502		981,297
Transamerica Variable Intermediate Bond (A) (B)		58,204		2,913,577
				5,517,276
Total Investment Companies (Cost $5,548,085)				6,155,455
Total Investments (Cost $5,548,085)				6,155,455
Net Other Assets (Liabilities) - (0.0)% (C)				(3,006	)
Net Assets - 100.0%				$  6,152,449

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	6,155,455	$	—	$	—	$	6,155,455
Total Investments	$	6,155,455	$	—	$	—	$	6,155,455

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Affiliated investment in Transamerica Variable Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value December 31, 2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation)		Value September 30, 2019		Shares as of September 30, 2019		Dividend Income		Net Capital Gain Distributions
Transamerica Variable Government Money Market	$	11,226	$	1,015,270	$	(1,012,323	)	$	94		$	1	$	14,268		668	$	—	$	—
Transamerica Variable High Quality Bond		936,455		72,635		(54,634	)		877			31,391		986,724		53,720		—		—
Transamerica Variable High Yield Bond		570,905		42,727		(34,679	)		9,742			46,983		635,678		17,129		—		—
Transamerica Variable Inflation-Protected Securities		904,566		71,781		(53,365	)		(1,390	)		59,705		981,297		34,502		—		—
Transamerica Variable Intermediate Bond		2,668,290		196,541		(157,407	)		23,219			182,934		2,913,577		58,204		—		—
Transamerica Variable International Equity		98,883		18,824		(6,146	)		723			9,558		121,842		5,327		—		—
Transamerica Variable Large Growth		160,815		12,818		(10,292	)		5,361			27,791		196,493		1,379		—		—
Transamerica Variable Large Value Opportunities		163,261		12,818		(10,121	)		4,383			17,837		188,178		1,893		—		—
Transamerica Variable Small Cap Core		100,869		17,675		(6,396	)		2,254			2,996		117,398		2,015		—		—
Total	$	5,615,270	$	1,461,089	$	(1,345,363	)	$	45,263		$	379,196	$	6,155,455		174,837	$	—	$	—

(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	There were no transfers in or out of Level 3 during the period ended September 30, 2019. Please reference the Security Valuation section of the Notes to Schedules of Investments for more information regarding security valuation and pricing inputs.

The notes are an integral part of this report. Transamerica Asset Allocation Variable Funds Page    1

Transamerica Asset Allocation – Intermediate Horizon Subaccount

SCHEDULE OF INVESTMENTS

At September 30, 2019

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Equity Fund - 10.7%
Transamerica Variable International Equity (A) (B)		75,937		$  1,736,722
Money Market Fund - 0.3%
Transamerica Variable Government Money Market (A) (B)		2,162		46,183
U.S. Equity Funds - 39.7%
Transamerica Variable Large Growth (A) (B)		17,526		2,498,049
Transamerica Variable Large Value Opportunities (A) (B)		24,891		2,474,672
Transamerica Variable Small Cap Core (A) (B)		24,736		1,441,134
				6,413,855

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 49.4%
Transamerica Variable High Quality Bond (A) (B)		67,570		$   1,241,131
Transamerica Variable High Yield Bond (A) (B)		25,759		955,968
Transamerica Variable Inflation-Protected Securities (A) (B)		67,191		1,911,026
Transamerica Variable Intermediate Bond (A) (B)		77,379		3,873,436
				7,981,561
Total Investment Companies (Cost $12,902,603)				16,178,321
Total Investments (Cost $12,902,603)				16,178,321
Net Other Assets (Liabilities) - (0.1)%				(11,992	)
Net Assets - 100.0%				$  16,166,329

SECURITY VALUATION:

Valuation Inputs ^(C)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	16,178,321	$	—	$	—	$	16,178,321
Total Investments	$	16,178,321	$	—	$	—	$	16,178,321

