As filed with the SEC on May 30, 2012.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04419

TRANSAMERICA SERIES TRUST

(Exact Name of Registrant as Specified in Charter)

570 Carillon Parkway, St. Petersburg, Florida 33716

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (727) 299-1800

Dennis Gallagher, Esq. P.O. Box 9012, Clearwater, Florida 33758-9771

(Name and Address of Agent for Service)

Date of fiscal year end: December 31

Date of reporting period: January 1, 2012 – March 31, 2012

Item 1. Schedule of Investments.

The unaudited Schedules of Investments of Registrant as of March 31, 2012 are attached.

TRANSAMERICA SERIES TRUST

Quarterly Schedules of Investments

March 31, 2012

Transamerica AEGON Active Asset Allocation - Conservative VP

Transamerica AEGON Active Asset Allocation - Moderate VP

Transamerica AEGON Active Asset Allocation - Moderate Growth VP

Transamerica AEGON High Yield Bond VP

Transamerica AEGON Money Market VP

Transamerica AEGON U.S. Government Securities VP

Transamerica AllianceBernstein Dynamic Allocation VP

Transamerica Asset Allocation – Conservative VP

Transamerica Asset Allocation – Growth VP

Transamerica Asset Allocation – Moderate VP

Transamerica Asset Allocation – Moderate Growth VP

Transamerica BlackRock Global Allocation VP

Transamerica BlackRock Large Cap Value VP

Transamerica BlackRock Tactical Allocation VP

Transamerica Clarion Global Real Estate Securities VP

Transamerica Efficient Markets VP

Transamerica Hanlon Balanced VP

Transamerica Hanlon Growth VP

Transamerica Hanlon Growth and Income VP

Transamerica Hanlon Income VP

Transamerica Index 35 VP

Transamerica Index 50 VP

Transamerica Index 75 VP

Transamerica Index 100 VP

Transamerica International Moderate Growth VP

Transamerica Janus Balanced VP

Transamerica Jennison Growth VP

Transamerica JPMorgan Core Bond VP

Transamerica JPMorgan Enhanced Index VP

Transamerica JPMorgan Mid Cap Value VP

Transamerica JPMorgan Tactical Allocation VP

Transamerica Madison Balanced Allocation VP

Transamerica Madison Conservative Allocation VP

Transamerica Madison Diversified Income VP

Transamerica Madison Large Cap Growth VP

Transamerica Madison Moderate Growth Allocation VP

Transamerica MFS International Equity VP

Transamerica Morgan Stanley Active International Allocation VP

Transamerica Morgan Stanley Capital Growth VP

Transamerica Morgan Stanley Mid-Cap Growth VP

Transamerica Multi-Managed Balanced VP

Transamerica Multi Managed Large Cap Core VP

Transamerica PIMCO Real Return TIPS VP

Transamerica PIMCO Total Return VP

Transamerica ProFund UltraBear VP

Transamerica Systematic Small/Mid Cap Value VP

Transamerica T. Rowe Price Small Cap VP

Transamerica Third Avenue Value VP

Transamerica WMC Diversified Growth II VP

Transamerica WMC Diversified Growth VP

Transamerica BlackRock Global Allocation VP invests all of its investable assets in BlackRock Global Allocation V.I. which is located in this report.

Transamerica AEGON Active Asset Allocation - Conservative VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 99.5%
Capital Markets - 76.9%
Vanguard Extended Market ETF		24,402	$	1,448
Vanguard Intermediate-Term Bond ETF		277,938		24,169
Vanguard Intermediate-Term Corporate Bond ETF		66,755		5,591
Vanguard Long-Term Bond ETF		80,258		7,136
Vanguard MSCI EAFE ETF		108,626		3,697
Vanguard S&P 500 ETF		101,453		6,531
Vanguard Short-Term Bond ETF		278,990		22,584
Vanguard Short-Term Government Bond ETF		27,637		1,682
Vanguard Total Bond Market ETF		439,070		36,565
Vanguard Total Stock Market ETF		109,783		7,933
Emerging Market - Equity - 2.8%
Vanguard MSCI Emerging Markets ETF		99,637		4,331
Growth - Large Cap - 6.9%
Vanguard Growth ETF ^		147,680		10,481
Growth - Small Cap - 1.8%
Vanguard Small-Capital ETF ^		35,145		2,767
Region Fund - Asian Pacific - 1.4%
Vanguard MSCI Pacific ETF		40,647		2,160
Region Fund - European - 2.8%
Vanguard MSCI European ETF ^		92,525		4,264
Value - Large Cap - 6.9%
Vanguard Value ETF ^		181,741		10,483
Total Investment Companies (cost $148,464)				151,822
SECURITIES LENDING COLLATERAL - 3.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		5,556,906		5,557
Total Securities Lending Collateral (cost $5,557)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.1%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $1,746 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $1,781.	$	1,746	$	1,746
Total Repurchase Agreement (cost $1,746)
Total Investment Securities (cost $155,767) P				159,125
Other Assets and Liabilities - Net				(6,375	)
Net Assets			$	152,750

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $5,425.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $155,767. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,696 and $338, respectively. Net unrealized appreciation for tax purposes is $3,358.

DEFINITION:

ETF Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	151,822	$	—	$	—	$	151,822
Repurchase Agreement		—		1,746		—		1,746
Securities Lending Collateral		5,557		—		—		5,557
Total	$	157,379	$	1,746	$	—	$	159,125

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica AEGON Active Asset Allocation - Moderate VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 97.4%
Capital Markets - 66.4%
Vanguard Extended Market ETF ^		18,458	$	1,095
Vanguard Intermediate-Term Bond ETF		116,797		10,157
Vanguard Intermediate-Term Corporate Bond ETF		31,667		2,652
Vanguard Long-Term Bond ETF		34,379		3,057
Vanguard MSCI EAFE ETF		86,190		2,933
Vanguard S&P 500 ETF		73,964		4,761
Vanguard Short-Term Bond ETF		116,535		9,434
Vanguard Short-Term Government Bond ETF		7,843		477
Vanguard Total Bond Market ETF		184,275		15,347
Vanguard Total Stock Market ETF ^		80,266		5,800
Emerging Market - Equity - 4.2%
Vanguard MSCI Emerging Markets ETF		81,210		3,530
Growth - Large Cap - 9.1%
Vanguard Growth ETF ^		107,920		7,659
Growth - Small Cap - 2.4%
Vanguard Small-Capital ETF ^		25,688		2,022
Region Fund - Asian Pacific - 2.1%
Vanguard MSCI Pacific ETF		32,640		1,734
Region Fund - European - 4.1%
Vanguard MSCI European ETF ^		75,404		3,475
Value - Large Cap - 9.1%
Vanguard Value ETF ^		133,001		7,672
Total Investment Companies (cost $79,988)				81,805
SECURITIES LENDING COLLATERAL - 9.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		8,301,298		8,301
Total Securities Lending Collateral (cost $8,301)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 4.1%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $3,462 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $3,531.	$	3,462	$	3,462
Total Repurchase Agreement (cost $3,462)
Total Investment Securities (cost $91,751) P				93,568
Other Assets and Liabilities - Net				(9,609	)
Net Assets			$	83,959

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^{^}  All or a portion of this security is on loan. The value of all securities on loan is $8,126.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $91,751. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,988 and $171, respectively. Net unrealized appreciation for tax purposes is $1,817.

DEFINITION:

ETF Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	81,805	$	—	$	—	$	81,805
Repurchase Agreement		—		3,462		—		3,462
Securities Lending Collateral		8,301		—		—		8,301
Total	$	90,106	$	3,462	$	—	$	93,568

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica AEGON Active Asset Allocation - Moderate Growth VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 99.5%
Capital Markets - 54.1%
Vanguard Extended Market ETF ^		48,992	$	2,907
Vanguard Intermediate-Term Bond ETF		122,311		10,636
Vanguard Intermediate-Term Corporate Bond ETF		39,620		3,318
Vanguard Long-Term Bond ETF		34,584		3,075
Vanguard MSCI EAFE ETF		224,114		7,627
Vanguard S&P 500 ETF		192,645		12,401
Vanguard Short-Term Bond ETF		124,223		10,056
Vanguard Short-Term Government Bond ETF		5,950		362
Vanguard Total Bond Market ETF		196,697		16,381
Vanguard Total Stock Market ETF		210,248		15,193
Emerging Market - Equity - 6.2%
Vanguard MSCI Emerging Markets ETF		214,170		9,310
Growth - Large Cap - 13.2%
Vanguard Growth ETF ^		281,956		20,010
Growth - Small Cap - 3.5%
Vanguard Small-Capital ETF ^		66,708		5,251
Region Fund - Asian Pacific - 3.1%
Vanguard MSCI Pacific ETF		87,483		4,649
Region Fund - European - 6.1%
Vanguard MSCI European ETF		198,907		9,168
Value - Large Cap - 13.3%
Vanguard Value ETF ^		350,352		20,208
Total Investment Companies (cost $140,467)				150,552
SECURITIES LENDING COLLATERAL - 2.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		3,108,475		3,108
Total Securities Lending Collateral (cost $3,108)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.0%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $1,467 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $1,497.	$	1,467	$	1,467
Total Repurchase Agreement (cost $1,467)
Total Investment Securities (cost $ 145,042) P				155,127
Other Assets and Liabilities - Net				(3,952	)
Net Assets			$	151,175

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $3,040.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $145,042. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $10,286 and $201, respectively. Net unrealized appreciation for tax purposes is $10,085.

DEFINITION:

ETF Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	150,552	$	—	$	—	$	150,552
Repurchase Agreement		—		1,467		—		1,467
Securities Lending Collateral		3,108		—		—		3,108
Total	$	153,660	$	1,467	$	—	$	155,127

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica AEGON High Yield Bond VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
CORPORATE DEBT SECURITIES - 91.2%
Aerospace & Defense - 1.1%
Bombardier, Inc.
7.50%, 03/15/2018 - 144A	$	140	$	154
7.75%, 03/15/2020 - 144A		400		446
Hexcel Corp.
6.75%, 02/01/2015		192		194
Spirit Aerosystems, Inc.
6.75%, 12/15/2020 ^		330		357
7.50%, 10/01/2017		735		792
Triumph Group, Inc.
8.63%, 07/15/2018 ^		630		706
Airlines - 0.4%
Continental Airlines Pass-Through Trust
Series 2007-1, Class B
6.90%, 04/19/2022		265		269
U.S. Airways Pass-Through Trust
Series 2010-1, Class A
6.25%, 04/22/2023		581		590
Auto Components - 0.2%
Lear Corp.
7.88%, 03/15/2018		365		398
8.13%, 03/15/2020		140		156
Automobiles - 1.5%
Chrysler Group LLC/CG Co-Issuer, Inc.
8.00%, 06/15/2019 ^		1,600		1,608
8.25%, 06/15/2021 ^		930		939
General Motors Corp. (Escrow Shares)
7.20%, 01/15/2049		805		¨
Jaguar Land Rover PLC
7.75%, 05/15/2018 - 144A		200		205
8.13%, 05/15/2021 - 144A ^		745		764
Beverages - 1.5%
Constellation Brands, Inc.
7.25%, 09/01/2016 - 05/15/2017		1,750		1,982
Cott Beverages, Inc.
8.13%, 09/01/2018 ^		415		449
8.38%, 11/15/2017		1,050		1,135
Building Products - 2.7%
Associated Materials LLC
9.13%, 11/01/2017 ^		1,372		1,334
Euramax International, Inc.
9.50%, 04/01/2016 ^		1,450		1,327
Ply Gem Industries, Inc.
8.25%, 02/15/2018 ^		3,332		3,353
13.13%, 07/15/2014		510		515
Chemicals - 1.4%
Huntsman International LLC
8.63%, 03/15/2020 - 03/15/2021 ^		1,200		1,344
LyondellBasell Industries NV
5.00%, 04/15/2019 - 144A		305		305
NOVA Chemicals Corp.
3.78%, 11/15/2013 *		50		50
8.38%, 11/01/2016		1,090		1,210
8.63%, 11/01/2019		410		467
Commercial Banks - 1.6%
CIT Group, Inc.
5.25%, 03/15/2018 ^		185		189
7.00%, 05/04/2015 - 05/02/2016 - 144A		1,425		1,427

	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
CIT Group, Inc. (continued)
7.00%, 05/02/2017 - 144A ^	$	2,250	$	2,257
Commercial Services & Supplies - 2.5%
Ceridian Corp.
11.25%, 11/15/2015 ^		313		282
12.25%, 11/15/2015 W		2,150		1,941
EnergySolutions, Inc. / EnergySolutions LLC
10.75%, 08/15/2018		1,419		1,465
GCB Quebecor World (Escrow Shares)
6.13%, 11/15/2013		690		¨
International Lease Finance Corp.
8.63%, 09/15/2015		1,100		1,210
KAR Auction Services, Inc.
4.55%, 05/01/2014 *		599		598
UR Financing Escrow Corp.
7.38%, 05/15/2020 - 144A		580		593
Computers & Peripherals - 0.7%
Seagate HDD Cayman
6.88%, 05/01/2020		940		1,000
7.75%, 12/15/2018		640		701
Consumer Finance - 2.2%
Ally Financial, Inc.
6.75%, 12/01/2014		900		943
8.00%, 03/15/2020 ^		650		723
Springleaf Finance Corp.
6.90%, 12/15/2017		4,670		3,642
Containers & Packaging - 1.6%
Cascades, Inc.
7.88%, 01/15/2020 ^		750		741
Graphic Packaging International, Inc.
7.88%, 10/01/2018		900		997
9.50%, 06/15/2017		200		222
Packaging Dynamics Corp.
8.75%, 02/01/2016 - 144A		1,100		1,155
Sealed Air Corp.
8.13%, 09/15/2019 - 144A		570		629
Diversified Consumer Services - 1.4%
Ford Holdings LLC
9.30%, 03/01/2030		1,625		2,097
Service Corp., International
7.00%, 06/15/2017 ^		1,160		1,296
Diversified Financial Services - 4.3%
Bank of America Corp. - Series K
8.00%, 01/30/2018 * Ž ^		2,610		2,677
Ford Motor Credit Co., LLC
3.88%, 01/15/2015 ^		1,500		1,516
5.00%, 05/15/2018		475		492
5.88%, 08/02/2021		500		539
International Lease Finance Corp.
8.25%, 12/15/2020 ^		900		990
JPMorgan Chase & Co. - Series 1
7.90%, 04/30/2018 * Ž		819		897
Marina District Finance Co., Inc.
9.50%, 10/15/2015 ^		1,300		1,186
9.88%, 08/15/2018 ^		845		758
Nuveen Investments, Inc.
10.50%, 11/15/2015 ^		1,332		1,380

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica AEGON High Yield Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Diversified Telecommunication Services - 6.0%
Cincinnati Bell, Inc.
8.38%, 10/15/2020 ^	$	1,125	$	1,131
8.75%, 03/15/2018 ^		500		467
Clearwire Communications LLC/Clearwire Finance, Inc.
14.75%, 12/01/2016 - 144A		25		27
Frontier Communications Corp.
8.25%, 04/15/2017 ^		465		500
9.00%, 08/15/2031		2,460		2,386
Hughes Satellite Systems Corp.
6.50%, 06/15/2019 ^		695		726
7.63%, 06/15/2021 ^		130		139
Intelsat Jackson Holdings SA
9.50%, 06/15/2016		1,500		1,568
Intelsat Luxembourg SA
11.50%, 02/04/2017 - 144A		500		515
Level 3 Financing, Inc.
8.13%, 07/01/2019 - 144A		1,735		1,791
8.63%, 07/15/2020 - 144A ^		250		263
PAETEC Holding Corp.
8.88%, 06/30/2017		215		233
Sprint Capital Corp.
8.75%, 03/15/2032		1,475		1,265
Windstream Corp.
7.50%, 04/01/2023		3,290		3,388
Electric Utilities - 3.8%
AES Red Oak LLC - Series B
9.20%, 11/30/2029		1,405		1,510
Elwood Energy LLC
8.16%, 07/05/2026		1,747		1,778
Homer City Funding LLC
8.14%, 10/01/2019		473		449
8.73%, 10/01/2026		2,985		2,836
Intergen NV
9.00%, 06/30/2017 - 144A		1,400		1,474
LSP Energy, LP/LSP Batesville Funding Corp.
8.16%, 07/15/2025		1,250		1,041
Electronic Equipment & Instruments - 0.5%
NXP BV / NXP Funding LLC
9.75%, 08/01/2018 - 144A		1,150		1,300
Energy Equipment & Services - 1.2%
Atwood Oceanics, Inc.
6.50%, 02/01/2020		295		310
Chesapeake Midstream Partners, LP / CHKM Finance Corp.
6.13%, 07/15/2022 - 144A		400		403
Stallion Oilfield Holdings, Ltd.
10.50%, 02/15/2015		2,045		2,203
Food & Staples Retailing - 1.2%
Rite Aid Corp.
7.50%, 03/01/2017		1,500		1,531
7.70%, 02/15/2027		81		75
9.50%, 06/15/2017 ^		105		105
10.38%, 07/15/2016		125		133
SUPERVALU, Inc.
8.00%, 05/01/2016 ^		893		935

	Principal (000’s)		Value (000’s)
Food Products - 1.6%
Dole Food Co., Inc.
8.00%, 10/01/2016 - 144A	$	880	$	924
Harmony Foods Corp.
10.00%, 05/01/2016 - 144A		168		173
Pilgrim’s Pride Corp.
7.88%, 12/15/2018		420		419
Post Holdings, Inc.
7.38%, 02/15/2022 - 144A ^		670		702
Simmons Foods, Inc.
10.50%, 11/01/2017 - 144A		1,620		1,561
Health Care Equipment & Supplies - 0.7%
Accellent, Inc.
8.38%, 02/01/2017		675		678
Kinetic Concepts, Inc./KCI USA, Inc.
10.50%, 11/01/2018 - 144A ^		1,055		1,096
Health Care Providers & Services - 5.4%
CHS/Community Health Systems, Inc.
8.00%, 11/15/2019 - 144A^		2,455		2,537
8.88%, 07/15/2015 ^		1,316		1,364
DaVita, Inc.
6.38%, 11/01/2018 ^		1,525		1,597
Fresenius Medical Care U.S. Finance II, Inc.
5.63%, 07/31/2019 - 144A		730		752
5.88%, 01/31/2022 - 144A		200		206
GCB U.S. Oncology, Inc. (Escrow Shares)
0.00%, 08/15/2017		1,650		33
HCA, Inc.
6.38%, 01/15/2015 ^		600		633
6.50%, 02/15/2020		570		599
7.50%, 02/15/2022 ^		1,200		1,278
7.88%, 02/15/2020 ^		900		989
HealthSouth Corp.
7.75%, 09/15/2022 ^		1,645		1,776
LifePoint Hospitals, Inc.
6.63%, 10/01/2020 ^		1,095		1,161
Hotels, Restaurants & Leisure - 5.6%
Ameristar Casinos, Inc.
7.50%, 04/15/2021 ^		1,350		1,416
Caesars Entertainment Operating Co., Inc.
10.00%, 12/15/2018		1,850		1,428
11.25%, 06/01/2017		285		311
12.75%, 04/15/2018		1,910		1,656
GWR Operating Partnership LLP
10.88%, 04/01/2017		1,670		1,826
MGM Resorts International
7.50%, 06/01/2016 ^		1,010		1,040
10.00%, 11/01/2016 ^		505		566
10.38%, 05/15/2014		170		193
11.13%, 11/15/2017		760		860
11.38%, 03/01/2018 ^		1,695		2,014
Pinnacle Entertainment, Inc.
7.75%, 04/01/2022 ^		75		79
Royal Caribbean Cruises, Ltd.
7.00%, 06/15/2013		125		131
7.25%, 06/15/2016 ^		350		378
Seneca Gaming Corp.
8.25%, 12/01/2018 - 144A		600		614

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    2

Transamerica AEGON High Yield Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Hotels, Restaurants & Leisure (continued)
Wynn Las Vegas LLC
7.75%, 08/15/2020 ^	$	935	$	1,027
Household Durables - 4.3%
Beazer Homes USA, Inc.
9.13%, 06/15/2018 ^		1,252		1,094
12.00%, 10/15/2017 ^		2,341		2,550
Jarden Corp.
7.50%, 01/15/2020		840		911
K. Hovnanian Enterprises, Inc.
8.63%, 01/15/2017		800		466
10.63%, 10/15/2016 ^		1,125		1,017
KB Home
9.10%, 09/15/2017 ^		1,455		1,520
Meritage Homes Corp.
6.25%, 03/15/2015		355		359
7.00%, 04/01/2022 - 144A		500		501
7.15%, 04/15/2020		922		950
Standard Pacific Corp.
8.38%, 05/15/2018		225		239
8.38%, 01/15/2021 ^		825		866
Household Products - 1.3%
Reynolds Group Issuer, Inc.
6.88%, 02/15/2021 - 144A		100		104
7.13%, 04/15/2019 - 144A		575		599
8.25%, 02/15/2021 - 144A		180		169
9.00%, 04/15/2019 - 144A		1,475		1,453
9.88%, 08/15/2019 - 144A		750		767
Independent Power Producers & Energy Traders - 3.7%
Calpine Corp.
7.25%, 10/15/2017 - 144A ^		575		610
7.88%, 07/31/2020 - 01/15/2023 - 144A		1,325		1,437
Dynegy Holdings LLC
7.50%, 06/01/2015 ‡		1,495		987
7.75%, 06/01/2019 ‡		3,520		2,313
Edison Mission Energy
7.20%, 05/15/2019 ^		1,075		667
NRG Energy, Inc.
7.63%, 01/15/2018 - 05/15/2019		1,765		1,747
7.88%, 05/15/2021 ^		725		696
8.25%, 09/01/2020 ^		300		296
8.50%, 06/15/2019 ^		250		252
Insurance - 2.2%
Genworth Financial, Inc.
6.15%, 11/15/2066 *		1,075		726
Liberty Mutual Group, Inc.
10.75%, 06/15/2058 - 144A *		1,275		1,705
Lincoln National Corp.
7.00%, 05/17/2066 *		2,875		2,782
IT Services - 1.1%
SunGard Data Systems, Inc.
7.38%, 11/15/2018		850		903
7.63%, 11/15/2020 ^		1,632		1,742
Machinery - 0.7%
Dynacast International LLC
9.25%, 07/15/2019 - 144A		635		664
Navistar International Corp.
8.25%, 11/01/2021 ^		1,038		1,131

	Principal (000’s)		Value (000’s)
Media - 7.3%
Cablevision Systems Corp.
7.75%, 04/15/2018 ^	$	478	$	500
8.00%, 04/15/2020 ^		769		813
8.63%, 09/15/2017 ^		478		520
CCO Holdings LLC / CCO Holdings Capital Corp.
6.50%, 04/30/2021 ^		550		569
7.25%, 10/30/2017		685		735
7.38%, 06/01/2020 ^		500		543
7.88%, 04/30/2018 ^		1,390		1,500
Cequel Communications Holdings I LLC and
Cequel Capital Corp.
8.63%, 11/15/2017 - 144A ^		1,160		1,246
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/2020 - 144A ^		1,355		1,326
9.25%, 12/15/2017		150		164
Clear Channel Worldwide Holdings, Inc. - Series B
9.25%, 12/15/2017 ^		1,825		2,000
DISH DBS Corp.
7.75%, 05/31/2015 ^		1,305		1,483
7.88%, 09/01/2019		800		920
Univision Communications, Inc.
6.88%, 05/15/2019 - 144A		520		527
7.88%, 11/01/2020 - 144A		695		730
8.50%, 05/15/2021 - 144A ^		1,385		1,371
WMG Acquisition Corp.
9.50%, 06/15/2016		1,500		1,634
11.50%, 10/01/2018 - 144A ^		840		899
Metals & Mining - 1.6%
AK Steel Corp.
8.38%, 04/01/2022 ^		1,290		1,251
FMG Resources August 2006 Pty, Ltd.
6.00%, 04/01/2017 - 144A ^		235		233
8.25%, 11/01/2019 - 144A ^		865		908
Thompson Creek Metals Co., Inc.
7.38%, 06/01/2018		175		163
U.S. Steel Corp.
6.65%, 06/01/2037 ^		1,390		1,168
7.50%, 03/15/2022 ^		190		190
Multiline Retail - 1.2%
Bon-Ton Department Stores, Inc.
10.25%, 03/15/2014		1,188		1,036
JC Penney Corp., Inc.
7.13%, 11/15/2023		775		811
7.40%, 04/01/2037		660		644
7.95%, 04/01/2017		300		335
Multi-Utilities - 0.5%
Puget Energy, Inc.
6.00%, 09/01/2021 ^		1,050		1,117
Oil, Gas & Consumable Fuels - 7.5%
Arch Coal, Inc.
7.00%, 06/15/2019 - 144A ^		200		185
7.25%, 06/15/2021 - 144A ^		465		429
8.75%, 08/01/2016 ^		300		315
Chesapeake Energy Corp.
6.13%, 02/15/2021 ^		200		198
6.63%, 08/15/2020 ^		901		917

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    3

Transamerica AEGON High Yield Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Chesapeake Energy Corp. (continued)
6.78%, 03/15/2019 ^	$	960	$	952
9.50%, 02/15/2015 ^		600		687
Cimarex Energy Co.
5.88%, 05/01/2022		125		128
Connacher Oil and Gas, Ltd.
8.50%, 08/01/2019 - 144A		925		925
Consol Energy, Inc.
6.38%, 03/01/2021		240		229
8.00%, 04/01/2017		225		235
8.25%, 04/01/2020		570		596
Continental Resources, Inc.
5.00%, 09/15/2022 - 144A		351		353
7.13%, 04/01/2021		350		389
8.25%, 10/01/2019		740		827
El Paso Corp.
7.25%, 06/01/2018		1,450		1,622
Energy Transfer Equity, LP
7.50%, 10/15/2020		1,670		1,853
GMX Resources, Inc.
11.00%, 12/01/2017 - 144A		619		510
Kinder Morgan Finance Co., ULC
5.70%, 01/05/2016 ^		1,125		1,186
Linn Energy LLC/Linn Energy Finance Corp.
7.75%, 02/01/2021 ^		900		933
8.63%, 04/15/2020		770		830
Newfield Exploration Co.
6.63%, 04/15/2016		500		511
6.88%, 02/01/2020 ^		575		602
Pioneer Natural Resources Co.
6.65%, 03/15/2017		800		915
6.88%, 05/01/2018		585		688
Plains Exploration & Production Co.
6.75%, 02/01/2022		325		340
SM Energy Co.
6.50%, 11/15/2021		810		863
Paper & Forest Products - 0.6%
Ainsworth Lumber Co., Ltd.
11.00%, 07/29/2015 - 144A		175		135
Westvaco Corp.
7.95%, 02/15/2031		125		135
8.20%, 01/15/2030		1,000		1,108
Pharmaceuticals - 1.2%
Mylan, Inc.
7.63%, 07/15/2017 - 144A		468		515
7.88%, 07/15/2020 - 144A		565		630
Valeant Pharmaceuticals International, Inc.
6.75%, 08/15/2021 - 144A		900		875
6.88%, 12/01/2018 - 144A		550		554
7.00%, 10/01/2020 - 144A		300		299
Real Estate Investment Trusts - 1.6%
Host Hotels & Resorts, LP
5.88%, 06/15/2019 ^		1,150		1,212
6.00%, 10/01/2021 - 144A		500		534
9.00%, 05/15/2017		340		376
Weyerhaeuser Co.
7.38%, 03/15/2032 ^		1,520		1,619

	Principal (000’s)		Value (000’s)
Real Estate Management & Development - 0.2%
Realogy Corp.
11.50%, 04/15/2017 ^	$	576	$	543
Road & Rail - 1.1%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
8.25%, 01/15/2019 ^		275		287
9.75%, 03/15/2020		995		1,087
Hertz Corp.
6.75%, 04/15/2019 ^		350		362
7.50%, 10/15/2018		920		976
Semiconductors & Semiconductor Equipment - 0.7%
Freescale Semiconductor, Inc.
9.25%, 04/15/2018 - 144A		1,200		1,314
10.13%, 03/15/2018 - 144A ^		336		375
Software - 1.6%
First Data Corp.
7.38%, 06/15/2019 - 144A		260		265
8.75%, 01/15/2022 - 144A ^		500		483
12.63%, 01/15/2021 ^		2,760		2,766
Lawson Software, Inc.
9.38%, 04/01/2019 - 144A		445		451
Specialty Retail - 0.4%
Brookstone Co., Inc.
13.00%, 10/15/2014 - 144A		272		220
Claire’s Stores, Inc.
9.00%, 03/15/2019 - 144A ^		155		160
9.63%, 06/01/2015		600		514
Textiles, Apparel & Luxury Goods - 1.0%
Jones Group, Inc.
6.13%, 11/15/2034		1,300		991
Levi Strauss & Co.
8.88%, 04/01/2016 ^		1,075		1,110
PVH Corp.
7.38%, 05/15/2020 ^		360		397
Wireless Telecommunication Services - 2.3%
Cricket Communications, Inc.
7.75%, 05/15/2016 ^		660		696
7.75%, 10/15/2020		940		924
Nextel Communications, Inc. - Series D
7.38%, 08/01/2015		450		434
Sprint Nextel Corp.
8.38%, 08/15/2017 ^		2,095		2,022
9.00%, 11/15/2018 - 144A		570		626
9.25%, 04/15/2022		917		896
Total Corporate Debt Securities (cost $212,986)				219,759
	Shares		Value (000’s)
PREFERRED STOCKS - 1.5%
Consumer Finance - 1.0%
Ally Financial, Inc., 7.00% - 144A		882		735
Ally Financial, Inc., 8.50%		76,000		1,649
Diversified Financial Services - 0.5%
GMAC Capital Trust I, 8.13% *		50,500		1,167
Total Preferred Stocks (cost $3,421)				3,551

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    4

Transamerica AEGON High Yield Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 0.0% ¥
Automobiles - 0.0% ¥
General Motors Co. ‡^		3,292	$	85
Commercial Services & Supplies - 0.0% ¥
Quad/Graphics, Inc. ^		89		1
Total Common Stocks (cost $121)				86
WARRANTS - 0.0% ¥
Automobiles - 0.0% ¥
General Motors Co. ‡
Expiration: 07/10/2016
Exercise Price: $10.00		58		1
General Motors Co. ‡
Expiration: 07/10/2019
Exercise Price: $18.33		58		1
Total Warrants (cost $-)				2
SECURITIES LENDING COLLATERAL - 25.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		61,052,113		61,052
Total Securities Lending Collateral (cost $61,052)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 5.1%
State Street Bank & Trust Co. 0.03% p, dated03/30/2012, to be repurchased at $12,304 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 12/01/2026, and with a value of $12,554.	$	12,304	$	12,304
Total Repurchase Agreement (cost $12,304)
Total Investment Securities (cost $289,884)P				296,754
Other Assets and Liabilities - Net				(55,655	)
Net Assets			$	241,099

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $59,813.

Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $1.041, or 0.43%, of the fund’s net assets.

* Floating or variable rate note. Rate is listed as of 03/30/2012.

Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.

Ž The security has a perpetual maturity. The date shown is the next call date.

In default.

¥ Percentage rounds to less than 0.1%.

‡ Non-income producing security.

¨ Amount is less than 1.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $289,884. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $10,276 and $3,406, respectively. Net unrealized appreciation for tax purposes is $6,870.

DEFINITIONS (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $46,658, or 19.35%, of the fund’s net assets.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    5

Transamerica AEGON High Yield Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	86	$	—	$	—	$	86
Corporate Debt Securities		—		219,759		¨		219,759
Preferred Stocks		3,551		—		—		3,551
Repurchase Agreement		—		12,304		—		12,304
Securities Lending Collateral		61,052		—		—		61,052
Warrants		2		—		—		2
Total	$	64,691	$	232,063	$	¨	$	296,754

Level 3 Rollforward - Investment Securities

Securities

Beginning Balance at 12/31/2011

Purchases

Sales

Accrued Discounts/ (Premiums)

Total Realized Gain/(Loss)

Net Change in Unrealized Appreciation/ (Depreciation)

Transfers into Level 3

Transfers out of Level 3

Ending Balance at 03/31/2012

Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 03/31/2012

Corporate Debt Securities

$

¨

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

¨

—

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended 3/31/2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

Total aggregate market value of Level 3 is less than 0.01% of the fund’s net assets.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    6

Transamerica AEGON Money Market VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
COMMERCIAL PAPER p - 73.5%
Beverages - 1.0%
Coca-Cola Co.
0.20%, 07/18/2012	$	6,400	$	6,396
Commercial Banks - 22.6%
Australia & New Zealand Banking Group, Ltd.
0.53%, 06/29/2012		12,000		11,984
Credit Suisse
0.35%, 06/29/2012		6,400		6,394
Mizuho Funding LLC
0.38%, 05/22/2012		11,300		11,294
0.43%, 04/24/2012		13,700		13,696
National Australia Funding Delaware, Inc.
0.15%, 05/01/2012 - 144A		8,700		8,699
Skandinaviska Enskilda Banken AB
0.32%, 05/15/2012 - 144A		13,000		12,995
0.38%, 04/23/2012		7,070		7,068
0.51%, 06/06/2012 - 144A		1,900		1,898
Standard Chartered Bank
0.35%, 04/13/2012		1,500		1,500
0.41%, 05/25/2012 - 144A		9,500		9,494
0.46%, 05/10/2012		7,300		7,296
0.52%, 04/10/2012		10,000		9,999
Sumitomo Mitsui Banking Corp.
0.16%, 04/18/2012 - 144A		11,200		11,199
0.41%, 04/25/2012		15,500		15,497
Svenska Handelsbanken, Inc.
0.51%, 04/03/2012		3,000		3,000
Westpac Banking Corp.
0.30%, 05/03/2012		6,000		5,998
Consumer Finance - 3.6%
Toyota Motor Credit Corp.
0.22%, 05/18/2012		5,000		4,999
0.28%, 07/06/2012		7,000		6,995
0.29%, 05/21/2012		10,000		9,995
Diversified Financial Services - 43.7%
Alpine Securitization Corp.
0.18%, 04/04/2012 - 144A		14,500		14,500
Chariot Funding LLC
0.20%, 06/22/2012 - 144A		8,500		8,496
General Electric Capital Corp.
0.18%, 06/06/2012		7,100		7,098
0.28%, 07/16/2012		9,600		9,592
ING US Funding LLC
0.18%, 04/30/2012		2,000		2,000
Jupiter Securitization Co. LLC
0.25%, 04/02/2012		10,000		10,000
Mont Blanc Capital Corp.
0.34%, 05/23/2012 - 144A		15,000		14,992
Nieuw Amsterdam Receivables Corp.
0.18%, 04/02/2012 - 144A		2,700		2,700
0.25%, 05/02/2012 - 144A		6,500		6,499
0.26%, 04/11/2012		3,511		3,511
Nordea North America, Inc.
0.27%, 06/01/2012		7,000		6,997
0.45%, 04/05/2012		16,000		15,998
Rabobank USA Financial Corp.
0.20%, 04/10/2012		1,300		1,300
0.37%, 06/22/2012		15,000		14,988
0.39%, 06/25/2012		7,400		7,393

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Regency Markets No. 1 LLC
0.19%, 04/04/2012 - 144A	$	14,000	$	14,000
0.20%, 04/11/2012 - 144A		4,500		4,500
Salisbury Receivables Co. LLC
0.20%, 04/17/2012 - 144A		1,900		1,900
Sheffield Receivables Corp.
0.25%, 05/09/2012 - 144A		10,500		10,497
0.46%, 04/24/2012		12,000		11,996
Solitaire Funding LLC
0.38%, 06/06/2012 - 144A		9,200		9,194
Straight-A Funding LLC
0.10%, 04/18/2012 - 144A		8,000		8,000
0.11%, 04/23/2012 - 144A		15,000		14,998
0.12%, 04/03/2012 - 144A		17,008		17,007
0.13%, 04/13/2012 - 04/20/2012 - 144A		25,647		25,645
Victory Receivables Corp.
0.17%, 04/23/2012 - 05/01/2012 - 144A		23,000		22,998
Metals & Mining - 2.6%
BHP Billiton Finance USA, Ltd.
0.13%, 04/03/2012 - 04/10/2012		16,000		16,000
Total Commercial Paper (cost $449,195)				449,195
CERTIFICATES OF DEPOSIT p - 8.7%
Commercial Banks - 8.7%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.38%, 05/03/2012		23,000		23,000
Svenska Handelsbanken AB
0.28%, 06/12/2012		10,000		10,000
0.30%, 04/18/2012		10,200		10,200
Toronto-Dominion Bank
0.17%, 05/01/2012		10,000		10,000
Total Certificates of Deposit (cost $53,200)				53,200
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS p - 1.9%
Freddie Mac
0.09%, 04/11/2012		7,500		7,500
U.S. Treasury Bill
0.10%, 06/21/2012		3,900		3,899
Total Short-Term U.S. Government Obligations (cost $11,399)				11,399
REPURCHASE AGREEMENTS - 15.9%
Goldman Sachs
0.15%, p dated 03/30/2012, to be repurchased at $32,000 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 03/01/2027, with a value of $32,564.		32,000		32,000
JPMorgan Securities, Inc.
0.15%, p dated 03/30/2012, to be repurchased at $65,000 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 0.10% - 8.00%, due 12/25/2032 - 11/25/2041, with a total value of $65,001.		65,000		65,000

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica AEGON Money Market VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENTS (continued)
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $388 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 11/25/2040, and with a value of $400.	$	388	$	388
Total Repurchase Agreements (cost $97,388)				97,388
Total Investment Securities (cost $611,182) P				611,182
Other Assets and Liabilities - Net				(160	)
Net Assets			$	611,022

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $611,182.

DEFINITION (all amounts in thousands):

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $220,211, or 36.04%, of the fund’s net assets.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Certificates of Deposit	$	—	$	53,200	$	—	$	53,200
Commercial Paper		—		449,195		—		449,195
Repurchase Agreements		—		97,388		—		97,388
Short-Term U.S. Government Obligations		—		11,399		—		11,399
Total	$	—	$	611,182	$	—	$	611,182

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    2

Transamerica AEGON U.S. Government Securities VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 34.4%
U.S. Treasury Bond
3.13%, 11/15/2041	$	2,400	$	2,302
3.75%, 08/15/2041		28,485		30,795
7.63%, 02/15/2025		14,000		21,777
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029		28,344		37,409
U.S. Treasury Note
0.25%, 02/28/2014 ^		17,000		16,975
0.50%, 10/15/2014		50,000		50,051
0.88%, 11/30/2016		26,650		26,538
0.88%, 01/31/2017 - 02/28/2017 ^		36,000		35,752
1.00%, 09/30/2016		9,000		9,030
1.38%, 09/30/2018		63,000		62,581
Total U.S. Government Obligations (cost $285,845)				293,210
U.S. GOVERNMENT AGENCY OBLIGATIONS - 38.3%
Fannie Mae
1.98%, 06/25/2021		4,886		4,975
2.68%, 10/09/2019 p ^		12,575		9,725
3.22%, 02/01/2015		11,599		12,204
3.79%, 07/01/2013		1,294		1,322
4.50%, 03/25/2021		1,063		1,078
5.00%, 06/25/2019 - 04/25/2034		5,065		5,357
Fannie Mae, TBA
3.50%		28,000		28,752
5.00%		50,000		53,921
Freddie Mac
1.00%, 07/30/2014		10,000		10,130
2.72%, 11/29/2019 p		11,270		8,385
4.00%, 08/15/2028 - 02/15/2029		9,534		10,013
4.13%, 12/21/2012 - 09/27/2013		14,000		14,647
5.00%, 08/15/2012 - 11/15/2032		3,779		3,975
Ginnie Mae
3.28%, 02/16/2035		7,254		7,503
3.95%, 07/15/2025		7,950		8,437
4.00%, 08/20/2037		6,155		6,439
4.60%, 10/20/2061		9,682		10,789
4.65%, 08/20/2061		21,327		23,787
4.66%, 09/20/2061 - 10/20/2061		17,287		19,288
4.67%, 10/20/2061		17,219		19,251
4.68%, 10/20/2061		13,779		15,394
4.70%, 07/20/2061 - 12/20/2061		16,286		18,210
4.85%, 04/20/2061		5,196		5,816
4.86%, 03/20/2061		10,388		11,601
Overseas Private Investment Corp.
3.74%, 04/15/2015		6,416		6,581
5.14%, 12/15/2023		7,459		8,859
Total U.S. Government Agency Obligations (cost $318,015)				326,439
MORTGAGE-BACKED SECURITIES - 1.9%
American General Mortgage Loan Trust
Series 2009-1, Class A6
5.75%, 09/25/2048 - 144A *		7,000		7,208
BCAP LLC Trust
Series 2009-RR6, Class 2A1
5.10%, 08/26/2035 - 144A *		2,401		2,158

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Mortgage Loan Trust, Inc.
Series 2010-10, Class 4A1
4.00%, 01/25/2036 - 144A	$	1,826	$	1,869
Impac CMB Trust
Series 2007-A, Class A
0.49%, 05/25/2037 *		3,969		3,346
Jefferies & Co., Inc.
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 - 144A		1,848		1,917
Total Mortgage-Backed Securities (cost $16,070)				16,498
ASSET-BACKED SECURITIES - 0.8%
HSBC Home Equity Loan Trust
Series 2006-3, Class A4
0.48%, 03/20/2036 *		5,003		4,275
Series 2007-1, Class A4
0.60%, 03/20/2036 *		2,938		2,421
Total Asset-Backed Securities (cost $6,749)				6,696
PREFERRED CORPORATE DEBT SECURITIES - 0.9%
Commercial Banks - 0.5%
Fleet Capital Trust II
7.92%, 12/11/2026		4,500		4,523
Diversified Financial Services - 0.4%
ZFS Finance USA Trust II
6.45%, 12/15/2065 - 144A *		3,100		3,069
Total Preferred Corporate Debt Securities (cost $7,122)				7,592
CORPORATE DEBT SECURITIES - 17.2%
Beverages - 0.3%
Anheuser-Busch InBev Worldwide, Inc.
9.75%, 11/17/2015 ^		BRL5,000		2,976
Capital Markets - 0.8%
Macquarie Group, Ltd.
6.25%, 01/14/2021 - 144A ^	$	3,150		3,188
Raymond James Financial, Inc.
8.60%, 08/15/2019 ^		3,000		3,644
Commercial Banks - 0.7%
Barclays Bank PLC
10.18%, 06/12/2021 - 144A		2,240		2,634
Rabobank Nederland NV
11.00%, 06/30/2019 - 144A * Ž ^		2,200		2,794
State Street Capital Trust III
5.46%, 05/03/2012 * Ž ^		735		738
Commercial Services & Supplies - 0.4%
Exelis, Inc.
5.55%, 10/01/2021 - 144A		3,000		3,119
Construction Materials - 0.3%
Cemex Finance LLC
9.50%, 12/14/2016 - 144A ^		2,145		2,140
Consumer Finance - 2.5%
Ally Financial, Inc.
2.20%, 12/19/2012		22,000		22,309
Diversified Financial Services - 7.1%
Aviation Capital Group Corp.
7.13%, 10/15/2020 - 144A		5,000		5,020
Irish Life & Permanent PLC
3.60%, 01/14/2013 - 144A		4,000		3,880

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica AEGON U.S. Government Securities VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Premier Aircraft Leasing EXIM 1, Ltd.
3.55%, 04/10/2022	$	8,681	$	9,178
3.58%, 02/06/2022		8,422		8,946
Private Export Funding Corp.
2.80%, 05/15/2022		15,000		15,323
3.05%, 10/15/2014 ^		2,038		2,157
4.55%, 05/15/2015 ^		7,000		7,866
Stone Street Trust
5.90%, 12/15/2015 - 144A		5,000		5,023
Unison Ground Lease Funding LLC
6.39%, 04/15/2020 - 144A		3,750		4,229
Diversified Telecommunication Services - 0.5%
CenturyLink, Inc.
5.80%, 03/15/2022		4,170		4,072
Energy Equipment & Services - 0.4%
Transocean, Inc.
5.05%, 12/15/2016		3,000		3,213
Insurance - 0.2%
Pacific Life Insurance Co.
9.25%, 06/15/2039 - 144A		1,000		1,295
Media - 0.3%
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/2020 - 144A^		2,825		2,763
Metals & Mining - 0.9%
Anglo American Capital PLC
9.38%, 04/08/2019 - 144A ^		3,552		4,667
Xstrata Finance Canada, Ltd.
4.95%, 11/15/2021 - 144A ^		3,000		3,143
Oil, Gas & Consumable Fuels - 1.2%
Lukoil International Finance BV
6.38%, 11/05/2014 - 144A		3,000		3,238
Petrobras International Finance Co.
5.38%, 01/27/2021 ^		4,000		4,307
Southern Union Co.
7.60%, 02/01/2024		2,000		2,377
Real Estate Investment Trusts - 0.7%
Kilroy Realty, LP
5.00%, 11/03/2015 ^		4,000		4,262
Senior Housing Properties Trust
4.30%, 01/15/2016 ^		1,450		1,449
Wireless Telecommunication Services - 0.9%
Sprint Nextel Corp.
9.00%, 11/15/2018 - 144A ^		2,340		2,568
WCP Wireless Site Funding LLC/WCP
Wireless Site RE Funding LLC
4.14%, 11/15/2015 - 144A		4,820		4,945
Total Corporate Debt Securities (cost $143,595)				147,463

	Principal (000’s)		Value (000’s)
COMMERCIAL PAPER - 6.4%
Diversified Financial Services - 6.4%
Straight-A Funding LLC
0.19%, 04/18/2012 - 144A p	$	55,000	$	54,995
Total Commercial Paper (cost $54,995)
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 8.8%
U.S. Treasury Bill
0.13%, 09/13/2012 - 09/20/2012 p		75,000		74,950
Total Short-Term U.S. Government Obligations (cost $74,950)				74,950
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 8.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		76,312,985		76,313
Total Securities Lending Collateral (cost $76,313)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.7%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $6,319 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 4.00%, due 04/01/2025 - 05/01/2025, and with a total value of $6,446.	$	6,319		6,319
Total Repurchase Agreement (cost $6,319)
Total Investment Securities (cost $989,973) P				1,010,475
Other Assets and Liabilities - Net				(155,977	)
Net Assets			$	854,498

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $74,622.

p Rate shown reflects the yield at 03/30/2012.

* Floating or variable rate note. Rate is listed as of 03/30/2012.

Ž The security has a perpetual maturity. The date shown is the next call date.

