Transamerica Asset Allocation – Intermediate Horizon Subaccount

SCHEDULE OF INVESTMENTS

At September 30, 2021

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 12.3%
Transamerica Variable International Equity (A) (B)		74,186		$  2,115,914
Money Market Fund - 0.2%
Transamerica Variable Government Money Market, 0.00% (A) (B) (C)		1,622		34,706
U.S. Equity Funds - 40.9%
Transamerica Variable Large Growth (A) (B)		9,133		2,671,487
Transamerica Variable Large Value Opportunities (A) (B)		21,573		2,630,344
Transamerica Variable Small Cap Growth (A) (B)		65,945		900,026
Transamerica Variable Small Cap Value (A) (B)		51,410		820,588
				7,022,445

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 46.6%
Transamerica Variable High Quality Bond (A) (B)		68,488		$   1,285,896
Transamerica Variable High Yield Bond (A) (B)		24,242		992,804
Transamerica Variable Inflation-Protected Securities (A) (B)		60,924		1,924,507
Transamerica Variable Intermediate Bond (A) (B)		73,079		3,814,448
				8,017,655
Total Investment Companies (Cost $12,977,701)				17,190,720
Total Investments (Cost $12,977,701)				17,190,720
Net Other Assets (Liabilities) - (0.0)% (D)				(2,825	)
Net Assets - 100.0%				$  17,187,895

INVESTMENT VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	17,190,720	$	—	$	—	$	17,190,720
Total Investments	$	17,190,720	$	—	$	—	$	17,190,720

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A) Affiliated investment in Transamerica Variable Funds. The Fund’s transactions and earnings are as follows:

Affiliated Investments	Value December 31, 2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Value September 30, 2021		Shares as of September 30, 2021		Dividend Income		Net Capital Gain Distributions
Transamerica Variable Government Money Market	$	34,585	$	3,393,995	$	(3,393,877	)	$	3	$	—		$	34,706		1,622	$	—	$	—
Transamerica Variable High Quality Bond		1,269,047		152,436		(132,574	)		7,631		(10,644	)		1,285,896		68,488		—		—
Transamerica Variable High Yield Bond		990,314		60,772		(102,170	)		40,846		3,042			992,804		24,242		—		—
Transamerica Variable Inflation-Protected Securities		1,892,237		190,558		(196,969	)		27,385		11,296			1,924,507		60,924		—		—
Transamerica Variable Intermediate Bond		3,802,283		478,553		(394,230	)		73,668		(145,826	)		3,814,448		73,079		—		—
Transamerica Variable International Equity		2,370,927		121,543		(560,359	)		126,693		57,110			2,115,914		74,186		—		—
Transamerica Variable Large Growth		2,573,235		144,334		(279,210	)		205,793		27,335			2,671,487		9,133		—		—
Transamerica Variable Large Value Opportunities		2,534,138		144,334		(468,427	)		290,447		129,852			2,630,344		21,573		—		—
Transamerica Variable Small Cap Growth		911,996		48,111		(158,527	)		38,676		59,770			900,026		65,945		—		—
Transamerica Variable Small Cap Value		912,531		48,111		(304,816	)		106,272		58,490			820,588		51,410		—		—
Total	$	17,291,293	$	4,782,747	$	(5,991,159	)	$	917,414	$	190,425		$	17,190,720		450,602	$	—	$	—

(B)	Non-income producing securities.
(C)	Rate disclosed reflects the yield at September 30, 2021.
(D)	Percentage rounds to less than 0.1% or (0.1)%.
(E)	There were no transfers in or out of Level 3 during the period ended September 30, 2021. Please reference the Investment Valuation section of the Notes to Schedule of Investments for more information regarding investment valuation and pricing inputs.

Transamerica Asset Allocation Variable Funds Page    1

Transamerica Asset Allocation – Intermediate Horizon Subaccount

NOTES TO SCHEDULE OF INVESTMENTS

At September 30, 2021

(unaudited)

INVESTMENT VALUATION

Transamerica Asset Allocation – Intermediate Horizon Subaccount (the “Subaccount”) is a subaccount of the Transamerica Asset Allocation Variable Funds separate account of Transamerica Financial Life Insurance Company.

All investments in securities are recorded at their estimated fair value. The value of the Subaccount’s investment in a corresponding Transamerica Variable Funds (“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 Subaccount 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 the Subaccount’s, own assumptions used in determining the fair value of 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 Subaccount’s investments at September 30, 2021, is disclosed within the Investment Valuation section of the 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: The Subaccount invests substantially all of its investable assets among certain TVF subaccounts and the TVF subaccounts invest all of their investable assets in the Fund. The summary of the inputs used for valuing the Fund’s assets carried at fair value is discussed in the Investment Valuation section of the Fund’s Notes to Schedule of Investments. Descriptions of the valuation techniques applied to the Subaccount’s significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Investment companies: Certain investment companies are valued at the NAV as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

Transamerica Asset Allocation Variable Funds Page    2