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Affiliated investment in Transamerica Variable Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value December 31, 2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Value September 30, 2019		Shares as of September 30, 2019		Dividend Income		Net Capital Gain Distributions
Transamerica Variable Government Money Market	$	30,083	$	2,159,035	$	(2,143,187	)	$	251	$	1	$	46,183		2,162	$	—	$	—
Transamerica Variable High Quality Bond		1,236,008		41,284		(79,108	)		2,619		40,328		1,241,131		67,570		—		—
Transamerica Variable High Yield Bond		896,114		30,963		(60,262	)		39,520		49,633		955,968		25,759		—		—
Transamerica Variable Inflation-Protected Securities		1,849,575		60,894		(120,855	)		608		120,804		1,911,026		67,191		—		—
Transamerica Variable Intermediate Bond		3,702,250		123,853		(242,387	)		47,427		242,293		3,873,436		77,379		—		—
Transamerica Variable International Equity		1,631,723		61,927		(109,821	)		28,877		124,016		1,736,722		75,937		—		—
Transamerica Variable Large Growth		2,137,162		73,537		(157,044	)		100,680		343,714		2,498,049		17,526		—		—
Transamerica Variable Large Value Opportunities		2,252,637		73,538		(155,428	)		110,824		193,101		2,474,672		24,891		—		—
Transamerica Variable Small Cap Core		1,304,871		163,291		(89,498	)		61,701		769		1,441,134		24,736		—		—
Total	$	15,040,423	$	2,788,322	$	(3,157,590	)	$	392,507	$	1,114,659	$	16,178,321		383,151	$	—	$	—

(C) There were no transfers in or out of Level 3 during the period ended September 30, 2019. Please reference the Security Valuation section of the Notes to Schedules of Investments for more information regarding security valuation and pricing inputs.

The notes are an integral part of this report. Transamerica Asset Allocation Variable Funds Page    1

Transamerica Asset Allocation –

Intermediate/Long Horizon Subaccount

SCHEDULE OF INVESTMENTS

At September 30, 2019

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 16.3%
Transamerica Variable International Equity (A) (B)		212,470		$  4,859,319
Money Market Fund - 0.2%
Transamerica Variable Government Money Market (A) (B)		3,450		73,714
U.S. Equity Funds - 53.8%
Transamerica Variable Large Growth (A) (B)		43,711		6,230,249
Transamerica Variable Large Value Opportunities (A) (B)		62,308		6,194,792
Transamerica Variable Small Cap Core (A) (B)		62,777		3,657,413
				16,082,454

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 29.7%
Transamerica Variable High Quality Bond (A) (B)		31,446		$   577,595
Transamerica Variable High Yield Bond (A) (B)		31,458		1,167,463
Transamerica Variable Inflation-Protected Securities (A) (B)		92,725		2,637,276
Transamerica Variable Intermediate Bond (A) (B)		89,540		4,482,204
				8,864,538
Total Investment Companies (Cost $20,139,448)				29,880,025
Total Investments (Cost $20,139,448)				29,880,025
Net Other Assets (Liabilities) - (0.0)% (C)				(14,418	)
Net Assets - 100.0%				$  29,865,607

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	29,880,025	$	—	$	—	$	29,880,025
Total Investments	$	29,880,025	$	—	$	—	$	29,880,025

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Affiliated investment in Transamerica Variable Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value December 31, 2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Value September 30, 2019		Shares as of September 30, 2019		Dividend Income		Net Capital Gain Distributions
Transamerica Variable Government Money Market	$	77,216	$	4,374,854	$	(4,378,883	)	$	532	$	(5	)	$	73,714		3,450	$	—	$	—
Transamerica Variable High Quality Bond		558,931		32,542		(33,625	)		1,368		18,379			577,595		31,446		—		—
Transamerica Variable High Yield Bond		1,063,052		65,082		(67,269	)		43,715		62,883			1,167,463		31,458		—		—
Transamerica Variable Inflation-Protected Securities		2,481,394		143,182		(153,072	)		11,873		153,899			2,637,276		92,725		—		—
Transamerica Variable Intermediate Bond		4,163,304		244,058		(257,627	)		62,338		270,131			4,482,204		89,540		—		—
Transamerica Variable International Equity		4,431,603		292,871		(277,880	)		99,178		313,547			4,859,319		212,470		—		—
Transamerica Variable Large Growth		5,570,817		317,277		(820,109	)		513,608		648,656			6,230,249		43,711		—		—
Transamerica Variable Large Value Opportunities		5,490,459		317,277		(354,052	)		141,262		599,846			6,194,792		62,308		—		—
Transamerica Variable Small Cap Core		3,182,857		523,385		(207,587	)		88,978		69,780			3,657,413		62,777		—		—
Total	$	27,019,633	$	6,310,528	$	(6,550,104	)	$	962,852	$	2,137,116		$	29,880,025		629,885	$	—	$	—