P Aggregate cost for federal income tax purposes is $989,973. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $22,759 and $2,257, respectively. Net unrealized appreciation for tax purposes is $20,502.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    2

Transamerica AEGON U.S. Government Securities VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $125,862, or 14.73%, of the fund’s net assets.
TBA	To Be Announced

CURRENCY ABBREVIATION:

BRL Brazilian Real

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Asset-Backed Securities	$	—	$	6,696	$	—	$	6,696
Commercial Paper		—		54,995		—		54,995
Corporate Debt Securities		—		155,055		—		155,055
Mortgage-Backed Securities		—		16,498		—		16,498
Repurchase Agreement		—		6,319		—		6,319
Securities Lending Collateral		76,313		—		—		76,313
Short-Term U.S. Government Obligations		—		74,950		—		74,950
U.S. Government Agency Obligations		—		326,439		—		326,439
U.S. Government Obligations		—		293,210		—		293,210
Total	$	76,313	$	934,162	$	—	$	1,010,475

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    3

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 18.0%
U.S. Treasury Bond
3.13%, 11/15/2041	$	680	$	652
3.75%, 08/15/2041		945		1,022
4.38%, 05/15/2040		5,080		6,105
5.38%, 02/15/2031 ^		2,800		3,765
U.S. Treasury Note
0.13%, 09/30/2013		2,305		2,299
0.25%, 11/30/2013		5,600		5,594
0.75%, 08/15/2013		1,530		1,540
0.88%, 11/30/2016		3,352		3,338
1.00%, 07/15/2013 - 09/30/2016		9,192		9,264
1.75%, 07/31/2015		5,636		5,844
2.00%, 11/15/2021		850		837
2.13%, 12/31/2015		3,570		3,756
2.63%, 11/15/2020		1,079		1,135
2.75%, 02/15/2019		1,113		1,199
3.13%, 10/31/2016		3,775		4,141
3.50%, 05/15/2020		1,687		1,897
3.63%, 02/15/2021		1,200		1,358
Total U.S. Government Obligations (cost $51,813)				53,746
U.S. GOVERNMENT AGENCY OBLIGATIONS - 17.5%
Fannie Mae
1.13%, 07/30/2012 ^		3,402		3,414
3.50%, 11/01/2025 - 03/01/2041		2,352		2,444
4.00%, 03/01/2024 - 02/01/2041		4,817		5,067
4.50%, 04/01/2025 - 08/01/2040		3,630		3,872
5.00%, 01/01/2013 - 08/01/2040		2,579		2,791
5.38%, 06/12/2017		855		1,030
5.50%, 12/01/2023 - 06/01/2038		3,121		3,412
6.00%, 03/01/2038 - 07/01/2039		1,640		1,815
6.50%, 11/01/2036 - 11/01/2038		1,216		1,366
6.63%, 11/15/2030		414		587
Freddie Mac
0.75%, 03/28/2013		2,120		2,131
4.00%, 11/01/2025 - 02/01/2041		1,574		1,649
4.50%, 05/01/2023 - 04/01/2041		4,341		4,607
4.75%, 11/17/2015		1,000		1,142
5.00%, 12/01/2038 - 04/01/2040		4,315		4,651
5.50%, 04/01/2038 - 10/01/2038		2,490		2,710
6.00%, 11/01/2037		236		260
6.75%, 03/15/2031		245		353
Ginnie Mae
4.00%, 12/15/2040 - 11/20/2041		1,655		1,780
4.50%, 06/15/2039 - 07/20/2041		3,715		4,053
5.00%, 08/15/2039 - 09/20/2041		2,355		2,601
5.50%, 04/15/2040		243		272
6.00%, 06/15/2037		264		298
Total U.S. Government Agency Obligations (cost $51,354)				52,305
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
European Investment Bank
1.75%, 09/14/2012 ^		95		96
4.88%, 02/15/2036		90		97
5.13%, 05/30/2017		85		100
Export Development Canada
3.50%, 05/16/2013		155		160

	Principal (000’s)		Value (000’s)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Republic of Brazil
8.88%, 10/14/2019 ^	$	247	$	349
Republic of Israel
5.13%, 03/26/2019		310		342
United Mexican States
5.95%, 03/19/2019		290		348
Total Foreign Government Obligations (cost $1,415)				1,492
MORTGAGE-BACKED SECURITIES - 1.0%
Citigroup Commercial Mortgage Trust
Series 2004-C1, Class A4
5.36%, 04/15/2040 *		185		198
Credit Suisse First Boston Mortgage
Securities Corp.
Series 2005-C1, Class A4
5.01%, 02/15/2038 *		185		201
GS Mortgage Securities Corp. II
Series 2006-GG6, Class A4
5.55%, 04/10/2038 *		780		865
JPMorgan Chase Commercial Mortgage
Securities Corp.
Series 2006-CB15, Class A4
5.81%, 06/12/2043 *		180		203
Series 2006-CB16, Class A4
5.55%, 05/12/2045		180		201
Series 2006-CB17, Class A4
5.43%, 12/12/2043		185		205
Series 2007-C1, Class A4
5.72%, 02/15/2051		130		144
Series 2007-LD11, Class A4
5.82%, 06/15/2049 *		105		115
LB-UBS Commercial Mortgage Trust
Series 2006-C4, Class A4
5.87%, 06/15/2038 *		500		569
Series 2006-C6, Class A4
5.37%, 09/15/2039		334		377
Total Mortgage-Backed Securities (cost $2,998)				3,078
MUNICIPAL GOVERNMENT OBLIGATION - 0.0% ¥
State of California
7.60%, 11/01/2040		115		149
Total Municipal Government Obligation (cost $119)
PREFERRED CORPORATE DEBT SECURITY - 0.0% ¥
Commercial Banks - 0.0% ¥
Mellon Capital IV
6.24%, 06/20/2012 * Ž		115		96
Total Preferred Corporate Debt Security (cost $113)
CORPORATE DEBT SECURITIES - 10.4%
Aerospace & Defense - 0.1%
Boeing Co.
6.00%, 03/15/2019		180		221
Goodrich Corp.
3.60%, 02/01/2021		60		63
United Technologies Corp.
4.88%, 05/01/2015		85		95
Air Freight & Logistics - 0.0% ¥
United Parcel Service, Inc.
4.50%, 01/15/2013		50		52

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Beverages - 0.2%
Anheuser-Busch Cos. LLC
4.95%, 01/15/2014	$	90	$	96
Anheuser-Busch InBev Worldwide, Inc.
4.38%, 02/15/2021 ^		110		123
5.38%, 01/15/2020		50		59
Bottling Group LLC
6.95%, 03/15/2014		85		95
Coca-Cola Co.
4.88%, 03/15/2019		50		57
Diageo Capital PLC
7.38%, 01/15/2014		85		95
PepsiCo, Inc.
3.00%, 08/25/2021		180		182
Biotechnology - 0.1%
Amgen, Inc.
5.70%, 02/01/2019		85		98
5.75%, 03/15/2040		140		152
Capital Markets - 0.7%
BP Capital Markets PLC
3.88%, 03/10/2015		95		102
Credit Suisse USA, Inc.
5.50%, 08/15/2013		90		95
5.85%, 08/16/2016 ^		95		107
Deutsche Bank AG
6.00%, 09/01/2017		90		102
Goldman Sachs Group, Inc.
5.25%, 10/15/2013		58		61
5.35%, 01/15/2016		95		101
6.00%, 06/15/2020		50		53
6.13%, 02/15/2033		95		94
7.50%, 02/15/2019		435		497
Jefferies Group, Inc.
6.88%, 04/15/2021		90		92
8.50%, 07/15/2019		20		22
Morgan Stanley
5.50%, 07/24/2020		200		195
Morgan Stanley - Series MTN
6.63%, 04/01/2018		420		442
UBS AG
5.88%, 07/15/2016		100		105
Chemicals - 0.1%
Dow Chemical Co.
4.25%, 11/15/2020		80		84
8.55%, 05/15/2019		80		105
E.I. du Pont de Nemours & Co.
4.25%, 04/01/2021 ^		200		225
5.88%, 01/15/2014		14		15
Lubrizol Corp.
8.88%, 02/01/2019		15		20
Commercial Banks - 0.8%
Barclays Bank PLC
5.14%, 10/14/2020		110		106
5.45%, 09/12/2012		100		102
BNP Paribas SA
5.00%, 01/15/2021		85		86
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.38%, 01/19/2017		150		153
Deutsche Bank Financial LLC
5.38%, 03/02/2015 ^		50		52

	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
HSBC Bank USA NA
4.63%, 04/01/2014	$	100	$	105
4.88%, 08/24/2020		250		256
KFW
4.50%, 07/16/2018		310		357
Oesterreichische Kontrollbank AG
5.00%, 04/25/2017		300		341
PNC Funding Corp.
5.13%, 02/08/2020		105		119
5.63%, 02/01/2017		95		106
Royal Bank of Scotland PLC
6.13%, 01/11/2021		135		144
U.S. Bancorp
4.20%, 05/15/2014		50		54
Wachovia Corp.
5.25%, 08/01/2014		59		64
5.50%, 05/01/2013		90		95
Wells Fargo & Co.
3.68%, 06/15/2016 *		99		106
5.63%, 12/11/2017		85		98
Westpac Banking Corp.
4.88%, 11/19/2019		50		54
Commercial Services & Supplies - 0.1%
Republic Services, Inc.
3.80%, 05/15/2018		115		124
Waste Management, Inc.
7.10%, 08/01/2026		70		86
Communications Equipment - 0.1%
Cisco Systems, Inc.
2.90%, 11/17/2014		62		66
5.90%, 02/15/2039		160		194
Harris Corp.
6.38%, 06/15/2019		70		81
Motorola Solutions, Inc.
7.50%, 05/15/2025		15		18
Computers & Peripherals - 0.0% ¥
Hewlett-Packard Co.
4.30%, 06/01/2021		80		82
Construction Materials - 0.1%
CRH America, Inc.
8.13%, 07/15/2018		165		195
Consumer Finance - 0.3%
American Express Co.
5.50%, 09/12/2016		90		100
8.13%, 05/20/2019		75		98
Capital One Financial Corp.
4.75%, 07/15/2021		80		84
6.75%, 09/15/2017		85		100
Caterpillar Financial Services Corp.
6.13%, 02/17/2014		59		65
HSBC Finance Corp.
7.00%, 05/15/2012		140		141
John Deere Capital Corp.
5.25%, 10/01/2012		90		92
SLM Corp.
5.13%, 08/27/2012		170		172
5.38%, 05/15/2014		50		52
Diversified Financial Services - 1.4%
AngloGold Ashanti Holdings PLC
5.38%, 04/15/2020		155		160

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    2

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Bank of America Corp.
4.88%, 01/15/2013	$	95	$	97
5.38%, 09/11/2012		90		91
5.63%, 07/01/2020		205		214
7.63%, 06/01/2019		445		514
Bank of America Corp. - Series MTNL
5.65%, 05/01/2018		90		96
Bear Stearns Cos., LLC
5.55%, 01/22/2017		90		99
5.70%, 11/15/2014		175		193
Citigroup, Inc.
5.50%, 04/11/2013		90		93
5.85%, 08/02/2016		100		109
6.50%, 08/19/2013		90		95
8.50%, 05/22/2019		405		499
ConocoPhillips Canada Funding Co. I
5.63%, 10/15/2016		58		68
General Electric Capital Corp.
2.95%, 05/09/2016 ^		120		125
4.80%, 05/01/2013		190		198
5.63%, 09/15/2017 - 05/01/2018		345		401
JPMorgan Chase & Co.
4.40%, 07/22/2020		540		561
4.63%, 05/10/2021		53		55
National Rural Utilities Cooperative Finance Corp.
3.05%, 02/15/2022		155		154
Rio Tinto Finance USA, Ltd.
6.50%, 07/15/2018		45		55
Diversified Telecommunication Services - 0.5%
AT&T, Inc.
4.45%, 05/15/2021		361		399
5.35%, 09/01/2040		95		101
5.80%, 02/15/2019		135		160
Deutsche Telekom International Finance BV
5.88%, 08/20/2013		100		106
6.00%, 07/08/2019 ^		75		88
Telecom Italia Capital SA
5.25%, 10/01/2015		95		98
7.18%, 06/18/2019		60		64
Telefonica Emisiones SAU
5.13%, 04/27/2020		75		72
6.42%, 06/20/2016		75		80
Verizon Communications, Inc.
4.60%, 04/01/2021		220		244
5.25%, 04/15/2013		148		155
Electric Utilities - 0.6%
AEP Texas Central Co.
6.65%, 02/15/2033		85		102
Carolina Power & Light Co.
6.50%, 07/15/2012		90		92
Commonwealth Edison Co.
5.80%, 03/15/2018		50		60
Duke Energy Carolinas LLC
4.25%, 12/15/2041		145		145
Duke Energy Ohio, Inc.
5.70%, 09/15/2012		95		97
Enersis SA
7.40%, 12/01/2016		50		59

	Principal (000’s)		Value (000’s)
Electric Utilities (continued)
Entergy Texas, Inc.
7.13%, 02/01/2019	$	100	$	119
FirstEnergy Corp. - Series C
7.38%, 11/15/2031		45		55
FirstEnergy Solutions Corp.
6.05%, 08/15/2021		95		107
Georgia Power Co. - Series 2008-B
5.40%, 06/01/2018		50		58
NiSource Finance Corp.
6.80%, 01/15/2019		170		201
Oncor Electric Delivery Co., LLC
6.80%, 09/01/2018 ^		100		121
Pacific Gas & Electric Co.
4.80%, 03/01/2014		90		97
PPL Energy Supply LLC
4.60%, 12/15/2021		145		148
Progress Energy, Inc.
4.40%, 01/15/2021		165		180
TECO Finance, Inc.
5.15%, 03/15/2020		75		83
Wisconsin Electric Power Co.
2.95%, 09/15/2021		95		95
Energy Equipment & Services - 0.3%
Enterprise Products Operating LLC
3.20%, 02/01/2016		60		63
5.60%, 10/15/2014		30		33
Nabors Industries, Inc.
9.25%, 01/15/2019 ^		115		148
Noble Holding International, Ltd.
4.90%, 08/01/2020		55		59
Spectra Energy Capital LLC
6.20%, 04/15/2018		70		82
TransCanada PipeLines, Ltd.
3.80%, 10/01/2020		130		139
6.50%, 08/15/2018		50		62
Transocean, Inc.
6.80%, 03/15/2038		100		112
Weatherford International, Ltd.
9.63%, 03/01/2019		125		165
Food & Staples Retailing - 0.2%
Ahold Finance USA LLC
6.88%, 05/01/2029		55		67
CVS Caremark Corp.
4.75%, 05/18/2020		90		101
Delhaize Group SA
5.88%, 02/01/2014		15		16
6.50%, 06/15/2017		100		116
Wal-Mart Stores, Inc.
1.50%, 10/25/2015		105		107
2.88%, 04/01/2015		95		101
4.25%, 04/15/2021 ^		110		122
Food Products - 0.2%
Bunge, Ltd. Finance Corp.
4.10%, 03/15/2016		55		57
5.10%, 07/15/2015		35		37
ConAgra Foods, Inc.
5.88%, 04/15/2014		105		115
Kraft Foods, Inc.
4.13%, 02/09/2016		95		103
5.38%, 02/10/2020		150		174
6.25%, 06/01/2012		33		33

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    3

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Health Care Providers & Services - 0.1%
Aetna, Inc.
6.00%, 06/15/2016	$	15	$	17
CIGNA Corp.
4.50%, 03/15/2021		75		79
Humana, Inc.
6.45%, 06/01/2016		50		57
UnitedHealth Group, Inc.
6.00%, 02/15/2018		30		36
WellPoint, Inc.
7.00%, 02/15/2019		80		100
Hotels, Restaurants & Leisure - 0.1%
Marriott International, Inc. - Series J
5.63%, 02/15/2013		15		16
McDonald’s Corp.
5.00%, 02/01/2019		85		99
Yum! Brands, Inc.
3.88%, 11/01/2020		60		62
Household Products - 0.1%
Kimberly-Clark Corp.
3.88%, 03/01/2021		115		124
Procter & Gamble Co.
4.70%, 02/15/2019		85		99
Independent Power Producers & Energy Traders - 0.1%
Constellation Energy Group, Inc.
5.15%, 12/01/2020		90		99
Exelon Generation Co., LLC
4.00%, 10/01/2020		145		149
Industrial Conglomerates - 0.0% ¥
General Electric Co.
5.25%, 12/06/2017		120		139
Insurance - 0.6%
Allstate Corp.
7.45%, 05/16/2019		60		75
American International Group, Inc.
5.05%, 10/01/2015		100		107
5.60%, 10/18/2016		75		81
6.40%, 12/15/2020		70		79
Aon PLC
5.00%, 09/30/2020		75		83
Berkshire Hathaway Finance Corp.
5.40%, 05/15/2018 ^		205		242
Berkshire Hathaway, Inc.
3.20%, 02/11/2015		95		101
3.75%, 08/15/2021 ^		200		207
Genworth Financial, Inc.
6.52%, 05/22/2018		45		47
Hartford Financial Services Group, Inc.
4.00%, 03/30/2015		25		26
5.50%, 03/30/2020		15		16
6.30%, 03/15/2018		105		115
Lincoln National Corp.
8.75%, 07/01/2019		135		171
Marsh & McLennan Cos., Inc.
4.80%, 07/15/2021		55		60
5.75%, 09/15/2015		50		56
MetLife, Inc.
7.72%, 02/15/2019		145		183
Principal Financial Group, Inc.
7.88%, 05/15/2014		30		33
Prudential Financial, Inc.
3.00%, 05/12/2016		60		62

	Principal (000’s)		Value (000’s)
Insurance (continued)
Prudential Financial, Inc. (continued)
5.38%, 06/21/2020	$	90	$	101
XLIT, Ltd.
5.75%, 10/01/2021 ^		80		87
IT Services - 0.1%
Computer Sciences Corp.
6.50%, 03/15/2018		75		81
HP Enterprise Services LLC
7.45%, 10/15/2029		75		89
International Business Machines Corp.
5.60%, 11/30/2039		85		104
5.70%, 09/14/2017		100		121
Machinery - 0.1%
Caterpillar, Inc.
3.90%, 05/27/2021 ^		55		60
7.38%, 03/01/2097		55		74
Ingersoll-Rand Global Holding Co., Ltd.
6.88%, 08/15/2018		50		61
Media - 0.6%
CBS Corp.
5.75%, 04/15/2020		55		63
Comcast Cable Communications Holdings, Inc.
9.46%, 11/15/2022		225		327
Comcast Corp.
6.50%, 01/15/2017		85		102
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
4.60%, 02/15/2021		90		95
4.75%, 10/01/2014		95		103
NBCUniversal Media LLC
5.15%, 04/30/2020		50		57
News America, Inc.
5.65%, 08/15/2020 ^		85		96
6.55%, 03/15/2033		75		82
8.00%, 10/17/2016		100		123
Reed Elsevier Capital, Inc.
8.63%, 01/15/2019		39		49
Time Warner Cable, Inc.
5.00%, 02/01/2020		145		160
5.85%, 05/01/2017		100		117
Time Warner Entertainment Co., LP
8.38%, 03/15/2023		75		100
Time Warner, Inc.
4.70%, 01/15/2021		115		126
Turner Broadcasting System, Inc.
8.38%, 07/01/2013		85		92
Viacom, Inc.
3.50%, 04/01/2017		60		64
6.25%, 04/30/2016		60		70
Walt Disney Co.
5.50%, 03/15/2019		85		101
WPP Finance 2010
4.75%, 11/21/2021 - 144A		16		17
Metals & Mining - 0.3%
Alcoa, Inc.
5.72%, 02/23/2019 ^		100		107
ArcelorMittal
6.13%, 06/01/2018 ^		155		164
9.85%, 06/01/2019		100		120

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    4

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Metals & Mining (continued)
BHP Billiton Finance USA, Ltd.
7.25%, 03/01/2016	$	90	$	108
Rio Tinto Finance USA, Ltd.
4.13%, 05/20/2021		80		84
Teck Resources, Ltd.
6.00%, 08/15/2040		115		121
Vale Overseas, Ltd.
6.25%, 01/23/2017		95		109
Multiline Retail - 0.1%
Kohl’s Corp.
6.25%, 12/15/2017		50		60
Macy’s Retail Holdings, Inc.
3.88%, 01/15/2022		150		149
Nordstrom, Inc.
6.25%, 01/15/2018		30		37
Target Corp.
7.00%, 01/15/2038		100		135
Multi-Utilities - 0.2%
Ameren Illinois Co.
9.75%, 11/15/2018		103		139
Consolidated Edison Co., of New York, Inc.
5.30%, 03/01/2035		90		102
Dominion Resources, Inc.
7.50%, 06/30/2066 *		95		100
MidAmerican Energy Holdings Co.
5.88%, 10/01/2012		135		138
Office Electronics - 0.0% ¥
Xerox Corp.
4.50%, 05/15/2021		80		82
5.63%, 12/15/2019		25		28
8.25%, 05/15/2014		30		34
Oil, Gas & Consumable Fuels - 0.7%
Anadarko Petroleum Corp.
5.95%, 09/15/2016		120		138
6.38%, 09/15/2017		59		70
Apache Corp.
5.25%, 04/15/2013		60		63
Canadian Natural Resources, Ltd.
5.90%, 02/01/2018 ^		120		144
ConocoPhillips Holding Co.
6.95%, 04/15/2029		75		101
Energy Transfer Partners, LP
6.13%, 02/15/2017		100		112
6.70%, 07/01/2018		90		103
Enterprise Products Operating LLC
5.20%, 09/01/2020 ^		50		56
Hess Corp.
6.00%, 01/15/2040		50		57
8.13%, 02/15/2019		40		52
Husky Energy, Inc.
7.25%, 12/15/2019 ^		50		62
Kinder Morgan Energy Partners, LP
5.30%, 09/15/2020		125		137
5.95%, 02/15/2018		50		58
Marathon Petroleum Corp.
3.50%, 03/01/2016		19		20
5.13%, 03/01/2021		33		36
Noble Energy, Inc.
8.25%, 03/01/2019		75		94
ONEOK Partners, LP
3.25%, 02/01/2016		60		63

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Petrobras International Finance Co.
5.75%, 01/20/2020	$	50	$	55
6.13%, 10/06/2016		75		85
Petro-Canada
6.05%, 05/15/2018		90		107
Plains All American Pipeline, LP / PAA
Finance Corp.
8.75%, 05/01/2019		70		91
SeaRiver Maritime, Inc.
2.49%, 09/01/2012 p		105		104
Shell International Finance BV
1.88%, 03/25/2013		95		96
4.38%, 03/25/2020		55		63
Valero Energy Corp.
6.13%, 02/01/2020		90		103
Williams Cos., Inc.
7.88%, 09/01/2021		19		24
Williams Partners, LP
5.25%, 03/15/2020		90		99
Paper & Forest Products - 0.1%
International Paper Co.
7.50%, 08/15/2021		90		114
9.38%, 05/15/2019		85		112
Pharmaceuticals - 0.4%
Abbott Laboratories
4.13%, 05/27/2020		305		342
AstraZeneca PLC
6.45%, 09/15/2037		100		130
GlaxoSmithKline Capital, Inc.
5.65%, 05/15/2018		50		60
Johnson & Johnson
3.55%, 05/15/2021		200		218
Merck & Co., Inc.
4.75%, 03/01/2015		90		100
Novartis Capital Corp.
2.90%, 04/24/2015		95		101
Pfizer, Inc.
5.35%, 03/15/2015		85		96
6.20%, 03/15/2019 ^		100		125
Wyeth LLC
5.50%, 02/15/2016		90		104
Real Estate Investment Trusts - 0.2%
American Tower Corp.
5.05%, 09/01/2020		90		93
HCP, Inc.
6.00%, 01/30/2017		90		100
6.70%, 01/30/2018		25		29
Health Care REIT, Inc.
4.95%, 01/15/2021		175		180
Simon Property Group, LP
5.75%, 12/01/2015		90		101
Road & Rail - 0.2%
Burlington Northern Santa Fe LLC
4.40%, 03/15/2042		175		166
CSX Corp.
5.50%, 08/01/2013		90		95
Norfolk Southern Corp.
5.26%, 09/17/2014		90		99
Ryder System, Inc.
3.15%, 03/02/2015		20		21
3.50%, 06/01/2017		60		62

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    5

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

		rincipal		rincipal
	Principal (000’s)		Value (000’s)
Road & Rail (continued)
Union Pacific Corp.
4.75%, 09/15/2041	$	140	$	143
Software - 0.1%
Microsoft Corp.
4.00%, 02/08/2021 ^		200		224
Oracle Corp.
5.25%, 01/15/2016		85		98
Specialty Retail - 0.1%
AutoZone, Inc.
5.50%, 11/15/2015		55		62
Home Depot, Inc.
5.40%, 03/01/2016		85		98
Lowe’s Cos., Inc.
3.80%, 11/15/2021		140		149
Tobacco - 0.2%
Altria Group, Inc.
9.25%, 08/06/2019		180		241
Philip Morris International, Inc.
5.65%, 05/16/2018		50		60
6.38%, 05/16/2038		105		131
Reynolds American, Inc.
6.75%, 06/15/2017		100		119
Wireless Telecommunication Services - 0.2%
America Movil SAB de CV
5.00%, 03/30/2020		200		222
Cellco Partnership/Verizon Wireless Capital LLC
5.55%, 02/01/2014		85		92
8.50%, 11/15/2018		50		69
U.S. Cellular Corp.
6.70%, 12/15/2033		10		10
Vodafone Group PLC
4.38%, 03/16/2021		230		253
Total Corporate Debt Securities (cost $30,718)				31,299

		Shares		Shares
	Shares		Value (000’s)
PREFERRED STOCKS - 0.0% ¥
Automobiles - 0.0% ¥
Porsche Automobil Holding SE, 1.11% p		298		18
Volkswagen AG, 1.69% p		299		52
Household Products - 0.0% ¥
Henkel AG & Co., KGaA, 1.28% p		144		11
Multi-Utilities - 0.0% ¥
RWE AG, 10.38% p		368		16
Total Preferred Stocks (cost $92)				97
COMMON STOCKS - 18.3%
Aerospace & Defense - 0.3%
BAE Systems PLC		9,535		46
Boeing Co.		1,500		112
Bombardier, Inc. - Class B		1,700		7
CAE, Inc. ^		1,000		10
European Aeronautic Defence and Space Co., NV ^		1,514		62
Finmeccanica SpA		1,000		5
General Dynamics Corp.		700		51
Goodrich Corp.		200		25
Honeywell International, Inc.		1,600		98

		Shares		Shares
	Shares		Value (000’s)
Aerospace & Defense (continued)
L-3 Communications Holdings, Inc. ^		300	$	21
Lockheed Martin Corp. ^		700		63
Northrop Grumman Corp. ^		600		37
Precision Castparts Corp.		300		52
Raytheon Co. ^		600		32
Rockwell Collins, Inc. ^		300		17
Rolls-Royce Holdings PLC ‡		3,628		47
Safran SA		348		13
Singapore Technologies Engineering, Ltd.		4,000		10
Textron, Inc. ^		400		11
Thales SA ^		281		11
United Technologies Corp. ^		1,800		149
Air Freight & Logistics - 0.1%
CH Robinson Worldwide, Inc. ^		300		20
Deutsche Post AG		1,560		30
Expeditors International of Washington, Inc.		400		19
FedEx Corp.		600		55
TNT Express NV		1,022		13
United Parcel Service, Inc. - Class B ^		1,500		120
Yamato Holdings Co., Ltd.		900		14
Airlines - 0.0% ¥
All Nippon Airways Co., Ltd. ^		3,000		9
Cathay Pacific Airways, Ltd.		4,000		7
Delta Air Lines, Inc. ‡		2,100		21
Deutsche Lufthansa AG		78		1
Qantas Airways, Ltd. ‡		3,293		6
Ryanair Holdings PLC ADR ‡		72		3
Singapore Airlines, Ltd.		1,000		9
Southwest Airlines Co. ^		2,200		18
United Continental Holdings, Inc. ‡^		1,300		28
Auto Components - 0.1%
Aisin Seiki Co., Ltd.		400		14
Autoliv, Inc. ^		300		20
BorgWarner, Inc. ‡^		200		17
Bridgestone Corp. ^		1,400		34
Cie Generale des Etablissements Michelin - Class B		401		30
Continental AG ‡		185		17
Denso Corp. ^		1,100		37
GKN PLC		3,458		11
Goodyear Tire & Rubber Co. ‡^		1,100		12
Johnson Controls, Inc. ^		1,400		46
Magna International, Inc. - Class A		400		19
NGK Spark Plug Co., Ltd.		400		6
NOK Corp. ^		600		13
Nokian Renkaat OYJ		150		7
Stanley Electric Co., Ltd.		600		10
Sumitomo Rubber Industries, Ltd.		600		8
Toyoda Gosei Co., Ltd. ^		200		4
Toyota Boshoku Corp. ^		600		7
Toyota Industries Corp. ^		300		9
TRW Automotive Holdings Corp. ‡		200		9
Automobiles - 0.3%
Bayerische Motoren Werke AG		582		52
Daihatsu Motor Co., Ltd.		300		5
Daimler AG		2,003		121
Fiat SpA ^		1,584		9
Ford Motor Co. ^		7,800		97
Fuji Heavy Industries, Ltd.		1,000		8
General Motors Co. ‡^		1,663		43
Harley-Davidson, Inc. ^		300		15
Honda Motor Co., Ltd. ^		3,600		137
Isuzu Motors, Ltd. ^		2,000		12
Mazda Motor Corp. ‡		2,000		4
Mitsubishi Motors Corp. ‡^		6,000		7
Nissan Motor Co., Ltd. ^		5,500		59

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    6

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Automobiles (continued)
Peugeot SA ^		357	$	6
Renault SA		205		11
Suzuki Motor Corp. ^		600		14
Toyota Motor Corp. ^		6,100		262
Volkswagen AG		114		18
Yamaha Motor Co., Ltd. ^		500		7
Beverages - 0.4%
Anheuser-Busch InBev NV		1,775		130
Asahi Group Holdings, Ltd.		900		20
Beam, Inc.		200		12
Brown-Forman Corp. - Class B ^		200		17
Carlsberg AS - Class B ^		249		21
Coca-Cola Amatil, Ltd.		1,530		20
Coca-Cola Co.		4,600		340
Coca-Cola Enterprises, Inc.		800		23
Coca-Cola Hellenic Bottling Co. SA ‡		380		7
Coca-Cola West Co., Ltd.		300		5
Constellation Brands, Inc. - Class A ‡^		1,200		28
Diageo PLC		5,537		133
Dr. Pepper Snapple Group, Inc. ^		500		20
Heineken Holding NV		688		32
Heineken NV		512		28
Kirin Holdings Co., Ltd.		2,200		28
Molson Coors Brewing Co. - Class B		600		27
Monster Beverage Corp. ‡		400		25
PepsiCo, Inc.		3,400		226
Pernod-Ricard SA		383		40
SABMiller PLC		1,836		74
Biotechnology - 0.2%
Actelion, Ltd. ‡		874		32
Alexion Pharmaceuticals, Inc. ‡		608		56
Amgen, Inc.		1,733		117
Biogen Idec, Inc. ‡^		500		63
Celgene Corp. ‡		1,000		78
CSL, Ltd.		963		36
Gilead Sciences, Inc. ‡		1,600		78
Grifols SA ‡^		194		4
Vertex Pharmaceuticals, Inc. ‡		600		25
Building Products - 0.0% ¥
Asahi Glass Co., Ltd. ^		2,400		20
Assa Abloy AB		769		24
Cie de St-Gobain		880		38
Daikin Industries, Ltd. ^		500		14
JS Group Corp.		600		13
Masco Corp. ^		800		11
Nippon Sheet Glass Co., Ltd. ^		2,000		3
TOTO, Ltd.		1,000		8
Capital Markets - 0.3%
Ameriprise Financial, Inc.		500		29
Bank of New York Mellon Corp.		2,400		58
BlackRock, Inc. - Class A ^		200		41
Charles Schwab Corp. ^		2,000		29
CI Financial Corp.		600		14
Credit Suisse Group AG ‡		2,076		59
Daiwa Securities Group, Inc. ^		3,000		12
Deutsche Bank AG		1,794		89
Eaton Vance Corp. ^		300		9
Franklin Resources, Inc. ^		300		37
Goldman Sachs Group, Inc.		1,100		137
ICAP PLC		1,375		9
IGM Financial, Inc. ^		600		28
Invesco, Ltd.		900		24
Julius Baer Group, Ltd. ‡		858		35
Legg Mason, Inc.		300		8
Macquarie Group, Ltd.		472		14
Man Group PLC		5,085		11

	Shares		Value (000’s)
Capital Markets (continued)
Mediobanca SpA		1,088	$	6
Morgan Stanley ^		3,200		63
Nomura Holdings, Inc. ^		7,800		34
Northern Trust Corp. ^		400		19
Ratos AB - Class B		652		9
SBI Holdings, Inc.		24		2
Schroders PLC		817		21
SEI Investments Co. ^		400		8
State Street Corp.		1,100		50
T. Rowe Price Group, Inc.		400		26
TD Ameritrade Holding Corp. ^		1,500		30
UBS AG ‡		7,024		98
Chemicals - 0.6%
Agrium, Inc.		300		26
Air Liquide SA		628		84
Air Products & Chemicals, Inc. ^		400		37
Air Water, Inc.		400		5
Airgas, Inc. ^		300		27
Akzo Nobel NV		423		25
Arkema SA		120		11
Asahi Kasei Corp. ^		3,000		19
BASF SE		2,031		177
Celanese Corp. - Class A		300		14
CF Industries Holdings, Inc.		100		18
Daicel Corp.		1,000		6
Denki Kagaku Kogyo KK		1,500		6
Dow Chemical Co. ^		2,400		83
E.I. du Pont de Nemours & Co. ^		1,900		100
Eastman Chemical Co. ^		600		31
Ecolab, Inc. ^		700		43
FMC Corp. ^		300		32
Givaudan SA ‡		21		20
Incitec Pivot, Ltd.		2,463		8
International Flavors & Fragrances, Inc. ^		200		12
Israel Chemicals, Ltd.		856		10
Israel Corp., Ltd.		6		4
Johnson Matthey PLC		300		11
JSR Corp. ^		400		8
K+S AG		402		21
Kaneka Corp.		1,000		6
Koninklijke DSM NV		552		32
Kuraray Co., Ltd. ^		1,000		14
Lanxess AG		167		14
Linde AG		312		56
LyondellBasell Industries NV - Class A		426		19
Mitsubishi Chemical Holdings Corp. ^		2,500		13
Mitsubishi Gas Chemical Co., Inc.		1,000		7
Mitsui Chemicals, Inc.		1,000		3
Monsanto Co.		1,100		88
Mosaic Co.		600		33
Nitto Denko Corp. ^		300		12
Novozymes A/S		530		15
Orica, Ltd.		1,041		30
Potash Corp. of Saskatchewan, Inc.		1,800		82
PPG Industries, Inc.		300		29
Praxair, Inc. ^		600		69
Sherwin-Williams Co. ^		300		33
Shin-Etsu Chemical Co., Ltd. ^		900		52
Showa Denko KK ^		2,000		5
Sigma-Aldrich Corp. ^		300		22
Sika AG		8		17
Solvay SA - Class A		97		11
Sumitomo Chemical Co., Ltd. ^		3,000		13
Syngenta AG ‡		159		55
Taiyo Nippon Sanso Corp.		1,000		7
Teijin, Ltd. ^		2,000		7

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    7

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Chemicals (continued)
Toray Industries, Inc. ^		3,000	$	22
Tosoh Corp. ^		2,000		6
UBE Industries, Ltd. ^		3,000		8
Umicore SA		293		16
Wacker Chemie AG ^		120		11
Yara International ASA		401		19
Commercial Banks - 1.3%
Aozora Bank, Ltd. ^		2,000		6
Australia & New Zealand Banking Group, Ltd.		5,741		138
Banca Carige SpA ^		3,316		4
Banca Monte dei Paschi di Siena SpA ^		15,474		7
Banco Bilbao Vizcaya Argentaria SA		7,963		63
Banco Espirito Santo SA		1,503		3
Banco Popolare SC		2,560		5
Banco Popular Espanol SA ^		3,318		12
Banco Santander SA		18,663		144
Bank Hapoalim BM		1,671		6
Bank Leumi Le-Israel BM		1,897		6
Bank of East Asia, Ltd. ^		3,600		14
Bank of Kyoto, Ltd.		1,000		9
Bank of Montreal		1,399		83
Bank of Nova Scotia ^		2,400		134
Bank of Yokohama, Ltd. ^		2,000		10
Barclays PLC		20,327		76
BB&T Corp. ^		1,400		44
Bendigo and Adelaide Bank, Ltd.		1,073		9
BNP Paribas SA		1,945		92
BOC Hong Kong Holdings, Ltd.		5,500		15
Canadian Imperial Bank of Commerce ^		900		69
Chiba Bank, Ltd. ^		2,000		13
Chugoku Bank, Ltd.		500		7
CIT Group, Inc. ‡		600		25
Comerica, Inc. ^		400		13
Commerzbank AG ‡		7,527		19
Commonwealth Bank of Australia ^		3,425		179
Credit Agricole SA		2,925		18
Danske Bank A/S - Class R ‡		1,442		24
DBS Group Holdings, Ltd.		4,000		45
DNB ASA		2,174		28
Erste Group Bank AG		334		8
Fifth Third Bancorp ^		1,300		18
Fukuoka Financial Group, Inc.		1,000		4
Gunma Bank, Ltd.		1,000		5
Hachijuni Bank, Ltd.		1,000		6
Hang Seng Bank, Ltd. ^		1,600		21
Hiroshima Bank, Ltd.		1,000		5
Hokuhoku Financial Group, Inc. ^		2,000		4
HSBC Holdings PLC		37,583		335
Intesa Sanpaolo SpA		22,280		40
Israel Discount Bank, Ltd. - Class A ‡		2,538		3
Iyo Bank, Ltd.		1,000		9
Joyo Bank, Ltd.		1,000		5
KBC Groep NV		753		19
KeyCorp		2,500		21
Lloyds TSB Group PLC ‡		65,733		35
M&T Bank Corp. ^		300		26
Mitsubishi UFJ Financial Group, Inc. ^		28,200		140
Mizrahi Tefahot Bank, Ltd.		574		5
Mizuho Financial Group, Inc. ^		50,900		83
National Australia Bank, Ltd.		4,797		122
National Bank of Canada ^		300		24
National Bank of Greece SA ‡		2,114		5
Natixis		4,061		16
Nishi-Nippon City Bank, Ltd. ^		3,000		8
Nordea Bank AB		5,399		49

	Shares		Value (000’s)
Commercial Banks (continued)
Oversea-Chinese Banking Corp.		5,000	$	35
PNC Financial Services Group, Inc.		1,000		64
Raiffeisen Bank International AG ^		36		1
Regions Financial Corp.		3,400		22
Resona Holdings, Inc. ^		4,200		19
Royal Bank of Canada ^		3,200		186
Royal Bank of Scotland Group PLC ‡		100,532		44
Seven Bank, Ltd. ^		2,000		4
Shinsei Bank, Ltd. ^		7,000		9
Shizuoka Bank, Ltd.		1,000		10
Skandinaviska Enskilda Banken AB - Class A		2,653		19
Societe Generale SA		1,282		38
Standard Chartered PLC		4,758		119
Sumitomo Mitsui Financial Group, Inc. ^		3,000		99
Sumitomo Mitsui Trust Holdings, Inc. ^		7,000		22
SunTrust Banks, Inc.		1,000		24
Suruga Bank, Ltd.		400		4
Svenska Handelsbanken AB - Class A		1,204		38
Swedbank AB - Class A		1,790		28
Toronto-Dominion Bank ^		2,000		170
U.S. Bancorp ^		4,200		133
UniCredit SpA		9,766		49
Unione di Banche Italiane SCPA		2,238		9
United Overseas Bank, Ltd.		3,000		44
Wells Fargo & Co.		11,100		380
Westpac Banking Corp.		6,353		144
Wing Hang Bank, Ltd.		1,500		15
Yamaguchi Financial Group, Inc.		500		5
Commercial Services & Supplies - 0.1%
Aggreko PLC		651		23
Avery Dennison Corp. ^		200		6
Brambles, Ltd.		3,048		22
Cintas Corp. ^		500		20
DAI Nippon Printing Co., Ltd.		1,000		10
Edenred		406		12
G4S PLC		5,088		22
Iron Mountain, Inc. ^		900		26
Pitney Bowes, Inc. ^		400		7
Republic Services, Inc. - Class A ^		700		21
Ritchie Bros. Auctioneers, Inc. ^		500		12
Secom Co., Ltd. ^		400		20
Securitas AB - Class B		1,181		11
Stericycle, Inc. ‡^		200		17
Toppan Printing Co., Ltd.		1,000		8
Waste Management, Inc. ^		900		32
Communications Equipment - 0.2%
Alcatel-Lucent ‡^		3,560		8
Cisco Systems, Inc.		11,800		249
Harris Corp. ^		600		27
Juniper Networks, Inc. ‡^		1,000		23
Motorola Mobility Holdings, Inc. ‡		875		34
Motorola Solutions, Inc.		513		26
Nokia OYJ		8,398		46
QUALCOMM, Inc.		3,600		245
Research In Motion, Ltd. ‡		800		12
Telefonaktiebolaget LM Ericsson - Class B		6,476		67
Computers & Peripherals - 0.6%
Apple, Inc. ‡		2,100		1,258
Dell, Inc. ‡		3,200		53
EMC Corp. ‡^		4,600		137
Fujitsu, Ltd. ^		4,000		21
Hewlett-Packard Co.		4,600		110
NEC Corp. ‡^		6,000		13
NetApp, Inc. ‡^		600		27
SanDisk Corp. ‡		400		20

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    8

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Computers & Peripherals (continued)
Seagate Technology PLC		700	$	19
Seiko Epson Corp. ^		200		3
Toshiba Corp. ^		9,000		40
Western Digital Corp. ‡		300		12
Construction & Engineering - 0.1%
ACS Actividades Co. ^		455		12
Bouygues SA		453		14
Chiyoda Corp.		1,000		13
Eiffage SA ^		208		8
Fluor Corp.		300		18
Hochtief AG		195		12
Jacobs Engineering Group, Inc. ‡^		200		9
JGC Corp.		300		9
Kajima Corp. ^		3,000		9
KBR, Inc.		400		14
Kinden Corp.		1,000		8
Leighton Holdings, Ltd. ^		287		6
Obayashi Corp.		1,000		4
Quanta Services, Inc. ‡		600		13
Shimizu Corp.		1,000		4
Skanska AB - Class B		657		11
SNC-Lavalin Group, Inc. ^		200		8
Taisei Corp. ^		2,000		5
URS Corp.		200		9
Vinci SA		896		46
Construction Materials - 0.1%
Boral, Ltd.		2,548		11
Cimpor Cimentos de Portugal SGPS SA		651		4
CRH PLC		1,721		35
Fletcher Building, Ltd. ^		1,730		10
HeidelbergCement AG		250		15
Holcim, Ltd. ‡		732		47
Imerys SA		111		7
Lafarge SA		352		17
Martin Marietta Materials, Inc.		300		26
Vulcan Materials Co.		500		21
Consumer Finance - 0.1%
AEON Credit Service Co., Ltd. ^		400		6
American Express Co. ^		2,200		127
Capital One Financial Corp.		800		45
Credit Saison Co., Ltd. ^		300		6
Discover Financial Services		900		30
ORIX Corp. ^		200		19
SLM Corp.		2,200		35
Containers & Packaging - 0.0% ¥
Amcor, Ltd.		2,810		22
Ball Corp. ^		400		17
Crown Holdings, Inc. ‡^		300		11
Owens-Illinois, Inc. ‡		400		9
Sealed Air Corp.		500		10
Distributors - 0.0% ¥
Genuine Parts Co. ^		200		13
Jardine Cycle & Carriage, Ltd. ^		180		7
Li & Fung, Ltd.		12,000		27
Diversified Consumer Services - 0.0% ¥
Apollo Group, Inc. - Class A ‡^		600		23
Benesse Holdings, Inc.		100		5
H&R Block, Inc. ^		700		12
Diversified Financial Services - 0.4%
ASX, Ltd.		511		18
Bank of America Corp. ^		21,400		205
CaixaBank ^		3,938		15
Citigroup, Inc. ^		6,211		227
CME Group, Inc. - Class A		100		29
Deutsche Boerse AG		686		46
Eurazeo NPV		159		8

	Shares		Value (000’s)
Diversified Financial Services (continued)
Exor SpA		335	$	8
Groupe Bruxelles Lambert SA		129		10
Hong Kong Exchanges & Clearing, Ltd. ^		2,100		35
Industrivarden AB - Class C		565		8
ING Groep NV ‡		7,060		59
IntercontinentalExchange, Inc. ‡		100		14
Investment AB Kinnevik - Class B		599		14
Investor AB - Class B		691		15
JPMorgan Chase & Co.		8,800		406
Leucadia National Corp. ^		400		10
Mitsubishi UFJ Lease & Finance Co., Ltd. ^		250		11
Moody’s Corp. ^		1,000		42
NASDAQ OMX Group, Inc. ‡		400		10
NYSE Euronext ^		900		27
Onex Corp.		231		9
Pargesa Holding SA (Bearer Shares)		451		32
Pohjola Bank PLC - Class A		618		7
Singapore Exchange, Ltd. ^		1,000		6
TMX Group, Inc.		200		9
Diversified Telecommunication Services - 0.5%
AT&T, Inc.		13,100		408
BCE, Inc.		400		16
Belgacom SA		342		11
Bell Aliant, Inc.		150		4
Bezeq Israeli Telecommunication Corp., Ltd.		2,938		5
BT Group PLC - Class A		12,488		45
CenturyLink, Inc. ^		1,349		52
Deutsche Telekom AG		6,211		75
Elisa OYJ		464		11
France Telecom SA		4,100		61
Frontier Communications Corp. ^		1,400		6
Hellenic Telecommunications Organization SA		655		3
HKT Trust / HKT, Ltd. ‡		173		¿
Iliad SA		123		17
Inmarsat PLC		3,516		26
Koninklijke KPN NV		3,189		35
Nippon Telegraph & Telephone Corp.		1,100		50
PCCW, Ltd.		8,000		3
Portugal Telecom SGPS SA		1,205		7
Singapore Telecommunications, Ltd.		18,000		45
Swisscom AG ^		29		12
TDC A/S ^		724		5
Tele2 AB - Class B		910		19
Telecom Corp., of New Zealand, Ltd.		3,887		8
Telecom Italia SpA		14,523		17
Telecom Italia SpA - RSP		20,822		20
Telefonica SA		9,445		155
Telekom Austria AG		767		9
Telenor ASA		1,762		33
TeliaSonera AB		4,640		32
Telstra Corp., Ltd.		9,630		33
TELUS Corp.		400		23
TELUS Corp. (Non-Voting Shares) - Class A ^		500		28
Verizon Communications, Inc. ^		6,300		240
Windstream Corp. ^		900		11
Electric Utilities - 0.3%
American Electric Power Co., Inc.		1,000		39
Cheung Kong Infrastructure Holdings, Ltd.		4,000		24
Chubu Electric Power Co., Inc. ^		1,500		27
Chugoku Electric Power Co., Inc. ^		500		9
CLP Holdings, Ltd.		3,500		30
Consolidated Edison, Inc. ^		500		29
Contact Energy, Ltd. ‡		665		3
Duke Energy Corp. ^		2,600		55

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    9

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Electric Utilities (continued)
E.ON AG		3,654	$	89
EDF SA		416		9
Edison International ^		500		21
EDP - Energias de Portugal SA		4,220		12
Enel SpA		12,705		46
Entergy Corp.		300		20
Exelon Corp.		1,579		63
FirstEnergy Corp. ^		866		39
Fortis, Inc. ^		300		10
Fortum OYJ ^		987		24
Hokkaido Electric Power Co., Inc. ^		500		7
Hokuriku Electric Power Co. ^		400		7
Iberdrola SA		7,945		45
Kansai Electric Power Co., Inc. ^		1,700		26
Kyushu Electric Power Co., Inc. ^		900		13
NextEra Energy, Inc. ^		900		55
Northeast Utilities ^		600		22
Pepco Holdings, Inc. ^		600		11
Pinnacle West Capital Corp.		600		29
Power Assets Holdings, Ltd.		2,500		18
PPL Corp. ^		1,100		31
Progress Energy, Inc.		600		32
Shikoku Electric Power Co., Inc. ^		400		11
Southern Co. ^		1,800		82
SP AusNet		5,905		7
SSE PLC		1,798		38
Terna Rete Elettrica Nazionale SpA		5,093		20
Tohoku Electric Power Co., Inc. ‡^		1,000		11
Tokyo Electric Power Co., Inc. ‡^		2,900		7
Verbund AG ^		155		5
Electrical Equipment - 0.2%
ABB, Ltd. ‡		3,849		79
Alstom SA		129		5
AMETEK, Inc. ^		300		15
Cooper Industries PLC - Class A		600		38
Emerson Electric Co.		1,500		78
First Solar, Inc. ‡^		300		8
Fuji Electric Co., Ltd. ^		2,000		5
Furukawa Electric Co., Ltd. ^		3,000		8
GS Yuasa Corp.		1,000		5
Legrand SA		271		10
Mabuchi Motor Co., Ltd.		100		5
Mitsubishi Electric Corp. ^		4,000		35
Nidec Corp. ^		200		18
NV Bekaert SA		102		3
Prysmian SpA		496		9
Rockwell Automation, Inc. ^		200		16
Roper Industries, Inc. ^		200		20
Schneider Electric SA		1,082		71
Sumitomo Electric Industries, Ltd.		1,400		19
Ushio, Inc. ^		400		6
Vestas Wind Systems A/S ‡^		324		3
Electronic Equipment & Instruments - 0.2%
Amphenol Corp. - Class A ^		200		12
Arrow Electronics, Inc. ‡		600		25
Avnet, Inc. ‡		600		22
Citizen Holdings Co., Ltd. ^		1,000		6
Corning, Inc.		2,900		41
Dolby Laboratories, Inc. - Class A ‡^		600		23
Flextronics International, Ltd. ‡		4,700		34
FLIR Systems, Inc. ^		300		8
FUJIFILM Holdings Corp. ^		900		21
Hamamatsu Photonics KK		100		4
Hexagon AB - Class B		872		17
Hirose Electric Co., Ltd.		100		10
Hitachi Chemical Co., Ltd. ^		200		4

	Shares		Value (000’s)
Electronic Equipment & Instruments (continued)
Hitachi High-Technologies Corp. ^		200	$	5
Hitachi, Ltd. ^		9,500		61
Hoya Corp. ^		900		20
Ibiden Co., Ltd. ^		200		5
Keyence Corp.		110		26
Kyocera Corp. ^		300		27
Murata Manufacturing Co., Ltd. ^		400		24
Nippon Electric Glass Co., Ltd.		500		4
Omron Corp. ^		300		6
Shimadzu Corp.		1,000		9
TDK Corp. ^		300		17
TE Connectivity, Ltd.		700		26
Yaskawa Electric Corp.		400		4
Yokogawa Electric Corp. ^		900		9
Energy Equipment & Services - 0.3%
Aker Solutions ASA		564		10
AMEC PLC		1,384		25
Baker Hughes, Inc.		800		34
Cameron International Corp. ‡^		500		26
Cie Generale de Geophysique-Veritas ‡		638		19
Diamond Offshore Drilling, Inc. ^		200		13
FMC Technologies, Inc. ‡^		400		20
Fugro NV		254		18
Halliburton Co. ^		1,800		60
Helmerich & Payne, Inc. ^		300		16
Nabors Industries, Ltd. ‡		1,500		26
National Oilwell Varco, Inc. ^		900		72
Noble Corp. ‡^		400		15
Petrofac, Ltd.		1,778		49
Precision Drilling Corp. ‡		523		5
Rowan Cos., Inc. ‡^		300		10
Saipem SpA		538		28
Schlumberger, Ltd.		2,939		205
SeaDrill, Ltd.		686		26
Subsea 7 SA ‡		663		18
Superior Energy Services, Inc. ‡		350		9
Technip SA		131		15
Tenaris SA		1,318		25
Transocean, Ltd.		513		28
Weatherford International, Ltd. ‡		1,200		18
WorleyParsons, Ltd.		374		11
Food & Staples Retailing - 0.4%
AEON Co., Ltd. ^		1,100		14
Alimentation Couche Tard, Inc. - Class B		300		10
Carrefour SA		1,040		25
Casino Guichard Perrachon SA		408		40
Colruyt SA ^		232		9
Costco Wholesale Corp.		1,000		91
CVS Caremark Corp.		2,900		130
Delhaize Group SA		229		12
Distribuidora Internacional de Alimentacion SA ‡^		1,040		5
FamilyMart Co., Ltd.		100		4
George Weston, Ltd. ^		100		6
J. Sainsbury PLC		6,273		31
Jeronimo Martins SGPS SA ‡		449		9
Kesko OYJ - Class B		221		7
Koninklijke Ahold NV		2,246		31
Kroger Co.		1,000		24
Lawson, Inc.		100		6
Loblaw Cos., Ltd. ^		400		14
Metcash, Ltd.		3,328		15
Metro AG		421		16
Metro, Inc. - Class A		200		11
Olam International, Ltd. ^		4,000		8
Safeway, Inc. ^		800		16

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    10

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

		Shares		Shares
	Shares		Value (000’s)
Food & Staples Retailing (continued)
Seven & I Holdings Co., Ltd.		1,700	$	50
Shoppers Drug Mart Corp. ^		400		18
Sysco Corp. ^		1,200		36
TESCO PLC		17,188		91
Walgreen Co. ^		1,900		64
Wal-Mart Stores, Inc.		4,300		263
Wesfarmers, Ltd.		2,223		69
Whole Foods Market, Inc. ^		200		17
WM Morrison Supermarkets PLC		7,479		36
Woolworths, Ltd.		2,714		73
Food Products - 0.5%
Ajinomoto Co., Inc.		1,000		13
Archer-Daniels-Midland Co.		1,400		44
Associated British Foods PLC		1,919		37
Bunge, Ltd. ^		300		21
Campbell Soup Co. ^		400		14
ConAgra Foods, Inc.		800		21
General Mills, Inc.		1,200		47
Golden Agri-Resources, Ltd. ^		22,000		14
Green Mountain Coffee Roasters, Inc. ‡^		246		12
Groupe Danone SA		1,289		90
Hershey Co.		400		25
HJ Heinz Co. ^		600		32
Hormel Foods Corp. ^		400		12
JM Smucker Co. ^		300		24
Kellogg Co. ^		500		27
Kerry Group PLC		340		16
Kikkoman Corp.		500		6
Kraft Foods, Inc. - Class A		3,500		132
Lindt & Spruengli AG		1		37
McCormick & Co., Inc. (Non-Voting Shares) ^		500		27
Mead Johnson Nutrition Co. - Class A ^		500		41
MEIJI Holdings Co., Ltd.		100		4
Nestle SA		7,662		481
Nippon Meat Packers, Inc.		400		5
Nisshin Seifun Group, Inc.		500		6
Nissin Foods Holdings Co., Ltd.		100		4
Ralcorp Holdings, Inc. ‡		200		15
Saputo, Inc.		500		22
Sara Lee Corp.		1,400		30
Toyo Suisan Kaisha, Ltd.		300		8
Tyson Foods, Inc. - Class A		1,700		33
Unilever NV		3,602		122
Unilever PLC		2,838		94
Viterra, Inc.		600		10
Wilmar International, Ltd. ^		3,000		12
Yakult Honsha Co., Ltd. ^		300		10
Yamazaki Baking Co., Ltd.		500		7
Gas Utilities - 0.1%
EQT Corp. ^		600		29
Gas Natural SDG SA		2,460		38
Hong Kong & China Gas Co., Ltd.		7,700		20
ONEOK, Inc.		200		16
Osaka Gas Co., Ltd. ^		5,000		20
Snam SpA		1,996		10
Toho Gas Co., Ltd.		1,000		6
Tokyo Gas Co., Ltd. ^		5,000		24
Health Care Equipment & Supplies - 0.3%
Baxter International, Inc.		1,200		72
Becton Dickinson and Co. ^		400		31
Boston Scientific Corp. ‡^		2,400		14
CareFusion Corp. ‡		800		21
Cie Generale D’optique Essilor International SA		464		41
Cochlear, Ltd. ^		139		9

		Shares		Shares
	Shares		Value (000’s)
Health Care Equipment & Supplies (continued)
Coloplast A/S - Class B ^		50	$	9
Covidien PLC		1,000		55
CR Bard, Inc. ^		200		20
Dentsply International, Inc. ^		300		12
Edwards Lifesciences Corp. ‡^		300		22
Getinge AB - Class B		403		11
Hologic, Inc. ‡^		500		11
Intuitive Surgical, Inc. ‡^		100		54
Medtronic, Inc. ^		2,100		81
Olympus Corp. ‡^		400		7
Smith & Nephew PLC		5,534		56
Sonova Holding AG ‡		403		45
St. Jude Medical, Inc. ^		700		31
Stryker Corp. ^		500		28
Synthes, Inc. - 144A		188		33
Sysmex Corp. ^		200		8
Terumo Corp. ^		400		19
Varian Medical Systems, Inc. ‡^		300		21
William Demant Holding AS ‡^		74		7
Zimmer Holdings, Inc. ^		500		32
Health Care Providers & Services - 0.3%
Aetna, Inc. ^		900		45
Alfresa Holdings Corp. ^		300		14
AmerisourceBergen Corp. - Class A		600		24
Cardinal Health, Inc. ^		700		30
CIGNA Corp.		700		34
Coventry Health Care, Inc.		400		14
DaVita, Inc. ‡		300		27
Express Scripts, Inc. ‡		900		49
Fresenius Medical Care AG & Co., KGaA		768		54
Fresenius SE & Co. KGaA		248		25
HCA Holdings, Inc. ^		1,339		33
Henry Schein, Inc. ‡^		200		15
Humana, Inc. ^		300		28
Laboratory Corp. of America Holdings ‡^		300		27
McKesson Corp.		500		44
Medco Health Solutions, Inc. ‡^		900		63
Medipal Holdings Corp.		600		8
Miraca Holdings, Inc.		100		4
Omnicare, Inc. ^		400		14
Patterson Cos., Inc. ^		500		17
Quest Diagnostics, Inc. ^		600		37
Ramsay Health Care, Ltd.		422		9
Sonic Healthcare, Ltd.		710		9
Suzuken Co., Ltd. ^		300		9
UnitedHealth Group, Inc.		2,300		137
WellPoint, Inc.		800		59
Health Care Technology - 0.0% ¥
Cerner Corp. ‡^		200		15
Hotels, Restaurants & Leisure - 0.3%
Accor SA		574		20
Carnival Corp. ^		1,000		32
Carnival PLC		483		15
Chipotle Mexican Grill, Inc. - Class A ‡^		36		15
Compass Group PLC		4,224		44
Crown, Ltd. ^		1,658		15
Darden Restaurants, Inc. ^		200		10
Echo Entertainment Group, Ltd.		1,466		7
Galaxy Entertainment Group, Ltd. ‡^		5,400		15
Genting Singapore PLC ‡^		12,000		16
Intercontinental Hotels Group PLC ^		1,224		28
International Game Technology ^		1,000		17
Las Vegas Sands Corp. ^		600		35
Marriott International, Inc. - Class A ^		600		23
McDonald’s Corp.		2,200		216
McDonald’s Holdings Co., Japan, Ltd.		200		5

The notes are an integral part of this report.
Transamerica Series Trust	Page    11	March 31, 2012 Form N-Q

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Hotels, Restaurants & Leisure (continued)
MGM Resorts International ‡^		800	$	11
OPAP SA		505		5
Oriental Land Co., Ltd.		100		11
Royal Caribbean Cruises, Ltd. ^		300		9
Sands China, Ltd.		4,000		16
Shangri-La Asia, Ltd.		2,000		4
SJM Holdings, Ltd.		7,000		14
SKYCITY Entertainment Group, Ltd.		1,171		4
Sodexo		350		29
Starbucks Corp. ^		1,500		84
Starwood Hotels & Resorts Worldwide, Inc. ^		400		23
TABCORP Holdings, Ltd.		1,466		4
Tim Hortons, Inc.		400		21
Wynn Macau, Ltd. ^		4,161		12
Wynn Resorts, Ltd. ^		200		25
Yum! Brands, Inc.		1,000		71
Household Durables - 0.1%
D.R. Horton, Inc. ^		1,500		23
Electrolux AB		677		14
Garmin, Ltd. ^		300		14
Husqvarna AB - Class B		1,031		6
Leggett & Platt, Inc. ^		700		16
Mohawk Industries, Inc. ‡^		200		13
Newell Rubbermaid, Inc. ^		500		9
Panasonic Corp. ^		4,900		45
Rinnai Corp.		100		7
Sekisui Chemical Co., Ltd.		1,000		9
Sekisui House, Ltd.		1,000		10
Sharp Corp. ^		2,400		18
Sony Corp. ^		2,200		45
Toll Brothers, Inc. ‡^		700		17
Whirlpool Corp.		300		23
Household Products - 0.3%
Church & Dwight Co., Inc. ^		400		20
Clorox Co. ^		200		14
Colgate-Palmolive Co.		1,000		98
Energizer Holdings, Inc. ‡^		300		22
Henkel AG & Co., KGaA		264		16
KAO Corp. ^		1,200		31
Kimberly-Clark Corp. ^		800		59
Procter & Gamble Co.		6,200		417
Reckitt Benckiser Group PLC		1,137		64
Uni-Charm Corp. ^		200		11
Independent Power Producers & Energy Traders - 0.0% ¥
AES Corp. ‡		2,100		27
Calpine Corp. ‡^		1,600		28
EDP Renovaveis SA ‡		737		4
Electric Power Development Co., Ltd. ^		500		14
Enel Green Power SpA ^		5,283		10
International Power PLC ^		5,910		38
NRG Energy, Inc. ‡^		600		9
TransAlta Corp.		800		15
Industrial Conglomerates - 0.4%
3M Co.		1,400		125
Danaher Corp. ^		1,100		62
Delek Group, Ltd.		30		6
Fraser and Neave, Ltd.		2,000		11
General Electric Co.		23,500		471
Hopewell Holdings, Ltd.		3,000		8
Hutchison Whampoa, Ltd.		4,000		40
Keppel Corp., Ltd.		3,200		28
Koninklijke Philips Electronics NV		1,732		35
NWS Holdings, Ltd.		8,000		12
Orkla ASA		1,687		13
SembCorp Industries, Ltd.		3,000		13
Siemens AG		1,819		183

	Shares		Value (000’s)
Industrial Conglomerates (continued)
Smiths Group PLC		880	$	15
Tyco International, Ltd.		1,000		56
Wendel SA		69		6
Insurance - 0.7%
ACE, Ltd. ^		700		51
Admiral Group PLC		716		14
Aflac, Inc.		1,000		46
Ageas		4,315		9
AIA Group, Ltd.		18,600		68
Allianz SE		1,004		121
Allstate Corp. ^		1,000		33
American International Group, Inc. ‡		1,000		31
AMP, Ltd.		4,533		20
AON Corp. ^		500		25
Arch Capital Group, Ltd. ‡		300		11
Assicurazioni Generali SpA		2,481		39
Assurant, Inc. ^		200		8
Aviva PLC		5,197		28
Axis Capital Holdings, Ltd.		300		10
Baloise Holding AG		142		11
Berkshire Hathaway, Inc. - Class B ‡		2,000		163
Chubb Corp.		600		41
Cincinnati Financial Corp. ^		300		10
CNP Assurances		1,101		17
Delta Lloyd NV		707		12
Everest RE Group, Ltd.		100		9
Fairfax Financial Holdings, Ltd.		43		17
Fidelity National Financial, Inc. - Class A ^		1,500		27
Genworth Financial, Inc. - Class A ‡^		1,800		15
Gjensidige Forsikring ASA		440		5
Great-West Lifeco, Inc. ^		500		12
Hannover Rueckversicherung AG		288		17
Hartford Financial Services Group, Inc. ^		700		15
Industrial Alliance Insurance & Financial Services, Inc.		200		6
Insurance Australia Group, Ltd.		4,701		17
Intact Financial Corp. ^		200		12
Legal & General Group PLC		11,162		23
Lincoln National Corp. ^		900		24
Loews Corp.		500		20
Manulife Financial Corp. ^		3,900		53
Mapfre SA ^		5,180		17
Marsh & McLennan Cos., Inc. ^		1,200		39
MetLife, Inc.		2,100		79
MS&AD Insurance Group Holdings ^		1,300		27
Muenchener Rueckversicherungs AG		331		50
NKSJ Holdings, Inc. ^		700		16
Old Mutual PLC		10,502		27
PartnerRe, Ltd.		300		20
Power Corp. of Canada ^		900		24
Principal Financial Group, Inc.		600		18
Progressive Corp. ^		1,000		23
Prudential Financial, Inc. ^		1,000		63
Prudential PLC		5,409		65
QBE Insurance Group, Ltd.		2,437		36
RenaissanceRe Holdings, Ltd. ^		200		15
Resolution, Ltd.		6,347		27
RSA Insurance Group PLC ^		17,619		29
Sampo OYJ - Class A		811		23
SCOR SE		874		24
Sony Financial Holdings, Inc. ^		416		7
Standard Life PLC		11,752		43
Sun Life Financial, Inc.		1,000		24
Suncorp Group, Ltd.		2,251		20
Swiss Life Holding AG ‡		188		22

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    12

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Insurance (continued)
Swiss Re AG ‡		563	$	36
T&D Holdings, Inc. ^		1,000		12
Tokio Marine Holdings, Inc. ^		1,500		41
Torchmark Corp. ^		450		22
Travelers Cos., Inc.		900		53
Tryg A/S		92		5
Unum Group ^		1,200		29
Vienna Insurance Group AG		130		6
Willis Group Holdings PLC		300		10
WR Berkley Corp. ^		300		11
XL Group PLC - Class A		1,200		26
Zurich Financial Services AG ‡		209		56
Internet & Catalog Retail - 0.1%
Amazon.com, Inc. ‡		800		161
Expedia, Inc. ^		350		12
Liberty Interactive Corp. ‡^		700		13
NetFlix, Inc. ‡^		100		12
priceline.com, Inc. ‡^		100		72
Rakuten, Inc.		14		15
Internet Software & Services - 0.2%
Akamai Technologies, Inc. ‡^		500		18
DeNA Co., Ltd. ^		217		6
eBay, Inc. ‡		2,600		96
Google, Inc. - Class A ‡		600		384
Gree, Inc. ^		300		8
Open Text Corp. ‡		100		6
United Internet AG		731		14
VeriSign, Inc. ^		300		12
Yahoo! Inc. ‡		2,100		32
Yahoo! Japan Corp. ^		22		7
IT Services - 0.4%
Accenture PLC - Class A ^		1,400		90
Alliance Data Systems Corp. ‡^		200		25
Amadeus IT Holding SA - Class A		607		11
AtoS		313		18
Automatic Data Processing, Inc. ^		1,000		55
Capital Gemini SA		192		9
CGI Group, Inc. - Class A ‡		600		13
Cognizant Technology Solutions Corp. - Class A ‡		700		54
Computer Sciences Corp.		700		21
Computershare, Ltd. ^		1,070		10
Fidelity National Information Services, Inc. ^		600		20
Fiserv, Inc. ‡^		200		14
International Business Machines Corp.		2,700		564
ITOCHU Techno-Solutions Corp. ^		300		13
Mastercard, Inc. - Class A		200		84
Nomura Research Institute, Ltd. ^		200		5
NTT Data Corp. ^		3		11
Paychex, Inc.		600		19
SAIC, Inc. ‡^		1,500		20
Teradata Corp. ‡		300		20
Total System Services, Inc.		700		16
Visa, Inc. - Class A ^		1,200		142
Western Union Co. ^		900		16
Leisure Equipment & Products - 0.0% ¥
Hasbro, Inc. ^		200		7
Mattel, Inc. ^		800		27
Namco Bandai Holdings, Inc.		500		7
Nikon Corp. ^		800		24
Sankyo Co., Ltd.		100		5
Sega Sammy Holdings, Inc. ^		600		13
Shimano, Inc.		100		6
Yamaha Corp. ^		400		4
Life Sciences Tools & Services - 0.0% ¥
Agilent Technologies, Inc.		600		27

	Shares		Value (000’s)
Life Sciences Tools & Services (continued)
Covance, Inc. ‡^		200	$	10
Illumina, Inc. ‡^		200		11
Life Technologies Corp. ‡		200		10
QIAGEN NV ‡		625		10
Thermo Fisher Scientific, Inc.		800		44
Waters Corp. ‡		300		27
Machinery - 0.4%
AGCO Corp. ‡^		200		9
Alfa Laval AB		776		16
Amada Co., Ltd.		1,000		7
Atlas Copco AB - Class A		1,427		35
Atlas Copco AB - Class B		898		19
Caterpillar, Inc.		1,400		148
Cummins, Inc.		400		48
Deere & Co. ^		800		65
Dover Corp. ^		300		19
Eaton Corp.		600		30
FANUC Corp. ^		400		70
Fiat Industrial SpA ‡		1,546		16
Flowserve Corp. ^		100		12
GEA Group AG		1,022		35
Hino Motors, Ltd.		1,000		7
Hitachi Construction Machinery Co., Ltd. ^		400		9
IHI Corp. ^		2,000		5
Illinois Tool Works, Inc. ^		900		51
Ingersoll-Rand PLC ^		600		25
Japan Steel Works, Ltd.		1,000		7
Joy Global, Inc. ^		200		15
JTEKT Corp.		600		7
Kawasaki Heavy Industries, Ltd. ^		3,000		9
Komatsu, Ltd. ^		2,100		60
Kone OYJ - Class B		344		19
Kubota Corp. ^		3,000		29
Kurita Water Industries, Ltd. ^		200		5
Makita Corp. ^		200		8
MAN SE		121		16
Metso OYJ		255		11
Mitsubishi Heavy Industries, Ltd. ^		6,000		29
NGK Insulators, Ltd.		400		6
NSK, Ltd.		1,000		8
NTN Corp.		1,000		4
PACCAR, Inc. ^		600		28
Pall Corp. ^		600		36
Parker Hannifin Corp. ^		300		25
Pentair, Inc. ^		600		29
Sandvik AB		2,123		31
Scania AB - Class B		570		12
SembCorp Marine, Ltd. ^		2,000		8
SKF AB - Class B		1,061		26
SMC Corp.		100		16
SPX Corp.		200		16
Stanley Black & Decker, Inc.		200		15
Sulzer AG		49		7
Sumitomo Heavy Industries, Ltd.		1,000		6
THK Co., Ltd. ^		200		4
Vallourec SA		194		12
Volvo AB - Class B		2,796		41
Wartsila OYJ Abp ^		387		15
Weir Group PLC ^		819		23
Xylem, Inc. ^		600		17
Yangzijiang Shipbuilding Holdings, Ltd. ^		11,000		12
Marine - 0.0% ¥
A.P. Moller - Maersk A/S - Class A		1		7
A.P. Moller - Maersk A/S - Class B		3		23
Kawasaki Kisen Kaisha, Ltd. ‡^		3,000		7
Keuhne & Nagel International AG		443		60

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    13

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Marine (continued)
Mitsui O.S.K. Lines, Ltd. ^		2,000	$	9
Neptune Orient Lines, Ltd.		2,000		2
Nippon Yusen KK ^		3,000		9
Orient Overseas International, Ltd.		500		4
Media - 0.5%
Axel Springer AG ^		351		18
British Sky Broadcasting Group PLC		3,895		42
Cablevision Systems Corp. - Class A ^		300		4
CBS Corp. - Class B ^		1,000		34
Comcast Corp. - Class A ^		4,400		133
Comcast Corp., Special Class A ^		1,500		44
Dentsu, Inc. ^		300		10
DIRECTV - Class A ‡		1,800		90
Discovery Communications, Inc. - Class A ‡^		600		30
Discovery Communications, Inc. - Class C ‡^		300		14
DISH Network Corp. - Class A ^		1,300		43
Eutelsat Communications SA		578		21
Interpublic Group of Cos., Inc.		900		10
JCDecaux SA ‡		415		13
Jupiter Telecommunications Co., Ltd.		7		7
Kabel Deutschland Holding AG ‡		464		29
Lagardere SCA		324		10
Liberty Global, Inc. - Class A ‡^		300		15
Liberty Global, Inc. - Class C ‡		300		14
McGraw-Hill Cos., Inc. ^		500		24
Mediaset SpA		2,626		7
Modern Times Group AB - Class B		176		10
News Corp. - Class A ^		3,900		77
News Corp. - Class B ^		1,500		30
Omnicom Group, Inc. ^		500		25
Pearson PLC		1,030		19
Publicis Groupe SA		201		11
Reed Elsevier NV		2,306		29
Reed Elsevier PLC		3,893		35
Sanoma OYJ ^		211		3
Scripps Networks Interactive, Inc. - Class A ^		600		29
SES SA		372		9
Shaw Communications, Inc. - Class B ^		900		19
Singapore Press Holdings, Ltd. ^		4,000		12
Sirius XM Radio, Inc. ‡		7,574		17
Societe Television Francaise 1		440		5
Thomson Reuters Corp. ^		600		17
Time Warner Cable, Inc. ^		800		65
Time Warner, Inc.		2,100		80
Toho Co., Ltd. ^		400		7
Viacom, Inc. - Class B		1,000		47
Virgin Media, Inc. ^		900		22
Vivendi SA		2,387		44
Walt Disney Co. ^		3,800		167
WPP PLC		1,510		21
Metals & Mining - 0.7%
Agnico-Eagle Mines, Ltd.		400		13
Alcoa, Inc. ^		2,100		21
Allegheny Technologies, Inc.		600		25
Alumina, Ltd.		4,729		6
Anglo American PLC		2,951		110
Antofagasta PLC		1,115		21
ArcelorMittal		1,457		28
Barrick Gold Corp. ^		2,100		91
BHP Billiton PLC		4,679		143
BHP Billiton, Ltd.		7,101		254
Boliden AB		492		8
Centerra Gold, Inc.		700		11
Cliffs Natural Resources, Inc. ^		200		14
Daido Steel Co., Ltd.		1,000		7

	Shares		Value (000’s)
Metals & Mining (continued)
Eldorado Gold Corp.		1,500	$	21
Eurasian Natural Resources Corp., PLC		3,362		32
First Quantum Minerals, Ltd.		1,400		27
Fortescue Metals Group, Ltd. ^		5,492		33
Franco-Nevada Corp.		300		13
Freeport-McMoRan Copper & Gold, Inc.		1,900		72
Fresnillo PLC		1,101		28
Glencore International PLC ^		4,780		30
Goldcorp, Inc.		1,700		77
Hitachi Metals, Ltd.		400		5
Iluka Resources, Ltd.		815		15
Inmet Mining Corp. ^		300		17
Ivanhoe Mines, Ltd. ‡		845		13
JFE Holdings, Inc. ^		900		19
Kazakhmys PLC		804		12
Kinross Gold Corp.		2,533		25
Kobe Steel, Ltd. ^		4,000		6
Lynas Corp., Ltd. ‡^		3,309		4
Maruichi Steel Tube, Ltd. ^		200		5
Mitsubishi Materials Corp.		2,000		6
New Gold, Inc. ‡		950		9
Newcrest Mining, Ltd.		1,552		48
Newmont Mining Corp.		1,100		56
Nippon Steel Corp. ^		11,000		30
Norsk Hydro ASA		1,692		9
Nucor Corp. ^		500		21
Osisko Mining Corp. ‡		600		7
OZ Minerals, Ltd.		634		6
Pan American Silver Corp. ^		300		7
Randgold Resources, Ltd.		100		9
Rio Tinto PLC		2,942		161
Rio Tinto, Ltd.		926		63
Salzgitter AG		111		6
Silver Wheaton Corp. ^		800		27
Sims Metal Management, Ltd. ^		662		10
SSAB AB		1,198		11
Sumitomo Metal Industries, Ltd. ^		7,000		14
Sumitomo Metal Mining Co., Ltd.		1,000		14
Teck Resources, Ltd. - Class B		1,300		46
ThyssenKrupp AG		949		24
U.S. Steel Corp. ^		600		18
Vedanta Resources PLC		669		13
Voestalpine AG		263		9
Walter Energy, Inc.		128		8
Xstrata PLC		3,645		62
Yamana Gold, Inc. ^		2,600		41
Yamato Kogyo Co., Ltd. ^		300		9
Multiline Retail - 0.1%
Canadian Tire Corp., Ltd. - Class A		200		13
Dollar General Corp. ‡		900		41
Dollar Tree, Inc. ‡^		200		19
Family Dollar Stores, Inc. ^		200		13
Harvey Norman Holdings, Ltd. ^		3,984		8
Isetan Mitsukoshi Holdings, Ltd. ^		800		9
J. Front Retailing Co., Ltd.		1,000		6
JC Penney Co., Inc. ^		300		11
Kohl’s Corp. ^		600		30
Macy’s, Inc. ^		800		32
Marks & Spencer Group PLC		3,057		19
Marui Group Co., Ltd. ^		1,200		10
Next PLC		475		23
Nordstrom, Inc.		600		33
PPR SA		140		24
Takashimaya Co., Ltd.		1,000		8
Target Corp. ^		1,400		81

The notes are an integral part of this report.
Transamerica Series Trust	Page    14	March 31, 2012 Form N-Q

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Multi-Utilities - 0.2%
A2A SpA ^		6,274	$	5
AGL Energy, Ltd.		1,130		17
Alliant Energy Corp. ^		200		9
Ameren Corp.		800		26
Canadian Utilities, Ltd. ^		200		13
CenterPoint Energy, Inc. ^		1,000		20
Centrica PLC		7,815		40
Dominion Resources, Inc.		1,200		60
DTE Energy Co.		300		17
GDF Suez		2,510		64
Integrys Energy Group, Inc. ^		300		16
MDU Resources Group, Inc. ^		700		16
National Grid PLC		7,093		71
NiSource, Inc. ^		1,000		24
NSTAR ^		200		10
PG&E Corp. ^		900		39
Public Service Enterprise Group, Inc.		1,000		31
RWE AG		736		35
SCANA Corp. ^		300		14
Sempra Energy ^		400		24
Suez Environnement Co. ^		1,067		16
United Utilities Group PLC		1,408		14
Veolia Environnement SA		582		10
Wisconsin Energy Corp. ^		400		14
Xcel Energy, Inc.		700		19
Office Electronics - 0.1%
Brother Industries, Ltd. ^		300		4
Canon, Inc.		2,500		118
Konica Minolta Holdings, Inc. ^		1,000		9
Ricoh Co., Ltd.		1,000		10
Xerox Corp. ^		2,100		17
Oil, Gas & Consumable Fuels -1.7%
Alpha Natural Resources, Inc. ‡^		600		9
Anadarko Petroleum Corp.		1,000		78
Apache Corp.		800		80
ARC Resources, Ltd. ^		800		18
Arch Coal, Inc. ^		800		9
Athabasca Oil Sands Corp. ‡^		800		9
Baytex Energy Corp. ^		500		26
BG Group PLC		6,869		159
Bonavista Energy Corp. ^		300		6
BP PLC		41,568		307
Caltex Australia, Ltd.		798		11
Cameco Corp. ^		600		13
Canadian Natural Resources, Ltd. ^		2,400		80
Canadian Oil Sands, Ltd. ^		700		15
Cenovus Energy, Inc.		1,700		61
Chesapeake Energy Corp. ^		1,400		32
Chevron Corp.		4,400		471
Cimarex Energy Co. ^		300		23
Concho Resources, Inc. ‡		301		31
ConocoPhillips ^		3,000		228
Consol Energy, Inc. ^		400		14
Continental Resources, Inc. ‡^		482		41
Cosmo Oil Co., Ltd.		1,000		3
Crescent Point Energy Corp. ^		400		17
Denbury Resources, Inc. ‡		1,100		20
Devon Energy Corp.		800		57
El Paso Corp.		1,600		47
Enbridge, Inc.		1,600		62
EnCana Corp. ^		1,600		31
Energen Corp.		200		10
Enerplus Corp. ^		400		9
ENI SpA		5,308		125
EOG Resources, Inc. ^		500		56
Essar Energy PLC ‡		3,243		8

	Shares		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp. ^		10,915	$	946
Galp Energia SGPS SA - Class B		535		9
Hess Corp.		600		35
HollyFrontier Corp.		454		15
Husky Energy, Inc. ^		900		23
Imperial Oil, Ltd. ^		500		23
INPEX Corp. ^		5		34
Japan Petroleum Exploration Co.		100		5
JX Holdings, Inc. ^		5,000		31
Kinder Morgan Management LLC ^		214		16
Kinder Morgan, Inc. ^		1,025		40
Lundin Petroleum AB ‡		496		11
Marathon Oil Corp. ^		1,600		51
Marathon Petroleum Corp. ^		800		35
MEG Energy Corp. ‡		300		12
Murphy Oil Corp.		300		17
Neste Oil OYJ		597		7
Newfield Exploration Co. ‡		200		7
Nexen, Inc.		800		15
Niko Resources, Ltd. ^		300		11
Noble Energy, Inc.		300		29
Occidental Petroleum Corp.		1,800		171
OMV AG		397		14
Origin Energy, Ltd.		2,154		30
Pacific Rubiales Energy Corp.		600		18
Peabody Energy Corp.		400		12
Pengrowth Energy Corp. ^		600		6
Penn West Petroleum, Ltd. ^		700		14
Pioneer Natural Resources Co. ^		200		22
Plains Exploration & Production Co. ‡		600		26
Progress Energy Resources Corp. ^		2,000		20
QEP Resources, Inc. ^		300		9
Range Resources Corp.		600		35
Repsol YPF SA		2,028		51
Royal Dutch Shell PLC - Class A		7,881		275
Royal Dutch Shell PLC - Class B		5,729		202
Santos, Ltd.		2,103		31
Showa Shell Sekiyu KK ^		300		2
Southwestern Energy Co. ‡		600		18
Spectra Energy Corp. ^		1,100		35
Statoil ASA		2,435		66
Suncor Energy, Inc.		3,500		114
Sunoco, Inc.		600		23
Talisman Energy, Inc.		1,700		21
TonenGeneral Sekiyu KK		1,000		9
Total SA		4,676		238
Tourmaline Oil Corp. ‡		224		5
TransCanada Corp. ^		1,500		64
Tullow Oil PLC		1,714		42
Ultra Petroleum Corp. ‡^		400		9
Valero Energy Corp.		1,300		34
Vermilion Energy, Inc. ^		300		14
Whiting Petroleum Corp. ‡^		236		13
Williams Cos., Inc.		1,300		40
Woodside Petroleum, Ltd.		1,150		41
Paper & Forest Products - 0.0% ¥
Holmen AB - Class B		121		3
International Paper Co. ^		700		25
MeadWestvaco Corp. ^		900		28
Nippon Paper Group, Inc. ^		300		6
OJI Paper Co., Ltd. ^		3,000		14
Sino-Forest Corp. - Class A ‡ ^		600		1
Stora Enso OYJ - Class R		1,563		12
Svenska Cellulosa AB - Class B		923		16
UPM-Kymmene OYJ		788		11

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    15

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Personal Products - 0.1%
Avon Products, Inc. ^		700	$	14
Beiersdorf AG		386		25
Estee Lauder Cos., Inc. - Class A ^		600		37
L’Oreal SA		486		60
Shiseido Co., Ltd. ^		800		14
Pharmaceuticals - 1.1%
Abbott Laboratories		3,300		202
Allergan, Inc.		700		67
Astellas Pharma, Inc. ^		1,000		41
AstraZeneca PLC		2,730		121
Bayer AG		1,829		129
Bristol-Myers Squibb Co.		3,500		118
Chugai Pharmaceutical Co., Ltd. ^		500		9
Daiichi Sankyo Co., Ltd. ^		1,500		27
Dainippon Sumitomo Pharma Co., Ltd. ^		400		4
Eisai Co., Ltd. ^		500		20
Elan Corp. PLC ‡		1,067		16
Eli Lilly & Co.		2,300		93
Forest Laboratories, Inc. ‡^		900		31
GlaxoSmithKline PLC		11,469		256
Hisamitsu Pharmaceutical Co., Inc.		100		5
Hospira, Inc. ‡^		200		7
Johnson & Johnson ^		6,000		396
Merck & Co., Inc.		6,800		261
Merck KGaA		21		2
Mitsubishi Tanabe Pharma Corp. ^		1,000		14
Mylan, Inc. ‡		800		19
Novartis AG		4,828		267
Novo Nordisk A/S - Class B		926		128
Ono Pharmaceutical Co., Ltd. ^		200		11
Orion OYJ - Class B ^		152		3
Otsuka Holdings Co., Ltd. ^		600		18
Perrigo Co. ^		200		21
Pfizer, Inc.		17,700		402
Roche Holding AG		1,425		248
Sanofi		2,464		191
Santen Pharmaceutical Co., Ltd.		100		4
Shionogi & Co., Ltd. ^		500		7
Shire PLC		702		23
Taisho Pharmaceutical Holdings Co., Ltd.		1		¨
Takeda Pharmaceutical Co., Ltd. ^		1,700		75
Teva Pharmaceutical Industries, Ltd.		2,098		93
Tsumura & Co. ^		300		9
UCB SA		205		9
Valeant Pharmaceuticals International, Inc. ‡		600		32
Warner Chilcott PLC - Class A ‡		600		10
Watson Pharmaceuticals, Inc. ‡		200		13
Professional Services - 0.1%
Adecco SA ‡		594		31
Bureau Veritas SA		196		17
Capita PLC		1,452		17
Dun & Bradstreet Corp.		200		17
Equifax, Inc.		300		13
Experian Group, Ltd.		1,640		26
IHS, Inc. - Class A ‡^		200		19
Intertek Group PLC		997		41
Manpower, Inc. ^		200		9
Nielsen Holdings NV ‡		890		27
Randstad Holding NV ^		325		12
Robert Half International, Inc. ^		300		9
SGS SA		16		31
Verisk Analytics, Inc. - Class A ‡^		400		19
Real Estate Investment Trusts - 0.4%
American Tower Corp. - Class A		900		58
Annaly Capital Management, Inc. ^		1,600		25

	Shares		Value (000’s)
Real Estate Investment Trusts (continued)
Ascendas Real Estate Investment Trust		6,000	$	10
AvalonBay Communities, Inc. ^		200		28
Boston Properties, Inc. ^		300		31
British Land Co., PLC		2,324		18
CapitaMall Trust		7,000		10
CFS Retail Property Trust		6,093		11
Corio NV		498		26
Dexus Property Group		11,082		10
Digital Realty Trust, Inc. ^		300		22
Duke Realty Corp. ^		900		13
Equity Residential ^		500		31
Federal Realty Investment Trust ^		300		29
Fonciere Des Regions		147		12
Gecina SA ^		305		32
General Growth Properties, Inc. ^		2,214		38
Goodman Group ‡		41,177		29
GPT Group		8,780		28
HCP, Inc.		800		32
Health Care REIT, Inc. ^		400		22
Host Hotels & Resorts, Inc. ^		1,100		18
ICADE		93		8
Japan Prime Realty Investment Corp. ^		2		6
Japan Real Estate Investment Corp.		1		9
Japan Retail Fund Investment Corp.		7		10
Kimco Realty Corp. ^		1,500		29
Klepierre		583		20
Land Securities Group PLC		3,445		40
Liberty Property Trust		400		14
Link Real Estate Investment Trust		4,500		17
Macerich Co. ^		500		29
Mirvac Group		11,910		14
Nippon Building Fund, Inc.		1		9
Nomura Real Estate Office Fund, Inc. - Class A		1		6
Plum Creek Timber Co., Inc. ^		200		8
ProLogis, Inc. ^		956		34
Public Storage ^		300		42
Rayonier, Inc. ^		300		13
Regency Centers Corp. ^		200		9
RioCan Real Estate Investment Trust		500		14
Simon Property Group, Inc. ^		600		88
Stockland		4,571		14
Unibail-Rodamco SE		169		34
Ventas, Inc. ^		600		34
Vornado Realty Trust		300		25
Westfield Group		4,448		41
Westfield Retail Trust		4,825		13
Weyerhaeuser Co. ^		800		18
Real Estate Management & Development - 0.2%
AEON Mall Co., Ltd.		300		7
Brookfield Asset Management, Inc. - Class A		1,000		32
Brookfield Office Properties, Inc. ^		1,500		26
CapitaLand, Ltd.		3,000		7
CapitaMalls Asia, Ltd.		5,000		7
CBRE Group, Inc. - Class A ‡^		1,200		24
Cheung Kong Holdings, Ltd.		3,000		39
City Developments, Ltd. ^		1,362		12
Daito Trust Construction Co., Ltd. ^		200		18
Daiwa House Industry Co., Ltd.		1,000		13
Global Logistic Properties, Ltd. - Class L ‡		5,000		9
Hang Lung Group, Ltd.		2,000		13
Hang Lung Properties, Ltd.		5,000		18
Henderson Land Development Co., Ltd.		2,000		11
Hysan Development Co., Ltd.		389		2
IMMOFINANZ AG ‡		2,096		8

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    16

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Real Estate Management & Development (continued)
Keppel Land, Ltd. ^		2,000	$	6
Kerry Properties, Ltd.		2,500		11
Lend Lease Corp., Ltd.		1,266		10
Mitsubishi Estate Co., Ltd. ^		2,700		47
Mitsui Fudosan Co., Ltd. ^		2,200		41
New World Development Co., Ltd.		8,000		10
Nomura Real Estate Holdings, Inc. ^		600		11
NTT Urban Development Corp. ^		12		10
Sino Land Co., Ltd.		13,200		21
Sumitomo Realty & Development Co., Ltd.		500		12
Sun Hung Kai Properties, Ltd.		3,000		37
Swire Pacific, Ltd.		1,500		17
Tokyu Land Corp.		1,000		5
Wharf Holdings, Ltd.		3,000		16
Wheelock & Co., Ltd.		5,000		15
Road & Rail - 0.2%
Asciano, Ltd.		1,048		5
Canadian National Railway Co.		900		71
Canadian Pacific Railway, Ltd. ^		500		38
Central Japan Railway Co. ^		3		25
CSX Corp.		2,400		52
DSV A/S ^		515		12
East Japan Railway Co. ^		800		50
Groupe Eurotunnel SA		1,447		13
Hertz Global Holdings, Inc. ‡^		573		9
JB Hunt Transport Services, Inc. ^		200		11
Kansas City Southern ‡^		300		22
Keikyu Corp.		1,000		9
KEIO Corp.		1,000		7
Keisei Electric Railway Co., Ltd.		1,000		8
Kintetsu Corp. ^		3,000		11
MTR Corp., Ltd.		3,500		13
Nippon Express Co., Ltd.		2,000		8
Norfolk Southern Corp.		800		53
Odakyu Electric Railway Co., Ltd.		1,000		9
QR National, Ltd.		4,114		16
Tobu Railway Co., Ltd. ^		2,000		11
Tokyu Corp. ^		2,000		9
Union Pacific Corp.		1,000		106
West Japan Railway Co. ^		300		12
Semiconductors & Semiconductor Equipment - 0.3%
Advanced Micro Devices, Inc. ‡^		3,600		29
Advantest Corp. ^		200		3
Altera Corp.		500		20
Analog Devices, Inc. ^		800		32
Applied Materials, Inc.		2,300		29
ARM Holdings PLC		3,242		31
ASM Pacific Technology, Ltd. ^		478		7
ASML Holding NV		1,085		54
Avago Technologies, Ltd. ^		400		16
Broadcom Corp. - Class A ‡		1,100		43
Cree, Inc. ‡^		500		16
Infineon Technologies AG		1,249		13
Intel Corp.		11,900		335
KLA-Tencor Corp. ^		300		16
LAM Research Corp. ‡^		700		31
Linear Technology Corp.		900		30
LSI Corp. ‡		1,800		16
Marvell Technology Group, Ltd. ‡		1,500		24
Maxim Integrated Products, Inc. ^		500		14
Microchip Technology, Inc. ^		300		11
Micron Technology, Inc. ‡^		1,100		9
NVIDIA Corp. ‡		800		12
ROHM Co., Ltd. ^		200		10
STMicroelectronics NV		1,895		15
Sumco Corp. ‡^		800		10

	Shares		Value (000’s)
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments, Inc.		2,300	$	77
Tokyo Electron, Ltd. ^		400		23
Xilinx, Inc. ^		900		33
Software - 0.5%
Activision Blizzard, Inc. ^		1,800		23
Adobe Systems, Inc. ‡^		1,000		34
Autodesk, Inc. ‡^		300		13
BMC Software, Inc. ‡		600		24
CA, Inc. ^		1,200		33
Citrix Systems, Inc. ‡		300		24
Dassault Systemes SA		142		13
Electronic Arts, Inc. ‡		500		8
Intuit, Inc. ^		500		30
Konami Corp. ^		200		6
Microsoft Corp.		16,800		542
NICE Systems, Ltd. ‡		171		7
Nintendo Co., Ltd. ^		200		30
Nuance Communications, Inc. ‡^		500		13
Oracle Corp.		8,900		260
Oracle Corp. Japan		400		15
Red Hat, Inc. ‡		600		36
Salesforce.com, Inc. ‡^		200		31
SAP AG		2,035		142
Square Enix Holdings Co., Ltd. ^		200		4
Symantec Corp. ‡		1,200		22
Synopsys, Inc. ‡^		400		12
Trend Micro, Inc.		300		9
VMware, Inc. - Class A ‡^		300		34
Specialty Retail - 0.3%
ABC-Mart, Inc.		100		4
Abercrombie & Fitch Co. - Class A ^		200		10
Advance Auto Parts, Inc.		300		27
AutoZone, Inc. ‡		100		37
Bed Bath & Beyond, Inc. ‡^		500		33
Best Buy Co., Inc. ^		600		14
CarMax, Inc. ‡^		700		24
Fast Retailing Co., Ltd.		100		23
GameStop Corp. - Class A ^		500		11
Gap, Inc. ^		1,700		44
Hennes & Mauritz AB - Class B		2,074		75
Home Depot, Inc.		3,500		176
Inditex SA		536		51
Kingfisher PLC		7,933		39
Limited Brands, Inc. ^		600		29
Lowe’s Cos., Inc.		2,800		88
Nitori Holdings Co., Ltd.		50		5
O’Reilly Automotive, Inc. ‡^		200		18
PetSmart, Inc. ^		200		11
Ross Stores, Inc.		400		23
Sanrio Co., Ltd.		100		4
Shimamura Co., Ltd.		100		11
Staples, Inc. ^		1,000		16
Tiffany & Co. ^		200		14
TJX Cos., Inc.		1,400		56
Urban Outfitters, Inc. ‡^		400		12
USS Co., Ltd.		80		8
Yamada Denki Co., Ltd. ^		180		11
Textiles, Apparel & Luxury Goods - 0.2%
Adidas AG		424		33
Asics Corp. ^		1,000		11
Burberry Group PLC		1,218		29
Christian Dior SA		82		13
Cie Financiere Richemont SA		1,008		63
Coach, Inc.		600		46
Fossil, Inc. ‡^		120		16
Gildan Activewear, Inc. - Class A ^		400		11

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    17

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

		Shares		Shares
	Shares		Value (000’s)
Textiles, Apparel & Luxury Goods (continued)
Lululemon Athletica, Inc. ‡^		234	$	17
Luxottica Group SpA		371		13
LVMH Moet Hennessy Louis Vuitton SA		561		97
NIKE, Inc. - Class B		700		77
Ralph Lauren Corp. ^		100		17
Swatch Group AG - BR		68		31
Swatch Group AG - Reg		278		22
V.F. Corp.		300		44
Yue Yuen Industrial Holdings		1,000		4
Thrifts & Mortgage Finance - 0.0% ¥
Hudson City Bancorp, Inc. ^		1,600		12
New York Community Bancorp, Inc. ^		1,400		19
People’s United Financial, Inc. ^		1,800		24
Tobacco - 0.3%
Altria Group, Inc.		4,600		142
British American Tobacco PLC		4,243		214
Imperial Tobacco Group PLC		1,981		80
Japan Tobacco, Inc. ^		10		56
Lorillard, Inc. ^		300		39
Philip Morris International, Inc.		4,000		354
Reynolds American, Inc.		700		29
Swedish Match AB		571		23
Trading Companies & Distributors - 0.1%
Fastenal Co. ^		400		22
Finning International, Inc. ^		500		14
ITOCHU Corp.		3,000		33
Marubeni Corp. ^		3,400		25
Mitsubishi Corp. ^		3,000		69
Mitsui & Co., Ltd. ^		3,800		61
Noble Group, Ltd.		6,000		7
Sojitz Corp. ^		6,500		12
Sumitomo Corp. ^		2,500		36
Toyota Tsusho Corp. ^		500		10
Wolseley PLC		829		32
WW Grainger, Inc. ^		100		21
Transportation Infrastructure - 0.1%
Abertis Infraestructuras SA		1,717		30
Aeroports de Paris ^		124		10
Atlantia SpA		509		8
Auckland International Airport, Ltd.		1,874		4
Fraport AG Frankfurt Airport Services
Worldwide		206		13
Hutchison Port Holdings Trust		11,000		8
Kamigumi Co., Ltd.		1,000		8
Koninklijke Vopak NV		438		25
Mitsubishi Logistics Corp.		1,000		12
Sydney Airport		4,864		14
Transurban Group		4,071		24
Water Utilities - 0.0% ¥
American Water Works Co., Inc.		1,000		34
Severn Trent PLC		970		24
Wireless Telecommunication Services - 0.2%
Cellcom Israel, Ltd.		95		1
Crown Castle International Corp. ‡^		500		27
KDDI Corp. ^		6		39
MetroPCS Communications, Inc. ‡		2,200		20
Millicom International Cellular SA		129		15
Mobistar SA		113		6
NII Holdings, Inc. ‡^		600		11
NTT DoCoMo, Inc. ^		34		56
Partner Communications Co., Ltd.		258		2
Rogers Communications, Inc. - Class B ^		900		36
SBA Communications Corp. - Class A ‡^		500		25
Softbank Corp. ^		1,900		56
Sprint Nextel Corp. ‡^		5,100		15
StarHub, Ltd.		4,000		10

		Principal		Principal
	Shares		Value (000’s)
Wireless Telecommunication Services (continued)
Vodafone Group PLC		114,494	$	314
Total Common Stocks (cost $51,505)				55,568
SECURITIES LENDING COLLATERAL - 8.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		25,151,400		25,151
Total Securities Lending Collateral (cost $25,151)

		Principal		Principal
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 31.3%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $93,728 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/15/2017, and with a total value of $95,605.	$	93,728		93,728
Total Repurchase Agreement (cost $93,728)
Total Investment Securities (cost $309,006) P				316,709
Other Assets and Liabilities - Net				(17,083	)
Net Assets			$	299,626

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    18

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

FUTURES CONTRACTS: g

Description	Type	Contracts		Expiration Date	Net Unrealized Appreciation (Depreciation) (000’s)
10-Year Australian Treasury Bond	Long		1	06/15/2012	$	(¨	)
10-Year Government of Canada Bond	Long		4	06/20/2012		(3	)
10-Year Japan Governement Bond Mini	Long		18	06/08/2012		(10	)
10-Year U.S. Treasury Note	Long		2	06/20/2012		(¨	)
30-Year U.S. Treasury Bond	Long		1	06/20/2012		(1	)
ASX SPI 200 Index	Long		28	06/21/2012		57
CAC 40 Index	Long		8	04/20/2012		(11	)
DAX Index	Long		2	06/15/2012		(1	)
EURO STOXX 50 Index	Long		134	06/15/2012		(120	)
FTSE 100 Index	Long		83	06/15/2012		(224	)
German Euro BOBL	Long		7	06/07/2012		¨
German Euro Bund	Long		6	06/07/2012		3
German Euro Buxl	Long		2	06/07/2012		1
German Euro Schatz	Long		6	06/07/2012		¨
Hang Seng Index	Long		10	04/27/2012		(32	)
MSCI EAFE E-Mini Index	Long		9	06/15/2012		8
MSCI Emerging Markets E-Mini	Long		74	06/15/2012		(14	)
S&P 500 E-Mini Index	Long		598	06/15/2012		1,067
S&P TSE 60 Index	Long		28	06/14/2012		(18	)
TOPIX Index	Long		72	06/08/2012		253
U.K. Long Gilt Bond	Long		4	06/27/2012		(1	)
					$	954

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date	Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar	BCLY		286		06/15/2012	$	302		$	(9	)
Australian Dollar	UBS		303		06/15/2012		314			(3	)
Australian Dollar	WBC		(900	)	06/15/2012		(942	)		18
Australian Dollar	WBC		(1,214	)	06/15/2012		(1,265	)		18
Australian Dollar	BCLY		1,553		06/15/2012		1,623			(28	)
Australian Dollar	UBS		643		06/15/2012		682			(21	)
Canadian Dollar	DUB		(3,115	)	06/15/2012		(3,101	)		(17	)
Euro	RBC		520		06/15/2012		682			11
Euro	RBS		(2,207	)	06/15/2012		(2,929	)		(16	)
Euro	RBS		1,221		06/15/2012		1,603			26
Euro	RBC		739		06/15/2012		970			16
Euro	RBS		(41	)	06/15/2012		(54	)		(¨	)
Euro	RBS		(739	)	06/15/2012		(969	)		(17	)
Euro	HSBC		547		06/15/2012		717			13
Euro	UBS		(2,247	)	06/15/2012		(2,981	)		(17	)
Japanese Yen	RBS		49,607		06/15/2012		603			(3	)
Japanese Yen	RBS		(225,432	)	06/15/2012		(2,776	)		50
Japanese Yen	RBS		(216,904	)	06/15/2012		(2,635	)		12
Japanese Yen	RBS		197,848		06/15/2012		2,403			(11	)
Japanese Yen	UBS		244,488		06/15/2012		2,968			(12	)
Pound Sterling	SCB		383		06/15/2012		605			7
Pound Sterling	GSC		177		06/15/2012		282			1
Pound Sterling	MSC		4,009		06/15/2012		6,336			73
Pound Sterling	UBS		(234	)	06/15/2012		(373	)		(1	)
Swedish Krona	RBS		1,909		06/15/2012		280			8
Swedish Krona	UBS		(1,308	)	06/15/2012		(192	)		(5	)
Swedish Krona	RBC		1,308		06/15/2012		192			5
Swiss Franc	UBS		303		06/15/2012		329			7
Swiss Franc	DUB		658		06/15/2012		722			8
									$	113

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    19

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 03/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)		Net Exposures  (1) (000’s)
BCLY	$	(37	)	$	—	$	(37	)
DUB		(9	)		—		(9	)
GSC		1			—		1
HSBC		13			—		13
MSC		73			—		73
RBC		32			—		32
RBS		49			—		49
SCB		7			—		7
UBS		(52	)		—		(52	)
WBC		36			—		36

⁽¹⁾ Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.