(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	There were no transfers in or out of Level 3 during the period ended September 30, 2019. Please reference the Security Valuation section of the Notes to Schedules of Investments for more information regarding security valuation and pricing inputs.

The notes are an integral part of this report. Transamerica Asset Allocation Variable Funds Page    1

NOTES TO FINANCIAL STATEMENTS

At September 30, 2019

(unaudited)

1. ORGANIZATION

Transamerica Asset Allocation Variable Funds (the “Separate Account”), is a non-diversified separate account of Transamerica Financial Life Insurance Company (“TFLIC”), and is registered as a management investment company under the Investment Company Act of 1940, as amended. The Separate Account applies investment company accounting and reporting guidance. The Separate Account is composed of three different subaccounts (each, a “Subaccount” and collectively, the “Subaccounts”) that are separate investment funds and are as follows. Each Subaccount invests substantially all of its investable assets among certain Transamerica Variable Funds (“TVF”). Certain TVF subaccounts invest substantially all of their investable assets in underlying series of Transamerica Funds (each a “Fund” and collectively, the “Funds”).

Subaccount

Transamerica Asset Allocation – Short Horizon Subaccount (“Short Horizon”)

Transamerica Asset Allocation – Intermediate Horizon Subaccount (“Intermediate Horizon”)

Transamerica Asset Allocation – Intermediate/Long Horizon Subaccount (“Intermediate/Long Horizon”)

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Subaccounts pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Subaccounts. TAM supervises each Subaccount’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Subaccounts.

TAM is responsible for all aspects of the day-to-day management of the Subaccounts.

TAM’s investment management services also include the provision of supervisory and administrative services to the Subaccounts. These services include performing certain administrative services for the Subaccounts and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Subaccounts 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 Subaccounts from time to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Subaccount investments; assisting with Subaccount 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 Subaccounts’ custodian and dividend disbursing agent and monitoring their services to the Subaccounts; assisting the Subaccounts in preparing reports to shareholders; acting as liaison with the Subaccounts’ 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 Subaccounts.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Subaccounts.

Security transactions: Security transactions are accounted for on the trade date. Security gains and losses are calculated on the specific identification basis. Net realized gain (loss) is from investments in units of investment companies.

3. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The value of each Subaccount’s investment in a corresponding TVF subaccount is valued at the TVF unit value per share at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

The Subaccounts utilize various methods to measure the fair value of their 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 the Subaccounts, own assumptions used in determining the fair value of investments.

Transamerica Asset Allocation Variable Funds Page    1

NOTES TO FINANCIAL STATEMENTS (continued)

At September 30, 2019

(unaudited)

3. SECURITY VALUATION (continued)

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Subaccounts’ investments at September 30, 2019, is disclosed within the Security Valuation section of each Subaccount’s 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: Each Subaccount invests substantially all of its investable assets among certain TVF subaccounts and the TVF subaccounts invest all of their investable assets in the Funds. The summary of the inputs used for valuing each Fund’s assets carried at fair value is discussed in the Security Valuation section of the Funds’ Notes to Schedules of Investments. Descriptions of the valuation techniques applied to the Subaccounts’ 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 Subaccounts 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 subaccounts and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

4. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Fair Value Measurement (Topic 820: Disclosure Framework), Changes to the Disclosure Requirements for Fair Value Measurement”. ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, or the reporting of changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated and has early adopted the disclosure requirements and the impact is reflected within the Subaccounts’ financial statements.

Transamerica Asset Allocation Variable Funds Page    2