INVESTMENTS BY COUNTRY:	Percentage of Total  Investments			Value (000’s)
United States		52.1	%	$	165,139
United Kingdom		2.0			6,261
Japan		1.6			5,003
Canada		1.1			3,365
Germany		0.8			2,437
Australia		0.7			2,257
France		0.7			2,216
Switzerland		0.7			2,105
Netherlands		0.4			1,126
Spain		0.2			806
Sweden		0.2			745
Hong Kong		0.2			674
Mexico		0.2			570
Cayman Islands		0.2			566
Italy		0.2			543
Israel		0.2			490
Luxembourg		0.1			445
Singapore		0.1			421
Austria		0.1			400
Belgium		0.1			377
Brazil		0.1			349
Supranational		0.1			292
Denmark		0.1			260
Bermuda		0.1			252
Finland		0.1			206
Norway		0.1			201
Isle of Man		0.0	¥		160
Ireland		0.0	¥		69
Portugal		0.0	¥		48
New Zealand		0.0	¥		27
Greece		0.0	¥		20
Investment Securities, at Value		62.5			197,830
Short-Term Investments		37.5			118,879
Total Investments		100.0	%	$	316,709

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    20

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^{^}  All or a portion of this security is on loan. The value of all securities on loan is $24,443.

* Floating or variable rate note. Rate is listed as of 03/30/2012.

¥ Percentage rounds to less than 0.1%.

Ž The security has a perpetual maturity. The date shown is the next call date.

g Cash in the amount of $5,583 is segregated as collateral with the broker to cover margin requirements for open futures contracts.

p Rate shown reflects the yield at 03/30/2012.

‡ Non-income producing security.

Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $16, or 0.01%, of the fund’s net assets.

P Aggregate cost for federal income tax purposes is $309,006. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $11,235 and $3,532, respectively. Net unrealized appreciation for tax purposes is $7,703.

¨ Amount is less than 1.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $50, or 0.02%, of the fund’s net assets.
ADR	American Depositary Receipt
ASX	Australian Securities Exchange
BCLY	Barclays Bank PLC
CAC	Compagnie des Agents de Change (French stock market index)
DAX	Deutscher Aktien
DUB	Deutsche Bank AG
FTSE	Financial Times Stock Exchange
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
ICAP	The world’s premier voice and electronic interdealer broker and provider of post-trade services, is active in wholesale markets in interest rates, credit, commodities, FX, emerging markets, equities and equity derivatives.
MSC	Morgan Stanley Capital International
RBC	Royal Bank of Canada
RBS	Royal Bank of Scotland Group PLC
SCB	Standard Chartered Bank
UBS	UBS Warburg LLC
WBC	Westpac Banking Corp.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	32,447	$	23,120	$	1	$	55,568
Corporate Debt Securities		—		31,299		—		31,299
Foreign Government Obligations		—		1,492		—		1,492
Mortgage-Backed Securities		—		3,078		—		3,078
Municipal Government Obligation		—		149		—		149
Preferred Corporate Debt Security		—		96		—		96
Preferred Stocks		—		97		—		97
Repurchase Agreement		—		93,728		—		93,728
Securities Lending Collateral		25,151		—		—		25,151
U.S. Government Agency Obligations		—		52,305		—		52,305
U.S. Government Obligations		—		53,746		—		53,746
Total	$	57,598	$	259,110	$	1	$	316,709

Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Futures Contracts - Appreciation	$	1,389		$	—		$	—	$	1,389
Futures Contracts - Depreciation		(435	)		—			—		(435	)
Forward Foreign Currency Contracts - Appreciation		—			273			—		273
Forward Foreign Currency Contracts - Depreciation		—			(160	)		—		(160	)
Total	$	954		$	113		$	—	$	1,067

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    21

Transamerica AllianceBernstein Dynamic Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands) (continued): '

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at 12/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 03/31/2012		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 03/31/2012
Common Stocks	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	—

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

Total aggregate market value of Level 3 is less than 0.01% of the fund’s net assets.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    22

Transamerica Asset Allocation - Conservative VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0%
Bonds - 58.7%
Transamerica AEGON U.S. Government Securities VP		2,416,774	$	31,877
Transamerica Core Bond p		31,678,399		337,058
Transamerica Developing Markets Debt p		3,353,832		37,194
Transamerica Flexible Income p		897,453		8,131
Transamerica High Yield Bond p		1,677,424		15,684
Transamerica International Bond p		1,994,522		20,284
Transamerica PIMCO Total Return VP		28,450,292		337,136
Transamerica Short-Term Bond p		22,465,839		228,702
Capital Markets - 12.5%
Transamerica Capital Growth p		4,025,220		47,618
Transamerica Emerging Markets Debt p		828,624		8,692
Transamerica Quality Value p		7,391,984		84,787
Transamerica Select Equity p		6,414,400		74,407
Global/International Stocks - 3.7%
Transamerica Developing Markets Equity p		1,051,899		12,486
Transamerica Emerging Markets p		534,860		6,124
Transamerica International p		1,039,319		9,292
Transamerica International Equity Opportunities p		1,753,646		13,064
Transamerica International Small Cap p		1,030,437		8,419
Transamerica International Value p		257,657		1,780
Transamerica International Value Opportunities p		1,428,830		12,774
Inflation-Protected Securities - 10.2%
Transamerica PIMCO Real Return TIPS VP ‡		993,828		10,773
Transamerica Real Return TIPS p		14,916,131		164,973

	Shares		Value (000’s)
Tactical and Specialty - 2.6%
Transamerica Bond p		3,250,600	$	32,896
Transamerica Clarion Global Real Estate Securities VP		213,955		2,360
Transamerica Global Allocation p		895,300		9,911
U.S. Stocks - 12.3%
Transamerica BlackRock Large Cap Value VP		4,147,260		63,577
Transamerica Growth Opportunities p		299,334		2,927
Transamerica Jennison Growth VP		6,136,890		57,380
Transamerica JPMorgan Mid Cap Value VP		436,888		6,584
Transamerica Morgan Stanley Mid- Cap Growth VP		37,570		1,199
Transamerica Small- & Mid-Cap Value Select p		490,776		4,756
Transamerica Small Company Growthp ‡		595,362		7,496
Transamerica Value p		345,005		7,718
Transamerica WMC Diversified Growth VP		2,377,447		60,102
Total Investment Securities (cost $1,639,605) P				1,728,161
Other Assets and Liabilities - Net				(144	)
Net Assets			$	1,728,017

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p The fund invests its assets in the Class I2 shares of the affiliated Transamerica Funds.

The portfolio invests its assets in the Initial Class shares of the affiliated fund of Transamerica Series Trust.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $1,639,605. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $93,124 and $4,568, respectively. Net unrealized appreciation for tax purposes is $88,556.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	1,728,161	$	—	$	—	$	1,728,161

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.
Transamerica Series Trust	Page    1	March 31, 2012 Form N-Q

Transamerica Asset Allocation - Growth VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0%
Capital Markets - 28.0%
Transamerica Capital Growth p		4,248,082	$	50,255
Transamerica Quality Value p		12,095,517		138,735
Transamerica Select Equity p		8,702,841		100,953
Capital Preservation - 0.1%
Transamerica AEGON Money Market VP		586,410		586
Global/International Stocks - 17.5%
Transamerica Developing Markets Equity p		4,802,263		57,003
Transamerica Emerging Markets p		1,169,067		13,386
Transamerica International p		2,854,730		25,521
Transamerica International Equity Opportunities p		2,753,950		20,517
Transamerica International Small Cap p		2,398,922		19,599
Transamerica International Value p		1,251,577		8,648
Transamerica International Value Opportunities p		4,121,108		36,843
Tactical and Specialty - 8.7%
Transamerica Clarion Global Real Estate Securities VP		2,728,445		30,096
Transamerica Commodity Strategy p		1,283,905		12,582
Transamerica Global Allocation p		1,251,366		13,853
Transamerica Global Macro p‡		1,790,803		10,422
Transamerica Long/Short Strategy p‡		768,120		6,183
Transamerica Managed Futures Strategy p		1,852,662		17,526

	Shares		Value (000’s)
U.S. Stocks - 45.7%
Transamerica BlackRock Large Cap Value VP		6,226,289	$	95,449
Transamerica Growth Opportunities p		2,616,777		25,592
Transamerica Jennison Growth VP		12,122,198		113,343
Transamerica JPMorgan Mid Cap Value VP		2,303,063		34,707
Transamerica Morgan Stanley Mid-Cap Growth VP		641,288		20,463
Transamerica Small- & Mid-Cap Value Select p		2,762,808		26,772
Transamerica Small Company Growth p‡		1,468,443		18,488
Transamerica Value p		719,008		16,084
Transamerica WMC Diversified Growth VP		4,869,612		123,104
Total Investment Securities (cost $940,199) P				1,036,710
Other Assets and Liabilities - Net				(208	)
Net Assets			$	1,036,502

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p The fund invests its assets in the Class I2 shares of the affiliated Transamerica Funds.

The portfolio invests its assets in the Initial Class shares of the affiliated fund of Transamerica Series Trust.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $940,199. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $108,949 and $12,438, respectively. Net unrealized appreciation for tax purposes is $96,511.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	1,036,710	$	—	$	—	$	1,036,710

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.
Transamerica Series Trust	Page    1	March 31, 2012 Form N-Q

Transamerica Asset Allocation - Moderate VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0%
Bonds - 44.3%
Transamerica AEGON U.S. Government Securities VP		2,709,169	$	35,734
Transamerica Core Bond p		54,992,675		585,122
Transamerica Developing Markets Debt p		7,221,367		80,085
Transamerica Flexible Income p		2,657,852		24,080
Transamerica High Yield Bond p		3,969,345		37,113
Transamerica International Bond p		6,371,218		64,795
Transamerica PIMCO Total Return VP		55,141,552		653,427
Transamerica Short-Term Bond p		32,027,775		326,043
Capital Markets - 14.8%
Transamerica Capital Growth p		8,743,679		103,438
Transamerica Emerging Markets Debt p		1,787,164		18,747
Transamerica Quality Value p		23,846,660		273,521
Transamerica Select Equity p		18,044,799		209,320
Global/International Stocks - 8.8%
Transamerica Developing Markets Equity p		4,311,847		51,182
Transamerica Emerging Markets p		2,638,613		30,212
Transamerica International p		5,732,827		51,251
Transamerica International Equity Opportunities p		10,936,795		81,479
Transamerica International Small Cap p		4,842,038		39,559
Transamerica International Value p		3,391,226		23,433
Transamerica International Value Opportunities p		9,195,696		82,211
Inflation-Protected Securities - 8.3%
Transamerica Real Return TIPS p		30,699,695		339,539

	Shares		Value (000’s)
Tactical and Specialty - 4.2%
Transamerica Bond p		9,154,380	$	92,642
Transamerica Clarion Global Real Estate Securities VP		2,640,497		29,125
Transamerica Global Allocation p		4,550,484		50,374
U.S. Stocks - 19.6%
Transamerica BlackRock Large Cap Value VP		13,492,337		206,838
Transamerica Growth Opportunities p		2,653,131		25,948
Transamerica Jennison Growth VP		22,643,810		211,719
Transamerica JPMorgan Mid Cap Value VP		1,793,735		27,032
Transamerica Morgan Stanley Mid-Cap Growth VP		436,810		13,939
Transamerica Small- & Mid-Cap Value Select p		3,491,821		33,836
Transamerica Small Company Growth p ‡		2,850,049		35,882
Transamerica Value p		1,409,039		31,520
Transamerica WMC Diversified Growth VP		8,459,164		213,847
Total Investment Securities (cost $3,829,532) P				4,082,993
Other Assets and Liabilities - Net				(670	)
Net Assets			$	4,082,323

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p The fund invests its assets in the Class I2 shares of the affiliated Transamerica Funds.

The portfolio invests its assets in the Initial Class shares of the affiliated fund of Transamerica Series Trust.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $3,829,532. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $279,542 and $26,081, respectively. Net unrealized appreciation for tax purposes is $253,461.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	4,082,993	$	—	$	—	$	4,082,993

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    1

Transamerica Asset Allocation - Moderate Growth VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0%
Bonds - 29.1%
Transamerica AEGON U.S. Government
Securities VP		3,606,294	$	47,567
Transamerica Core Bond p		51,937,624		552,616
Transamerica Developing Markets Debt p		7,459,291		82,724
Transamerica Flexible Income p		1,824,053		16,526
Transamerica High Yield Bond p		2,516,146		23,526
Transamerica International Bond p		10,906,584		110,920
Transamerica PIMCO Total Return VP		38,582,768		457,206
Transamerica Short-Term Bond p		17,543,346		178,591
Capital Markets - 18.6%
Transamerica Capital Growth p		13,682,124		161,860
Transamerica Emerging Markets Debt p		1,895,932		19,888
Transamerica Quality Value p		36,737,540		421,380
Transamerica Select Equity p		28,875,283		334,953
Global/International Stocks - 13.0%
Transamerica Developing Markets Equity p		12,437,364		147,632
Transamerica Emerging Markets p		4,724,421		54,095
Transamerica International p		10,041,716		89,773
Transamerica International Equity Opportunities p		10,152,795		75,638
Transamerica International Small Cap p		11,429,326		93,378
Transamerica International Value p		5,312,339		36,708
Transamerica International Value Opportunities p		17,510,732		156,545
Inflation-Protected Securities - 3.9%
Transamerica Real Return TIPS p		17,735,568		196,155

	Shares		Value (000’s)
Tactical and Specialty - 5.2%
Transamerica Bond p		5,146,871	$	52,086
Transamerica Clarion Global Real Estate
Securities VP		8,297,980		91,527
Transamerica Global Allocation p		10,617,540		117,536
U.S. Stocks - 30.2%
Transamerica BlackRock Large Cap Value VP		20,520,128		314,574
Transamerica Growth Opportunities p		9,663,332		94,507
Transamerica Jennison Growth VP		38,688,237		361,735
Transamerica JPMorgan Mid Cap Value VP		6,294,281		94,855
Transamerica Morgan Stanley Mid-Cap Growth VP		826,644		26,378
Transamerica Small- & Mid-Cap Value Select p		8,300,487		80,432
Transamerica Small Company Growth p ‡		7,806,354		98,282
Transamerica Value p		3,434,773		76,836
Transamerica WMC Diversified Growth VP		14,936,423		377,593
Total Investment Securities (cost $4,726,778) P				5,044,022
Other Assets and Liabilities - Net				(1,156	)
Net Assets			$	5,042,866

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p The fund invests its assets in the Class I2 shares of the affiliated Transamerica Funds.

The portfolio invests its assets in the Initial Class shares of the affiliated fund of Transamerica Series Trust.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $4,726,778. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $379,917 and $62,673, respectively. Net unrealized appreciation for tax purposes is $317,244.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	5,044,022	$	—	$	—	$	5,044,022

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    1

Transamerica BlackRock Large Cap Value VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 99.9%
Aerospace & Defense - 5.2%
General Dynamics Corp.		260,000	$	19,078
L-3 Communications Holdings, Inc.		80,000		5,662
Lockheed Martin Corp. ^		170,000		15,276
Northrop Grumman Corp.		260,000		15,881
Raytheon Co.		350,000		18,473
United Technologies Corp.		20,000		1,659
Auto Components - 0.8%
Autoliv, Inc. ^		110,000		7,376
TRW Automotive Holdings Corp. ‡		100,000		4,645
Beverages - 0.4%
Constellation Brands, Inc. - Class A ‡		260,000		6,133
Chemicals - 3.3%
CF Industries Holdings, Inc.		80,000		14,612
Cytec Industries, Inc. ^		160,000		9,726
Huntsman Corp.		340,000		4,763
LyondellBasell Industries NV - Class A		380,000		16,587
Rockwood Holdings, Inc. ‡		50,000		2,608
Commercial Banks - 0.7%
East-West Bancorp, Inc. ^		140,000		3,233
Wells Fargo & Co.		220,000		7,510
Commercial Services & Supplies - 0.9%
Pitney Bowes, Inc. ^		780,000		13,712
Communications Equipment - 4.1%
Brocade Communications Systems, Inc. ‡		950,000		5,463
Cisco Systems, Inc.		1,870,000		39,550
Motorola Solutions, Inc.		310,000		15,757
Computers & Peripherals - 5.7%
Dell, Inc. ‡		970,000		16,102
Hewlett-Packard Co.		1,010,000		24,068
Lexmark International, Inc. - Class A		360,000		11,966
Seagate Technology PLC		510,000		13,745
Western Digital Corp. ‡		420,000		17,384
Consumer Finance - 1.9%
Capital One Financial Corp.		170,000		9,476
Discover Financial Services		550,000		18,337
Diversified Consumer Services - 0.3%
H&R Block, Inc.		290,000		4,776
Diversified Financial Services - 3.6%
JPMorgan Chase & Co.		1,150,000		52,877
Diversified Telecommunication Services - 2.8%
AT&T, Inc.		300,000		9,369
Verizon Communications, Inc.		830,000		31,731
Electronic Equipment & Instruments - 0.1%
Tech Data Corp. ‡^		40,000		2,170
Energy Equipment & Services - 0.8%
Nabors Industries, Ltd. ‡		700,000		12,243
Food & Staples Retailing - 2.2%
Kroger Co.		550,000		13,327
Safeway, Inc. ^		620,000		12,530
SUPERVALU, Inc. ^		1,200,000		6,852
Food Products - 0.5%
Smithfield Foods, Inc. ‡		100,000		2,203
Tyson Foods, Inc. - Class A		230,000		4,405
Health Care Providers & Services - 8.5%
Aetna, Inc.		360,000		18,058
AmerisourceBergen Corp. - Class A		300,000		11,904
Cardinal Health, Inc.		370,000		15,951
Coventry Health Care, Inc.		210,000		7,470
Humana, Inc.		170,000		15,722
LifePoint Hospitals, Inc. ‡^		50,000		1,972
Patterson Cos., Inc.		100,000		3,340
UnitedHealth Group, Inc.		490,000		28,880
WellPoint, Inc.		290,000		21,401

	Shares		Value (000’s)
Household Products - 0.5%
Procter & Gamble Co.		110,000	$	7,393
Independent Power Producers & Energy Traders - 1.0%
AES Corp. ‡		520,000		6,796
NRG Energy, Inc. ‡		528,600		8,284
Industrial Conglomerates - 2.4%
General Electric Co.		730,000		14,651
Tyco International, Ltd.		370,000		20,787
Insurance - 10.7%
American Financial Group, Inc.		304,400		11,744
Assurant, Inc.		331,200		13,414
Assured Guaranty, Ltd.		160,000		2,643
Chubb Corp.		270,000		18,660
HCC Insurance Holdings, Inc.		290,000		9,039
Kemper Corp.		30,000		908
Lincoln National Corp.		490,000		12,916
Principal Financial Group, Inc.		330,000		9,738
Protective Life Corp. ^		80,000		2,370
Prudential Financial, Inc.		340,000		21,552
Reinsurance Group of America, Inc. - Class A ^		50,000		2,974
Torchmark Corp. ^		280,000		13,958
Travelers Cos., Inc.		330,000		19,536
Unum Group		610,000		14,933
White Mountains Insurance Group, Ltd.		1,000		502
IT Services - 1.1%
Total System Services, Inc.		670,000		15,457
Machinery - 0.7%
AGCO Corp. ‡^		90,000		4,249
Ingersoll-Rand PLC		120,000		4,962
ITT Corp. ^		70,000		1,606
Media - 2.4%
CBS Corp. - Class B		540,000		18,311
DISH Network Corp. - Class A		300,000		9,879
Gannett Co., Inc. ^		490,000		7,512
Metals & Mining - 0.7%
Alcoa, Inc.		1,030,000		10,321
Multiline Retail - 1.6%
Big Lots, Inc. ‡		120,000		5,162
Macy’s, Inc.		450,000		17,879
Oil, Gas & Consumable Fuels - 15.8%
Apache Corp.		200,000		20,088
Chevron Corp.		530,000		56,836
ConocoPhillips		460,000		34,965
Denbury Resources, Inc. ‡		460,000		8,386
Devon Energy Corp.		290,000		20,625
Exxon Mobil Corp.		320,000		27,754
Marathon Oil Corp.		570,000		18,069
Murphy Oil Corp.		240,000		13,505
Tesoro Corp. ‡^		470,000		12,615
Valero Energy Corp.		660,000		17,008
Paper & Forest Products - 1.1%
International Paper Co.		470,000		16,497
Pharmaceuticals - 8.6%
Abbott Laboratories		260,000		15,935
Bristol-Myers Squibb Co.		650,000		21,938
Eli Lilly & Co.		510,000		20,538
Forest Laboratories, Inc. ‡		430,000		14,917
Pfizer, Inc.		2,310,000		52,344
Semiconductors & Semiconductor Equipment - 2.8%
Intel Corp.		1,450,000		40,760
Software - 2.5%
CA, Inc.		385,100		10,613
Microsoft Corp.		430,000		13,868
Symantec Corp. ‡		650,000		12,155

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    1

Transamerica BlackRock Large Cap Value VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Specialty Retail - 3.5%
Best Buy Co., Inc. ^		520,000	$	12,314
GameStop Corp. - Class A ^		490,000		10,702
Gap, Inc.		580,000		15,160
Limited Brands, Inc.		280,000		13,440
Thrifts & Mortgage Finance - 0.1%
Washington Federal, Inc.		70,000		1,177
Tobacco - 2.4%
Lorillard, Inc.		130,000		16,832
Philip Morris International, Inc.		200,000		17,722
Wireless Telecommunication Services - 0.2%
Telephone & Data Systems, Inc. ^		152,180		3,523
Total Common Stocks (cost $1,272,600)				1,464,385

	Shares		Value (000’s)
SHORT-TERM INVESTMENT COMPANY - 0.0% ¥
Capital Markets - 0.0% ¥
BlackRock Provident TempFund 24 ¯		609	$	609
Total Short-Term Investment Company (cost $609)
SECURITIES LENDING COLLATERAL - 6.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		98,890,393		98,890
Total Securities Lending Collateral (cost $98,890)
Total Investment Securities (cost $1,372,099) P				1,563,884
Other Assets and Liabilities - Net				(98,862	)
Net Assets			$	1,465,022

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $96,356.

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

p Rate shown reflects the yield at 03/30/2012.

¯ The investment issuer is affiliated with the sub-adviser of the fund.

P Aggregate cost for federal income tax purposes is $1,372,099. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $218,137 and $26,352, respectively. Net unrealized appreciation for tax purposes is $191,785.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	1,464,385	$	—	$	—	$	1,464,385
Securities Lending Collateral		98,890		—		—		98,890
Short-Term Investment Company		609		—		—		609
Total	$	1,563,884	$	—	$	—	$	1,563,884

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    2

Transamerica BlackRock Tactical Allocation VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0%
Bonds - 45.0%
Transamerica JPMorgan Core Bond VP		8,635,987	$	113,131
Transamerica PIMCO Total Return VP		9,552,379		113,197
Global/International Stocks - 3.2%
Transamerica MFS International Equity VP		2,258,050		15,964
Tactical and Specialty - 14.9%
Transamerica Bond p		3,447,597		34,890
Transamerica Global Allocation p		3,629,092		40,174
U.S. Stocks - 36.9%
Transamerica BlackRock Large Cap Value VP		4,007,762		61,439
Transamerica Jennison Growth VP		5,239,988		48,994
Transamerica JPMorgan Mid Cap Value VP		684,620		10,317
Transamerica Morgan Stanley Mid-Cap Growth VP		507,375		16,190
Transamerica WMC Diversified Growth VP		1,905,770		48,178
Total Investment Securities (cost $478,786) P				502,474
Other Assets and Liabilities - Net				(172	)
Net Assets			$	502,302

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p The fund invests its assets in the Class I2 shares of the affiliated Transamerica Funds.

The portfolio invests its assets in the Initial Class shares of the affiliated fund of Transamerica Series Trust.

P Aggregate cost for federal income tax purposes is $478,786. Aggregate gross/net unrealized appreciation for all securities in which there is an excess of value over tax cost was $23,688.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	502,474	$	—	$	—	$	502,474

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Clarion Global Real Estate Securities VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 98.3%
Australia - 7.7%
Dexus Property Group REIT		4,220,660	$	3,804
Goodman Group REIT		5,475,006		3,913
GPT Group REIT		441,813		1,428
Investa Office Fund REIT		3,793,600		2,495
Mirvac Group REIT		691,011		837
Stockland REIT		675,820		2,058
Westfield Group REIT		1,111,788		10,169
Westfield Retail Trust REIT		1,539,457		4,114
Brazil - 0.2%
Sonae Sierra Brasil SA		51,500		815
Canada - 1.8%
Boardwalk Real Estate Investment Trust		33,200		1,901
Calloway Real Estate Investment Trust		26,900		731
Canadian Real Estate Investment Trust		29,100		1,077
Primaris Retail Real Estate Investment Trust		33,500		727
RioCan Real Estate Investment Trust		82,000		2,222
France - 4.4%
Fonciere Des Regions REIT		30,371		2,440
ICADE REIT ^		21,682		1,934
Klepierre REIT		64,860		2,249
Societe Immobiliere de Location pour l’Industrie et le Commerce REIT ^		9,916		1,094
Unibail-Rodamco SE REIT		42,178		8,435
Germany - 0.5%
GSW Immobilien AG ‡		50,800		1,756
Hong Kong - 12.1%
Cheung Kong Holdings, Ltd.		711,843		9,194
Country Garden Holdings Co., Ltd.		4,473,800		1,723
Evergrande Real Estate Group, Ltd. ^		6,704,000		3,583
Great Eagle Holdings, Ltd.		507,900		1,436
Hang Lung Group, Ltd.		302,652		1,935
Hang Lung Properties, Ltd.		1,067,794		3,919
Kerry Properties, Ltd.		750,000		3,371
Link Real Estate Investment Trust		983,200		3,659
Longfor Properties Co., Ltd. ^		1,339,000		1,866
Sino Land Co., Ltd.		2,605,700		4,161
Sun Hung Kai Properties, Ltd.		620,255		7,708
Wharf Holdings, Ltd.		375,837		2,042
Japan - 13.0%
Advance Residence Investment Corp. - Class A REIT		409		776
Daito Trust Construction Co., Ltd. ^		53,700		4,820
Daiwa House Industry Co., Ltd.		71,400		944
Japan Real Estate Investment Corp. REIT		501		4,413
Japan Retail Fund Investment Corp. REIT		1,272		1,889
Kenedix Realty Investment Corp. REIT		328		1,203
Mitsubishi Estate Co., Ltd. ^		652,590		11,637
Mitsui Fudosan Co., Ltd. ^		675,510		12,919
Nippon Accommodations Fund, Inc. REIT		181		1,168
Nippon Building Fund, Inc. REIT		223		2,118
Nomura Real Estate Holdings, Inc. ^		120,800		2,129
Tokyo Tatemono Co., Ltd. ‡^		744,000		3,011
United Urban Investment Corp. - Class A REIT		1,260		1,439
Netherlands - 0.9%
Corio NV REIT		60,030		3,166
Singapore - 5.3%
Ascendas Real Estate Investment Trust		235,000		378
CapitaCommercial Trust REIT ^		3,048,000		2,958
CapitaLand, Ltd.		2,383,800		5,917
CapitaMall Trust REIT		1,829,269		2,627
Frasers Centrepoint Trust REIT		309,300		374
Global Logistic Properties, Ltd. - Class L ‡		2,792,600		4,887
Hongkong Land Holdings, Ltd.		257,139		1,494

	Shares		Value (000’s)
Singapore (continued)
Keppel Land, Ltd. ^		406,000	$	1,121
Sweden - 0.5%
Castellum AB		100,933		1,272
Hufvudstaden AB - Class A		67,092		709
United Kingdom - 4.6%
British Land Co., PLC REIT		223,502		1,716
Derwent London PLC REIT		110,979		3,098
Great Portland Estates PLC REIT		261,880		1,508
Hammerson PLC REIT		544,167		3,617
Land Securities Group PLC REIT		374,004		4,322
Safestore Holdings PLC		461,205		870
Segro PLC REIT		451,320		1,695
United States - 47.3%
AvalonBay Communities, Inc. REIT		74,049		10,467
Boston Properties, Inc. REIT		100,700		10,572
BRE Properties, Inc. REIT		89,800		4,539
Brookfield Office Properties, Inc. ^		164,701		2,874
DDR Corp. REIT ^		279,200		4,076
Douglas Emmett, Inc. REIT ^		60,400		1,378
Equity Residential REIT		136,636		8,556
Essex Property Trust, Inc. REIT ^		36,300		5,500
Federal Realty Investment Trust REIT ^		26,800		2,594
General Growth Properties, Inc. REIT		344,606		5,855
HCP, Inc. REIT		102,000		4,025
Health Care REIT, Inc. REIT		92,645		5,092
Highwoods Properties, Inc. REIT ^		52,699		1,756
Host Hotels & Resorts, Inc. REIT		506,405		8,315
Kilroy Realty Corp. REIT ^		44,699		2,083
Kimco Realty Corp. REIT		229,800		4,426
Liberty Property Trust REIT		140,125		5,005
Macerich Co. REIT		136,892		7,906
Pebblebrook Hotel Trust REIT ^		68,000		1,535
Post Properties, Inc. REIT		76,400		3,580
ProLogis, Inc. REIT		306,919		11,055
Public Storage REIT		43,380		5,994
Simon Property Group, Inc. REIT		147,839		21,536
SL Green Realty Corp. REIT ^		94,500		7,328
Starwood Hotels & Resorts Worldwide, Inc. ^		85,300		4,812
Tanger Factory Outlet Centers REIT		47,600		1,415
Taubman Centers, Inc. REIT		53,571		3,908
UDR, Inc. REIT		216,584		5,785
Ventas, Inc. REIT		104,213		5,951
Vornado Realty Trust REIT		104,885		8,831
Total Common Stocks (cost $323,582)				365,740
WARRANT - 0.1%
India - 0.1%
Unitech, Ltd. ‡
Expiration: 05/29/2013
Exercise Price: $0.00		355,200		199
Total Warrant (cost $2,188)
SECURITIES LENDING COLLATERAL - 12.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		46,628,125		46,628
Total Securities Lending Collateral (cost $46,628)

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Clarion Global Real Estate Securities VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.0%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $3,822 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/15/2017, and with a total value of $3,900.	$	3,822	$	3,822
Total Repurchase Agreement (cost $3,822)
Total Investment Securities (cost $376,220) P				416,389
Other Assets and Liabilities - Net				(44,358	)
Net Assets			$	372,031

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Real Estate Investment Trusts		63.1	%	$	262,815
Real Estate Management & Development		23 .6			98,312
Hotels, Restaurants & Leisure		1 .2			4,812
Investment Securities, at Value		87 .9			365,939
Short-Term Investments		12 .1			50,450
Total Investments		100.0	%	$	416,389

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^{^}  All or a portion of this security is on loan. The value of all securities on loan is $44,731.

‡ Non-income producing security.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $376,220. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $49,376 and $9,207, respectively. Net unrealized appreciation for tax purposes is $40,169.

DEFINITION:

REIT Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Quoted Prices Level 1 -		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	184,222	$	181,518	$	—	$	365,740
Repurchase Agreement		—		3,822		—		3,822
Securities Lending Collateral		46,628		—		—		46,628
Warrant		—		199		—		199
Total	$	230,850	$	185,539	$	—	$	416,389

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    2

Transamerica Efficient Markets VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0%
Capital Markets - 100.0%
DFA Emerging Markets Value Portfolio		120,899	$	3,628
DFA International Small Capital Value Portfolio		192,298		3,048
DFA International Value Portfolio		793,766		13,002
DFA Large Capital International Portfolio		702,020		13,128
DFA U.S. Large Company Portfolio		2,902,042		32,242
DFA U.S. Targeted Value Portfolio		1,234,368		21,194
Vanguard Intermediate-Term Bond ETF		170,451		14,822
Vanguard Long-Term Bond ETF		33,886		3,013
Vanguard Short-Term Bond ETF		198,513		16,070
Vanguard Total Bond Market ETF		141,015		11,744
Total Investment Companies (cost $125,922)				131,891

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.1%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $166 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $172.	$	166	$	166
Total Repurchase Agreement (cost $166)
Total Investment Securities (cost $126,088) P				132,057
Other Assets and Liabilities - Net				(82	)
Net Assets			$	131,975

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $126,088. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,797 and $828, respectively. Net unrealized appreciation for tax purposes is $5,969.

DEFINITION:

ETF Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	131,891	$	—	$	—	$	131,891
Repurchase Agreement		—		166		—		166
Total	$	131,891	$	166	$	—	$	132,057

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Hanlon Balanced VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 101.5%
Capital Markets - 101.5%
Consumer Discretionary Select Sector SPDR Fund ^		100,313	$	4,525
Consumer Staples Select Sector SPDR Fund ^		40,909		1,394
CurrencyShares British Pound Sterling Trust		13,114		2,080
Guggenheim Russell Top 50 ETF		13,407		1,383
iShares Barclays MBS Bond Fund		25,921		2,798
iShares Barclays TIPS Bond Fund ^		23,965		2,819
iShares Dow Jones U.S. Technology Sector Index Fund ^		19,016		1,479
iShares Dow Jones U.S. Financial Sector Index Fund		23,740		1,389
iShares High Dividend Equity Fund		24,193		1,383
iShares iBoxx $ High Yield Corporate Bond Fund		7,676		697
iShares MSCI Hong Kong Index Fund ^		96,891		1,690
iShares Russell 1000 Growth Index Fund		21,943		1,450
iShares Russell Top 200 Growth Index Fund		41,500		1,459
iShares S&P Global Technology Sector Index Fund ^		20,962		1,484
iShares S&P National Municipal Bond Fund ^		24,777		2,711
Market Vectors Retail ETF		33,081		1,386
PIMCO 0-5 Year High Yield Corporate Bond Index Fund		13,776		1,375
PIMCO 1-5 Year U.S. TIPS Index Fund		51,690		2,794
PIMCO Enhanced Short Maturity Strategy Fund		40,905		4,134
PowerShares Build America Bond Portfolio		72,924		2,119
PowerShares Emerging Markets Sovereign Debt Portfolio		98,632		2,764
PowerShares Financial Preferred Portfolio		78,182		1,399
PowerShares Insured National Municipal Bond Portfolio		110,787		2,745
ProShares Short 20+ Year Treasury		82,393		2,738
SPDR Barclays Capital High Yield Bond ETF		21,902		862
SPDR Nuveen Barclays Capital Municipal Bond ETF		114,982		2,741

	Shares		Value (000’s)
Capital Markets (continued)
SPDR S&P Bank ETF ^		77,571	$	1,850
SPDR S&P Homebuilders ETF ^		79,236		1,690
SPDR S&P Retail ETF		22,295		1,367
SSC Government Money Market Fund		349,278		349
SSgA Money Market Fund		349,278		349
SSgA Prime Money Market Fund		349,278		349
State Street Institutional Liquid Reserves Fund		349,278		349
Technology Select Sector SPDR Fund ^		48,135		1,451
Vanguard Consumer Staples ETF ^		16,157		1,394
Vanguard Information Technology ETF ^		19,839		1,472
Vanguard Short-Term Corporate Bond ETF		34,858		2,757
Vanguard Growth ETF		20,478		1,453
WisdomTree Japan Hedged Equity Fund		38,389		1,417
Total Investment Companies (cost $68,720)				70,045
SECURITIES LENDING COLLATERAL - 24.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		16,743,215		16,743
Total Securities Lending Collateral (cost $16,743)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $349 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $358.	$	349		349
Total Repurchase Agreement (cost $349)
Total Investment Securities (cost $85,812) P				87,137
Other Assets and Liabilities - Net				(18,137	)
Net Assets			$	69,000

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $15,133.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $85,812. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,460 and $135, respectively. Net unrealized appreciation for tax purposes is $1,325.

DEFINITION:

ETF Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	70,045	$	—	$	—	$	70,045
Repurchase Agreement		—		349		—		349
Securities Lending Collateral		16,743		—		—		16,743
Total	$	86,788	$	349	$	—	$	87,137

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Hanlon Growth VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.3%
Capital Markets - 100.3%
Consumer Discretionary Select Sector SPDR Fund ^		135,203	$	6,099
Consumer Staples Select Sector SPDR Fund ^		55,061		1,876
Guggenheim Russell Top 50 ETF		18,056		1,862
iShares Dow Jones U.S. Technology Sector Index Fund ^		25,530		1,986
iShares Dow Jones US Financial Sector Index Fund		32,140		1,881
iShares High Dividend Equity Fund		32,167		1,838
iShares MSCI Hong Kong Index Fund ^		129,816		2,264
iShares Russell 1000 Growth Index Fund		29,429		1,945
iShares Russell Top 200 Growth Index Fund		55,591		1,955
iShares S&P Global Technology Sector Index Fund ^		28,080		1,988
Market Vectors Retail ETF		44,433		1,861
PIMCO 0-5 Year High Yield Corporate Bond Index Fund		18,053		1,802
PIMCO Enhanced Short Maturity Strategy Fund		9,027		912
PowerShares Financial Preferred Portfolio		101,741		1,821
SPDR S&P Bank ETF ^		102,063		2,435
SPDR S&P Homebuilders ETF ^		106,352		2,269
SPDR S&P Retail ETF		30,194		1,851
SSC Government Money Market Fund		112,339		112
SSgA Money Market Fund		112,339		112
SSgA Prime Money Market Fund		112,339		112
State Street Institutional Liquid Reserves Fund		112,339		112
Technology Select Sector SPDR Fund ^		63,334		1,910
Vanguard Consumer Staples ETF ^		21,642		1,867
Vanguard Information Technology ETF ^		26,696		1,980
Vanguard Growth ETF		27,508		1,952
WisdomTree Japan Hedged Equity Fund		50,413		1,860
Total Investment Companies (cost $45,469)				46,662

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 22.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		10,628,875	$	10,629
Total Securities Lending Collateral (cost $10,629)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.2%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $112 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, and with a value of $116.	$	112		112
Total Repurchase Agreement (cost $112)
Total Investment Securities (cost $56,210) P				57,403
Other Assets and Liabilities - Net				(10,843	)
Net Assets			$	46,560

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $9,810.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $56,210. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,276 and $83, respectively. Net unrealized appreciation for tax purposes is $1,193.

DEFINITION:

ETF Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	46,662	$	—	$	—	$	46,662
Repurchase Agreement		—		112		—		112
Securities Lending Collateral		10,629		—		—		10,629
Total	$	57,291	$	112	$	—	$	57,403

^'   Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Hanlon Growth and Income VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0%
Capital Markets - 100.0%
Consumer Discretionary Select Sector SPDR Fund ^		112,060	$	5,055
Consumer Staples Select Sector SPDR Fund ^		45,644		1,556
CurrencyShares British Pound Sterling Trust		3,199		507
Guggenheim Russell Top 50 ETF		14,973		1,544
iShares Barclays MBS Bond Fund		9,121		985
iShares Barclays TIPS Bond Fund ^		8,792		1,034
iShares Dow Jones U.S. Technology Sector Index Fund ^		20,065		1,561
iShares Dow Jones U.S. Financial Sector Index Fund		26,235		1,535
iShares High Dividend Equity Fund		26,769		1,530
iShares MSCI Hong Kong Index Fund ^		108,268		1,888
iShares Russell 1000 Growth Index Fund		24,539		1,622
iShares Russell Top 200 Growth Index Fund		46,272		1,627
iShares S&P Global Technology Sector Index Fund ^		23,373		1,655
iShares S&P National Municipal Bond Fund		9,050		990
Market Vectors Retail ETF		36,386		1,524
PIMCO 0-5 Year High Yield Corporate Bond Index Fund		15,173		1,515
PIMCO 1-5 Year U.S. TIPS Index Fund		18,823		1,018
PIMCO Enhanced Short Maturity Strategy Fund		25,002		2,526
PowerShares Build America Bond Portfolio		35,440		1,030
PowerShares Emerging Markets Sovereign Debt Portfolio		36,134		1,012
PowerShares Financial Preferred Portfolio		85,273		1,526
PowerShares Insured National Municipal Bond Portfolio		40,460		1,003
ProShares Short 20+ Year Treasury		30,388		1,010
SPDR Nuveen Barclays Capital Municipal Bond ETF		41,972		1,001
SPDR S&P Bank ETF ^		81,531		1,945
SPDR S&P Homebuilders ETF ^		88,330		1,884

	Shares		Value (000’s)
Capital Markets (continued)
SPDR S&P Retail ETF		24,639	$	1,511
SSC Government Money Market Fund		40,262		40
SSgA Money Market Fund		40,262		40
SSgA Prime Money Market Fund		40,262		40
State Street Institutional Liquid Reserves Fund		40,262		40
Technology Select Sector SPDR Fund ^		52,751		1,590
Vanguard Consumer Staples ETF ^		17,702		1,527
Vanguard Growth ETF		22,931		1,627
Vanguard Information Technology ETF ^		22,244		1,650
Vanguard Short-Term Corporate Bond ETF		12,978		1,026
WisdomTree Japan Hedged Equity Fund		42,040		1,551
Total Investment Companies (cost $49,622)				50,725
SECURITIES LENDING COLLATERAL - 24.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		12,625,944		12,626
Total Securities Lending Collateral (cost $12,626)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.1%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $40 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $41.	$	40		40
Total Repurchase Agreement (cost $40)
Total Investment Securities (cost $62,288) P				63,391
Other Assets and Liabilities - Net				(12,665	)
Net Assets			$	50,726

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $12,241.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $62,288. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,199 and $96, respectively. Net unrealized appreciation for tax purposes is $1,103.

DEFINITIONS:

ETF         Exchange-Traded Fund

SPDR      Standard & Poor’s Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	50,725	$	—	$	—	$	50,725
Repurchase Agreement		—		40		—		40
Securities Lending Collateral		12,626		—		—		12,626
Total	$	63,351	$	40	$	—	$	63,391

^'   Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Hanlon Income VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0%
Capital Markets - 100.0%
CurrencyShares British Pound Sterling Trust		99,285	$	15,745
iShares Barclays MBS Bond Fund		174,957		18,887
iShares iBoxx $ High Yield Corporate Bond Fund ^		581,091		52,787
PIMCO 1-5 Year US TIPS Index Fund		229,581		12,411
PIMCO Enhanced Short Maturity Strategy Fund		174,686		17,649
PowerShares Build America Bond Portfolio		270,621		7,864
PowerShares Emerging Markets Sovereign Debt Portfolio		655,559		18,369
PowerShares Insured National Municipal Bond Portfolio		738,216		18,293
ProShares Short 20+ Year Treasury		561,840		18,670
SPDR Barclays Capital High Yield Bond ETF		1,330,305		52,374
SPDR Nuveen Barclays Capital Municipal Bond ETF		329,728		7,861
SSC Government Money Market Fund		580,384		580
SSgA Money Market Fund		580,384		580
SSgA Prime Money Market Fund		580,384		580
State Street Institutional Liquid Reserves Fund		580,384		580
Vanguard Short-Term Corporate Bond ETF		231,495		18,307
Total Investment Companies (cost $256,957)				261,537

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 10.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		27,741,247	$	27,741
Total Securities Lending Collateral (cost $27,741)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.2%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $580 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $592.	$	580		580
Total Repurchase Agreement (cost $580)
Total Investment Securities (cost $285,278) P				289,858
Other Assets and Liabilities - Net				(28,215	)
Net Assets			$	261,643

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $27,134.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $285,278. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $5,074 and $494, respectively. Net unrealized appreciation for tax purposes is $4,580.

DEFINITION:

ETF             Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	261,537	$	—	$	—	$	261,537
Repurchase Agreement		—		580		—		580
Securities Lending Collateral		27,741		—		—		27,741
Total	$	289,278	$	580	$	—	$	289,858

^' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Index 35 VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 99.6%
Capital Markets - 82.6%
Vanguard Extended Market ETF		62,893	$	3,732
Vanguard Intermediate-Term Bond ETF		745,941		64,867
Vanguard Long-Term Bond ETF		97,049		8,629
Vanguard MSCI EAFE ETF		198,943		6,770
Vanguard S&P 500 ETF		218,202		14,046
Vanguard Short-Term Bond ETF		732,108		59,264
Vanguard Total Bond Market ETF		520,353		43,335
Vanguard Total Stock Market ETF		304,084		21,973
Emerging Market - Equity - 2.9%
Vanguard MSCI Emerging Markets ETF		181,397		7,885
Growth - Large Cap - 5.3%
Vanguard Growth ETF		161,542		11,464
Vanguard Large-Capital ETF		43,312		2,791
Growth - Small Cap - 1.0%
Vanguard Small-Capital ETF ^		35,188		2,770
Region Fund - Asian Pacific - 1.5%
Vanguard MSCI Pacific ETF		75,113		3,992
Region Fund - European - 2.5%
Vanguard MSCI European ETF ^		146,552		6,755
Value - Large Cap - 3.8%
Vanguard Value ETF		178,066		10,271
Total Investment Companies (cost $262,287)				268,544

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 2.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		6,985,323	$	6,985
Total Securities Lending Collateral (cost $6,985)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.9%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $2,337 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 05/01/2025, and with a value of $2,385.	$	2,337		2,337
Total Repurchase Agreement (cost $2,337)
Total Investment Securities (cost $271,609) P				277,866
Other Assets and Liabilities - Net				(8,391	)
Net Assets			$	269,475

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $6,816.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $271,609. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,461 and $204, respectively. Net unrealized appreciation for tax purposes is $6,257.

DEFINITION:

ETF Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	268,544	$	—	$	—	$	268,544
Repurchase Agreement		—		2,337		—		2,337
Securities Lending Collateral		6,985		—		—		6,985
Total	$	275,529	$	2,337	$	—	$	277,866

'  Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Index 50 VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 99.6%
Capital Markets - 78.7%
Vanguard Extended Market ETF		287,721	$	17,073
Vanguard Intermediate-Term Bond ETF		1,285,860		111,818
Vanguard Long-Term Bond ETF		167,946		14,932
Vanguard MSCI EAFE ETF		986,480		33,570
Vanguard S&P 500 ETF		1,043,485		67,169
Vanguard Short-Term Bond ETF		1,262,144		102,171
Vanguard Total Bond Market ETF		3,417,761		284,632
Vanguard Total Stock Market ETF ^		1,783,755		128,894
Emerging Market - Equity - 4.6%
Vanguard MSCI Emerging Markets ETF		1,029,898		44,770
Growth - Large Cap - 5.4%
Vanguard Growth ETF ^		580,314		41,185
Vanguard Large-Capital ETF ^		171,666		11,060
Growth - Small Cap - 1.2%
Vanguard Small-Capital ETF ^		143,205		11,273
Region Fund - Asian Pacific - 2.3%
Vanguard MSCI Pacific ETF		412,898		21,941
Region Fund - European - 3.3%
Vanguard MSCI European ETF ^		697,312		32,139
Value - Large Cap - 4.1%
Vanguard Value ETF ^		682,797		39,384
Total Investment Companies (cost $932,814)				962,011

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 3.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		33,394,144	$	33,394
Total Securities Lending Collateral (cost $33,394)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.0%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $9,762 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $9,959.	$	9,762		9,762
Total Repurchase Agreement (cost $9,762)
Total Investment Securities (cost $975,970) P				1,005,167
Other Assets and Liabilities - Net				(39,817	)
Net Assets			$	965,350

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $32,710.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $975,970. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $32,522 and $3,325, respectively. Net unrealized appreciation for tax purposes is $29,197.

DEFINITION:

ETF Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	962,011	$	—	$	—	$	962,011
Repurchase Agreement		—		9,762		—		9,762
Securities Lending Collateral		33,394		—		—		33,394
Total	$	995,405	$	9,762	$	—	$	1,005,167

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Index 75 VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 99.5%
Capital Markets - 72.6%
Vanguard Extended Market ETF ^		768,841	$	45,623
Vanguard Intermediate-Term Bond ETF		332,857		28,945
Vanguard Long-Term Bond ETF		34,537		3,071
Vanguard MSCI EAFE ETF		1,641,820		55,871
Vanguard S&P 500 ETF		2,483,917		159,890
Vanguard Short-Term Bond ETF		256,861		20,793
Vanguard Total Bond Market ETF ^		2,378,087		198,047
Vanguard Total Stock Market ETF ^		2,804,079		202,623
Emerging Market - Equity - 7.6%
Vanguard MSCI Emerging Markets ETF		1,720,913		74,808
Growth - Large Cap - 6.5%
Vanguard Growth ETF ^		396,330		28,128
Vanguard Large-Capital ETF ^		552,332		35,586
Growth - Small Cap - 0.8%
Vanguard Small-Capital ETF ^		95,833		7,544
Region Fund - Asian Pacific - 3.7%
Vanguard MSCI Pacific ETF		679,940		36,132
Region Fund - European - 5.5%
Vanguard MSCI European ETF ^		1,181,785		54,468
Value - Large Cap - 2.8%
Vanguard Value ETF ^		471,709		27,208
Total Investment Companies (cost $924,918)				978,737

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 6.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		66,771,559	$	66,772
Total Securities Lending Collateral (cost $66,772)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $4,431 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $4,520.	$	4,431		4,431
Total Repurchase Agreement (cost $4,431)
Total Investment Securities (cost $996,121) P				1,049,940
Other Assets and Liabilities - Net				(67,088	)
Net Assets			$	982,852

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $65,342.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $996,121. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $56,742 and $2,923, respectively. Net unrealized appreciation for tax purposes is $53,819.

DEFINITION:

ETF        Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	978,737	$	—	$	—	$	978,737
Repurchase Agreement		—		4,431		—		4,431
Securities Lending Collateral		66,772		—		—		66,772
Total	$	1,045,509	$	4,431	$	—	$	1,049,940

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Index 100 VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 99.2%
Capital Markets - 53.0%
Vanguard Extended Market ETF		48,582	$	2,883
Vanguard MSCI EAFE ETF		110,245		3,752
Vanguard S&P 500 ETF		160,251		10,315
Vanguard Total Stock Market ETF		207,582		15,001
Emerging Market - Equity - 8.3%
Vanguard MSCI Emerging Markets ETF		114,970		4,998
Growth - Large Cap - 14.1%
Vanguard Growth ETF		94,510		6,707
Vanguard Large-Capital ETF		27,845		1,794
Growth - Small Cap - 2.8%
Vanguard Small-Capital ETF ^		21,675		1,706
Region Fund - Asian Pacific - 4.0%
Vanguard MSCI Pacific ETF		45,576		2,422
Region Fund - European - 6.2%
Vanguard MSCI European ETF ^		81,805		3,770
Value - Large Cap - 10.8%
Vanguard Value ETF ^		112,672		6,499
Total Investment Companies (cost $55,931)				59,847

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 9.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0. 31% p		5,754,143	$	5,754
Total Securities Lending Collateral (cost $5,754)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.4%
State Street Bank & Trust Co. 0.03% p , dated 03/30/2012, to be repurchased at $870 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 05/01/2025, and with a value of $889.	$	870		870
Total Repurchase Agreement (cost $870)
Total Investment Securities (cost $62,555) P				66,471
Other Assets and Liabilities - Net				(6,086	)
Net Assets			$	60,385

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $5,617.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $62,555. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $4,327 and $411, respectively. Net unrealized appreciation for tax purposes is $3,916.

DEFINITION:

ETF             Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	59,847	$	—	$	—	$	59,847
Repurchase Agreement		—		870		—		870
Securities Lending Collateral		5,754		—		—		5,754
Total	$	65,601	$	870	$	—	$	66,471

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica International Moderate Growth VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0%
Bonds - 25.4%
Transamerica AEGON U.S. Government Securities VP		3,492,089	$	46,061
Transamerica Core Bond p		4,451,912		47,368
Transamerica PIMCO Total Return VP		2,056,358		24,368
Transamerica Short-Term Bond p		965,895		9,833
Capital Markets - 23.6%
Transamerica International Equity p		4,448,109		63,563
Transamerica Morgan Stanley Active International Allocation VP		5,150,308		54,954
Global/International Stocks - 44.7%
Transamerica International p		6,170,056		55,160
Transamerica International Equity Opportunities p		10,633,362		79,219
Transamerica International Small Cap p		4,915,369		40,159
Transamerica International Value p		3,047,482		21,058
Transamerica International Value Opportunities p		3,337,421		29,837
Inflation-Protected Securities - 2.4%
Transamerica Real Return TIPS p		1,095,882		12,120
Tactical and Specialty - 3.9%
Transamerica Clarion Global Real Estate Securities VP		1,781,813		19,653
Total Investment Securities (cost $507,960) P				503,353
Other Assets and Liabilities - Net				(165	)
Net Assets			$	503,188

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p The fund invests its assets in the Class I2 shares of the affiliated Transamerica Funds.

The portfolio invests its assets in the Initial Class shares of the affiliated fund of Transamerica Series Trust.

P Aggregate cost for federal income tax purposes is $507,960. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $8,266 and $12,873, respectively. Net unrealized depreciation for tax purposes is $4,607.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	503,353	$	—	$	—	$	503,353

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended 3/31/2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Janus Balanced VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 4.1%
U.S. Treasury Bond
3.13%, 02/15/2042	$	68	$	65
U.S. Treasury Note
0.25%, 03/31/2014		644		642
0.25%, 01/15/2015 ^		135		134
0.38%, 03/15/2015 ^		645		643
0.88%, 01/31/2017 - 02/28/2017 ^		368		366
2.00%, 11/15/2021		566		557
2.00%, 02/15/2022 ^		227		223
Total U.S. Government Obligations (cost $2,640)				2,630
U.S. GOVERNMENT AGENCY OBLIGATIONS - 5.9%
Fannie Mae
4.50%, 04/01/2041		1,160		1,249
5.00%, 11/01/2033		288		312
5.50%, 10/01/2038		737		810
6.00%, 05/01/2037		720		796
Freddie Mac
4.59%, 11/25/2046 - 144A *		229		224
Ginnie Mae
4.50%, 07/15/2041		18		20
5.00%, 01/20/2035 - 05/15/2041		311		345
6.00%, 11/20/2034		50		57
Total U.S. Government Agency Obligations (cost $3,779)				3,813
MORTGAGE-BACKED SECURITIES - 0.9%
Arkle Master Issuer PLC
Series 2012-1A, Class 2A1
2.22%, 05/17/2060 - 144A *		250		253
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2011-PLSD, Class A2
3.36%, 11/13/2044 - 144A		305		317
Total Mortgage-Backed Securities (cost $558)				570
CORPORATE DEBT SECURITIES - 25.1%
Aerospace & Defense - 0.2%
L-3 Communications Corp.
6.38%, 10/15/2015 ^	$	125		128
Airlines - 0.2%
Southwest Airlines Co.		125		136
5.13%, 03/01/2017 ^
Beverages - 0.6%
SABMiller Holdings, Inc.
2.45%, 01/15/2017 - 144A		200		203
3.75%, 01/15/2022 - 144A		200		203
Capital Markets - 2.6%
Ameriprise Financial, Inc.
7.52%, 06/01/2066 *		150		161
Charles Schwab Corp.
7.00%, 02/01/2022 *Ž ^		55		59
Goldman Sachs Group, Inc.
3.63%, 02/07/2016 ^		135		135
5.75%, 01/24/2022		66		68
Jefferies Group, Inc.
3.88%, 11/09/2015 ^		95		94
5.13%, 04/13/2018		110		107
8.50%, 07/15/2019		95		105

	Principal (000’s)		Value (000’s)
Capital Markets (continued)
Morgan Stanley
3.45%, 11/02/2015 ^	$	145	$	142
5.50%, 07/28/2021 ^		120		117
5.63%, 09/23/2019 ^		100		99
Raymond James Financial, Inc.
4.25%, 04/15/2016		152		157
5.63%, 04/01/2024		225		229
TD Ameritrade Holding Corp.
4.15%, 12/01/2014		125		134
Chemicals - 2.3%
CF Industries, Inc.
6.88%, 05/01/2018		275		318
7.13%, 05/01/2020		65		77
Ecolab, Inc.
3.00%, 12/08/2016		195		203
4.35%, 12/08/2021 ^		190		201
Lyondell Chemical Co.
8.00%, 11/01/2017		100		112
LyondellBasell Industries NV
6.00%, 11/15/2021 - 144A ^		200		210
RPM International, Inc.
6.13%, 10/15/2019		125		137
Sherwin-Williams Co.
3.13%, 12/15/2014 ^		125		132
Valspar Corp.
4.20%, 01/15/2022		111		114
Commercial Banks - 1.8%
American Express Bank FSB
5.50%, 04/16/2013 ^		250		263
CIT Group, Inc.
5.25%, 04/01/2014 - 144A ^		190		194
5.50%, 02/15/2019 - 144A		209		213
Lloyds TSB Bank PLC
4.88%, 01/21/2016 ^		200		207
SVB Financial Group
5.38%, 09/15/2020		125		135
Zions Bancorporation
7.75%, 09/23/2014 ^		119		130
Commercial Services & Supplies - 0.5%
Cintas Corp No. 2
2.85%, 06/01/2016		130		133
Exelis, Inc.
4.25%, 10/01/2016 - 144A		195		198
Computers & Peripherals - 0.1%
Seagate Technology International
10.00%, 05/01/2014 - 144A		40		45
Construction & Engineering - 0.2%
Toll Brothers Finance Corp.
5.88%, 02/15/2022		24		25
URS Corp.
3.85%, 04/01/2017 - 144A		66		66
5.00%, 04/01/2022 - 144A		63		62
Consumer Finance - 0.4%
SLM Corp.
6.00%, 01/25/2017 ^		46		47
6.25%, 01/25/2016		135		140
7.25%, 01/25/2022		36		38
Containers & Packaging - 0.2%
Rock-Tenn Co.
4.45%, 03/01/2019 - 144A		23		23

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Janus Balanced VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Containers & Packaging (continued)
Rock-Tenn Co. (continued)
4.90%, 03/01/2022 - 144A	$	116	$	116
Diversified Financial Services - 2.7%
Bank of America Corp.
4.50%, 04/01/2015 ^		140		145
5.70%, 01/24/2022 ^		78		83
Citigroup, Inc.
4.45%, 01/10/2017 ^		45		47
5.00%, 09/15/2014		130		135
5.63%, 08/27/2012		130		132
Ford Motor Credit Co., LLC
5.00%, 05/15/2018 ^		200		207
General Electric Capital Corp.
4.65%, 10/17/2021 ^		190		202
5.50%, 01/08/2020		235		266
5.90%, 05/13/2014 ^		120		132
Lazard Group LLC
6.85%, 06/15/2017		8		9
7.13%, 05/15/2015		125		136
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.
5.63%, 03/15/2020 - 144A ^		25		25
5.88%, 03/15/2022 - 144A		23		23
Northern Rock Asset Management PLC
5.63%, 06/22/2017 - 144A		125		134
Diversified Telecommunication Services - 0.7%
Qwest Communications International, Inc.
7.13%, 04/01/2018		200		213
7.50%, 02/15/2014		65		65
Qwest Corp.
6.75%, 12/01/2021 ^		125		140
Electric Utilities - 0.4%
PPL Energy Supply LLC
4.60%, 12/15/2021		113		115
PPL WEM Holdings PLC
3.90%, 05/01/2016 - 144A		148		154
Electronic Equipment & Instruments - 0.4%
Amphenol Corp.
4.00%, 02/01/2022 ^		44		44
4.75%, 11/15/2014		180		196
Energy Equipment & Services - 0.5%
DCP Midstream Operating, LP
4.95%, 04/01/2022		92		92
Nabors Industries, Inc.
5.00%, 09/15/2020		195		210
Weatherford International, Ltd.
4.50%, 04/15/2022		38		38
Food Products - 0.5%
Tyson Foods, Inc.
6.85%, 04/01/2016 ^		295		335
Health Care Equipment & Supplies - 0.2%
Boston Scientific Corp.
4.50%, 01/15/2015		125		134
Health Care Providers & Services - 1.3%
Aristotle Holding, Inc.
2.10%, 02/12/2015 - 144A		79		80
2.65%, 02/15/2017 - 144A		278		281
3.90%, 02/15/2022 - 144A		129		130
4.75%, 11/15/2021 - 144A		190		203

	Principal (000’s)		Value (000’s)
Health Care Providers & Services (continued)
Express Scripts, Inc.
3.13%, 05/15/2016 ^	$	141	$	147
Medco Health Solutions, Inc.
4.13%, 09/15/2020		25		26
Hotels, Restaurants & Leisure - 0.0% ¥
Marriott International, Inc.
3.00%, 03/01/2019		27		27
Insurance - 0.9%
American International Group, Inc.
4.25%, 09/15/2014 ^		135		139
6.40%, 12/15/2020 ^		177		201
8.18%, 05/15/2058 *^		120		127
Berkshire Hathaway, Inc.
3.20%, 02/11/2015		125		133
Metals & Mining - 0.5%
ArcelorMittal
4.50%, 02/25/2017		80		80
5.50%, 03/01/2021 ^		61		60
6.25%, 02/25/2022		46		47
FMG Resources August 2006 Pty, Ltd.
7.00%, 11/01/2015 - 144A		122		124
Multiline Retail - 0.7%
Macy’s Retail Holdings, Inc.
3.88%, 01/15/2022		22		22
5.90%, 12/01/2016		290		333
6.90%, 04/01/2029		85		99
Multi-Utilities - 0.3%
CMS Energy Corp.
2.75%, 05/15/2014		190		190
Oil, Gas & Consumable Fuels - 3.7%
Anadarko Petroleum Corp.
6.45%, 09/15/2036 ^		180		208
Energy Transfer Partners, LP
4.65%, 06/01/2021		205		209
5.20%, 02/01/2022 ^		65		68
6.05%, 06/01/2041 ^		23		23
Kinder Morgan Finance Co., ULC
5.70%, 01/05/2016 ^		125		132
Motiva Enterprises LLC
5.75%, 01/15/2020 - 144A		170		196
Petrohawk Energy Corp.
6.25%, 06/01/2019 ^		240		271
10.50%, 08/01/2014 ^		58		65
Phillips 66
2.95%, 05/01/2017 - 144A ^		187		190
4.30%, 04/01/2022 - 144A ^		190		193
5.88%, 05/01/2042 - 144A ^		189		194
Plains All American Pipeline, LP / PAA Finance Corp.
5.00%, 02/01/2021		165		181
Southwestern Energy Co.
4.10%, 03/15/2022 - 144A		69		68
Sunoco Logistics Partners Operations, LP
4.65%, 02/15/2022		11		12
6.10%, 02/15/2042		65		71
Western Gas Partners, LP
5.38%, 06/01/2021		216		231
Paper & Forest Products - 0.1%
International Paper Co.
6.00%, 11/15/2041		56		61

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    2

Transamerica Janus Balanced VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Professional Services - 0.6%
Verisk Analytics, Inc.
4.88%, 01/15/2019	$	390	$	413
Real Estate Investment Trusts - 1.9%
Alexandria Real Estate Equities, Inc.
4.60%, 04/01/2022		120		117
Goodman Funding Pty, Ltd.
6.38%, 04/15/2021 - 144A		250		259
Host Hotels & Resorts, LP - Series Q
6.75%, 06/01/2016 ^		185		191
Rouse Co., LP
6.75%, 11/09/2015		190		200
Senior Housing Properties Trust
6.75%, 04/15/2020		130		137
SL Green Realty Corp. / SL Green Operating Partnership / Reckson Operating Part
7.75%, 03/15/2020		120		137
Ventas Realty, LP
6.75%, 04/01/2017		190		196
Real Estate Management & Development - 0.2%
CBRE Services, Inc.
6.63%, 10/15/2020		10		11
ProLogis, LP
6.63%, 05/15/2018		125		142
Road & Rail - 0.2%
JB Hunt Transport Services, Inc.
3.38%, 09/15/2015 ^		130		134
Semiconductors & Semiconductor Equipment - 0.2%
National Semiconductor Corp.
3.95%, 04/15/2015		134		146
Total Corporate Debt Securities (cost $15,720)				16,133
	Shares		Value (000’s)
COMMON STOCKS - 60.3%
Aerospace & Defense - 1.8%
Boeing Co. ^		12,355		919
Precision Castparts Corp. ^		1,390		240
Automobiles - 0.4%
Daimler AG		3,865		234
Beverages - 0.3%
Brown-Forman Corp. - Class B ^		2,220		185
Biotechnology - 1.2%
Celgene Corp. ‡		9,635		747
Capital Markets - 1.7%
Blackstone Group, LP		40,548		647
Morgan Stanley ^		23,025		452
Chemicals - 3.2%
E.I. du Pont de Nemours & Co.		21,660		1,145
LyondellBasell Industries NV - Class A		9,890		432
Syngenta AG ADR ‡		6,925		477
Commercial Banks - 4.2%
CIT Group, Inc. ‡		19,390		800
ICICI Bank, Ltd. ADR		4,230		148
Itau Unibanco Holding SA ADR		15,285		293
Standard Chartered PLC		22,940		572
U.S. Bancorp ^		26,995		855
Communications Equipment - 0.3%
Motorola Solutions, Inc.		3,790		193
Computers & Peripherals - 3.5%
Apple, Inc. ‡		2,755		1,652
NetApp, Inc. ‡^		13,675		612

	Shares		Value (000’s)
Diversified Financial Services - 1.0%
NYSE Euronext		21,530	$	646
Diversified Telecommunication Services - 0.7%
CenturyLink, Inc. ^		11,370		439
Electrical Equipment - 0.3%
Roper Industries, Inc. ^		1,905		189
Electronic Equipment & Instruments - 1.8%
Amphenol Corp. - Class A ^		6,935		415
TE Connectivity, Ltd.		20,090		738
Energy Equipment & Services - 0.3%
National Oilwell Varco, Inc. ^		2,320		184
Food & Staples Retailing - 0.7%
Costco Wholesale Corp. ^		5,090		462
Food Products - 0.6%
Hershey Co.		6,345		389
Health Care Providers & Services - 1.4%
Aetna, Inc. ^		4,360		219
Express Scripts, Inc. ‡^		13,085		709
Hotels, Restaurants & Leisure - 2.7%
Las Vegas Sands Corp. ^		12,045		693
McDonald’s Corp. ^		5,750		564
MGM Resorts International ‡^		32,725		446
Insurance - 0.4%
Prudential PLC		22,336		267
Internet & Catalog Retail - 0.8%
priceline.com, Inc. ‡^		690		495
Internet Software & Services - 1.5%
eBay, Inc. ‡		25,835		953
IT Services - 3.2%
Cognizant Technology Solutions Corp. - Class A ‡		6,050		466
Mastercard, Inc. - Class A		1,675		704
Teradata Corp. ‡		6,845		466
Western Union Co. ^		23,845		420
Leisure Equipment & Products - 1.2%
Mattel, Inc. ^		23,560		793
Media - 5.4%
CBS Corp. - Class B		36,670		1,243
DIRECTV - Class A ‡^		9,490		468
Time Warner Cable, Inc. ^		15,875		1,295
Viacom, Inc. - Class B		9,460		449
Metals & Mining - 0.6%
Freeport-McMoRan Copper & Gold, Inc. ^		9,340		355
Multiline Retail - 0.6%
Nordstrom, Inc. ^		6,730		375
Oil, Gas & Consumable Fuels - 5.6%
Canadian Natural Resources, Ltd.		18,225		605
Chevron Corp. ^		8,865		951
Enterprise Products Partners, LP		12,510		631
Hess Corp.		13,415		791
Occidental Petroleum Corp.		4,935		470
Petroleo Brasileiro SA ADR		6,355		169
Personal Products - 0.6%
Estee Lauder Cos., Inc. - Class A ^		6,395		396
Pharmaceuticals - 5.3%
Allergan, Inc.		3,735		356
Bristol-Myers Squibb Co. ^		19,025		642
Endo Pharmaceuticals Holdings, Inc. ‡		7,835		303
Mylan, Inc. ‡^		30,190		708
Pfizer, Inc.		26,180		593
Shire PLC ADR ^		5,135		487
Valeant Pharmaceuticals International, Inc. ‡		6,342		341
Real Estate Investment Trusts - 0.6%
Ventas, Inc. ^		6,572		375
Road & Rail - 1.3%
Union Pacific Corp. ^		8,000		860

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    3

Transamerica Janus Balanced VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Semiconductors & Semiconductor Equipment - 0.1%
ON Semiconductor Corp. ‡		8,660	$	78
Software - 1.5%
Oracle Corp.		32,395		945
Specialty Retail - 0.6%
AutoZone, Inc. ‡		1,110		413
Textiles, Apparel & Luxury Goods - 2.2%
Coach, Inc.		6,830		528
NIKE, Inc. - Class B		8,125		881
Tobacco - 2.7%
Altria Group, Inc. ^		17,055		526
Philip Morris International, Inc.		13,570		1,203
Total Common Stocks (cost $33,925)				38,697
SECURITIES LENDING COLLATERAL - 25.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		16,372,34		16,372
Total Securities Lending Collateral (cost $16,372)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 4.3%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $2,792 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $2,849.	$	2,792	$	2,792
Total Repurchase Agreement (cost $2,792)
Total Investment Securities (cost $75,786) P				81,007
Other Assets and Liabilities - Net				(16,779	)
Net Assets			$	64,228

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars (Sold) (000’s)			Net Unrealized (Depreciation) (000’s)
Pound Sterling	HSBC		(350	)		04/05/2012	$	(552	)	$	(7	)
Pound Sterling	JPM		(80	)		05/24/2012		(126	)		(2	)
										$	(9	)

Collateral (Received) Pledged for OTC Financial Derivative Instruments:

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 03/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)		Net Exposures  (1) (000’s)
HSBC	$	(7	)	$	—	$	(7	)
JPM		(2	)		—		(2	)

⁽¹⁾  Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $16,018.

* Floating or variable rate note. Rate is listed as of 03/30/2012.

Ž The security has a perpetual maturity. The date shown is the next call date.

¥ Percentage rounds to less than 0.1%.

‡ Non-income producing security.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $75,786. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $5,394 and $173, respectively. Net unrealized appreciation for tax purposes is $5,221.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified
	institutional buyers. At 03/31/2012, these securities aggregated $4,581, or 7.13%, of the fund’s net assets.
ADR	American Depositary Receipt
HSBC	HSBC Bank USA
JPM	JPMorgan Chase & Company

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    4

Transamerica Janus Balanced VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	36,746	$	1,951		$	—	$	38,697
Corporate Debt Securities		—		16,133			—		16,133
Mortgage-Backed Securities		—		570			—		570
Repurchase Agreement		—		2,792			—		2,792
Securities Lending Collateral		16,372		—			—		16,372
U.S. Government Agency Obligations		—		3,813			—		3,813
U.S. Government Obligations		—		2,630			—		2,630
Total	$	53,118	$	27,889		$	—	$	81,007
Other Financial Instruments F	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Forward Foreign Currency Contracts - Depreciation	$	—	$	(9	)	$	—	$	(9	)

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

F Other financial instruments are derivative instruments including that are valued at unrealized appreciation (depreciation) on the instrument.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    5

Transamerica Jennison Growth VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 98.3%
Aerospace & Defense - 4.9%
Boeing Co.		196,502	$	14,614
Precision Castparts Corp.		133,884		23,149
United Technologies Corp.		185,967		15,424
Auto Components - 0.9%
BorgWarner, Inc. ‡^		114,225		9,634
Automobiles - 1.8%
Bayerische Motoren Werke AG		79,449		7,145
Harley-Davidson, Inc.		261,285		12,824
Biotechnology - 3.3%
Alexion Pharmaceuticals, Inc. ‡		137,509		12,769
Celgene Corp. ‡		196,773		15,254
Vertex Pharmaceuticals, Inc. ‡		188,959		7,749
Capital Markets - 2.4%
Goldman Sachs Group, Inc.		208,556		25,938
Chemicals - 1.5%
Monsanto Co.		204,246		16,291
Communications Equipment - 2.2%
Juniper Networks, Inc. ‡		344,014		7,871
QUALCOMM, Inc.		240,662		16,370
Computers & Peripherals - 10.4%
Apple, Inc. ‡		121,999		73,136
EMC Corp. ‡		870,763		26,018
NetApp, Inc. ‡		333,363		14,925
Consumer Finance - 1.4%
American Express Co.		265,903		15,385
Electrical Equipment - 0.5%
Roper Industries, Inc.		53,612		5,316
Energy Equipment & Services - 2.0%
National Oilwell Varco, Inc.		154,712		12,295
Schlumberger, Ltd.		142,670		9,977
Food & Staples Retailing - 3.1%
Costco Wholesale Corp.		192,213		17,453
Whole Foods Market, Inc.		194,980		16,222
Food Products - 1.1%
Mead Johnson Nutrition Co. - Class A		147,246		12,145
Health Care Providers & Services - 2.5%
Express Scripts, Inc. ‡^		197,520		10,702
UnitedHealth Group, Inc.		288,525		17,005
Hotels, Restaurants & Leisure - 6.5%
Chipotle Mexican Grill, Inc. ‡		36,276		15,163
Dunkin’ Brands Group, Inc. ^		246,754		7,430
McDonald’s Corp.		176,760		17,340
Panera Bread Co. - Class A ‡^		32,892		5,293
Starbucks Corp.		454,568		25,406
Internet & Catalog Retail - 3.8%
Amazon.com, Inc. ‡		125,646		25,444
priceline.com, Inc. ‡		22,645		16,248
Internet Software & Services - 6.3%
Baidu, Inc. ADR ‡		135,699		19,781
Google, Inc. - Class A ‡		36,035		23,107
LinkedIn Corp. - Class A ‡		129,212		13,178
Tencent Holdings, Ltd.		380,497		10,623
Youku, Inc. ADR ^‡		74,327		1,634
IT Services - 6.9%
Cognizant Technology Solutions Corp. - Class A ‡		103,256		7,946
International Business Machines Corp.		100,118		20,890
Mastercard, Inc. - Class A		72,275		30,394
Visa, Inc. - Class A		134,762		15,902
Life Sciences Tools & Services - 2.3%
Agilent Technologies, Inc.		389,403		17,332
Illumina, Inc. ‡^		155,861		8,200
Media - 1.2%
Walt Disney Co.		297,906		13,042

	Shares		Value (000’s)
Oil, Gas & Consumable Fuels - 3.9%
Anadarko Petroleum Corp.		147,051	$	11,521
Concho Resources, Inc. ‡		104,903		10,708
EOG Resources, Inc.		82,506		9,166
Occidental Petroleum Corp.		117,303		11,171
Personal Products - 1.5%
Estee Lauder Cos., Inc. - Class A		260,439		16,132
Pharmaceuticals - 5.7%
Allergan, Inc.		187,279		17,872
Bristol-Myers Squibb Co.		310,207		10,469
Novo Nordisk A/S ADR		130,051		18,040
Shire PLC ADR		171,709		16,269
Real Estate Investment Trusts - 1.4%
American Tower Corp. - Class A		240,864		15,179
Road & Rail - 1.2%
Union Pacific Corp.		121,618		13,072
Semiconductors & Semiconductor Equipment - 2.2%
Altera Corp.		225,907		8,995
ARM Holdings PLC ADR ^		208,204		5,890
Avago Technologies, Ltd.		222,804		8,683
Software - 6.0%
Oracle Corp.		361,862		10,552
Red Hat, Inc. ‡		268,384		16,074
Salesforce.com, Inc. ‡ ^		126,774		19,587
VMware, Inc. - Class A ‡		168,410		18,924
Specialty Retail - 3.3%
Inditex SA		171,341		16,412
Lowe’s Cos., Inc.		449,325		14,100
Tiffany & Co. ^		76,871		5,314
Textiles, Apparel & Luxury Goods - 7.5%
Burberry Group PLC		468,309		11,213
Coach, Inc.		152,252		11,766
Fossil, Inc. ‡^		67,716		8,937
Lululemon Athletica, Inc. ‡		178,468		13,328
NIKE, Inc. - Class B		191,669		20,785
Ralph Lauren Corp.		98,242		17,127
Wireless Telecommunication Services - 0.6%
Crown Castle International Corp. ‡		117,366		6,260
Total Common Stocks (cost $845,131)				1,073,510
SECURITIES LENDING COLLATERAL - 5.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		62,140,722		62,141
Total Securities Lending Collateral (cost $62,141)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.8%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $19,377 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $19,766.	$	19,377		19,377
Total Repurchase Agreement (cost $19,377)
Total Investment Securities (cost $926,649) P				1,155,028
Other Assets and Liabilities - Net				(63,663	)
Net Assets			$	1,091,365

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica Jennison Growth VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $60,789.

‡ Non-income producing security.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $926,649. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $235,710 and $7,331, respectively. Net unrealized appreciation for tax purposes is $228,379.

DEFINITION:

ADR             American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	966,503	$	107,007	$	—	$	1,073,510
Repurchase Agreement		—		19,377		—		19,377
Securities Lending Collateral		62,141		—		—		62,141
Total	$	1,028,644	$	126,384	$	—	$	1,155,028

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended 3/31/2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    2

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 21.1%
U.S. Treasury Bond
4.75%, 02/15/2037	$	100	$	127
5.38%, 02/15/2031		150		202
6.13%, 08/15/2029		100		144
6.25%, 05/15/2030		425		622
7.50%, 11/15/2016		2,550		3,303
8.00%, 11/15/2021		500		759
8.50%, 02/15/2020		815		1,221
8.75%, 05/15/2020 - 08/15/2020		2,700		4,145
11.25%, 02/15/2015		1,065		1,389
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029		106		139
U.S. Treasury Inflation Indexed Note
1.13%, 01/15/2021		518		583
2.00%, 04/15/2012		3,350		3,358
U.S. Treasury Note
1.38%, 11/30/2018		740		733
1.50%, 08/31/2018		1,000		1,003
1.75%, 10/31/2018		2,200		2,235
2.25%, 07/31/2018		500		525
2.63%, 02/29/2016		1,050		1,125
2.75%, 11/30/2016 - 12/31/2017		1,045		1,130
2.88%, 03/31/2018		700		763
3.13%, 10/31/2016 - 04/30/2017		450		495
3.25%, 12/31/2016 - 03/31/2017		5,750		6,358
3.38%, 11/15/2019		150		167
3.50%, 02/15/2018		100		112
4.25%, 11/15/2017		300		349
4.75%, 08/15/2017		535		635
U.S. Treasury STRIPS
0.14%, 08/15/2012 p		250		250
0.35%, 02/15/2014 p		300		298
0.36%, 05/15/2014 p		270		268
0.47%, 11/15/2014 p		100		99
0.87%, 05/15/2016 p		2,200		2,120
0.94%, 08/15/2016 p		2,850		2,732
1.01%, 11/15/2016 p		500		476
1.07%, 02/15/2017 p		10,850		10,281
1.20%, 08/15/2017 p		500		468
1.27%, 11/15/2017 p		250		232
1.35%, 02/15/2018 p		50		46
1.48%, 08/15/2018 p		100		91
1.64%, 02/15/2019 p		155		138
1.71%, 05/15/2019 p		150		133
1.77%, 08/15/2019 p		850		744
1.92%, 02/15/2020 - 05/15/2020 p		300		257
1.98%, 05/15/2020 p		6,702		5,689
2.03%, 08/15/2020 p		4,200		3,534
2.10%, 11/15/2020 p		200		167
2.22%, 05/15/2021 p		1,150		938
2.26%, 08/15/2021 p		300		242
2.31%, 11/15/2021 p		750		599
2.36%, 02/15/2022 p		350		277
2.57%, 02/15/2023 p		750		566
2.62%, 05/15/2023 p		250		186
2.79%, 05/15/2024 p		200		142
2.84%, 08/15/2024 p		100		70

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury STRIPS (continued)
2.88%, 11/15/2024 p	$	200	$	139
3.06%, 02/15/2026 p		100		65
3.15%, 11/15/2026 p		1,350		852
3.17%, 02/15/2027 p		750		468
3.20%, 05/15/2027 p		300		185
3.21%, 08/15/2027 p		200		122
3.24%, 02/15/2028 p		200		120
3.26%, 05/15/2028 p		50		30
3.27%, 08/15/2028 p		250		147
3.28%, 02/15/2029 p		750		431
3.29%, 05/15/2029 p		150		85
3.30%, 08/15/2029 p		350		197
3.31%, 11/15/2029 p		225		125
3.32%, 02/15/2030 p		1,325		731
3.34%, 08/15/2030 p		350		190
3.35%, 11/15/2030 p		275		148
3.37%, 05/15/2031 p		50		26
3.38%, 08/15/2031 p		350		182
3.39%, 11/15/2031 p		300		154
3.40%, 02/15/2032 p		200		102
3.42%, 08/15/2032 p		50		25
3.43%, 11/15/2032 p		450		222
3.45%, 05/15/2033 - 08/15/2033 p		700		336
3.46%, 11/15/2033 p		200		95
3.47%, 02/15/2034 p		200		94
3.48%, 05/15/2034 p		100		46
3.49%, 08/15/2034 p		150		69
3.51%, 02/15/2035 p		50		22
Total U.S. Government Obligations (cost $62,633)				68,073
U.S. GOVERNMENT AGENCY OBLIGATIONS - 43.1%
Fannie Mae
0.49%, 06/27/2036 *		364		360
0.50%, 11/25/2046 *		656		651
0.59%, 04/25/2035 - 08/25/2036 *		295		294
1.01%, 01/01/2019 *		499		502
1.01%, 04/01/2022 *		600		600
1.98%, 06/01/2017 p		300		276
1.99%, 01/01/2017		1,000		999
2.40%, 01/01/2036 *		143		152
2.97%, 11/01/2018		489		511
3.12%, 01/01/2022		500		516
3.38%, 01/01/2018		500		535
3.54%, 01/01/2018		492		529
3.59%, 10/01/2020		100		107
3.64%, 10/01/2020		1,421		1,517
3.65%, 07/25/2021		866		917
3.73%, 06/25/2021		500		533
3.74%, 06/01/2018		1,492		1,621
3.76%, 06/25/2021 - 07/25/2021		2,000		2,124
3.77%, 08/01/2021		700		749
3.86%, 07/01/2021		991		1,066
3.87%, 08/01/2021		993		1,069
3.92%, 08/01/2021		1,500		1,621
3.97%, 06/01/2021 - 07/01/2021		993		1,075
3.98%, 08/01/2021		990		1,071

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Fannie Mae (continued)
3.99%, 07/01/2021	$	495	$	537
4.00%, 07/01/2018 - 04/25/2033		1,495		1,611
4.02%, 08/01/2021		1,335		1,452
4.05%, 08/01/2021		993		1,081
4.06%, 07/01/2021 - 09/01/2021		1,496		1,629
4.16%, 03/01/2021		493		541
4.23%, 03/01/2020		963		1,060
4.24%, 06/01/2021		1,000		1,101
4.25%, 04/01/2021		500		550
4.29%, 06/01/2021		497		552
4.32%, 06/01/2021		793		877
4.37%, 04/01/2020		245		272
4.38%, 04/01/2021		400		443
4.39%, 05/01/2021		250		277
4.45%, 07/01/2026		497		542
4.50%, 08/01/2018 - 08/25/2033		2,447		2,660
4.65%, 06/01/2021		991		1,111
5.00%, 12/01/2016 - 08/25/2040		7,496		8,296
5.24%, 01/01/2038 *		131		140
5.50%, 03/01/2017 - 07/25/2038		8,327		9,262
5.75%, 06/25/2033		750		863
6.00%, 08/01/2014 - 11/25/2039		5,858		6,450
6.27%, 12/25/2042 *		258		294
6.50%, 03/01/2017 - 05/25/2044		2,236		2,502
6.50%, 10/25/2042 *		74		82
6.79%, 07/25/2023 *		469		535
7.00%, 09/01/2017 - 11/25/2041		3,631		4,331
7.07%, 12/25/2042 *		126		147
7.14%, 08/25/2033 *		167		168
8.00%, 05/25/2022 - 06/01/2039		157		184
8.71%, 03/25/2034 *		24		23
9.00%, 10/01/2019 - 06/01/2025		52		56
9.50%, 06/25/2018		83		94
10.00%, 03/25/2032 *		20		24
10.82%, 07/25/2035 *		171		188
12.10%, 09/25/2033 *		58		66
13.14%, 07/25/2033 *		135		159
13.52%, 03/25/2038 *		48		56
14.04%, 12/25/2032 *		41		48
15.02%, 11/25/2031 *		105		133
15.84%, 05/25/2034 *		113		144
16.77%, 07/25/2035 *		218		303
18.86%, 04/25/2034 - 05/25/2034 *		544		753
19.14%, 08/25/2032 *		122		169
23.03%, 05/25/2034 *		43		65
23.68%, 03/25/2036 *		117		177
24.40%, 02/25/2032 *		29		51
25.23%, 10/25/2036 *		49		76
25.59%, 12/25/2036 *		67		108
Fannie Mae, IO
0.98%, 08/25/2042 *		1,231		36
4.00%, 10/25/2014		429		22
4.66%, 04/25/2041 *		735		53
5.00%, 03/25/2023		299		24
5.50%, 05/25/2033		15		1
5.61%, 09/25/2038 *		935		127

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Fannie Mae, IO (continued)
5.67%, 02/25/2038 *	$	787	$	102
5.86%, 06/25/2037 *		477		62
5.94%, 12/25/2039 *		235		30
5.96%, 03/25/2038 *		213		29
6.17%, 01/25/2038 *		154		10
6.18%, 04/25/2040 *		316		39
6.26%, 06/25/2023 *		163		21
6.30%, 09/25/2037 *		200		30
6.31%, 02/25/2039 *		237		36
6.34%, 06/25/2036 *		216		29
6.50%, 05/25/2033		131		25
6.91%, 07/25/2037 *		446		73
7.00%, 06/25/2033		129		27
Fannie Mae, PO
01/25/2019 - 11/25/2036		2,555		2,385
Fannie Mae STRIPS
3.25%, 11/15/2021 p		400		301
Fannie Mae STRIPS, PO
08/01/2032		234		221
Freddie Mac
0.59%, 07/15/2034 *		516		514
0.68%, 02/15/2037 *		90		90
0.69%, 03/15/2039 *		818		819
2.20%, 10/01/2036 *		85		89
2.41%, 07/01/2036 *		131		140
2.47%, 11/01/2036 *		118		126
2.48%, 10/01/2036 *		99		105
2.49%, 08/01/2036 *		146		157
2.53%, 09/01/2034 *		131		139
2.59%, 03/01/2037 *		132		142
2.86%, 02/01/2037 *		250		265
4.00%, 05/01/2019 - 12/15/2041		1,384		1,461
4.50%, 12/15/2018 - 05/01/2041		2,143		2,234
4.72%, 09/20/2012		150		153
4.91%, 02/01/2036 *		635		680
4.99%, 01/01/2035 *		232		247
5.00%, 10/01/2017 - 05/15/2041		3,330		3,676
5.50%, 09/15/2013 - 08/01/2038		7,513		8,360
5.50%, 05/15/2041 *		291		305
5.58%, 05/01/2036 *		176		188
6.00%, 12/15/2013 - 09/15/2036		6,266		7,053
6.02%, 06/01/2036 *		423		456
6.38%, 03/15/2032		336		373
6.40%, 11/15/2023		121		127
6.43%, 12/01/2036 *		56		60
6.50%, 10/15/2013 - 02/25/2043		3,290		3,694
6.98%, 07/25/2032 *		308		353
7.00%, 03/15/2024 - 02/25/2043		3,544		4,105
7.25%, 09/15/2030 - 12/15/2030		599		710
7.50%, 02/15/2023 - 08/15/2030		356		416
7.50%, 08/25/2042 *		123		144
8.00%, 01/15/2030		463		558
8.50%, 09/15/2020		64		71
8.64%, 10/15/2033 - 11/15/2033 *		72		70
8.71%, 01/15/2034 *		283		277
8.79%, 10/15/2033 *		31		30

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    2

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

		Principal		Principal
	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac (continued)
9.82%, 07/15/2032 *	$	179	$	208
12.80%, 07/15/2033 *		226		251
13.72%, 05/15/2030 *		85		93
14.32%, 09/15/2033 *		51		61
16.69%, 02/15/2040 *		100		154
23.61%, 06/15/2034 *		229		353
Freddie Mac, IO
1.42%, 09/15/2012		315		1
4.27%, 01/15/2040 *		735		46
4.50%, 07/15/2037		442		55
5.00%, 09/15/2035		344		56
5.50%, 07/15/2024		81		5
5.76%, 11/15/2037 - 02/15/2039 *		893		115
5.96%, 06/15/2038 *		1,010		153
6.18%, 11/15/2037 *		357		53
6.56%, 04/15/2038 *		263		43
6.76%, 02/15/2033 *		26		1
6.86%, 03/13/2033 - 07/15/2036 *		387		51
7.31%, 02/15/2033 *		22		1
7.46%, 07/15/2017 *		204		18
7.76%, 03/15/2032 *		121		26
Freddie Mac, PO
03/15/2019 - 01/15/2040		2,871		2,681
Ginnie Mae
5.00%, 04/16/2023 - 07/16/2033		1,616		1,867
5.50%, 12/20/2013 - 09/20/2039		3,456		3,924
5.54%, 07/20/2040 *		949		1,047
6.00%, 08/20/2016 - 08/20/2039		1,826		2,055
6.50%, 03/15/2023 - 06/20/2033		4,770		5,579
7.00%, 07/15/2017		36		40
7.33%, 11/20/2030		37		43
7.50%, 11/20/2029 - 09/20/2030		246		279
8.00%, 01/15/2016 - 06/20/2030		159		184
8.50%, 02/16/2030		421		513
9.00%, 05/16/2027		28		33
12.92%, 10/20/2037 *		141		162
15.85%, 06/17/2035 *		98		126
16.19%, 05/18/2034 *		80		97
19.00%, 04/16/2034 *		99		139
19.48%, 09/20/2037 *		79		114
22.43%, 04/20/2037 *		185		282
28.28%, 09/20/2034 *		99		164
31.45%, 04/20/2031 *		26		47
Ginnie Mae, IO
5.46%, 12/20/2038 *		232		30
5.50%, 01/20/2032 - 10/16/2037		782		103
5.59%, 02/20/2038 *		401		60
5.76%, 11/20/2037 *		386		60
5.84%, 06/20/2039 *		362		58
5.86%, 10/20/2034 - 08/20/2039 *		1,047		158
5.96%, 03/20/2037 - 06/20/2038 *		739		113
6.03%, 04/20/2039 *		415		67
6.06%, 09/20/2035 - 03/20/2039 *		1,092		183
6.11%, 03/20/2039 *		416		66
6.16%, 05/16/2038 - 06/16/2039 *		1,485		218
6.23%, 06/16/2037 *		337		60

		Principal		Principal
	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Ginnie Mae, IO (continued)
6.26%, 03/16/2034 - 10/20/2037 *	$	1,042	$	139
6.31%, 11/20/2037 - 12/20/2037 *		381		59
6.46%, 07/20/2036 *		268		34
6.50%, 03/20/2039		183		37
6.51%, 11/20/2033 - 07/20/2037 *		744		119
6.53%, 08/20/2037 *		594		96
6.57%, 04/16/2037 *		176		27
6.66%, 03/20/2038 *		206		32
6.71%, 10/20/2032 *		500		60
7.71%, 04/16/2032 *		215		47
Ginnie Mae, PO
02/17/2033 - 01/20/2038		942		823
Residual Funding Corp. STRIPS, PO
2.72%, 07/15/2020 p		1,800		1,477
2.79%, 10/15/2020 p		520		420
Tennessee Valley Authority
4.63%, 09/15/2060		22		24
Tennessee Valley Authority Generic STRIPS
2.74%, 05/01/2019 p		200		169
Tennessee Valley Authority Principal STRIPS
4.00%, 01/15/2038 p		150		50
Total U.S. Government Agency Obligations (cost $132,758)				139,617
FOREIGN GOVERNMENT OBLIGATIONS - 0.7%
Corp. Andina de Fomento
5.20%, 05/21/2013		100		104
Israel Government AID Bond
2.36%, 08/15/2018 p		500		442
2.51%, 03/15/2019 p		1,000		861
3.65%, 02/15/2025 p		500		316
Mexico Government International Bond
4.75%, 03/08/2044		60		59
Province of Ontario Canada
2.70%, 06/16/2015		100		106
United Mexican States
6.38%, 01/16/2013		75		78
7.50%, 04/08/2033		300		417
Total Foreign Government Obligations (cost $2,245)				2,383
MORTGAGE-BACKED SECURITIES - 10.4%
American General Mortgage Loan Trust
Series 2009-1, Class A4
5.75%, 09/25/2048 - 144A *		250		253
Series 2009-1, Class A5
5.75%, 09/25/2048 - 144A *		200		204
Series 2009-1, Class A7
5.75%, 09/25/2048 - 144A *		200		205
Series 2010-1A, Class A1
5.15%, 03/25/2058 - 144A *		108		111
Series 2010-1A, Class A2
5.65%, 03/25/2058 - 144A *		144		152
ASG Resecuritization Trust
Series 2009-1, Class A60
4.84%, 06/26/2037 - 144A *		223		220
Series 2009-2, Class A55
5.21%, 05/24/2036 - 144A *		98		97

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    3

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

		Principal		Principal
	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
ASG Resecuritization Trust (continued)
Series 2009-3, Class A65
2.68%, 03/26/2037 - 144A *	$	261	$	257
Series 2009-4, Class A60
6.00%, 06/28/2037 - 144A		260		269
Series 2010-3, Class 2A22
0.33%, 10/28/2036 - 144A *		127		125
Banc of America Alternative Loan Trust
Series 2003-7, Class 1CB1
5.50%, 09/25/2033		304		309
Series 2003-7, Class 2A4
5.00%, 09/25/2018		46		47
Banc of America Commercial Mortgage, Inc.
Series 2005-6, Class ASB
5.19%, 09/10/2047 *		115		121
Banc of America Funding Corp.
Series 2005-E, Class 4A1
2.66%, 03/20/2035 *		376		345
Series 2010-R5, Class 1A1
5.50%, 10/26/2037 - 144A		303		315
Series 2010-R11A, Class 1A6
5.36%, 08/26/2035 - 144A *		166		174
Banc of America Funding Corp., PO
Series 2004-1
03/25/2034		77		60
Series 2005-7, Class 30
11/25/2035		111		85
Series 2005-8, Class 30
01/25/2036		41		31
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2005-3, Class AM
4.73%, 07/10/2043		50		52
Banc of America Mortgage Securities, Inc.
Series 2003-J, Class 3A2
2.82%, 11/25/2033 *		326		307
Series 2004-3, Class 1A26
5.50%, 04/25/2034		400		408
Series 2004-6, Class 1A3
5.50%, 05/25/2034		230		239
BCAP LLC Trust
Series 2010-RR7, Class 2A1
5.26%, 07/26/2045 - 144A *		270		256
Series 2011-RR10, Class 2A1
0.19%, 09/26/2037 - 144A *		475		419
Series 2012-RR2, Class 1A1
0.41%, 08/26/2036 - 144A *		489		453
Bear Stearns Adjustable Rate Mortgage Trust
Series 2006-1, Class A1
2.52%, 02/25/2036 *		255		229
Chase Mortgage Finance Corp.
Series 2004-S3, Class 2A5
5.50%, 03/25/2034		197		206
Series 2007-A1, Class 1A3
2.79%, 02/25/2037 *		399		400
Series 2007-A2, Class 2A1
2.77%, 07/25/2037 *		171		174
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 2A5
5.25%, 10/25/2033		176		179

		Principal		Principal
	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Mortgage Loan Trust, Inc. (continued)
Series 2010-8, Class 5A6
4.00%, 11/25/2036 - 144A	$	1,188	$	1,219
Series 2010-8, Class 6A6
4.50%, 12/25/2036 - 144A		1,273		1,312
Series 2011-3, Class 1A1
0.32%, 02/25/2047 - 144A *		118		116
Series 2011-10, Class 4A1
0.43%, 02/25/2046 - 144A *		158		150
Commercial Mortgage Pass-Through Certificates
Series 2001-J2A, Class B
6.30%, 07/16/2034 - 144A		4,000		4,011
Countrywide Alternative Loan Trust
Series 2004-2CB, Class 1A9
5.75%, 03/25/2034		399		382
Series 2004-18CB, Class 2A4
5.70%, 09/25/2034		128		131
Series 2005-26CB, Class A10
12.61%, 07/25/2035 *		4		4
Series 2005-28CB, Class 1A4
5.50%, 08/25/2035		471		393
Series 2005-54CB, Class 1A11
5.50%, 11/25/2035		194		153
Countrywide Alternative Loan Trust, IO
Series 2005-20CB, Class 3A8
4.51%, 07/25/2035 *		856		97
Series 2005-22T1, Class A2
4.83%, 06/25/2035 *		1,581		210
Series 2005-J1, Class 1A4
4.86%, 02/25/2035 *		850		103
Countrywide Alternative Loan Trust, PO
Series 2003-J1
10/25/2033		63		54
Countrywide Home Loan Mortgage Pass- Through Trust
Series 2004-3, Class A4
5.75%, 04/25/2034		216		222
Series 2004-3, Class A26
5.50%, 04/25/2034		360		371
Series 2004-7, Class 2A1
2.30%, 06/25/2034 *		70		65
Series 2004-8, Class 2A1
4.50%, 06/25/2019		108		110
Series 2004-HYB1, Class 2A
2.95%, 05/20/2034 *		65		58
Series 2005-22, Class 2A1
2.71%, 11/25/2035 *		394		282
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-21, Class 1A4
5.25%, 09/25/2033		156		158
Series 2003-27, Class 5A4
5.25%, 11/25/2033		191		197
Series 2004-5, Class 3A1
5.25%, 08/25/2019		73		75
Credit Suisse First Boston Mortgage Securities Corp., PO
Series 2002-34, Class 3P
01/25/2033		42		30

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    4

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates
Series 2006-C2, Class A3
5.66%, 03/15/2039 *	$	150	$	165
Series 2010-11R, Class A1
1.24%, 06/28/2047 - 144A *		80		80
Series 2010-12R, Class 14A1
2.71%, 09/26/2046 - 144A *		109		108
Series 2011-1R, Class A1
1.24%, 02/27/2047 - 144A *		438		431
Series 2011-6R, Class 3A1
2.86%, 07/28/2036 - 144A *		142		134
Series 2011-7R, Class A1
1.49%, 08/28/2047 - 144A *		376		369
Series 2011-9R, Class A1
2.24%, 03/27/2046 - 144A *		508		505
Series 2012-3R, Class 1A1
3.25%, 02/27/2042		300		301
Deutsche Mortgage Securities, Inc.
Series 2010-RS2, Class A1
1.49%, 06/28/2047 - 144A *		148		147
First Horizon Asset Securities, Inc.
Series 2004-AR7, Class 2A1
2.62%, 02/25/2035 *		28		27
GMAC Mortgage Corp., Loan Trust
Series 2003-J7, Class A10
5.50%, 11/25/2033		87		92
Series 2004-J5, Class A7
6.50%, 01/25/2035		114		119
GSMPS Mortgage Loan Trust
Series 2005-RP2, Class 1AF
0.59%, 03/25/2035 - 144A *		335		274
Series 2005-RP3, Class 1AF
0.59%, 09/25/2035 - 144A *		196		154
GSR Mortgage Loan Trust
Series 2004-6F, Class 2A4
5.50%, 05/25/2034		437		457
Series 2004-8F, Class 2A3
6.00%, 09/25/2034		254		266
Series 2005-7F, Class 3A9
6.00%, 09/25/2035		392		385
Series 2006-1F, Class 2A4
6.00%, 02/25/2036		242		214
Series 2007-1F, Class 2A4
5.50%, 01/25/2037		497		481
Impac Secured Assets CMN Owner Trust
Series 2006-1, Class 2A1
0.59%, 05/25/2036 *		248		228
Series 2006-2, Class 2A1
0.59%, 08/25/2036 *		112		100
IndyMac Index Mortgage Loan Trust, IO
Series 2005-AR11, Class A7
0.06%, 08/25/2035 *		1,511		8
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2003-PM1A, Class A4
5.33%, 08/12/2040 *		372		389
Series 2006-CB15, Class A4
5.81%, 06/12/2043 *		131		148

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Corp., IO
Series 2006-LDP8, Class X
0.55%, 05/15/2045 *	$	5,477	$	110
JPMorgan Mortgage Trust
Series 2006-A2, Class 5A3
2.65%, 11/25/2033 *		175		173
LVII Resecuritization Trust
Series 2009-2, Class A5
2.97%, 09/27/2037 - 144A *		200		200
Series 2009-2, Class M3
5.48%, 09/27/2037 - 144A *		300		288
MASTR Adjustable Rate Mortgages Trust
Series 2004-3, Class 4A2
2.55%, 04/25/2034 *		56		52
Series 2004-13, Class 2A1
2.66%, 04/21/2034 *		244		244
Series 2004-13, Class 3A7
2.72%, 11/21/2034 *		100		98
MASTR Alternative Loans Trust
Series 2004-5, Class 5A1
4.75%, 06/25/2019		112		113
Series 2004-10, Class 1A1
4.50%, 09/25/2019		126		129
MASTR Asset Securitization Trust
Series 2003-10, Class 3A1
5.50%, 11/25/2033		308		321
MASTR Resecuritization Trust, PO
Series 2005, Class 3
05/28/2035 - 144A		246		192
Merrill Lynch Mortgage Trust
Series 2005-MCP1, Class ASB
4.67%, 06/12/2043 *		187		188
MLCC Mortgage Investors, Inc.
Series 2004-1, Class 2A1
2.24%, 12/25/2034 *		255		255
Morgan Stanley Capital I
Series 2004-HQ4, Class A7
4.97%, 04/14/2040		125		133
Series 2011-C3, Class A3
4.05%, 07/15/2049		100		107
Morgan Stanley Re-REMIC Trust
0.25%, 07/27/2049		150		100
2.00%, 07/27/2049		788		788
Series 2009-IO, Class A2
5.00%, 07/17/2056 - 144A		300		307
Series 2009-IO, Class B
07/17/2056 - 144A		350		307
Series 2010-C30A, Class A3A
3.25%, 12/17/2043 - 144A		122		122
Series 2011-IO, Class A
2.50%, 03/23/2051 - 144A		212		213
MortgageIT Trust
Series 2005-1, Class 1A1
0.56%, 02/25/2035 *		82		67
Nomura Asset Acceptance Corp.
Series 2003-A1, Class A2
6.00%, 05/25/2033		14		14
Series 2003-A1, Class A5
7.00%, 04/25/2033		19		20

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    5

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
PHH Alternative Mortgage Trust, IO
Series 2007-2, Class 2X
6.00%, 05/25/2037	$	477	$	101
RBSSP Resecuritization Trust
Series 2010-9, Class 7A5
4.00%, 05/26/2037 - 144A *		235		233
Residential Accredit Loans, Inc.
Series 2002-QS16, Class A3
16.12%, 10/25/2017 *		27		30
Series 2003-QS3, Class A2
15.97%, 02/25/2018 *		28		30
Series 2003-QS19, Class A1
5.75%, 10/25/2033		169		175
Series 2004-QS3, Class CB
5.00%, 03/25/2019		201		204
Residential Funding Mortgage Securities I, PO
Series 2004-S6, Class 2A6
06/25/2034		52		38
Sequoia Mortgage Trust
Series 2003-1, Class 1A
0.62%, 04/20/2033 *		196		188
Springleaf Mortgage Loan Trust
Series 2011-1A, Class A1
4.05%, 01/25/2058 - 144A *		262		266
Series 2011-1A, Class A2
5.45%, 01/25/2058 - 144A *		300		300
Structured Asset Mortgage Investments, Inc.
Series 2004-AR5, Class 1A1
0.90%, 10/19/2034 *		106		96
Structured Asset Securities Corp.
Series 2003-21, Class 1A3
5.50%, 07/25/2033		3		3
Series 2003-29, Class 1A1
4.75%, 09/25/2018		344		352
Series 2003-33H, Class 1A1
5.50%, 10/25/2033		190		192
Series 2005-6, Class 4A1
5.00%, 05/25/2035		45		45
TIAA Seasoned Commercial Mortgage Trust
Series 2007-C4, Class A3
5.66%, 08/15/2039 *		50		54
Vendee Mortgage Trust
Series 1997-1, Class 2Z
7.50%, 02/15/2027		791		926
Vericrest Opportunity Loan Transferee
Series 2011-NL1A, Class A1
5.93%, 12/26/2050 - 144A		92		93
Series 2011-NL2A, Class A1
5.68%, 06/25/2051 - 144A		70		70
Series 2011-NL2A, Class A2
9.32%, 06/25/2051 - 144A		150		151
Series 2011-NL3A, Class A1
5.19%, 09/25/2051 - 144A *		129		129
Series 2011-NL3A, Class A2
9.32%, 09/25/2051 - 144A *		112		112
Wachovia Bank Commercial Mortgage Trust, IO
Series 2006-C24, Class XC
0.04%, 03/15/2045 - 144A *		14,870		61

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates
Series 2003-AR6, Class A1
2.57%, 06/25/2033 *	$	124	$	121
Series 2003-S3, Class 1A4
5.50%, 06/25/2033		198		202
Series 2003-S9, Class A8
5.25%, 10/25/2033		312		321
Series 2003-S11, Class 2A5
16.39%, 11/25/2033 *		28		29
Series 2004-AR3, Class A2
2.55%, 06/25/2034 *		64		63
Series 2005-4, Class CB7
5.50%, 06/25/2035		409		359
WaMu Mortgage Pass-Through Certificates, IO
Series 2005-2, Class 1A4
4.81%, 04/25/2035 *		1,317		172
Series 2005-3, Class CX
5.50%, 05/25/2035		429		79
WaMu Mortgage Pass-Through Certificates, PO
Series 2003-MS7, Class P
03/25/2033		36		29
Wells Fargo Mortgage Backed Securities Trust
Series 2003-11, Class 1A10
4.75%, 10/25/2018		193		198
Series 2003-K, Class 1A1
4.43%, 11/25/2033 *		72		73
Series 2004-7, Class 2A2
5.00%, 07/25/2019		70		73
Series 2004-BB, Class A4
2.62%, 01/25/2035 *		121		121
Series 2004-EE, Class 3A1
2.76%, 12/25/2034 *		71		72
Series 2004-I, Class 1A1
2.70%, 07/25/2034 *		276		272
Series 2004-P, Class 2A1
2.68%, 09/25/2034 *		398		398
Series 2004-V, Class 1A1
2.71%, 10/25/2034 *		129		128
Series 2005-AR8, Class 2A1
2.68%, 06/25/2035 *		96		92
Wells Fargo Mortgage Loan Trust
Series 2012-RR1, Class A1
2.85%, 08/27/2037 - 144A *		151		150
Total Mortgage-Backed Securities (cost $32,762)				33,529
ASSET-BACKED SECURITIES - 3.1%
AH Mortgage Advance Trust
Series SART-1, Class A1
2.63%, 05/10/2042 - 144A		367		366
Series SART-1, Class A2
3.37%, 05/10/2043 - 144A		604		606
Series SART-2, Class A1
3.27%, 09/15/2043 - 144A		240		240
Series SART-2, Class B1
6.90%, 09/15/2043 - 144A		100		101
Ally Auto Receivables Trust
Series 2012-1, Class A3
0.93%, 02/16/2016		106		106

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    6

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
American Credit Acceptance Receivables Trust
Series 2012-1, Class A1
1.96%, 01/15/2014 - 144A	$	73	$	73
Series 2012-1, Class A2
3.04%, 10/15/2015 - 144A		80		80
AmeriCredit Automobile Receivables Trust
Series 2010-3, Class A3
1.14%, 04/08/2015		110		110
Series 2011-3, Class A2
0.84%, 11/10/2014		127		127
Series 2011-4, Class A2
0.92%, 03/09/2015		100		100
Series 2011-4, Class A3
1.17%, 05/09/2016		283		283
Series 2011-5, Class A3
1.55%, 07/08/2016		159		161
Series 2012-1, Class A2
0.91%, 10/08/2015		99		99
Bank of America Auto Trust
Series 2010-2, Class A4
1.94%, 06/15/2017		125		127
CarMax Auto Owner Trust
Series 2011-1, Class A3
1.29%, 09/15/2015		120		121
Series 2011-1, Class A4
2.16%, 09/15/2016		130		134
Series 2011-3, Class A3
1.07%, 06/15/2016		270		272
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2003-6, Class 1A7
4.28%, 11/25/2034 *		136		128
Chrysler Financial Auto Securitization Trust
Series 2010-A, Class A3
0.91%, 08/08/2013		200		200
Citigroup Mortgage Loan Trust, Inc.
Series 2011-5, Class 1A1
0.43%, 02/25/2046 - 144A *		120		110
CNH Equipment Trust
Series 2012-A, Class A2
0.65%, 07/15/2015		101		101
Series 2012-A, Class A3
0.94%, 05/15/2017		99		99
CPS Auto Trust
Series 2011-C, Class A
4.21%, 03/15/2019 - 144A		147		147
Series 2012-A, Class A
2.78%, 06/17/2019 - 144A		100		100
Credit-Based Asset Servicing and Securitization LLC
Series 2006-CB1, Class AF2
4.65%, 01/25/2036 *		31		17
Ford Credit Auto Lease Trust
Series 2011-A, Class A2
0.74%, 09/15/2013		167		167
Ford Credit Auto Owner Trust
Series 2009-B, Class A3
2.79%, 08/15/2013		17		17

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Ford Credit Auto Owner Trust (continued)
Series 2009-B, Class A4
4.50%, 07/15/2014	$	125	$	129
Series 2011-B, Class A2
0.68%, 01/15/2014		77		77
Series 2012-A, Class A3
0.84%, 08/15/2016		246		247
Fortress Opportunities Residential Transaction
Series 2011-1A, Class A1
7.21%, 10/25/2047 - 144A *		286		287
GE Capital Credit Card Master Note Trust
Series 2009-2, Class A
3.69%, 07/15/2015		200		202
Honda Auto Receivables Owner Trust
Series 2011-1, Class A4
1.80%, 04/17/2017		75		76
Huntington Auto Trust
Series 2011-1A, Class A2
0.76%, 04/15/2014 - 144A		240		240
Series 2011-1A, Class A3
1.01%, 01/15/2016 - 144A		200		201
Series 2011-1A, Class A4
1.31%, 11/15/2016 - 144A		200		201
Series 2012-1, Class A3
0.81%, 09/15/2016		100		100
Hyundai Auto Receivables Trust
Series 2010-B, Class A3
0.97%, 04/15/2015		57		57
Series 2010-B, Class A4
1.63%, 03/15/2017		65		66
John Deere Owner Trust
Series 2011-A, Class A3
1.29%, 01/15/2016		40		40
LAI Vehicle Lease Securitization Trust
Series 2010-A, Class A
2.55%, 09/15/2016 - 144A		108		108
Lake Country Mortgage Loan Trust
Series 2006-HE1, Class A3
0.59%, 07/25/2034 - 144A *		135		129
Madison Avenue Manufactured Housing Contract
Series 2002-A, Class M2
2.49%, 03/25/2032 *		250		229
MMCA Automobile Trust
Series 2012-A, Class A4
1.57%, 08/15/2017 - 144A		300		304
Newcastle Investment Trust
Series 2011-MH1, Class A
2.45%, 12/10/2033 - 144A		40		40
Nissan Auto Receivables Owner Trust
Series 2010-A, Class A3
0.87%, 07/15/2014		95		95
Series 2010-A, Class A4
1.31%, 09/15/2016		60		61
Series 2012-A, Class A3
0.73%, 05/16/2016		78		78
Park Place Securities, Inc.
Series 2004-MCW1, Class M1
0.87%, 10/25/2034 *		311		295

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    7

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
PennyMac Loan Trust
Series 2011-NPL1, Class A
5.25%, 09/25/2051 - 144A *	$	162	$	162
Residential Asset Mortgage Products, Inc.
Series 2004-RS11, Class M1
0.86%, 11/25/2034 *		401		377
Series 2006-RZ1, Class A3
0.54%, 03/25/2036 *		300		257
Residential Credit Solutions Trust
Series 2011-1, Class A1
6.00%, 03/25/2041 - 144A		121		121
Santander Drive Auto Receivables Trust
Series 2010-A, Class A4
2.39%, 06/15/2017 - 144A		100		102
Series 2011-S2A, Class B
2.06%, 06/15/2017 - 144A		26		26
Series 2011-S2A, Class D
3.35%, 06/15/2017 - 144A		254		253
Series 2012-1, Class A2
1.25%, 04/15/2015		225		226
Series 2012-1, Class A3
1.49%, 10/15/2015		41		41
Series 2012-2, Class A2
0.91%, 05/15/2015		89		89
Series 2012-2, Class A3
1.22%, 12/15/2015		53		53
Saxon Asset Securities Trust
Series 2003-1, Class AF6
4.80%, 06/25/2033 *		76		76
Structured Asset Investment Loan Trust
Series 2005-5, Class A9
0.51%, 06/25/2035 *		100		95
Toyota Auto Receivables Owner Trust
Series 2010-C, Class A3
0.77%, 04/15/2014		145		145
USAA Auto Owner Trust
Series 2009-2, Class A3
1.54%, 10/15/2012		16		16
Series 2009-2, Class A4
2.53%, 06/17/2013		115		117
Volkswagen Auto Loan Enhanced Trust
Series 2012-1, Class A3
0.85%, 08/22/2016		298		299
Total Asset-Backed Securities (cost $9,875)				9,909
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1%
Ohio State University
4.80%, 06/01/2111		130		131
Port Authority of New York & New Jersey
5.65%, 11/01/2040		100		117
State of Illinois
5.10%, 06/01/2033		200		189
Total Municipal Government Obligations (cost $429)				437
CORPORATE DEBT SECURITIES - 15.3%
Aerospace & Defense - 0.1%
BAE Systems Holdings, Inc.
6.38%, 06/01/2019 - 144A		30		34
BAE Systems PLC
5.80%, 10/11/2041 - 144A		92		97

	Principal (000’s)		Value (000’s)
Aerospace & Defense (continued)
Lockheed Martin Corp.
5.72%, 06/01/2040	$	51	$	59
Air Freight & Logistics - 0.0% ¥
United Parcel Service of America, Inc.
8.38%, 04/01/2020 ^		35		49
Airlines - 0.0% ¥
American Airlines Pass-Through Trust - Series 2011-2, Class A
8.63%, 04/15/2023		70		74
Continental Airlines Pass-Through Trust - Series 2007-1A, Class A
5.98%, 04/19/2022		46		50
Delta Air Lines, Inc., Pass-Through Trust - Series 2011-1, Class A
5.30%, 04/15/2019		26		28
Auto Components - 0.1%
Johnson Controls, Inc.
3.75%, 12/01/2021 ^		66		67
5.25%, 12/01/2041 ^		100		105
Automobiles - 0.1%
Daimler Finance North America LLC
2.63%, 09/15/2016 - 144A		150		155
2.95%, 01/11/2017 - 144A		150		155
Beverages - 0.2%
Anheuser-Busch InBev Worldwide, Inc.
7.75%, 01/15/2019		165		214
Coca-Cola Co.
3.63%, 03/15/2014		50		53
4.88%, 03/15/2019 ^		65		75
Diageo Capital PLC
4.83%, 07/15/2020 ^		25		29
Diageo Finance BV
5.50%, 04/01/2013 ^		75		79
FBG Finance, Ltd.
5.13%, 06/15/2015 - 144A		75		83
PepsiCo, Inc.
0.80%, 08/25/2014		10		10
3.00%, 08/25/2021 ^		20		20
7.90%, 11/01/2018		5		7
Biotechnology - 0.1%
Amgen, Inc.
3.88%, 11/15/2021		100		102
4.50%, 03/15/2020 ^		12		13
5.15%, 11/15/2041		200		201
5.65%, 06/15/2042		25		27
5.70%, 02/01/2019 ^		50		58
5.75%, 03/15/2040		41		44
Capital Markets - 1.6%
Bank of New York Mellon Corp.
1.20%, 02/20/2015 ^		45		45
2.40%, 01/17/2017 ^		149		153
2.95%, 06/18/2015 ^		60		63
3.55%, 09/23/2021		90		92
4.60%, 01/15/2020 ^		30		33
5.13%, 08/27/2013		35		37
BlackRock, Inc.
6.25%, 09/15/2017 ^		100		121
BP Capital Markets PLC
4.74%, 03/11/2021		50		56
5.25%, 11/07/2013		150		160

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    8

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Capital Markets (continued)
Charles Schwab Corp.
4.95%, 06/01/2014	$	20	$	22
Credit Suisse USA, Inc.
4.88%, 01/15/2015 ^		300		324
5.13%, 08/15/2015 ^		125		137
Deutsche Bank AG
3.25%, 01/11/2016 ^		100		103
6.00%, 09/01/2017		100		114
Goldman Sachs Group, Inc.
3.63%, 02/07/2016 ^		20		20
3.70%, 08/01/2015		20		20
5.25%, 10/15/2013 - 07/27/2021		73		75
5.38%, 03/15/2020		125		127
5.75%, 01/24/2022		120		123
5.95%, 01/18/2018		70		75
6.00%, 06/15/2020		188		198
6.15%, 04/01/2018		150		162
6.25%, 09/01/2017		175		192
7.50%, 02/15/2019		460		526
Jefferies Group, Inc.
6.45%, 06/08/2027		75		74
8.50%, 07/15/2019		180		200
Macquarie Group, Ltd.
6.00%, 01/14/2020 - 144A		100		100
6.25%, 01/14/2021 - 144A		100		101
7.30%, 08/01/2014 - 144A		75		80
7.63%, 08/13/2019 - 144A		75		81
Morgan Stanley
4.75%, 04/01/2014 ^		145		147
5.30%, 03/01/2013 ^		250		257
5.50%, 07/24/2020		138		135
5.63%, 09/23/2019		200		198
5.75%, 01/25/2021		100		98
7.30%, 05/13/2019		200		215
Nomura Holdings, Inc.
5.00%, 03/04/2015 ^		75		78
Northern Trust Corp.
5.50%, 08/15/2013		23		24
UBS AG
5.75%, 04/25/2018 ^		200		219
Chemicals - 0.3%
Dow Chemical Co.
4.13%, 11/15/2021 ^		61		63
4.25%, 11/15/2020		38		40
5.25%, 11/15/2041		45		46
7.60%, 05/15/2014		50		57
E.I. du Pont de Nemours & Co.
1.95%, 01/15/2016 ^		58		59
4.90%, 01/15/2041		25		27
6.00%, 07/15/2018		150		185
Monsanto Co.
7.38%, 08/15/2012		100		102
Mosaic Co.
3.75%, 11/15/2021		31		32
4.88%, 11/15/2041		8		8
Potash Corp. of Saskatchewan, Inc.
4.88%, 03/01/2013		40		42
PPG Industries, Inc.
5.75%, 03/15/2013		35		36

	Principal (000’s)		Value (000’s)
Chemicals (continued)
PPG Industries, Inc. (continued)
6.65%, 03/15/2018	$	90	$	109
Praxair, Inc.
4.38%, 03/31/2014		75		80
Union Carbide Corp.
7.50%, 06/01/2025		175		205
Commercial Banks - 2.5%
Australia & New Zealand Banking Group, Ltd.
2.40%, 11/23/2016 - 144A ^		250		252
4.88%, 01/12/2021 - 144A ^		100		109
Bank of Nova Scotia
1.65%, 10/29/2015 - 144A ^		100		102
2.55%, 01/12/2017		300		307
Barclays Bank PLC
2.50%, 01/23/2013		100		101
2.75%, 02/23/2015		210		212
3.90%, 04/07/2015		100		104
5.13%, 01/08/2020		100		105
BB&T Corp.
3.38%, 09/25/2013 ^		45		47
3.85%, 07/27/2012		55		56
3.95%, 04/29/2016 ^		50		54
4.90%, 06/30/2017		30		33
5.70%, 04/30/2014		50		55
6.85%, 04/30/2019		75		92
Commonwealth Bank of Australia
2.25%, 03/16/2017 - 144A ^		250		250
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
3.38%, 01/19/2017		34		35
3.88%, 02/08/2022		118		114
4.50%, 01/11/2021 ^		150		154
DNB Boligkreditt AS
2.10%, 10/14/2015 - 144A		200		203
HSBC Bank PLC
1.63%, 07/07/2014 - 144A ^		200		201
4.75%, 01/19/2021 - 144A		225		238
HSBC Holdings PLC
4.00%, 03/30/2022		107		106
4.88%, 01/14/2022		160		170
6.10%, 01/14/2042		150		175
HSBC USA, Inc.
2.38%, 02/13/2015		200		201
ING Bank NV
3.75%, 03/07/2017 - 144A		200		198
KeyCorp
6.50%, 05/14/2013 ^		50		53
National Australia Bank, Ltd.
2.75%, 09/28/2015 - 144A		200		205
3.75%, 03/02/2015 - 144A		100		105
Nordea Bank AB
3.13%, 03/20/2017 - 144A ^		350		349
Oversea-Chinese Banking Corp., Ltd.
1.63%, 03/13/2015 - 144A		200		201
PNC Funding Corp.
3.30%, 03/08/2022		101		100
4.38%, 08/11/2020		67		73
5.13%, 02/08/2020		65		74
5.25%, 11/15/2015		25		28

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    9

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
PNC Funding Corp. (continued)
5.63%, 02/01/2017	$	25	$	28
6.70%, 06/10/2019		50		61
Rabobank Nederland NV
2.13%, 10/13/2015		52		52
Stadshypotek AB
1.45%, 09/30/2013 - 144A ^		314		316
Toronto-Dominion Bank
1.50%, 03/13/2017 - 144A ^		200		198
U.S. Bancorp
2.88%, 11/20/2014 ^		42		44
3.00%, 03/15/2022		83		82
4.13%, 05/24/2021		34		37
Wachovia Bank NA
6.00%, 11/15/2017		250		286
Wachovia Corp.
5.50%, 05/01/2013		295		309
5.75%, 02/01/2018		475		551
Wells Fargo & Co.
2.63%, 12/15/2016		274		280
3.50%, 03/08/2022		150		148
3.68%, 06/15/2016 *		100		107
4.60%, 04/01/2021		50		54
Westpac Banking Corp.
2.45%, 11/28/2016 - 144A ^		250		253
Commercial Services & Supplies - 0.1%
Allied Waste North America, Inc.
6.88%, 06/01/2017		50		52
ERAC USA Finance LLC
2.25%, 01/10/2014 - 144A		20		20
2.75%, 03/15/2017 - 144A		48		48
4.50%, 08/16/2021 - 144A		36		37
5.63%, 03/15/2042 - 144A ^		112		107
Pitney Bowes, Inc.
4.88%, 08/15/2014		90		96
Waste Management, Inc.
7.38%, 03/11/2019 ^		35		44
Communications Equipment - 0.0% ¥
Cisco Systems, Inc.
5.50%, 02/22/2016 ^		50		58
5.90%, 02/15/2039		70		85
Computers & Peripherals - 0.2%
Dell, Inc.
4.63%, 04/01/2021		65		72
7.10%, 04/15/2028		25		31
Hewlett-Packard Co.
2.95%, 08/15/2012		40		40
4.38%, 09/15/2021		39		40
4.75%, 06/02/2014		50		53
5.40%, 03/01/2017 ^		50		56
6.00%, 09/15/2041		275		301
6.13%, 03/01/2014		100		109
Construction & Engineering - 0.0% ¥
Fluor Corp.
3.38%, 09/15/2021		70		70
Consumer Finance - 0.6%
American Express Co.
7.00%, 03/19/2018		50		61

	Principal (000’s)		Value (000’s)
Consumer Finance (continued)
American Express Credit Corp.
2.80%, 09/19/2016	$	111	$	114
American Express Credit Corp. -Series C
5.88%, 05/02/2013		145		152
Capital One Bank USA NA
8.80%, 07/15/2019		250		305
Capital One Financial Corp.
6.75%, 09/15/2017		110		130
7.38%, 05/23/2014		115		127
Caterpillar Financial Services Corp. -Series F
4.90%, 08/15/2013		100		106
6.20%, 09/30/2013		125		135
7.05%, 10/01/2018		125		159
HSBC Finance Corp.
5.25%, 01/15/2014 ^		100		105
John Deere Capital Corp.
3.15%, 10/15/2021		33		34
5.25%, 10/01/2012		75		77
PACCAR Financial Corp.
1.60%, 03/15/2017 ^		53		53
Springleaf Finance Corp.
5.38%, 10/01/2012 ^		60		58
Toyota Motor Credit Corp.
1.00%, 02/17/2015 ^		80		80
2.00%, 09/15/2016 ^		225		230
2.05%, 01/12/2017 ^		100		101
3.20%, 06/17/2015		58		62
Diversified Financial Services - 2.9%
Allstate Life Global Funding Trust
5.38%, 04/30/2013		70		74
American Honda Finance Corp.
2.60%, 09/20/2016 - 144A		205		211
ASIF Global Financing XIX
4.90%, 01/17/2013 - 144A		600		609
BA Covered Bond Issuer
5.50%, 06/14/2012 - 144A		400		404
Bank of America Corp.
5.00%, 05/13/2021		25		25
5.63%, 07/01/2020		145		151
5.70%, 01/24/2022		285		302
5.75%, 12/01/2017		65		70
5.88%, 01/05/2021		70		74
7.63%, 06/01/2019		50		58
Bank of America Corp. -Series L
7.38%, 05/15/2014		100		109
Bank of America Corp. -Series MTNL
5.65%, 05/01/2018		20		21
Blackstone Holdings Finance Co., LLC
5.88%, 03/15/2021 - 144A		170		174
Citigroup, Inc.
4.45%, 01/10/2017		425		444
4.59%, 12/15/2015		66		70
4.75%, 05/19/2015		70		74
5.00%, 09/15/2014		400		414
5.38%, 08/09/2020		36		39
5.88%, 01/30/2042		45		47
6.00%, 08/15/2017		300		334
6.01%, 01/15/2015		50		54
6.50%, 08/19/2013		50		53

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    10

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Citigroup, Inc. (continued)
8.13%, 07/15/2039	$	50	$	65
8.50%, 05/22/2019		50		62
CME Group, Inc.
5.40%, 08/01/2013		140		148
5.75%, 02/15/2014		110		120
Conoco Funding Co.
7.25%, 10/15/2031		50		68
ConocoPhillips Canada Funding Co. I
5.63%, 10/15/2016		100		118
Countrywide Financial Corp.
6.25%, 05/15/2016		75		78
FUEL Trust
3.98%, 06/15/2016 - 144A		200		203
General Electric Capital Corp.
2.25%, 11/09/2015		225		231
4.38%, 09/16/2020		50		53
4.63%, 01/07/2021		190		203
4.65%, 10/17/2021		200		213
5.30%, 02/11/2021		25		27
5.63%, 05/01/2018		625		723
5.90%, 05/13/2014		150		165
6.00%, 06/15/2012		820		828
6.75%, 03/15/2032		210		251
GTP Acquisition Partners I LLC
4.35%, 06/15/2016 - 144A		102		105
Macquarie Bank, Ltd.
5.00%, 02/22/2017 - 144A		163		164
MassMutual Global Funding II
2.00%, 04/05/2017 - 144A		200		199
3.63%, 07/16/2012 - 144A		100		101
Merrill Lynch & Co., Inc.
5.45%, 07/15/2014 ^		235		246
6.15%, 04/25/2013		170		177
6.88%, 04/25/2018		60		67
Merrill Lynch & Co., Inc. -Series C
6.40%, 08/28/2017		395		431
National Rural Utilities Cooperative Finance Corp.
4.75%, 03/01/2014		75		81
Principal Life Global Funding I
5.05%, 03/15/2015 - 144A		100		106
Textron Financial Corp.
5.40%, 04/28/2013 ^		40		41
Tyco International Finance SA
8.50%, 01/15/2019		40		52
Diversified Telecommunication Services - 1.1%
AT&T Corp.
8.00%, 11/15/2031		4		6
AT&T, Inc.
4.45%, 05/15/2021		50		55
4.85%, 02/15/2014		150		161
4.95%, 01/15/2013		210		217
5.10%, 09/15/2014		45		50
5.35%, 09/01/2040		113		120
5.50%, 02/01/2018		75		88
5.60%, 05/15/2018		75		89
Bellsouth Capital Funding Corp.
7.12%, 07/15/2097		100		118

	Principal (000’s)		Value (000’s)
Diversified Telecommunication Services (continued)
BellSouth Corp.
5.20%, 09/15/2014	$	5	$	6
6.88%, 10/15/2031 ^		50		60
BellSouth Telecommunications, Inc.
6.30%, 12/15/2015		31		33
6.38%, 06/01/2028		100		113
British Telecommunications PLC
9.63%, 12/15/2030		150		221
Centel Capital Corp.
9.00%, 10/15/2019		40		46
CenturyLink, Inc.
6.45%, 06/15/2021		90		92
7.60%, 09/15/2039		60		57
Deutsche Telekom International Finance BV
2.25%, 03/06/2017 - 144A		150		148
4.88%, 07/08/2014 ^		75		80
8.75%, 06/15/2030		75		103
France Telecom SA
2.75%, 09/14/2016 ^		70		72
GTE Corp.
6.84%, 04/15/2018		200		244
Qwest Corp.
6.75%, 12/01/2021		148		165
Telecom Italia Capital SA
4.95%, 09/30/2014 ^		100		103
5.25%, 11/15/2013		60		62
Telefonica Emisiones SAU
5.86%, 02/04/2013		100		103
5.88%, 07/15/2019		40		41
Verizon Communications, Inc.
6.40%, 02/15/2038		100		121
Verizon Global Funding Corp.
5.85%, 09/15/2035		25		29
Verizon Pennsylvania, Inc.
8.35%, 12/15/2030		400		501
Electric Utilities - 0.9%
Alabama Power Co.
6.13%, 05/15/2038		11		14
Arizona Public Service Co.
4.50%, 04/01/2042		28		27
Carolina Power & Light Co.
3.00%, 09/15/2021		55		55
5.30%, 01/15/2019		70		82
CenterPoint Energy Houston Electric LLC - Series M2
5.75%, 01/15/2014		60		65
Cleveland Electric Illuminating Co.
7.88%, 11/01/2017		50		62
Duke Energy Carolinas LLC
4.25%, 12/15/2041 ^		21		21
Duke Energy Corp.
5.63%, 11/30/2012		100		103
Duke Energy Indiana, Inc.
6.35%, 08/15/2038		80		104
Florida Power & Light Co.
5.95%, 10/01/2033 ^		250		308
5.95%, 02/01/2038		50		62
Florida Power Corp.
4.80%, 03/01/2013		50		52

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    11

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

		Principal		Principal
	Principal (000’s)		Value (000’s)
Electric Utilities (continued)
Indiana Michigan Power Co.
7.00%, 03/15/2019 ^	$	30	$	37
Jersey Central Power & Light Co.
7.35%, 02/01/2019 ^		15		19
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/2042		69		71
Kansas City Power & Light Co.
5.30%, 10/01/2041		100		106
KCP&L Greater Missouri Operations Co.
11.88%, 07/01/2012 ^		90		92
Nevada Power Co.
5.38%, 09/15/2040		12		14
5.45%, 05/15/2041		50		57
6.50%, 08/01/2018		50		62
NextEra Energy Capital Holdings, Inc.
6.00%, 03/01/2019		25		29
7.88%, 12/15/2015		30		36
Niagara Mohawk Power Corp.
4.88%, 08/15/2019 - 144A		40		44
NiSource Finance Corp.
5.80%, 02/01/2042		118		125
Ohio Power Co.
5.75%, 09/01/2013		100		107
Ohio Power Co. -Series G
6.05%, 05/01/2018		30		35
Oncor Electric Delivery Co., LLC
5.95%, 09/01/2013		20		21
6.80%, 09/01/2018 ^		65		79
7.00%, 09/01/2022		50		61
Pacific Gas & Electric Co.
4.50%, 12/15/2041		96		96
PacifiCorp
5.65%, 07/15/2018		25		30
PECO Energy Co.
5.35%, 03/01/2018		50		59
PPL Energy Supply LLC
4.60%, 12/15/2021 ^		130		131
Progress Energy, Inc.
3.15%, 04/01/2022		54		53
Public Service Co., of Colorado
5.80%, 08/01/2018		20		24
6.50%, 08/01/2038		45		61
Public Service Co., of Oklahoma
4.40%, 02/01/2021		30		32
Public Service Electric & Gas Co.
5.30%, 05/01/2018 ^		30		36
5.38%, 11/01/2039		14		16
6.33%, 11/01/2013		60		65
Southern California Edison Co.
3.90%, 12/01/2041 ^		30		29
4.15%, 09/15/2014		25		27
5.50%, 08/15/2018		65		78
6.05%, 03/15/2039 ^		60		77
Southern Co.
1.95%, 09/01/2016		13		13
4.15%, 05/15/2014		85		91
Virginia Electric and Power Co.
2.95%, 01/15/2022		27		27
5.40%, 04/30/2018		100		119

		Principal		Principal
	Principal (000’s)		Value (000’s)
Electric Utilities (continued)
Wisconsin Electric Power Co.
2.95%, 09/15/2021	$	2	$	2
6.00%, 04/01/2014		35		39
Electronic Equipment & Instruments - 0.1%
Arrow Electronics, Inc.
3.38%, 11/01/2015 ^		120		124
7.50%, 01/15/2027		100		106
Energy Equipment & Services - 0.3%
Halliburton Co.
7.45%, 09/15/2039		100		140
7.60%, 08/15/2096 - 144A		50		66
Noble Holding International, Ltd.
3.95%, 03/15/2022		11		11
5.25%, 03/15/2042		9		9
Schlumberger Investment SA
3.30%, 09/14/2021 - 144A		41		42
Spectra Energy Capital LLC
5.50%, 03/01/2014 ^		125		133
8.00%, 10/01/2019		50		63
TransCanada PipeLines, Ltd.
3.80%, 10/01/2020 ^		100		107
4.00%, 06/15/2013		50		52
7.13%, 01/15/2019		70		89
Transocean, Inc.
6.38%, 12/15/2021		26		29
6.50%, 11/15/2020		75		84
7.35%, 12/15/2041 ^		20		24
7.50%, 04/15/2031		25		28
Food & Staples Retailing - 0.1%
CVS Caremark Corp.
5.75%, 05/15/2041		40		45
6.13%, 09/15/2039		20		23
CVS Pass-Through Trust
5.93%, 01/10/2034 - 144A		69		73
Kroger Co.
2.20%, 01/15/2017		33		34
5.40%, 07/15/2040		12		13
6.15%, 01/15/2020		50		61
6.40%, 08/15/2017		55		66
Food Products - 0.3%
Bunge NA Finance, LP
5.90%, 04/01/2017		16		18
Bunge, Ltd. Finance Corp.
5.88%, 05/15/2013		35		37
8.50%, 06/15/2019		55		67
Cargill, Inc.
3.30%, 03/01/2022 - 144A		70		69
6.00%, 11/27/2017 - 144A		100		119
Kellogg Co.
4.25%, 03/06/2013		80		83
Kraft Foods, Inc.
6.13%, 02/01/2018 ^		100		120
6.50%, 08/11/2017 - 02/09/2040		125		152
6.88%, 02/01/2038		50		63
7.00%, 08/11/2037		75		95
Gas Utilities - 0.2%
AGL Capital Corp.
3.50%, 09/15/2021		75		75
5.88%, 03/15/2041		146		172
6.38%, 07/15/2016		100		116

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    12

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Gas Utilities (continued)
Atmos Energy Corp.
8.50%, 03/15/2019	$	35	$	46
Boston Gas Co.
4.49%, 02/15/2042 - 144A ^		26		26
Southern California Gas Co.
4.80%, 10/01/2012		100		102
Health Care Equipment & Supplies - 0.0% ¥
Baxter International, Inc.
4.00%, 03/01/2014		25		27
Health Care Providers & Services - 0.0% ¥
UnitedHealth Group, Inc.
3.38%, 11/15/2021 ^		94		97
WellPoint, Inc.
5.88%, 06/15/2017		13		15
7.00%, 02/15/2019		9		11
Household Durables - 0.0% ¥
Newell Rubbermaid, Inc.
4.70%, 08/15/2020		33		35
Household Products - 0.0% ¥
Kimberly-Clark Corp.
2.40%, 03/01/2022		20		19
7.50%, 11/01/2018		15		20
Independent Power Producers & Energy Traders - 0.1%
Exelon Generation Co., LLC
4.00%, 10/01/2020 ^		60		62
PSEG Power LLC
4.15%, 09/15/2021 ^		33		34
5.13%, 04/15/2020		92		100
Industrial Conglomerates - 0.0% ¥
Koninklijke Philips Electronics NV
5.75%, 03/11/2018		14		16
7.20%, 06/01/2026		20		25
Tyco International, Ltd.
7.00%, 12/15/2019		20		25
Insurance - 0.9%
Aflac, Inc.
2.65%, 02/15/2017 ^		28		28
4.00%, 02/15/2022 ^		32		32
6.45%, 08/15/2040		17		19
8.50%, 05/15/2019		30		39
Aon PLC
3.50%, 09/30/2015		23		24
6.25%, 09/30/2040 ^		18		22
Berkshire Hathaway Finance Corp.
2.45%, 12/15/2015 ^		33		34
4.00%, 04/15/2012		100		100
4.60%, 05/15/2013		100		104
5.40%, 05/15/2018 ^		50		59
Berkshire Hathaway, Inc.
3.40%, 01/31/2022		202		204
3.75%, 08/15/2021 ^		134		138
CNA Financial Corp.
5.85%, 12/15/2014		50		54
5.88%, 08/15/2020 ^		45		48
Jackson National Life Global Funding
5.38%, 05/08/2013 - 144A		100		104
Lincoln National Corp.
4.20%, 03/15/2022		32		32
4.85%, 06/24/2021		12		13

	Principal (000’s)		Value (000’s)
Insurance (continued)
Massachusetts Mutual Life Insurance Co.
5.38%, 12/01/2041 - 144A	$	26	$	27
MetLife Institutional Funding II
1.37%, 04/04/2014 - 144A *		100		100
Metropolitan Life Global Funding I
2.00%, 01/09/2015 - 144A		325		329
3.65%, 06/14/2018 - 144A		125		131
5.13%, 04/10/2013 - 144A		100		105
Nationwide Mutual Insurance Co.
9.38%, 08/15/2039 - 144A		195		247
New York Life Global Funding
1.30%, 01/12/2015 - 144A		100		101
3.00%, 05/04/2015 - 144A		200		211
Pacific Life Insurance Co.
9.25%, 06/15/2039 - 144A		50		65
Pricoa Global Funding I
5.45%, 06/11/2014 - 144A		150		162
Prudential Insurance Co. of America
8.30%, 07/01/2025 - 144A		150		199
Travelers Cos., Inc.
5.80%, 05/15/2018		50		60
Travelers Life & Annunity Global Funding I
5.13%, 08/15/2014 - 144A		100		109
IT Services - 0.1%
HP Enterprise Services LLC -Series B
6.00%, 08/01/2013		50		53
International Business Machines Corp.
1.25%, 02/06/2017		100		99
6.22%, 08/01/2027 ^		250		319
Machinery - 0.0% ¥
Eaton Corp.
7.63%, 04/01/2024		75		101
Ingersoll-Rand Co. Ltd.
6.39%, 11/15/2027		25		29
Parker Hannifin Corp.
5.50%, 05/15/2018		20		23
Media - 0.9%
CBS Corp.
5.75%, 04/15/2020		17		20
7.88%, 07/30/2030		45		58
8.88%, 05/15/2019		90		118
Comcast Corp.
6.45%, 03/15/2037		50		60
6.50%, 01/15/2017 - 11/15/2035		100		120
COX Communications, Inc.
8.38%, 03/01/2039 - 144A		60		84
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
3.80%, 03/15/2022 - 144A		150		148
4.60%, 02/15/2021		125		132
5.00%, 03/01/2021		33		36
Historic TW, Inc.
9.15%, 02/01/2023		500		681
NBCUniversal Media LLC
4.38%, 04/01/2021		50		54
News America, Inc.
6.65%, 11/15/2037		50		58
7.30%, 04/30/2028		50		56
8.88%, 04/26/2023 ^		80		101

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    13

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Media (continued)
TCI Communications, Inc.
8.75%, 08/01/2015	$	100	$	123
Thomson Reuters Corp.
3.95%, 09/30/2021 ^		126		131
4.70%, 10/15/2019 ^		15		16
5.95%, 07/15/2013 ^		35		37
Time Warner Cable, Inc.
5.50%, 09/01/2041		90		94
6.75%, 07/01/2018		60		73
7.30%, 07/01/2038		100		126
8.25%, 02/14/2014		50		57
8.75%, 02/14/2019 ^		50		65
Time Warner Entertainment Co., LP
8.38%, 03/15/2023 - 07/15/2033		75		100
Viacom, Inc.
1.25%, 02/27/2015		22		22
3.88%, 12/15/2021		72		74
4.50%, 03/01/2021 - 02/27/2042 ^		55		56
Walt Disney Co.
4.13%, 12/01/2041 ^		60		59
Metals & Mining - 0.1%
BHP Billiton Finance USA, Ltd.
1.63%, 02/24/2017		83		83
5.50%, 04/01/2014		50		55
Rio Tinto Finance USA, Ltd.
3.50%, 11/02/2020		12		12
3.75%, 09/20/2021		80		82
8.95%, 05/01/2014		35		41
Multiline Retail - 0.1%
Kohl’s Corp.
4.00%, 11/01/2021 ^		30		31
6.25%, 12/15/2017		15		18
Macy’s Retail Holdings, Inc.
7.45%, 07/15/2017		30		36
Nordstrom, Inc.
4.00%, 10/15/2021		35		37
Target Corp.
6.00%, 01/15/2018		100		122
Multi-Utilities - 0.2%
Dominion Resources, Inc.
5.25%, 08/01/2033		100		111
Dominion Resources, Inc. - Series B
6.25%, 06/30/2012		144		146
PG&E Corp.
5.75%, 04/01/2014		100		109
San Diego Gas & Electric Co.
3.95%, 11/15/2041 ^		44		43
Sempra Energy
6.50%, 06/01/2016		50		59
8.90%, 11/15/2013		50		56
9.80%, 02/15/2019		50		68
Xcel Energy, Inc.
4.80%, 09/15/2041 ^		9		9
Office Electronics - 0.0% ¥
Xerox Corp.
2.95%, 03/15/2017 ^		26		26
5.63%, 12/15/2019 ^		50		56
6.75%, 02/01/2017		50		58

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels - 0.4%
Anadarko Petroleum Corp.
5.75%, 06/15/2014	$	50	$	54
8.70%, 03/15/2019		80		105
Canadian Natural Resources, Ltd.
5.90%, 02/01/2018 ^		25		30
6.45%, 06/30/2033		25		30
7.20%, 01/15/2032		20		26
ConocoPhillips
5.75%, 02/01/2019 ^		75		91
Devon Energy Corp.
6.30%, 01/15/2019		30		37
EnCana Corp.
6.50%, 05/15/2019 ^		40		47
6.50%, 08/15/2034		40		43
ENI SpA
5.70%, 10/01/2040 - 144A		125		131
Occidental Petroleum Corp.
1.75%, 02/15/2017		28		28
Petro-Canada
6.05%, 05/15/2018		40		48
6.80%, 05/15/2038		50		64
Phillips 66
2.95%, 05/01/2017 - 144A		33		34
4.30%, 04/01/2022 - 144A		17		17
Shell International Finance BV
6.38%, 12/15/2038		150		198
Statoil ASA
3.13%, 08/17/2017 ^		33		35
3.15%, 01/23/2022 ^		33		33
4.25%, 11/23/2041		27		27
Talisman Energy, Inc.
7.75%, 06/01/2019		60		73
Total Capital International SA
1.50%, 02/17/2017		55		54
Total Capital SA
2.30%, 03/15/2016		100		101
4.13%, 01/28/2021 ^		29		31
Pharmaceuticals - 0.0% ¥
AstraZeneca PLC
5.40%, 06/01/2014		50		55
GlaxoSmithKline Capital, Inc.
4.38%, 04/15/2014		50		54
Real Estate Investment Trusts - 0.2%
CommonWealth REIT
6.25%, 08/15/2016 ^		150		159
ERP Operating, LP
4.63%, 12/15/2021		27		28
HCP, Inc.
3.75%, 02/01/2019		21		21
Simon Property Group, LP
2.15%, 09/15/2017		167		164
4.13%, 12/01/2021		67		70
5.63%, 08/15/2014		50		55
6.10%, 05/01/2016		60		69
6.75%, 05/15/2014		30		33
WEA Finance LLC
7.13%, 04/15/2018 - 144A		50		59
WEA Finance LLC / WT Finance AUST Pty, Ltd.
6.75%, 09/02/2019 - 144A		93		108

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    14

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Road & Rail - 0.3%
Burlington Northern Santa Fe LLC
3.05%, 03/15/2022	$	87	$	86
3.45%, 09/15/2021		22		22
3.60%, 09/01/2020		25		26
5.65%, 05/01/2017		50		58
6.70%, 08/01/2028		50		60
CSX Corp.
4.25%, 06/01/2021		22		24
5.50%, 04/15/2041		37		40
7.90%, 05/01/2017		60		75
Norfolk Southern Corp.
3.25%, 12/01/2021		55		55
6.00%, 03/15/2105 - 05/23/2111		217		243
Ryder System, Inc.
2.50%, 03/01/2017		48		48
3.60%, 03/01/2016		25		26
Union Pacific Corp.
4.16%, 07/15/2022		7		8
5.65%, 05/01/2017		41		48
Union Pacific Corp. - Series 2003-1
4.70%, 01/02/2024		81		88
Semiconductors & Semiconductor Equipment - 0.0% ¥
Intel Corp.
3.30%, 10/01/2021		86		89
Software - 0.1%
Intuit, Inc.
5.75%, 03/15/2017		15		17
Microsoft Corp.
1.63%, 09/25/2015		60		62
Oracle Corp.
5.25%, 01/15/2016 ^		30		34
5.75%, 04/15/2018		100		122
6.13%, 07/08/2039		82		102
6.50%, 04/15/2038		30		39
Specialty Retail - 0.1%
Gap, Inc.
5.95%, 04/12/2021		53		53
Home Depot, Inc.
5.40%, 03/01/2016		85		99
Lowe’s Cos., Inc.
5.13%, 11/15/2041		33		36
Staples, Inc.
9.75%, 01/15/2014		45		51

	Principal (000’s)		Value (000’s)
Water Utilities - 0.0% ¥
American Water Capital Corp.
6.09%, 10/15/2017	$	125	$	145
Wireless Telecommunication Services - 0.0% ¥
Crown Castle Towers LLC
3.21%, 08/15/2015 - 144A		30		30
Vodafone Group PLC 5.00%, 09/15/2015		115		129
Total Corporate Debt Securities (cost $46,664)				49,472
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 2.5%
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.31% p		7,926,620		7,927
Total Securities Lending Collateral (cost $7,927)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 5.9%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $19,001 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 05/01/2025, and with a value of $19,383.	$	19,001		19,001
Total Repurchase Agreement (cost $19,001)
Total Investment Securities (cost $314,294)P				330,348
Other Assets and Liabilities - Net				(7,102	)
Net Assets			$	323,246

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Rate shown reflects the yield at 03/30/2012.

* Floating or variable rate note. Rate is listed as of 03/30/2012.

' Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $453, or 0.14%, of the fund’s net assets.

¥ Percentage rounds to less than 0.1%.

^ All or a portion of this security is on loan. The value of all securities on loan is $7,764.

P Aggregate cost for federal income tax purposes is $314,294. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $17,163 and $1,109, respectively. Net unrealized appreciation for tax purposes is $16,054.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    15

Transamerica JPMorgan Core Bond VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $29,353, or 9.08%, of the fund’s net assets.
IO	Interest Only
PO	Principal Only
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
STRIPS	Separate Trading of Registered Interest and Principal of Securities

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Asset-Backed Securities	$	—	$	9,909	$	—	$	9,909
Corporate Debt Securities		—		49,472		—		49,472
Foreign Government Obligations		—		2,383		—		2,383
Mortgage-Backed Securities		—		33,529		—		33,529
Municipal Government Obligations		—		437		—		437
Repurchase Agreement		—		19,001		—		19,001
Securities Lending Collateral		7,927		—		—		7,927
U.S. Government Agency Obligations		—		139,617		—		139,617
U.S. Government Obligations		—		68,073		—		68,073
Total	$	7,927	$	322,421	$	—	$	330,348

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    16

Transamerica JPMorgan Enhanced Index VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 98.7%
Aerospace & Defense - 1.9%
General Dynamics Corp.		1,458	$	107
Honeywell International, Inc.		4,826		295
Textron, Inc. ^		1,861		52
United Technologies Corp.		20,033		1,661
Air Freight & Logistics - 0.5%
United Parcel Service, Inc. - Class B		6,727		543
Auto Components - 0.5%
Johnson Controls, Inc.		15,378		499
Automobiles - 0.5%
General Motors Co. ‡		21,383		548
Beverages - 2.4%
Coca-Cola Co.		22,178		1,641
Coca-Cola Enterprises, Inc.		6,211		178
Constellation Brands, Inc. - Class A ‡ ^		2,356		56
Dr. Pepper Snapple Group, Inc. ^		6,020		242
PepsiCo, Inc.		8,236		546
Biotechnology - 1.9%
Alexion Pharmaceuticals, Inc. ‡		1,371		127
Biogen Idec, Inc. ‡		6,191		780
Celgene Corp. ‡		12,992		1,007
Onyx Pharmaceuticals, Inc. ‡		1,105		42
Vertex Pharmaceuticals, Inc. ‡		3,323		136
Building Products - 0.2%
Masco Corp. ^		16,182		216
Capital Markets - 2.3%
Ameriprise Financial, Inc.		2,945		168
Goldman Sachs Group, Inc.		4,603		572
Invesco, Ltd.		19,559		522
Morgan Stanley		18,476		363
State Street Corp.		17,368		791
TD Ameritrade Holding Corp. ^		5,897		116
Chemicals - 2.2%
Air Products & Chemicals, Inc.		9,592		881
Dow Chemical Co. ^		3,457		120
E.I. du Pont de Nemours & Co.		25,375		1,341
Monsanto Co.		1,299		104
Commercial Banks - 2.8%
Comerica, Inc.		3,403		110
Huntington Bancshares, Inc.		17,493		113
KeyCorp		16,181		138
SunTrust Banks, Inc.		8,202		198
U.S. Bancorp		7,134		226
Wells Fargo & Co.		65,336		2,230
Communications Equipment - 2.3%
Cisco Systems, Inc.		58,991		1,248
Juniper Networks, Inc. ‡		4,341		99
QUALCOMM, Inc.		17,213		1,171
Computers & Peripherals - 6.4%
Apple, Inc. ‡		9,649		5,785
EMC Corp. ‡		8,659		259
Hewlett-Packard Co.		16,752		399
NetApp, Inc. ‡		6,541		293
SanDisk Corp. ‡		6,419		318
Construction & Engineering - 0.8%
Fluor Corp.		13,890		834
Consumer Finance - 1.6%
American Express Co.		10,827		626
Capital One Financial Corp.		18,579		1,036
Discover Financial Services		1,377		46
Containers & Packaging - 0.2%
Crown Holdings, Inc. ‡		2,787		103
Sealed Air Corp.		8,818		170
Diversified Financial Services - 3.0%
Bank of America Corp.		111,348		1,066
Citigroup, Inc.		36,376		1,329
CME Group, Inc. - Class A ^		1,327		384

	Shares		Value (000’s)
Diversified Financial Services (continued)
IntercontinentalExchange, Inc. ‡		2,576	$	354
NYSE Euronext		4,028		121
Diversified Telecommunication Services - 2.0%
AT&T, Inc.		17,143		535
Verizon Communications, Inc. ^		42,251		1,616
Electric Utilities - 1.4%
FirstEnergy Corp.		3,700		169
NextEra Energy, Inc.		10,457		638
Northeast Utilities ^		4,002		149
NV Energy, Inc.		22,963		370
PPL Corp.		7,449		211
Electrical Equipment - 1.0%
Emerson Electric Co.		21,724		1,134
Energy Equipment & Services - 2.6%
Baker Hughes, Inc.		18,841		790
Ensco PLC ADR		6,289		333
Halliburton Co.		6,656		221
Nabors Industries, Ltd. ‡		5,323		93
National Oilwell Varco, Inc. ^		7,948		632
Schlumberger, Ltd.		10,270		718
Weatherford International, Ltd. ‡		6,620		100
Food & Staples Retailing - 1.6%
CVS Caremark Corp.		19,081		855
Kroger Co.		5,397		131
Sysco Corp. ^		5,803		173
Wal-Mart Stores, Inc.		8,815		539
Food Products - 2.3%
Archer-Daniels-Midland Co.		10,936		346
General Mills, Inc.		8,113		320
Kellogg Co. ^		2,763		148
Kraft Foods, Inc. - Class A		33,208		1,262
Ralcorp Holdings, Inc. ‡		3,530		262
Tyson Foods, Inc. - Class A		7,151		137
Gas Utilities - 0.6%
AGL Resources, Inc.		8,286		325
Atmos Energy Corp.		3,404		107
EQT Corp.		4,045		195
Health Care Equipment & Supplies - 1.4%
Becton Dickinson and Co. ^		4,239		329
CareFusion Corp. ‡		1,885		49
Covidien PLC		20,281		1,109
Health Care Providers & Services - 2.0%
CIGNA Corp.		4,587		226
Express Scripts, Inc. ‡^		3,826		207
Humana, Inc.		4,895		453
McKesson Corp.		4,142		364
UnitedHealth Group, Inc.		16,694		983
Hotels, Restaurants & Leisure - 1.1%
Carnival Corp. ^		17,359		557
Marriott International, Inc. - Class A ^		81		3
McDonald’s Corp.		2,236		219
Royal Caribbean Cruises, Ltd. ^		1,699		50
Yum! Brands, Inc.		4,566		325
Household Durables - 0.5%
D.R. Horton, Inc. ^		12,365		188
NVR, Inc. ‡		141		102
PulteGroup, Inc. ‡^		15,265		135
Ryland Group, Inc. ^		3,310		64
Toll Brothers, Inc. ‡		3,546		85
Household Products - 2.1%
Kimberly-Clark Corp. ^		2,745		203
Procter & Gamble Co.		31,289		2,103
Industrial Conglomerates - 2.3%
3M Co.		5,427		484
General Electric Co.		64,438		1,294
Tyco International, Ltd.		13,424		754

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica JPMorgan Enhanced Index VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Insurance - 2.6%
ACE, Ltd.		5,217	$	382
Allstate Corp.		9,832		324
Axis Capital Holdings, Ltd.		1,493		50
Berkshire Hathaway, Inc. - Class B ‡		4,319		350
Everest RE Group, Ltd.		2,831		262
MetLife, Inc.		23,651		884
PartnerRe, Ltd.		698		47
Prudential Financial, Inc. ^		7,752		491
Internet & Catalog Retail - 0.9%
Amazon.com, Inc. ‡		3,631		735
Expedia, Inc. ^		6,966		233
TripAdvisor, Inc. ‡^		730		26
Internet Software & Services - 1.4%
eBay, Inc. ‡		6,159		227
Google, Inc. - Class A ‡		2,028		1,301
IT Services - 3.1%
Accenture PLC - Class A		10,082		650
Cognizant Technology Solutions Corp. - Class A ‡		7,574		583
Fidelity National Information Services, Inc. ^		2,051		68
Genpact, Ltd. ‡		19,099		311
International Business Machines Corp.		6,149		1,283
Mastercard, Inc. - Class A		951		400
Western Union Co. ^		5,181		91
Life Sciences Tools & Services - 0.1%
PerkinElmer, Inc.		3,437		95
Machinery - 1.7%
Cummins, Inc.		508		61
Ingersoll-Rand PLC		7,772		321
Kennametal, Inc.		2,514		112
PACCAR, Inc. ^		14,787		693
Parker Hannifin Corp.		1,845		156
SPX Corp.		5,201		403
Timken Co.		2,313		117
Media - 4.4%
CBS Corp. - Class B		39,418		1,337
Comcast Corp. - Class A		51,083		1,532
DIRECTV - Class A ‡		8,162		403
Discovery Communications, Inc. - Series A ‡^		4,454		225
Time Warner, Inc.		29,371		1,109
Walt Disney Co.		4,994		219
Metals & Mining - 0.8%
Alcoa, Inc. ^		28,201		282
Freeport-McMoRan Copper & Gold, Inc.		4,886		186
Newmont Mining Corp.		4,095		210
U.S. Steel Corp. ^		3,978		117
Walter Energy, Inc.		820		49
Multiline Retail - 1.2%
Kohl’s Corp.		4,635		232
Macy’s, Inc.		10,307		409
Target Corp.		12,379		722
Multi-Utilities - 1.5%
CenterPoint Energy, Inc.		21,792		430
DTE Energy Co.		6,139		338
OGE Energy Corp.		388		21
PG&E Corp. ^		18,650		809
Oil, Gas & Consumable Fuels - 8.0%
Anadarko Petroleum Corp.		3,326		261
Apache Corp.		3,229		324
Chevron Corp.		20,787		2,229
ConocoPhillips ^		11,151		848
Devon Energy Corp.		5,359		381
Exxon Mobil Corp. ^		30,166		2,616
Marathon Petroleum Corp.		2,461		107
Occidental Petroleum Corp.		6,840		651
Peabody Energy Corp.		3,417		99

	Shares		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Pioneer Natural Resources Co. ^		1,558	$	174
Range Resources Corp.		6,495		378
Sunoco, Inc.		789		30
Valero Energy Corp.		7,900		204
Williams Cos., Inc.		19,341		596
Pharmaceuticals - 5.7%
Abbott Laboratories		18,255		1,119
Allergan, Inc.		4,911		469
Johnson & Johnson		7,110		469
Merck & Co., Inc.		51,138		1,963
Mylan, Inc. ‡		21,500		504
Pfizer, Inc.		73,390		1,663
Real Estate Investment Trusts - 1.8%
Alexandria Real Estate Equities, Inc. ^		4,197		307
Colonial Properties Trust		4,824		105
Cousins Properties, Inc.		6,700		51
Duke Realty Corp. ^		6,014		86
Equity Lifestyle Properties, Inc.		1,387		97
Equity Residential ^		2,654		166
Highwoods Properties, Inc. ^		2,863		95
Mack-Cali Realty Corp.		4,923		142
Mid-America Apartment Communities, Inc. ^		1,685		113
Pebblebrook Hotel Trust ^		2,487		56
Post Properties, Inc. ^		2,356		110
Senior Housing Properties Trust		5,501		121
UDR, Inc.		4,070		109
Vornado Realty Trust		2,703		228
Weyerhaeuser Co. ^		9,311		204
Real Estate Management & Development - 0.0% ¥
Howard Hughes Corp. ‡		740		47
Road & Rail - 2.8%
CSX Corp.		47,221		1,016
Norfolk Southern Corp.		8,244		543
Union Pacific Corp.		13,752		1,478
Semiconductors & Semiconductor Equipment - 2.0%
Altera Corp.		12,518		498
Intel Corp.		5,640		159
KLA-Tencor Corp.		1,391		76
LAM Research Corp. ‡^		11,445		511
Marvell Technology Group, Ltd. ‡		6,798		107
ON Semiconductor Corp. ‡		12,920		116
Texas Instruments, Inc.		4,757		160
Xilinx, Inc.		15,963		581
Software - 4.2%
Adobe Systems, Inc. ‡		9,042		310
Citrix Systems, Inc. ‡		2,583		204
Microsoft Corp.		76,715		2,474
Oracle Corp.		55,205		1,610
Specialty Retail - 2.8%
AutoZone, Inc. ‡		1,441		536
Home Depot, Inc.		19,469		980
Lowe’s Cos., Inc.		28,368		890
Staples, Inc. ^		3,945		64
Tiffany & Co.		1,104		76
TJX Cos., Inc.		12,243		486
Textiles, Apparel & Luxury Goods - 1.4%
NIKE, Inc. - Class B		6,032		654
V.F. Corp.		5,645		824
Tobacco - 1.8%
Altria Group, Inc.		13,023		402
Philip Morris International, Inc.		17,100		1,515
Wireless Telecommunication Services - 0.1%
Crown Castle International Corp. ‡^		2,395		128
Total Common Stocks (cost $95,286)				107,911

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    2

Transamerica JPMorgan Enhanced Index VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

		Shares		Shares
	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATION - 0.2%
U.S. Treasury Note
0.63%, 06/30/2012 g	$	220	$	220
Total U.S. Government Obligation (cost $220)

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 9.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		10,436,318		10,436
Total Securities Lending Collateral (cost $10,436)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.9%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $947 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $967.	$	947	$	947
Total Repurchase Agreement (cost $947)
Total Investment Securities (cost $106,889) P				119,514
Other Assets and Liabilities - Net				(10,267	)
Net Assets			$	109,247

FUTURES CONTRACTS:

Description	Type		Contracts		Expiration Date		Net Unrealized Appreciation (000’s)
S&P 500 E-Mini Index		Long		16		06/15/2012	$	37

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^{^}  All or a portion of this security is on loan. The value of all securities on loan is $10,200.

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

g A portion of this security, in the amount of $195, has been pledged as collateral with the broker to cover margin requirements for open futures contracts.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $106,889. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $13,564 and $939, respectively. Net unrealized appreciation for tax purposes is $12,625.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	107,578	$	333	$	—	$	107,911
Repurchase Agreement		—		947		—		947
Securities Lending Collateral		10,436		—		—		10,436
U.S. Government Obligation		—		220		—		220
Total	$	118,014	$	1,500	$	—	$	119,514

Other Financial Instruments	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Futures Contracts - Appreciation	$	37	$	—	$	—	$	37

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended 3/31/2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    3

Transamerica JPMorgan Mid Cap Value VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 96.6%
Aerospace & Defense - 0.5%
Alliant Techsystems, Inc.		25,700	$	1,288
Beverages - 2.3%
Beam, Inc.		47,115		2,760
Brown-Forman Corp. - Class B		15,439		1,287
Dr. Pepper Snapple Group, Inc.		33,250		1,337
Building Products - 0.6%
Fortune Brands Home & Security, Inc. ‡		67,340		1,486
Capital Markets - 5.6%
Ameriprise Financial, Inc.		64,980		3,713
Charles Schwab Corp.		179,985		2,586
Invesco, Ltd.		98,380		2,624
Northern Trust Corp.		33,765		1,602
T. Rowe Price Group, Inc.		39,800		2,599
Chemicals - 4.1%
Airgas, Inc.		19,900		1,771
Albemarle Corp.		40,600		2,595
Sherwin-Williams Co.		24,770		2,692
Sigma-Aldrich Corp. ^		34,400		2,513
Commercial Banks - 5.5%
City National Corp. ^		39,500		2,073
Cullen/Frost Bankers, Inc. ^		25,310		1,473
Fifth Third Bancorp		170,800		2,400
Huntington Bancshares, Inc.		151,380		976
M&T Bank Corp. ^		31,380		2,725
SunTrust Banks, Inc.		100,005		2,417
Zions Bancorporation		35,765		768
Commercial Services & Supplies - 2.0%
Republic Services, Inc. - Class A		150,650		4,604
Containers & Packaging - 3.5%
Ball Corp.		88,465		3,794
Rock-Tenn Co. - Class A		30,700		2,074
Silgan Holdings, Inc.		55,730		2,463
Distributors - 0.9%
Genuine Parts Co.		33,640		2,111
Electric Utilities - 2.8%
Northeast Utilities		32,100		1,192
NV Energy, Inc.		165,085		2,661
Westar Energy, Inc.		99,560		2,780
Electrical Equipment - 3.1%
AMETEK, Inc.		50,139		2,432
Cooper Industries PLC - Class A		40,500		2,590
Regal Beloit Corp.		33,130		2,172
Electronic Equipment & Instruments - 2.9%
Amphenol Corp. - Class A		53,660		3,207
Arrow Electronics, Inc. ‡		58,660		2,462
TE Connectivity, Ltd.		32,295		1,187
Food Products - 2.8%
Hershey Co.		31,435		1,928
JM Smucker Co.		24,720		2,011
Ralcorp Holdings, Inc. ‡		34,285		2,540
Gas Utilities 0 - 1.5%
EQT Corp.		38,920		1,876
ONEOK, Inc.		20,570		1,680
Health Care Equipment & Supplies - 0.7%
Becton Dickinson and Co.		21,815		1,694
Health Care Providers & Services - 5.0%
AmerisourceBergen Corp. - Class A		59,540		2,363
CIGNA Corp.		49,830		2,454
Coventry Health Care, Inc.		25,055		891
HCA Holdings, Inc.		41,500		1,027
Humana, Inc.		22,290		2,061
Lincare Holdings, Inc. ^		110,350		2,856
Hotels, Restaurants & Leisure - 3.1%
Darden Restaurants, Inc. ^		40,159		2,055
Marriott International, Inc. - Class A		88,719		3,357
Yum! Brands, Inc.		27,365		1,948

	Shares		Value (000’s)
Household Durables - 1.4%
Jarden Corp.		38,080	$	1,532
Mohawk Industries, Inc. ‡		25,900		1,723
Household Products - 0.7%
Energizer Holdings, Inc. ‡		23,700		1,758
Industrial Conglomerates - 1.0%
Carlisle Cos., Inc.		49,100		2,451
Insurance - 9.6%
Alleghany Corp. ‡		8,857		2,915
Arch Capital Group, Ltd. ‡		20,755		773
Chubb Corp.		30,450		2,104
Loews Corp.		103,920		4,144
Marsh & McLennan Cos., Inc.		104,890		3,439
Old Republic International Corp. ^		158,205		1,669
OneBeacon Insurance Group, Ltd. - Class A ^		66,716		1,028
Torchmark Corp.		18,050		900
WR Berkley Corp.		82,790		2,990
XL Group PLC - Class A		111,465		2,418
Internet & Catalog Retail - 1.2%
Expedia, Inc. ^		55,615		1,860
TripAdvisor, Inc. ‡^		25,655		915
IT Services - 1.1%
Jack Henry & Associates, Inc. ^		77,660		2,650
Machinery - 1.3%
Rexnord Corp. ‡		30,000		633
Snap-on, Inc.		41,100		2,506
Media - 3.6%
AMC Networks, Inc. ‡		10,230		457
Cablevision Systems Corp. - Class A		40,750		598
CBS Corp. - Class B		79,600		2,700
Clear Channel Outdoor Holdings, Inc. - Class A ‡		74,201		592
DISH Network Corp. - Class A		71,920		2,368
Gannett Co., Inc.		81,440		1,248
Washington Post Co. - Class B ^		1,325		495
Multiline Retail - 2.3%
Family Dollar Stores, Inc.		39,250		2,484
Kohl’s Corp.		57,760		2,889
Multi-Utilities - 7.6%
CenterPoint Energy, Inc.		61,590		1,215
CMS Energy Corp.		162,800		3,582
NSTAR		49,400		2,402
PG&E Corp.		40,910		1,776
Sempra Energy		46,200		2,770
Wisconsin Energy Corp.		77,600		2,730
Xcel Energy, Inc.		118,600		3,139
Oil, Gas & Consumable Fuels - 4.7%
Devon Energy Corp.		42,200		3,001
Energen Corp.		76,500		3,760
Newfield Exploration Co. ‡		33,400		1,158
Williams Cos., Inc.		102,100		3,146
Professional Services - 0.4%
Equifax, Inc.		21,510		952
Real Estate Investment Trusts - 2.5%
HCP, Inc.		42,430		1,674
Regency Centers Corp.		47,195		2,099
Vornado Realty Trust		25,175		2,120
Real Estate Management & Development - 0.8%
Brookfield Office Properties, Inc. ^		106,370		1,856
Semiconductors & Semiconductor Equipment - 1.5%
Analog Devices, Inc.		66,785		2,698
Xilinx, Inc.		22,610		824
Software - 1.0%
Synopsys, Inc. ‡		80,333		2,463
Specialty Retail - 6.4%
AutoZone, Inc. ‡		7,046		2,620
Bed Bath & Beyond, Inc. ‡		26,940		1,772
Gap, Inc.		81,230		2,123

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica JPMorgan Mid Cap Value VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Specialty Retail (continued)
PetSmart, Inc.		26,100	$	1,493
Tiffany & Co.		22,100		1,528
TJX Cos., Inc.		88,220		3,503
Williams-Sonoma, Inc.		55,810		2,092
Textiles, Apparel & Luxury Goods - 1.0%
PVH Corp.		26,780		2,392
Thrifts & Mortgage Finance - 1.1%
Capitol Federal Financial, Inc.		63,400		752
People’s United Financial, Inc. ^		138,970		1,840
Wireless Telecommunication Services - 0.5%
Telephone & Data Systems, Inc.		53,157		1,231
Total Common Stocks (cost $183,202)				227,105
SECURITIES LENDING COLLATERAL - 5.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		12,746,192		12,746
Total Securities Lending Collateral (cost $12,746)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 3.7%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $8,823 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $9,001.	$	8,823	$	8,823
Total Repurchase Agreement (cost $8,823)
Total Investment Securities (cost $204,771) P				248,674
Other Assets and Liabilities - Net				(13,363	)
Net Assets			$	235,311

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $12,427.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $204,771. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $46,763 and $2,860, respectively. Net unrealized appreciation for tax purposes is $43,903.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	227,105	$	—	$	—	$	227,105
Repurchase Agreement		—		8,823		—		8,823
Securities Lending Collateral		12,746		—		—		12,746
Total	$	239,851	$	8,823	$	—	$	248,674

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.
Transamerica Series Trust	Page    2	March 31, 2012 Form N-Q

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 22.6%
United States - 22.6%
U.S. Treasury Bond
4.38%, 11/15/2039	$	100	$	120
4.50%, 02/15/2036		800		977
4.75%, 02/15/2037		100		127
5.38%, 02/15/2031 ^		150		202
8.75%, 05/15/2020 ^		500		763
8.75%, 08/15/2020		1,000		1,537
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029		53		70
U.S. Treasury Inflation Indexed Note
1.13%, 01/15/2021		129		146
2.00%, 04/15/2012		1,675		1,679
U.S. Treasury Note
0.38%, 08/31/2012		6,000		6,005
0.63%, 06/30/2012 g		70		70
1.38%, 01/15/2013		3,500		3,532
2.00%, 04/30/2016		4,000		4,190
2.38%, 10/31/2014		5,000		5,243
2.63%, 04/30/2018 - 08/15/2020		1,250		1,333
2.88%, 01/31/2013 g		6,030		6,163
3.13%, 04/30/2013 - 10/31/2016		5,900		6,267
3.25%, 12/31/2016		6,000		6,627
3.38%, 11/30/2012 - 11/15/2019		3,100		3,184
U.S. Treasury STRIPS
0.94%, 08/15/2016 p		1,000		959
1.01%, 11/15/2016 p		1,000		953
1.20%, 08/15/2017 p		1,500		1,404
1.35%, 02/15/2018 p ^		1,200		1,106
1.98%, 05/15/2020 p		5,650		4,796
2.03%, 08/15/2020 p ^		3,800		3,198
2.22%, 05/15/2021 p		1,450		1,182
2.31%, 11/15/2021 p ^		500		400
3.12%, 08/15/2026 p ^		100		64
3.15%, 11/15/2026 p		250		158
3.17%, 02/15/2027 p ^		500		312
3.30%, 08/15/2029 p		350		197
3.31%, 11/15/2029 p		125		70
3.32%, 02/15/2030 p		1,050		579
3.34%, 08/15/2030 p		250		135
3.35%, 11/15/2030 p		450		241
3.43%, 11/15/2032 p		850		419
3.45%, 05/15/2033 p		400		193
3.46%, 11/15/2033 p		150		71
3.47%, 02/15/2034 p		300		141
3.48%, 05/15/2034 p		50		23
3.49%, 08/15/2034 p		200		92
Total U.S. Government Obligations (cost $62,775)				64,928
U.S. GOVERNMENT AGENCY OBLIGATIONS - 28.8%
United States - 28.8%
Fannie Mae
0.46%, 03/25/2045 *		274		272
0.53%, 07/25/2036 *		448		446
0.64%, 02/25/2041 *		1,466		1,462
0.74%, 07/25/2041 - 11/25/2041 *		1,966		1,962
0.84%, 04/25/2040 *		219		219
1.01%, 04/01/2022 *		400		400
2.49%, 10/01/2017		974		1,007

	Principal (000’s)		Value (000’s)
United States (continued)
Fannie Mae (continued)
2.69%, 10/01/2017	$	750	$	781
2.75%, 03/01/2022		500		505
2.92%, 08/25/2021		315		317
2.97%, 11/01/2018		978		1,023
3.11%, 01/01/2022		797		823
3.23%, 11/01/2020		750		784
3.29%, 10/01/2020		1,000		1,054
3.38%, 01/01/2018		500		535
3.59%, 12/01/2020 - 10/01/2021		1,971		2,093
3.65%, 07/25/2021		433		458
3.73%, 06/25/2021		250		267
3.74%, 06/01/2018		398		432
3.76%, 07/25/2021		500		535
3.87%, 08/01/2021		497		535
3.88%, 09/01/2021		1,589		1,712
4.00%, 05/25/2033		200		213
4.04%, 10/01/2020		400		435
4.13%, 08/01/2021		497		543
4.25%, 04/01/2021		1,050		1,155
4.30%, 04/01/2021		450		498
4.33%, 04/01/2021		396		438
4.36%, 03/01/2020 - 05/01/2021		1,401		1,584
4.38%, 01/01/2021 - 04/01/2021		993		1,101
4.39%, 05/01/2021		300		333
4.48%, 02/01/2021		494		550
4.53%, 12/01/2019		979		1,094
4.54%, 01/01/2020		708		790
4.78%, 12/01/2019		1,050		1,178
5.00%, 10/25/2025 - 08/01/2040		1,006		1,103
5.25%, 05/25/2039		431		467
5.50%, 03/25/2022 - 07/25/2040		7,703		8,553
6.00%, 08/01/2021 - 09/01/2037		6,365		7,016
6.50%, 01/25/2032		244		275
7.00%, 11/25/2041		1,414		1,695
Fannie Mae, PO
09/01/2024 - 05/25/2037		1,134		1,078
Fannie Mae STRIPS, PO
08/01/2032		140		133
Freddie Mac
0.64%, 03/25/2043 *		1,360		1,328
0.69%, 03/15/2039 - 01/15/2041 *		2,700		2,699
3.50%, 05/15/2021		500		531
4.00%, 12/15/2024 - 12/15/2041		993		1,061
4.50%, 02/15/2020 - 05/01/2041		5,908		6,251
4.91%, 02/01/2036 *		318		340
5.00%, 07/15/2020 - 05/15/2041		2,040		2,275
5.15%, 12/01/2031 *		67		71
5.30%, 01/15/2033		217		242
5.50%, 11/15/2023 - 07/15/2036		5,126		5,747
5.50%, 05/15/2041 *		531		578
5.70%, 10/15/2038 *		241		266
5.75%, 06/15/2035 - 08/15/2035		382		431
5.85%, 09/15/2035		800		900
6.00%, 01/01/2024 - 04/15/2036		1,295		1,436
6.50%, 07/01/2017 - 11/01/2037		1,996		2,242
13.92%, 09/15/2034 *		262		311
23.36%, 06/15/2035 *		166		254

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust
	Page    1

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
United States (continued)
Freddie Mac, IO
4.50%, 12/15/2024	$	465	$	36
5.00%, 10/15/2039		453		79
Freddie Mac, PO
04/15/2020 - 01/15/2040		2,107		1,939
Ginnie Mae
5.00%, 04/20/2041		157		191
5.50%, 01/16/2033		264		311
6.00%, 05/16/2032 - 09/20/2038		1,846		2,082
22.43%, 04/20/2037 *		231		352
Ginnie Mae, IO
6.36%, 05/20/2041 *		689		122
Ginnie Mae, PO
03/20/2031 - 01/20/2038		515		464
Residual Funding Corp. Principal STRIPS, PO
2.72%, 07/15/2020 p		2,700		2,215
2.79%, 10/15/2020 p		300		243
Total U.S. Government Agency Obligations (cost $81,395)				82,851
FOREIGN GOVERNMENT OBLIGATIONS - 0.3%
Israel - 0.2%
Israel Government AID Bond
Zero Coupon, 11/01/2024		300		193
2.36%, 08/15/2018 p		400		354
Mexico - 0.0% ¥
Mexico Government International Bond
4.75%, 03/08/2044		92		90
Supranational - 0.1%
Corp. Andina de Fomento
3.75%, 01/15/2016 ^		64		66
International Bank for Reconstruction & Development
1.73%, 02/15/2016 p		300		285
Total Foreign Government Obligations (cost $992)				988
MORTGAGE-BACKED SECURITIES - 6.6%
United States - 6.6%
American General Mortgage Loan Trust
Series 2010-1A, Class A2
5.65%, 03/25/2058 - 144A *		100		106
ASG Resecuritization Trust
Series 2009-4, Class A60
6.00%, 06/28/2037 - 144A		108		112
Banc of America Funding Corp.
Series 2005-E, Class 4A1
2.66%, 03/20/2035 *		250		230
Series 2010-R5, Class 1A1
5.50%, 10/26/2037 - 144A		182		189
Banc of America Mortgage Securities, Inc.
Series 2003-J, Class 3A2
2.82%, 11/25/2033 *		233		219
Series 2004-5, Class 2A2
5.50%, 06/25/2034		231		238
Series 2004-6, Class 1A3
5.50%, 05/25/2034		230		239
BCAP LLC Trust
Series 2010-RR4, Class 12A1
4.00%, 07/26/2036 - 144A *		121		120
Series 2011-R11, Class 24A5
3.00%, 08/26/2022 - 144A *		460		461

	Principal (000’s)		Value (000’s)
United States (continued)
BCAP LLC Trust (continued)
Series 2011-R11, Class 25A5
4.00%, 08/26/2021 - 144A *	$	454	$	458
Series 2011-RR5, Class 11A3
0.39%, 05/28/2036 - 144A *		125		111
Series 2011-RR5, Class 14A3
2.83%, 07/26/2036 - 144A *		157		149
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-4, Class 3A1
4.99%, 07/25/2033 *		107		108
Bear Stearns Commercial Mortgage Securities
Series 2004-PWR4, Class A3
5.47%, 06/11/2041 *		100		107
Bear Stearns Commercial Mortgage Securities, IO
Series 2005-PWR8, Class X1
0.24%, 06/11/2041 - 144A *		2,580		34
Chase Mortgage Finance Corp.
Series 2004-S3, Class 2A5
5.50%, 03/25/2034		141		147
Series 2007-A1, Class 1A3
2.79%, 02/25/2037 *		199		200
Series 2007-A2, Class 2A1
2.77%, 07/25/2037 *		85		87
Citicorp Mortgage Securities, Inc.
Series 2004-3, Class A5
5.25%, 05/25/2034		327		339
Citigroup Commercial Mortgage Trust
Series 2006-C5, Class A4
5.43%, 10/15/2049		100		113
Citigroup Mortgage Loan Trust, Inc.
Series 2008-AR4, Class 1A1A
3.02%, 11/25/2038 - 144A *		146		146
Series 2010-8, Class 5A6
4.00%, 11/25/2036 - 144A		891		915
Series 2011-3, Class 1A1
0.32%, 02/25/2047 - 144A *		86		85
Series 2011-10, Class 4A1
0.43%, 02/25/2046 - 144A *		86		82
Citigroup/Deutsche Bank Commercial Mortgage Trust, IO
Series 2007-CD4, Class XC
0.16%, 12/11/2049 - 144A *		8,842		86
Countrywide Alternative Loan Trust
Series 2004-13CB, Class A1
5.25%, 07/25/2034		144		144
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2003-39, Class A6
5.00%, 10/25/2033		153		152
Series 2003-49, Class A6
4.58%, 12/19/2033 *		134		134
Series 2004-3, Class A26
5.50%, 04/25/2034		180		185
Series 2004-3, Class A4
5.75%, 04/25/2034		144		148
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-21, Class 1A4
5.25%, 09/25/2033		156		158

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
United States (continued)
Credit Suisse Mortgage Capital Certificates
Series 2006-C2, Class A3
5.66%, 03/15/2039 *	$	100	$	110
Series 2011-1R, Class A1
1.24%, 02/27/2047 - 144A *		303		298
Series 2011-6R, Class 3A1
2.86%, 07/28/2036 - 144A *		95		90
Series 2011-7R, Class A1
1.49%, 08/28/2047 - 144A *		225		221
Series 2011-9R, Class A1
2.24%, 03/27/2046 - 144A *		254		252
Series 2011-16R, Class 7A3
3.50%, 12/27/2036 - 144A *		445		438
Series 2012-3R, Class 1A1
3.25%, 02/27/2042		303		304
Deutsche Mortgage Securities, Inc.
Series 2009-RS2, Class 4A1
0.37%, 04/26/2037 - 144A *		30		29
GMAC Mortgage Corp., Loan Trust
Series 2004-J5, Class A7
6.50%, 01/25/2035		91		95
GSMPS Mortgage Loan Trust
Series 2005-RP3, Class 1AF
0.59%, 09/25/2035 - 144A *		118		93
GSR Mortgage Loan Trust
Series 2003-10, Class 1A1
4.65%, 10/25/2033 *		114		116
Series 2004-6F, Class 2A4
5.50%, 05/25/2034		375		392
Series 2004-8F, Class 2A3
6.00%, 09/25/2034		127		133
Impac CMB Trust
Series 2005-4, Class 2A1
0.54%, 05/25/2035 *		123		112
Impac Secured Assets CMN Owner Trust
Series 2006-1, Class 2A1
0.59%, 05/25/2036 *		180		165
Series 2006-2, Class 2A1
0.59%, 08/25/2036 *		84		75
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2003-PM1A, Class A4
5.33%, 08/12/2040 *		150		157
Series 2004-CB8, Class A4
4.40%, 01/12/2039		125		132
Series 2004-CB9, Class A4
5.58%, 06/12/2041 *		100		108
Series 2006-CB15, Class A4
5.81%, 06/12/2043 *		100		113
Series 2006-CB16, Class A4
5.55%, 05/12/2045		125		140
Series 2006-LDP9, Class A3SF
0.40%, 05/15/2047 *		100		92
JPMorgan Chase Commercial Mortgage Securities Corp., IO
Series 2006-LDP8, Class X
0.55%, 05/15/2045 *		3,651		73
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1
4.76%, 02/25/2034 *		95		95
Series 2006-A2, Class 5A3
2.65%, 11/25/2033 *		153		152

	Principal (000’s)		Value (000’s)
United States (continued)
LB-UBS Commercial Mortgage Trust
Series 2003-C8, Class A4
5.12%, 11/15/2032 *	$	250	$	263
Series 2004-C2, Class A4
4.37%, 03/15/2036		107		113
LVII Resecuritization Trust
Series 2009-2, Class A5
2.97%, 09/27/2037 - 144A *		146		146
Series 2009-2, Class M3
5.48%, 09/27/2037 - 144A *		200		192
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1
2.66%, 04/21/2034 *		293		293
Series 2004-13, Class 3A7
2.72%, 11/21/2034 *		100		98
MASTR Alternative Loans Trust
Series 2004-5, Class 5A1
4.75%, 06/25/2019		112		113
MASTR Alternative Loans Trust, PO
Series 2003-8, Class 15PO
11/25/2018		467		408
MASTR Asset Securitization Trust
Series 2003-10, Class 3A1
5.50%, 11/25/2033		205		214
Series 2003-11, Class 9A6
5.25%, 12/25/2033		232		244
Merrill Lynch/Countrywide Commercial Mortgage Trust, IO
Series 2006-4, Class XC
0.20%, 12/12/2049 - 144A *		2,425		31
MLCC Mortgage Investors, Inc.
Series 2003-H, Class A1
0.88%, 01/25/2029 *		253		220
Morgan Stanley Capital I
Series 2004-HQ4, Class A7
4.97%, 04/14/2040		125		133
Morgan Stanley Capital I, IO
Series 2006-IQ12, Class X1
0.14%, 12/15/2043 - 144A *		3,184		45
Series 2007-HQ11, Class X
0.23%, 02/12/2044 - 144A *		5,568		41
Morgan Stanley Re-REMIC Trust
0.25%, 07/27/2049		100		66
2.00%, 07/27/2049		689		690
Series 2009-IO, Class A2
5.00%, 07/17/2056 - 144A		200		205
Series 2010-C30A, Class A3A
3.25%, 12/17/2043 - 144A		122		122
Series 2011-IO, Class A
2.50%, 03/23/2051 - 144A		212		213
Morgan Stanley Re-REMIC Trust, PO
Series 2009-IO, Class B
07/17/2056 - 144A		250		219
Provident Funding Mortgage Loan Trust
Series 2005-1, Class 2A1
2.79%, 05/25/2035 *		143		140
Residential Accredit Loans, Inc.
Series 2004-QA4, Class NB3
3.75%, 09/25/2034 *		83		80
Sequoia Mortgage Trust
Series 10, Class 1A
1.04%, 10/20/2027 *		284		264

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    3

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
United States (continued)
Sequoia Mortgage Trust (continued)
Series 2003-1, Class 1A
0.62%, 04/20/2033 *	$	115	$	110
Series 2004-11, Class A1
0.54%, 12/20/2034 *		147		128
Springleaf Mortgage Loan Trust
Series 2011-1A, Class A1
4.05%, 01/25/2058 - 144A *		87		88
Series 2011-1A, Class A2
5.45%, 01/25/2058 - 144A *		200		200
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-4, Class 5A
5.39%, 04/25/2034 *		78		76
Series 2004-6, Class 5A4
4.91%, 06/25/2034 *		100		99
Structured Asset Mortgage Investments, Inc.
Series 2004-AR5, Class 1A1
0.90%, 10/19/2034 *		92		83
Structured Asset Securities Corp.
Series 2003-15A, Class 2A1
2.53%, 04/25/2033 *		144		138
Series 2003-30, Class 1A5
5.50%, 10/25/2033		139		143
Series 2003-37A, Class 2A
5.02%, 12/25/2033 *		30		30
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1
0.88%, 09/25/2043 *		178		172
Vericrest Opportunity Loan Transferee
Series 2011-NL1A, Class A1
5.93%, 12/26/2050 - 144A *		46		46
Series 2011-NL2A, Class A1
5.68%, 06/25/2051 - 144A *		47		47
Series 2011-NL2A, Class A2
9.32%, 06/25/2051 - 144A *		100		101
Series 2011-NL3A, Class A1
5.19%, 09/25/2051 - 144A *		86		86
Wachovia Bank Commercial Mortgage Trust
Series 2003-C9, Class A4
5.01%, 12/15/2035 *		150		158
Series 2004-C11, Class A5
5.22%, 01/15/2041 *		116		124
Wachovia Bank Commercial Mortgage Trust, IO
Series 2006-C24, Class XC
0.04%, 03/15/2045 - 144A *		11,153		45
WaMu Mortgage Pass-Through Certificates
Series 2003-AR5, Class A7
2.58%, 06/25/2033 *		196		197
Series 2003-AR6, Class A1
2.57%, 06/25/2033 *		289		282
Series 2003-AR10, Class A7
2.45%, 10/25/2033 *		135		136
Series 2003-S3, Class 1A4
5.50%, 06/25/2033		124		126
Series 2004-CB2, Class 7A
5.50%, 08/25/2019		113		118
Series 2004-CB3, Class 3A
5.50%, 10/25/2019		141		144

	Principal (000’s)		Value (000’s)
United States (continued)
Wells Fargo Mortgage Backed Securities Trust
Series 2003-11, Class 2A1
4.75%, 10/25/2018	$	70	$	72
Series 2004-8, Class A1
5.00%, 08/25/2019		65		66
Series 2004-I, Class 1A1
2.70%, 07/25/2034 *		498		491
Series 2004-P, Class 2A1
2.68%, 09/25/2034 *		249		249
Series 2004-R, Class 2A1
2.62%, 09/25/2034 *		123		123
Series 2005-AR8, Class 2A1
2.68%, 06/25/2035 *		96		92
Series 2005-AR9, Class 2A1
2.67%, 10/25/2033 *		99		98
Wells Fargo Mortgage Loan Trust
Series 2012-RR1, Class A1
2.85%, 08/27/2037 - 144A *		101		100
WF-RBS Commercial Mortgage Trust
Series 2011-C3, Class A4
4.38%, 03/15/2044 - 144A		100		107
Series 2012-C6, Class A4
3.44%, 04/15/2045		200		203
Total Mortgage-Backed Securities (cost $18,866)				19,018
ASSET-BACKED SECURITIES - 2.1%
Cayman Islands - 0.4%
AH Mortgage Advance Trust
Series SART-1, Class A1
2.63%, 05/10/2042 - 144A		328		328
Series SART-1, Class A2
3.37%, 05/10/2043 - 144A		221		221
Series SART-2, Class A1
3.27%, 09/15/2043 - 144A		133		133
Series SART-2, Class B1
6.90%, 09/15/2043 - 144A		50		50
United States - 1.7%
Ally Auto Receivables Trust
Series 2012-1, Class A3
0.93%, 02/16/2016		89		89
American Credit Acceptance Receivables Trust
Series 2012-1, Class A1
1.96%, 01/15/2014 - 144A		48		48
Series 2012-1, Class A2
3.04%, 10/15/2015 - 144A		64		64
AmeriCredit Automobile Receivables Trust
Series 2011-3, Class A2
0.84%, 11/10/2014		95		95
Series 2011-4, Class A2
0.92%, 03/09/2015		33		33
Series 2011-4, Class A3
1.17%, 05/09/2016		94		94
Series 2011-5, Class A3
1.55%, 07/08/2016		100		101
Series 2012-1, Class A2
0.91%, 10/08/2015		198		198
Cabela’s Master Credit Card Trust
Series 2012-1A, Class A1
1.63%, 02/18/2020 - 144A		100		99

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    4

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
United States (continued)
CarMax Auto Owner Trust
Series 2011-3, Class A3
1.07%, 06/15/2016	$	202	$	203
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2003-2, Class 2A2
0.80%, 02/25/2033 *		162		147
Chrysler Financial Auto Securitization Trust
Series 2010-A, Class B
1.65%, 11/08/2013		150		150
CNH Equipment Trust
Series 2011-A, Class A3
1.20%, 05/16/2016		50		50
Series 2011-A, Class A4
2.04%, 10/17/2016		53		54
Series 2012-A, Class A2
0.65%, 07/15/2015		101		101
Series 2012-A, Class A3
0.94%, 05/15/2017		99		99
CPS Auto Trust
Series 2011-C, Class A
4.21%, 03/15/2019 - 144A		92		92
Series 2012-A, Class A
2.78%, 06/17/2019 - 144A		100		100
Ford Credit Auto Lease Trust
Series 2011-A, Class A2
0.74%, 09/15/2013		112		112
Ford Credit Auto Owner Trust
Series 2011-B, Class A2
0.68%, 01/15/2014		77		77
Series 2012-A, Class A3
0.84%, 08/15/2016		105		105
Fortress Opportunities Residential Transaction
Series 2011-1A, Class A1
7.21%, 10/25/2047 - 144A *		123		123
Honda Auto Receivables Owner Trust
Series 2012-1, Class A3
0.77%, 01/15/2016		94		94
Series 2012-1, Class A4
0.97%, 04/16/2018		79		79
Huntington Auto Trust
Series 2012-1, Class A3
0.81%, 09/15/2016		100		100
Hyundai Auto Receivables Trust
Series 2011-B, Class A3
1.04%, 09/15/2015		51		51
Series 2011-B, Class A4
1.65%, 02/15/2017		57		58
Series 2012-A, Class A3
0.72%, 03/15/2016		104		104
Madison Avenue Manufactured Housing Contract
Series 2002-A, Class M2
2.49%, 03/25/2032 *		250		229
Mercedes-Benz Auto Receivables Trust
Series 2011-1, Class A3
0.85%, 03/16/2015		99		99
MMCA Automobile Trust
Series 2012-A, Class A4
1.57%, 08/15/2017 - 144A		250		253

	Principal (000’s)		Value (000’s)
United States (continued)
Park Place Securities, Inc.
Series 2004-MCW1, Class M1
0.87%, 10/25/2034 *	$	194	$	184
PennyMac Loan Trust
Series 2011-NPL1, Class A
5.25%, 09/25/2051 - 144A *		121		122
Residential Asset Mortgage Products, Inc.
Series 2004-RS11, Class M1
0.86%, 11/25/2034 *		334		315
Series 2004-RZ1, Class M1
4.32%, 03/25/2034 *		201		129
Series 2006-RZ1, Class A3
0.54%, 03/25/2036 *		300		258
Santander Drive Auto Receivables Trust
Series 2010-A, Class A4
2.39%, 06/15/2017 - 144A		100		102
Series 2011-S2A, Class B
2.06%, 06/15/2017 - 144A		19		19
Series 2011-S2A, Class D
3.35%, 06/15/2017 - 144A		190		190
Series 2012-1, Class A2
1.25%, 04/15/2015		112		112
Series 2012-1, Class A3
1.49%, 10/15/2015		62		62
Series 2012-2, Class A2
0.91%, 05/15/2015		71		71
Series 2012-2, Class A3
1.22%, 12/15/2015		40		40
Soundview Home Equity Loan Trust
Series 2003-2, Class M2
1.89%, 11/25/2033 *		225		184
Volkswagen Auto Loan Enhanced Trust
Series 2012-1, Class A3
0.85%, 08/22/2016		128		128
Westlake Automobile Receivables Trust
Series 2011-1A, Class A2
1.08%, 07/15/2013 - 144A		17		17
Series 2011-1A, Class A3
1.49%, 06/16/2014 - 144A		47		47
Total Asset-Backed Securities (cost $5,978)				6,013
MUNICIPAL GOVERNMENT OBLIGATION - 0.0% ¥
United States - 0.0% ¥
Ohio State University
4.80%, 06/01/2111		91		92
Total Municipal Government Obligation (cost $90)
CORPORATE DEBT SECURITIES - 9.8%
Australia - 0.5%
Australia & New Zealand Banking Group, Ltd.
2.40%, 11/23/2016 - 144A		272		274
BHP Billiton Finance USA, Ltd.
1.63%, 02/24/2017		28		28
3.25%, 11/21/2021		80		81
4.13%, 02/24/2042		20		19
Commonwealth Bank of Australia
2.25%, 03/16/2017 - 144A ^		250		250

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    5

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Australia (continued)
Macquarie Bank, Ltd.
5.00%, 02/22/2017 - 144A	$	91	$	92
Macquarie Group, Ltd.
6.00%, 01/14/2020 - 144A		30		30
7.30%, 08/01/2014 - 144A		70		75
7.63%, 08/13/2019 - 144A		80		86
National Australia Bank, Ltd.
3.00%, 07/27/2016 - 144A		200		203
Rio Tinto Finance USA, Ltd.
3.75%, 09/20/2021		20		21
4.13%, 05/20/2021		80		83
Westpac Banking Corp.
2.45%, 11/28/2016 - 144A		200		202
Canada - 0.3%
Bank of Nova Scotia
2.55%, 01/12/2017		100		103
Canadian Natural Resources, Ltd.
6.45%, 06/30/2033		80		97
7.20%, 01/15/2032		50		64
EnCana Corp.
6.50%, 08/15/2034		40		43
Hydro Quebec
9.40%, 02/01/2021		70		103
Petro-Canada
5.35%, 07/15/2033		50		53
Royal Bank of Canada
2.30%, 07/20/2016 ^		55		56
Suncor Energy, Inc.
5.95%, 12/01/2034		50		57
Talisman Energy, Inc.
7.75%, 06/01/2019		40		49
Thomson Reuters Corp.
3.95%, 09/30/2021		46		48
Toronto-Dominion Bank
1.50%, 03/13/2017 - 144A		230		228
2.20%, 07/29/2015 - 144A ^		100		103
2.50%, 07/14/2016		57		59
Cayman Islands - 0.0% ¥
Noble Holding International, Ltd.
3.95%, 03/15/2022		7		7
5.25%, 03/15/2042		25		25
Petrobras International Finance Co.
5.38%, 01/27/2021		36		39
Transocean, Inc.
6.38%, 12/15/2021		12		14
7.35%, 12/15/2041		10		12
7.50%, 04/15/2031		25		28
Curaçao - 0.0% ¥
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021		80		81
France - 0.0% ¥
France Telecom SA
2.75%, 09/14/2016		17		17
Total Capital International SA
2.88%, 02/17/2022 ^		57		55
Germany - 0.0% ¥
Deutsche Bank AG
6.00%, 09/01/2017		80		91
Japan - 0.1%
Bank of Tokyo-Mitsubishi UFJ, Ltd.
2.35%, 02/23/2017 - 144A		200		200

	Principal (000’s)		Value (000’s)
Luxembourg - 0.0% ¥
Schlumberger Investment SA
3.30%, 09/14/2021 - 144A	$	23	$	23
Netherlands - 0.3%
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
3.38%, 01/19/2017		45		46
3.88%, 02/08/2022		79		76
Deutsche Telekom International Finance BV
2.25%, 03/06/2017 - 144A		150		148
8.75%, 06/15/2030		30		41
ING Bank NV
3.75%, 03/07/2017 - 144A		200		198
Koninklijke Philips Electronics NV
3.75%, 03/15/2022		85		86
Shell International Finance BV
4.30%, 09/22/2019		50		57
Norway - 0.1%
Statoil ASA
3.15%, 01/23/2022		20		20
4.25%, 11/23/2041		16		16
5.25%, 04/15/2019		100		116
Singapore - 0.1%
Oversea-Chinese Banking Corp., Ltd.
1.63%, 03/13/2015 - 144A		200		201
Sweden - 0.2%
Nordea Bank AB
3.13%, 03/20/2017 - 144A		250		250
4.88%, 05/13/2021 - 144A		200		195
Switzerland - 0.1%
Credit Suisse
5.30%, 08/13/2019 ^		100		110
6.00%, 02/15/2018		145		157
Tyco International, Ltd.
7.00%, 12/15/2019		45		55
UBS AG
5.75%, 04/25/2018		120		131
United Kingdom - 0.4%
Aon PLC
3.13%, 05/27/2016		29		30
BAE Systems PLC
5.80%, 10/11/2041 - 144A		25		26
Barclays Bank PLC
5.20%, 07/10/2014		100		106
6.75%, 05/22/2019		100		115
BP Capital Markets PLC
4.50%, 10/01/2020		50		55
HSBC Bank PLC
1.63%, 07/07/2014 - 144A ^		200		201
3.10%, 05/24/2016 - 144A		150		153
HSBC Holdings PLC
4.00%, 03/30/2022		163		162
4.88%, 01/14/2022		100		106
5.10%, 04/05/2021		70		76
SABMiller PLC
5.70%, 01/15/2014 - 144A		50		55
Vodafone Group PLC
1.63%, 03/20/2017		100		98
United States - 7.7%
Aflac, Inc.
4.00%, 02/15/2022 ^		57		57
8.50%, 05/15/2019		30		39

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    6

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
United States (continued)
AGL Capital Corp.
3.50%, 09/15/2021	$	52	$	52
6.38%, 07/15/2016		50		58
AIG SunAmerica Global Financing X
6.90%, 03/15/2032 - 144A		20		23
American Airlines Pass-Through Trust
Series 2011-2, Class A
8.63%, 10/15/2021		35		37
American Express Co.
7.00%, 03/19/2018		120		147
American Express Credit Corp.
2.38%, 03/24/2017		100		100
2.80%, 09/19/2016		39		40
American Water Capital Corp.
6.09%, 10/15/2017		70		81
Amgen, Inc.
3.88%, 11/15/2021		30		31
5.15%, 11/15/2041		80		80
5.65%, 06/15/2042		31		33
Anheuser-Busch InBev Worldwide, Inc.
1.50%, 07/14/2014		18		18
8.20%, 01/15/2039		20		30
ANR Pipeline Co.
9.63%, 11/01/2021		70		102
Apache Corp.
6.90%, 09/15/2018		50		63
Appalachian Power Co.
6.70%, 08/15/2037		25		31
Arizona Public Service Co.
4.50%, 04/01/2042		8		8
5.05%, 09/01/2041		23		24
Arrow Electronics, Inc.
3.38%, 11/01/2015		75		77
7.50%, 01/15/2027		60		64
ASIF Global Financing XIX
4.90%, 01/17/2013 - 144A		160		163
Associates Corp.
6.95%, 11/01/2018		350		395
AT&T, Inc.
4.45%, 05/15/2021		150		166
5.80%, 02/15/2019		80		95
Atmos Energy Corp.
6.35%, 06/15/2017		100		117
8.50%, 03/15/2019		26		34
BAE Systems Holdings, Inc.
6.38%, 06/01/2019 - 144A		80		92
Bank of America Corp.
3.88%, 03/22/2017		213		214
4.90%, 05/01/2013		50		51
5.00%, 05/13/2021		110		110
5.63%, 07/01/2020		100		104
5.70%, 01/24/2022		200		212
5.88%, 02/07/2042		20		20
7.63%, 06/01/2019		200		231
Bank of America Corp. - Series MTNL
5.65%, 05/01/2018		105		112
Bank of New York Mellon Corp.
2.40%, 01/17/2017		119		122
3.55%, 09/23/2021		19		19
4.15%, 02/01/2021 ^		55		59

	Principal (000’s)		Value (000’s)
United States (continued)
BB&T Corp.
5.20%, 12/23/2015	$	100	$	111
6.85%, 04/30/2019		60		74
Bellsouth Capital Funding Corp.
7.12%, 07/15/2097		85		101
BellSouth Corp.
6.88%, 10/15/2031		110		133
BellSouth Telecommunications, Inc.
6.38%, 06/01/2028		60		68
Berkshire Hathaway Finance Corp.
5.40%, 05/15/2018 ^		200		237
Berkshire Hathaway, Inc.
3.75%, 08/15/2021 ^		122		126
Blackstone Holdings Finance Co., LLC
5.88%, 03/15/2021 - 144A		120		122
Boston Gas Co.
4.49%, 02/15/2042 - 144A		24		24
Bunge, Ltd. Finance Corp.
8.50%, 06/15/2019		80		98
Burlington Northern Santa Fe LLC
3.05%, 03/15/2022		26		26
3.45%, 09/15/2021		40		41
4.40%, 03/15/2042		50		47
5.40%, 06/01/2041		60		65
Capital One Bank USA NA
8.80%, 07/15/2019		250		307
Capital One Financial Corp.
2.15%, 03/23/2015		100		100
Cargill, Inc.
3.30%, 03/01/2022 - 144A		110		108
Carolina Power & Light Co.
3.00%, 09/15/2021		67		67
CBS Corp.
8.88%, 05/15/2019		60		79
Centel Capital Corp.
9.00%, 10/15/2019		25		29
CenterPoint Energy Resources Corp.
4.50%, 01/15/2021		100		107
6.13%, 11/01/2017		30		35
CenturyLink, Inc.
6.45%, 06/15/2021		60		62
7.60%, 09/15/2039		40		38
Citigroup, Inc.
2.65%, 03/02/2015		105		105
4.45%, 01/10/2017		100		105
4.59%, 12/15/2015		57		60
4.75%, 05/19/2015		25		26
6.01%, 01/15/2015		120		130
8.50%, 05/22/2019		200		247
Cleveland Electric Illuminating Co.
8.88%, 11/15/2018		70		92
Comcast Cable Communications LLC
8.88%, 05/01/2017		100		129
Comcast Corp.
6.45%, 03/15/2037		60		72
7.05%, 03/15/2033		90		110
CommonWealth REIT
6.25%, 08/15/2016		100		106
ConocoPhillips
5.75%, 02/01/2019 ^		90		110

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    7

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
United States (continued)
Consolidated Edison Co., of New York, Inc.
4.20%, 03/15/2042	$	25	$	25
Credit Suisse USA, Inc.
5.13%, 08/15/2015		50		55
CRH America, Inc.
6.00%, 09/30/2016		22		24
Crown Castle Towers LLC
3.21%, 08/15/2015 - 144A		60		61
CSX Corp.
4.25%, 06/01/2021		23		25
7.90%, 05/01/2017		55		69
CVS Caremark Corp.
4.13%, 05/15/2021		80		86
CVS Pass-Through Trust
5.93%, 01/10/2034 - 144A		56		60
Daimler Finance North America LLC
2.63%, 09/15/2016 - 144A		150		155
Danaher Corp.
3.90%, 06/23/2021		33		36
Devon Energy Corp.
6.30%, 01/15/2019		40		49
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
3.80%, 03/15/2022 - 144A		100		99
6.38%, 03/01/2041		85		96
Discovery Communications LLC
4.38%, 06/15/2021		37		40
Dominion Resources, Inc.
4.90%, 08/01/2041		11		12
5.25%, 08/01/2033		40		44
6.30%, 03/15/2033		50		59
Dominion Resources, Inc. - Series D
8.88%, 01/15/2019		40		54
Dow Chemical Co.
4.13%, 11/15/2021		26		27
5.25%, 11/15/2041		17		18
8.55%, 05/15/2019		90		117
Duke Energy Carolinas LLC
3.90%, 06/15/2021		100		107
4.25%, 12/15/2041		17		17
E.I. du Pont de Nemours & Co.
5.60%, 12/15/2036		40		47
6.00%, 07/15/2018		30		37
Ecolab, Inc.
5.50%, 12/08/2041		60		65
ERAC USA Finance LLC
2.75%, 03/15/2017 - 144A		8		8
4.50%, 08/16/2021 - 144A		35		36
5.63%, 03/15/2042 - 144A ^		60		58
ERP Operating, LP
4.63%, 12/15/2021		31		33
5.25%, 09/15/2014		60		65
Exelon Generation Co., LLC
6.20%, 10/01/2017		100		117
Florida Power & Light Co.
5.13%, 06/01/2041		30		34
5.95%, 10/01/2033		20		25
Florida Power Corp.
5.90%, 03/01/2033		60		70

	Principal (000’s)		Value (000’s)
United States (continued)
Fluor Corp.
3.38%, 09/15/2021	$	29	$	29
FUEL Trust
3.98%, 06/15/2016 - 144A		200		203
Gap, Inc.
5.95%, 04/12/2021		67		68
General Electric Capital Corp.
4.38%, 09/16/2020		110		116
4.63%, 01/07/2021 ^		150		160
4.65%, 10/17/2021		150		160
5.63%, 09/15/2017 - 05/01/2018		300		348
6.00%, 08/07/2019		230		269
Goldman Sachs Group, Inc.
5.25%, 07/27/2021		46		46
5.75%, 01/24/2022		60		62
6.00%, 06/15/2020		220		231
6.15%, 04/01/2018		100		108
7.50%, 02/15/2019		435		497
Great Plains Energy, Inc.
4.85%, 06/01/2021		14		15
GTE Corp.
6.84%, 04/15/2018		17		21
GTP Acquisition Partners I LLC
4.35%, 06/15/2016 - 144A		61		63
Halliburton Co.
7.60%, 08/15/2096 - 144A		40		53
HCP, Inc.
3.75%, 02/01/2019		16		16
Hewlett-Packard Co.
2.60%, 09/15/2017		58		58
4.05%, 09/15/2022		27		27
4.30%, 06/01/2021		67		68
6.00%, 09/15/2041		70		77
Historic TW, Inc.
6.63%, 05/15/2029		90		107
Intel Corp.
3.30%, 10/01/2021		30		31
4.80%, 10/01/2041		33		35
International Business Machines Corp.
1.25%, 02/06/2017		100		99
1.95%, 07/22/2016		100		103
7.00%, 10/30/2025		50		67
Intuit, Inc.
5.75%, 03/15/2017		60		69
Jackson National Life Global Funding
4.70%, 06/01/2018 - 144A		100		106
Jefferies Group, Inc.
8.50%, 07/15/2019		145		161
John Deere Capital Corp.
2.75%, 03/15/2022		25		25
3.15%, 10/15/2021		20		20
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/2042		78		80
Johnson Controls, Inc.
3.75%, 12/01/2021		36		37
4.25%, 03/01/2021		40		42
5.25%, 12/01/2041 ^		75		79
Kansas City Power & Light Co.
5.30%, 10/01/2041		60		63

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    8

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
United States (continued)
Kimberly-Clark Corp.
2.40%, 03/01/2022	$	14	$	14
Kohl’s Corp.
4.00%, 11/01/2021 ^		16		17
Kraft Foods, Inc.
6.13%, 08/23/2018		65		78
6.50%, 08/11/2017 - 02/09/2040		175		214
Kroger Co.
2.20%, 01/15/2017		15		15
6.15%, 01/15/2020		30		36
8.00%, 09/15/2029		25		33
Lincoln National Corp.
4.20%, 03/15/2022		29		29
4.85%, 06/24/2021		7		7
Lockheed Martin Corp.
2.13%, 09/15/2016		16		16
4.85%, 09/15/2041		12		12
Lowe’s Cos., Inc.
5.13%, 11/15/2041		13		14
Macy’s Retail Holdings, Inc.
3.88%, 01/15/2022		14		14
5.13%, 01/15/2042		8		8
6.70%, 07/15/2034		50		55
7.45%, 07/15/2017		40		49
Manufacturers & Traders Trust Co.
6.63%, 12/04/2017		250		287
Massachusetts Mutual Life Insurance Co.
5.38%, 12/01/2041 - 144A		33		34
MassMutual Global Funding II
2.00%, 04/05/2017 - 144A		160		159
Medco Health Solutions, Inc.
7.13%, 03/15/2018		60		72
Merrill Lynch & Co., Inc.
6.88%, 04/25/2018		50		56
Merrill Lynch & Co., Inc. - Series C
6.40%, 08/28/2017		100		109
MetLife, Inc.
6.75%, 06/01/2016		40		48
Metropolitan Life Global Funding I
2.00%, 01/10/2014 - 144A		150		152
3.65%, 06/14/2018 - 144A		120		126
MidAmerican Energy Co.
5.95%, 07/15/2017		70		83
Morgan Stanley
5.50%, 07/28/2021		20		20
5.63%, 09/23/2019		300		297
7.30%, 05/13/2019		370		398
Morgan Stanley - Series MTN
6.63%, 04/01/2018		100		105
Mosaic Co.
3.75%, 11/15/2021		11		11
4.88%, 11/15/2041		13		13
Nabors Industries, Inc.
6.15%, 02/15/2018		140		163
National City Corp.
4.90%, 01/15/2015 ^		60		66
National Semiconductor Corp.
3.95%, 04/15/2015		40		44
6.60%, 06/15/2017		60		74

	Principal (000’s)		Value (000’s)
United States (continued)
Nationwide Mutual Insurance Co.
6.60%, 04/15/2034 - 144A	$	15	$	15
9.38%, 08/15/2039 - 144A		80		101
NBCUniversal Media LLC
4.38%, 04/01/2021		150		160
Nevada Power Co.
5.45%, 05/15/2041		40		46
6.50%, 08/01/2018		25		31
Nevada Power Co. - Series V
7.13%, 03/15/2019		50		63
New York Life Global Funding
1.30%, 01/12/2015 - 144A		75		75
News America, Inc.
6.65%, 11/15/2037		100		117
NiSource Finance Corp.
5.80%, 02/01/2042		67		72
6.80%, 01/15/2019		80		95
Nordstrom, Inc.
4.00%, 10/15/2021		21		22
Norfolk Southern Corp.
3.25%, 12/01/2021		11		11
6.00%, 05/23/2111		113		125
Occidental Petroleum Corp.
1.75%, 02/15/2017		17		17
Oncor Electric Delivery Co., LLC
6.80%, 09/01/2018 ^		50		60
7.00%, 09/01/2022		50		61
Oracle Corp.
6.13%, 07/08/2039		65		80
PACCAR Financial Corp.
1.55%, 09/29/2014		28		28
1.60%, 03/15/2017		39		39
Pacific Gas & Electric Co.
3.25%, 09/15/2021		11		11
4.50%, 12/15/2041		48		48
8.25%, 10/15/2018		45		60
Pacific Life Insurance Co.
9.25%, 06/15/2039 - 144A		75		97
PacifiCorp
5.50%, 01/15/2019		50		59
6.25%, 10/15/2037		20		25
Pennsylvania Electric Co.
6.05%, 09/01/2017		40		46
PepsiCo, Inc.
3.00%, 08/25/2021		17		17
Phillips 66
2.95%, 05/01/2017 - 144A		21		21
4.30%, 04/01/2022 - 144A		16		16
PNC Bank NA
6.88%, 04/01/2018		250		297
PNC Funding Corp.
2.70%, 09/19/2016 ^		48		49
PPG Industries, Inc.
3.60%, 11/15/2020		50		52
6.65%, 03/15/2018		50		61
PPL Energy Supply LLC
4.60%, 12/15/2021		35		36
Progress Energy, Inc.
3.15%, 04/01/2022		22		22

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    9

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
United States (continued)
Prudential Insurance Co. of America
8.30%, 07/01/2025 - 144A	$	150	$	199
PSEG Power LLC
4.15%, 09/15/2021		23		24
5.32%, 09/15/2016		50		56
Public Service Co., of Oklahoma
5.15%, 12/01/2019		40		45
Qwest Corp.
6.75%, 12/01/2021		67		75
Ryder System, Inc.
2.50%, 03/01/2017		23		23
3.50%, 06/01/2017		43		45
San Diego Gas & Electric Co.
3.95%, 11/15/2041		33		32
Sempra Energy
9.80%, 02/15/2019		140		190
Simon Property Group, LP
2.15%, 09/15/2017		158		155
4.13%, 12/01/2021		27		28
4.38%, 03/01/2021 ^		60		64
Southern California Edison Co.
3.88%, 06/01/2021		18		20
3.90%, 12/01/2041		50		48
4.05%, 03/15/2042		75		72
Southern Co.
1.95%, 09/01/2016		23		23
Southern Power Co.
5.15%, 09/15/2041		25		26
Southwestern Electric Power Co.
6.45%, 01/15/2019		50		59
Southwestern Public Service Co. - Series G
8.75%, 12/01/2018		80		107
Spectra Energy Capital LLC
7.50%, 09/15/2038		30		38
Time Warner Cable, Inc.
5.50%, 09/01/2041		14		15
6.55%, 05/01/2037		100		116
8.75%, 02/14/2019		105		136
Time Warner Entertainment Co., LP
8.38%, 03/15/2023		30		40
Time Warner, Inc.
5.38%, 10/15/2041		17		18
Toyota Motor Credit Corp.
1.00%, 02/17/2015 ^		80		80
2.00%, 09/15/2016		90		92
2.05%, 01/12/2017 ^		100		101
U.S. Bancorp
3.00%, 03/15/2022		33		33
4.13%, 05/24/2021		37		40
7.50%, 06/01/2026		70		85
Union Carbide Corp.
7.50%, 06/01/2025		40		47
7.75%, 10/01/2096		40		42
Union Pacific Corp.
4.16%, 07/15/2022		87		94
United Technologies Corp.
6.13%, 02/01/2019		50		62
UnitedHealth Group, Inc.
3.38%, 11/15/2021 ^		37		38

	Principal (000’s)		Value (000’s)
United States (continued)
Verizon Communications, Inc.
8.75%, 11/01/2018	$	180	$	243
8.95%, 03/01/2039		30		46
Verizon Global Funding Corp.
7.75%, 12/01/2030		180		244
Viacom, Inc.
3.88%, 12/15/2021		40		41
Virginia Electric and Power Co.
2.95%, 01/15/2022		8		8
Wachovia Bank NA
5.60%, 03/15/2016		300		333
Wachovia Corp.
5.75%, 02/01/2018		280		325
Walt Disney Co.
4.13%, 12/01/2041		80		78
WEA Finance LLC
7.13%, 04/15/2018 - 144A		50		59
WEA Finance LLC / WT Finance AUST Pty, Ltd.
6.75%, 09/02/2019 - 144A		60		69
WellPoint, Inc.
5.88%, 06/15/2017		50		58
Wells Fargo & Co.
2.63%, 12/15/2016		64		65
5.63%, 12/11/2017		50		58
Wisconsin Electric Power Co.
2.95%, 09/15/2021		2		2
Xcel Energy, Inc.
4.80%, 09/15/2041 ^		3		3
Xerox Corp.
2.95%, 03/15/2017 ^		16		16
4.50%, 05/15/2021		24		25
5.63%, 12/15/2019		70		78
Total Corporate Debt Securities (cost $27,622)				28,124
	Shares		Value (000’s)
COMMON STOCKS - 14.0%
United Kingdom - 0.0% ¥
Ensco PLC ADR		2,410		128
United States - 14.0%
3M Co.		2,039		182
Abbott Laboratories ^		6,837		419
Accenture PLC - Class A		3,781		244
ACE, Ltd. ^		1,949		143
Adobe Systems, Inc. ‡^		3,386		116
AGL Resources, Inc. ^		3,104		122
Air Products & Chemicals, Inc. ^		3,594		330
Alcoa, Inc. ^		10,529		106
Alexandria Real Estate Equities, Inc. REIT ^		1,564		114
Alexion Pharmaceuticals, Inc. ‡^		509		47
Allergan, Inc. ^		1,848		176
Allstate Corp. ^		3,673		121
Altera Corp.		4,680		186
Altria Group, Inc. ^		4,877		151
Amazon.com, Inc. ‡^		1,361		275
American Express Co. ^		4,052		234
Ameriprise Financial, Inc. ^		1,099		63
Anadarko Petroleum Corp.		1,237		97
Apache Corp.		1,205		121
Apple, Inc. ‡		3,615		2,168

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    10

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
United States (continued)
Archer-Daniels-Midland Co.		4,088	$	129
AT&T, Inc.		6,413		200
Atmos Energy Corp.		1,280		40
AutoZone, Inc. ‡		544		202
Axis Capital Holdings, Ltd.		569		19
Baker Hughes, Inc.		7,052		295
Bank of America Corp.		41,654		399
Becton Dickinson and Co. ^		1,583		123
Berkshire Hathaway, Inc. - Class B ‡		1,623		132
Biogen Idec, Inc. ‡^		2,314		291
Capital One Financial Corp. ^		6,953		388
CareFusion Corp. ‡		706		18
Carnival Corp. ^		6,508		208
CBS Corp. - Class B ^		14,757		500
Celgene Corp. ‡		4,869		378
CenterPoint Energy, Inc. ^		8,160		161
Chevron Corp.		7,785		835
CIGNA Corp.		1,720		85
Cisco Systems, Inc. ^		22,073		467
Citigroup, Inc. ^		13,617		497
Citrix Systems, Inc. ‡		970		77
CME Group, Inc. - Class A		491		142
Coca-Cola Co.		8,309		615
Coca-Cola Enterprises, Inc.		2,335		67
Cognizant Technology Solutions Corp. - Class A ‡		2,835		218
Colonial Properties Trust REIT		1,803		39
Comcast Corp. - Class A ^		19,128		574
Comerica, Inc. ^		1,278		41
ConocoPhillips		4,173		317
Constellation Brands, Inc. - Class A ‡^		877		21
Cousins Properties, Inc. REIT		2,515		19
Covidien PLC		7,591		415
Crown Castle International Corp. ‡^		898		48
Crown Holdings, Inc. ‡		1,050		39
CSX Corp.		17,689		381
Cummins, Inc. ^		193		23
CVS Caremark Corp.		7,145		320
D.R. Horton, Inc. ^		4,626		70
Devon Energy Corp. ^		1,943		138
DIRECTV - Class A ‡^		3,057		151
Discover Financial Services		510		17
Discovery Communications, Inc. ‡^		1,668		84
Dow Chemical Co. ^		1,305		45
Dr. Pepper Snapple Group, Inc. ^		2,246		90
DTE Energy Co.		2,299		127
Duke Realty Corp. REIT ^		2,246		32
E.I. du Pont de Nemours & Co. ^		9,496		502
eBay, Inc. ‡		2,304		85
EMC Corp. ‡^		3,247		97
Emerson Electric Co.		8,137		425
EQT Corp. ^		1,512		73
Equity Lifestyle Properties, Inc. REIT ^		513		36
Equity Residential REIT ^		996		62
Everest RE Group, Ltd.		1,059		98
Expedia, Inc. ^		2,602		87
Express Scripts, Inc. ‡^		1,435		78
Exxon Mobil Corp. ^		11,292		980
Fidelity National Information Services, Inc. ^		770		26
FirstEnergy Corp. ^		1,500		68
Fluor Corp.		5,194		312
Freeport-McMoRan Copper & Gold, Inc.		1,829		70
General Dynamics Corp. ^		550		40
General Electric Co.		24,114		484
General Mills, Inc.		3,031		120
General Motors Co. ‡^		7,999		205
Genpact, Ltd. ‡		7,150		117

	Shares		Value (000’s)
United States (continued)
Goldman Sachs Group, Inc.		1,724	$	214
Google, Inc. - Class A ‡		758		486
Halliburton Co. ^		2,488		83
Hewlett-Packard Co.		6,270		149
Highwoods Properties, Inc. REIT ^		1,071		36
Home Depot, Inc. ^		7,290		367
Honeywell International, Inc.		1,810		111
Howard Hughes Corp. ‡		276		18
Humana, Inc. ^		1,829		169
Huntington Bancshares, Inc.		6,547		42
Ingersoll-Rand PLC ^		2,906		120
Intel Corp.		2,113		59
IntercontinentalExchange, Inc. ‡		966		133
International Business Machines Corp.		2,298		479
Invesco, Ltd.		7,319		195
Johnson & Johnson		2,650		175
Johnson Controls, Inc. ^		5,760		187
Juniper Networks, Inc. ‡^		1,643		38
Kellogg Co. ^		1,034		55
Kennametal, Inc. ^		949		42
KeyCorp		6,056		51
Kimberly-Clark Corp. ^		1,028		76
KLA-Tencor Corp. ^		516		28
Kohl’s Corp. ^		1,735		87
Kraft Foods, Inc. - Class A		12,428		473
Kroger Co.		2,060		50
LAM Research Corp. ‡^		4,290		192
Lowe’s Cos., Inc. ^		10,619		333
Mack-Cali Realty Corp. REIT		1,838		53
Macy’s, Inc. ^		3,859		153
Marathon Petroleum Corp. ^		927		40
Marriott International, Inc. - Class A ^		29		1
Marvell Technology Group, Ltd. ‡^		2,547		40
Masco Corp. ^		6,057		81
Mastercard, Inc. - Class A		357		150
McDonald’s Corp.		833		82
McKesson Corp. ^		1,545		136
Merck & Co., Inc.		19,136		734
MetLife, Inc. ^		8,844		330
Microsoft Corp.		28,720		926
Mid-America Apartment Communities, Inc. REIT ^		629		42
Monsanto Co.		483		39
Morgan Stanley ^		6,922		136
Mylan, Inc. ‡		8,042		189
Nabors Industries, Ltd. ‡		1,990	$	35
National Oilwell Varco, Inc. ^		2,976		237
NetApp, Inc. ‡^		2,354		105
Newmont Mining Corp. ^		1,531		78
NextEra Energy, Inc. ^		3,914		239
NIKE, Inc. - Class B		2,254		244
Norfolk Southern Corp.		3,088		203
Northeast Utilities ^		1,443		54
NV Energy, Inc.		8,590		138
NVR, Inc. ‡^		51		37
NYSE Euronext ^		1,507		45
Occidental Petroleum Corp.		2,560		244
OGE Energy Corp.		141		8
ON Semiconductor Corp. ‡		4,810		43
Onyx Pharmaceuticals, Inc. ‡^		420		16
Oracle Corp.		20,659		602
PACCAR, Inc. ^		5,534		260
Parker Hannifin Corp. ^		691		58
PartnerRe, Ltd. ^		267		18
Peabody Energy Corp.		1,280		37
Pebblebrook Hotel Trust REIT ^		938		21
PepsiCo, Inc.		3,087		205

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    11

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
United States (continued)
PerkinElmer, Inc. ^		1,296	$	36
Pfizer, Inc.		27,476		623
PG&E Corp. ^		6,978		302
Philip Morris International, Inc.		6,404		567
Pioneer Natural Resources Co. ^		588		66
Post Properties, Inc. REIT ^		877		41
PPL Corp.		2,618		74
Procter & Gamble Co.		11,708		787
Prudential Financial, Inc. ^		2,902		184
PulteGroup, Inc. ‡^		5,720		51
QUALCOMM, Inc.		6,442		438
Ralcorp Holdings, Inc. ‡^		1,326		98
Range Resources Corp.		2,437		142
Royal Caribbean Cruises, Ltd. ^		638		19
Ryland Group, Inc. ^		1,270		24
SanDisk Corp. ‡^		2,404		119
Schlumberger, Ltd.		3,845		269
Sealed Air Corp.		3,293		63
Senior Housing Properties Trust REIT		2,073		46
SPX Corp.		1,982		154
Staples, Inc. ^		1,483		24
State Street Corp. ^		6,537		297
Sunoco, Inc.		290		11
SunTrust Banks, Inc.		3,076		74
Sysco Corp. ^		2,177		65
Target Corp. ^		4,635		270
TD Ameritrade Holding Corp. ^		2,206		44
Texas Instruments, Inc.		1,785		60
Textron, Inc. ^		697		19
Tiffany & Co. ^		420		29
Time Warner, Inc.		10,990		415
Timken Co.		862		44
TJX Cos., Inc. ^		4,584		182
Toll Brothers, Inc. ‡		1,330		32
TripAdvisor, Inc. ‡^		272		10
Tyco International, Ltd.		5,024		282
Tyson Foods, Inc. - Class A		2,676		51
U.S. Bancorp ^		2,666		85
U.S. Steel Corp. ^		1,520		45
UDR, Inc. REIT ^		1,522		41
Union Pacific Corp. ^		5,157		554
United Parcel Service, Inc. - Class B		2,520		203
United Technologies Corp. ^		7,499		622
UnitedHealth Group, Inc. ^		6,246		367
V.F. Corp. ^		2,133		312
Valero Energy Corp. ^		3,130		81
Verizon Communications, Inc. ^		15,817		605
Vertex Pharmaceuticals, Inc. ‡		1,239		51
Vornado Realty Trust REIT		1,014		85
Wal-Mart Stores, Inc.		3,339		204
Walt Disney Co. ^		1,867		82
Walter Energy, Inc. ^		309		18
Weatherford International, Ltd. ‡		2,483		37
Wells Fargo & Co.		24,464		836
Western Union Co. ^		1,936		34
Weyerhaeuser Co. REIT ^		3,492		77
Williams Cos., Inc.		7,238		223
Xilinx, Inc. ^		5,985		219
Yum! Brands, Inc. ^		1,709		122
Total Common Stocks (cost $35,857)				40,407

	Shares		Value (000’s)
INVESTMENT COMPANIES - 9.4%
United States - 9.4%
iShares MSCI Emerging Markets Index Fund		46,758	$	2,008
JPMorgan Emerging Markets Debt Fund ¯		314,400		2,660
JPMorgan High Yield Fund ¯		522,569		4,123
JPMorgan International Equity Fund ¯		978,270		13,363
JPMorgan Intrepid America Fund ¯		190,339		4,907
Total Investment Companies (cost $26,834)				27,061
SECURITIES LENDING COLLATERAL - 7.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		22,875,430		22,875
Total Securities Lending Collateral (cost $22,875)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 5.9%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $16,953 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2024, and with a value of $17,293.	$	16,953		16,953
Total Repurchase Agreement (cost $16,953) P				309,310
Other Assets and Liabilities - Net				(21,400	)
Net Assets			$	287,910

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    12

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

FUTURES CONTRACTS: g

Description	Type		Contracts			Expiration Date		Net  Unrealized Appreciation (Depreciation) (000’s)
10-Year Government of Canada Bond		Short		(10	)		06/20/2012	$	17
10-Year Japan Government Bond		Long		2			06/11/2012		(11	)
10-Year U.S. Treasury Note		Long		14			06/20/2012		(17	)
5-Year U.S. Treasury Note		Short		(54	)		06/29/2012		16
ASX SPI 200 Index		Short		(23	)		06/21/2012		(51	)
EURO STOXX 50 Index		Long		16			06/15/2012		(11	)
FTSE 100 Index		Long		3			06/15/2012		(6	)
FTSE MIB Index		Long		12			06/15/2012		(53	)
Hang Seng Index		Short		(14	)		04/27/2012		42
IBEX 35 Index		Short		(17	)		04/20/2012		65
OMX 30 Index		Short		(118	)		04/20/2012		32
S&P 500 E-Mini Index		Long		183			06/15/2012		351
S&P TSE 60 Index		Long		9			06/14/2012		7
TOPIX Index		Long		40			06/08/2012		188
U.K. Long Gilt Bond		Short		(7	)		06/27/2012		8
								$	577

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
U.S. Government Agency Obligation		26 .8	%	$	82,851
U.S. Government Obligation		21 .0			64,928
Capital Markets		10 .0			30,870
Mortgage-Backed Security		6 .2			19,018
Commercial Banks		2 .1			6,515
Asset-Backed Security		1 .9			6,013
Diversified Financial Services		1 .7			5,359
Oil, Gas & Consumable Fuels		1 .4			4,328
Media		1 .1			3,306
Computers & Peripherals		0 .9			2,868
Insurance		0 .8			2,546
Electric Utilities		0 .8			2,512
Pharmaceuticals		0 .8			2,397
Diversified Telecommunication Services		0 .8			2,332
Software		0 .6			1,871
Consumer Finance		0 .6			1,718
Road & Rail		0 .6			1,710
Energy Equipment & Services		0 .5			1,549
IT Services		0 .5			1,537
Chemicals		0 .5			1,452
Food Products		0 .5			1,424
Real Estate Investment Trusts		0 .4			1,340
Specialty Retail		0 .4			1,219
Industrial Conglomerates		0 .4			1,125
Beverages		0 .4			1,117
Multi-Utilities		0 .3			1,017
Semiconductors & Semiconductor Equipment		0 .3			1,010
Health Care Providers & Services		0 .3			1,004
Aerospace & Defense		0 .3			1,000
Foreign Government Obligation		0 .3			988
Communications Equipment		0 .3			943
Biotechnology		0 .3			927
Household Products		0 .3			876
Food & Staples Retailing		0 .3			869
Tobacco		0 .2			718
Machinery		0 .2			701
Multiline Retail		0 .2			676
Gas Utilities		0 .2			661
Internet Software & Services		0 .2			571
Health Care Equipment & Supplies		0 .2			556
Textiles, Apparel & Luxury Goods		0 .2			556
Metals & Mining		0 .2			549
Hotels, Restaurants & Leisure		0 .1			432

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    13

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investments			Value (000’s)
Electrical Equipment		0.1	%	$	425
Internet & Catalog Retail		0 .1			372
Automobiles		0 .1			360
Auto Components		0 .1			345
Construction & Engineering		0 .1			341
Independent Power Producers & Energy Traders		0 .1			223
Household Durables		0 .1			214
Wireless Telecommunication Services		0 .1			207
Air Freight & Logistics		0 .1			203
Electronic Equipment & Instruments		0 .1			141
Office Electronics		0.0	¥		119
Commercial Services & Supplies		0.0	¥		102
Containers & Packaging		0.0	¥		102
Municipal Government Obligation		0.0	¥		92
Building Products		0.0	¥		81
Water Utilities		0.0	¥		81
Airlines		0.0	¥		37
Life Sciences Tools & Services		0.0	¥		36
Construction Materials		0.0	¥		24
Real Estate Management & Development		0.0	¥		18
Investment Securities, at Value		87.1			269,482
Short-Term Investments		12.9			39,828
Total Investments		100.0	%	$	309,310

NOTES TO SCHEDULE OF INVESTMENTS:

^ All or a portion of this security is on loan. The value of all securities on loan is $22,374.

g A portion of these securities, in the amount of $2,145, and cash in the amount of $167, has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

p Rate shown reflects the yield at 03/30/2012.

* Floating or variable rate note. Rate is listed as of 03/30/2012.

¥ Percentage rounds to less than 0.1%.

‡ Non-income producing security.

¯ The fund is affiliated with the sub-adviser of the fund.

P Aggregate cost for federal income tax purposes is $300,237. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $10,225 and $1,152, respectively. Net unrealized appreciation for tax purposes is $9,073.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $14,267, or 4.96%, of the fund’s net assets.
ADR	American Depositary Receipt
IO	Interest Only
PO	Principal Only
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
STRIPS	Separate Trading of Registered Interest and Principal of Securities

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    14

Transamerica JPMorgan Tactical Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Asset-Backed Securities	$	—	$	6,013	$	—	$	6,013
Common Stocks		40,279		128		—		40,407
Corporate Debt Securities		—		28,124		—		28,124
Foreign Government Obligations		—		988		—		988
Investment Companies		27,061		—		—		27,061
Mortgage-Backed Securities		—		19,018		—		19,018
Municipal Government Obligations		—		92		—		92
Repurchase Agreement		—		16,953		—		16,953
Securities Lending Collateral		22,875		—		—		22,875
U.S. Government Agency Obligations		—		82,851		—		82,851
U.S. Government Obligations		—		64,928		—		64,928
Total	$	90,215	$	219,095	$	—	$	309,310

Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Futures Contracts - Appreciation	$	726		$	—	$	—	$	726
Futures Contracts - Depreciation		(149	)		—		—		(149	)
Total	$	577		$	—	$	—	$	577

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended 3/31/2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes are an integral part of this report.
Transamerica Series Trust	Page    15	March 31, 2012 Form N-Q

Transamerica Madison Balanced Allocation VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 99.1%
Capital Markets - 80.3%
Madison Mosaic Disciplined Equity Fund ¯		86,025	$	1,191
Madison Mosaic Institutional Bond Fund ¯		275,533		3,071
MEMBERS Bond Fund ¯		268,847		2,826
MEMBERS Equity Income Fund ¯		75,651		781
MEMBERS International Stock Fund ¯		52,880		561
MEMBERS Large Cap Growth Fund ¯		60,384		1,075
MEMBERS Large Cap Value Fund ¯		79,428		1,078
Transamerica JPMorgan Enhanced Index VP		120,222		1,592
Transamerica Systematic Small/Mid Cap Value VP		13,413		309
Global/International Stocks - 3.6%
Transamerica International Value Opportunities p		62,650		560
Tactical and Specialty - 15.2%
Transamerica Bond p		233,375		2,362
Total Investment Companies (cost $14,907)				15,406

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.3%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $200 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, and with a value of $205.	$	200	$	200
Total Repurchase Agreement (cost $200)
Total Investment Securities (cost $15,107) P				15,606
Other Assets and Liabilities - Net				(64	)
Net Assets			$	15,542

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

The fund invests its assets in the Initial Class shares of the affiliated fund of Transamerica Series Trust.

¯ The fund is affiliated with the sub-adviser of the fund.

p The fund invests its assets in the Class I2 shares of the affiliated Transamerica Funds.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $15,107 Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $528 and $29, respectively. Net unrealized appreciation for tax purposes is $499.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	15,406	$	—	$	—	$	15,406
Repurchase Agreement		—		200		—		200
Total	$	15,406	$	200	$	—	$	15,606

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended 3/31/2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica Madison Conservative Allocation VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 95.1%
Bonds - 18.2%
Transamerica PIMCO Total Return VP		212,308	$	2,516
Capital Markets - 64.9%
Madison Mosaic Disciplined Equity Fund ¯		61,985		858
Madison Mosaic Institutional Bond Fund ¯		247,266		2,757
MEMBERS Bond Fund ¯		266,522		2,802
MEMBERS Equity Income Fund ¯		51,134		528
MEMBERS International Stock Fund ¯		45,756		485
MEMBERS Large Cap Growth Fund ¯		42,646		759
MEMBERS Large Cap Value Fund ¯		56,170		762
Inflation-Protected Securities - 0.8%
Transamerica PIMCO Real Return TIPS VP ‡		9,754		106
Tactical and Specialty - 11.2%
Transamerica Bond p		153,253		1,551
Total Investment Companies (cost $12,969)				13,124

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.2%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $34 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 05/01/2025, and with a value of $38.	$	34	$	34
Total Repurchase Agreement (cost $34)
Total Investment Securities (cost $13,003) P				13,158
Other Assets and Liabilities - Net				653
Net Assets			$	13,811

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

The fund invests its assets in the Initial Class shares of the affiliated fund of Transamerica Series Trust.

¯ The fund is affiliated with the sub-adviser of the fund.

p The fund invests its assets in the Class I2 shares of the affiliated Transamerica Funds.

‡ Non-income producing security.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $13,003. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $181 and $26, respectively. Net unrealized appreciation for tax purposes is $155.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted		Level 2 - Other Significant Observable		Level 3 - Significant Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		03/31/2012
Investment Companies	$	13,124	$	—	$	—	$	13,124
Repurchase Agreement		—		34		—		34
Total	$	13,124	$	34	$	—	$	13,158

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended 3/31/2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica Madison Diversified Income VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 36.9%
U.S. Treasury Bond
4.38%, 05/15/2041	$	250	$	301
U.S. Treasury Note
0.38%, 08/31/2012		960		961
1.00%, 09/30/2016		700		702
1.38%, 01/15/2013		1,000		1,009
1.38%, 12/31/2018 ^		600		594
2.00%, 11/15/2021		700		689
2.38%, 10/31/2014		600		629
2.38%, 06/30/2018 ^		500		529
3.13%, 10/31/2016 - 05/15/2021		1,650		1,805
Total U.S. Government Obligations (cost $7,202)				7,219
U.S. GOVERNMENT AGENCY OBLIGATIONS - 3.6%
Fannie Mae
4.00%, 02/01/2041 - 04/01/2041		170		178
4.50%, 03/01/2041		40		42
5.00%, 07/01/2035		41		45
Freddie Mac
4.00%, 09/01/2040 - 10/01/2041		163		171
4.50%, 11/01/2039		40		43
Freddie Mac, TBA
4.00%		100		105
Ginnie Mae
4.00%, 12/15/2039		47		50
4.50%, 08/15/2040		64		70
Total U.S. Government Agency Obligations (cost $700)				704
CORPORATE DEBT SECURITIES - 16.8%
Beverages - 0.9%
Coca-Cola Co.
5.35%, 11/15/2017 ^		150		178
Commercial Banks - 0.7%
U.S. Bancorp
4.20%, 05/15/2014 ^		125		134
Consumer Finance - 0.5%
American Express Co.
4.88%, 07/15/2013		100		105
Diversified Financial Services - 0.7%
General Electric Capital Corp.
2.90%, 01/09/2017 ^		125		130
Electrical Equipment - 0.7%
Emerson Electric Co.
5.00%, 04/15/2019		125		144
Food & Staples Retailing - 2.5%
Costco Wholesale Corp.
5.50%, 03/15/2017 ^		150		178
Walgreen Co.
5.25%, 01/15/2019 ^		125		144
Wal-Mart Stores, Inc.
3.25%, 10/25/2020 ^		150		157
Industrial Conglomerates - 0.7%
3M Co.
4.38%, 08/15/2013 ^		125		132
Media - 1.4%
Comcast Corp.
5.15%, 03/01/2020 ^		150		172
Walt Disney Co.
4.50%, 12/15/2013		100		107

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels - 3.5%
ConocoPhillips
5.75%, 02/01/2019 ^	$	125	$	152
Devon Energy Corp.
6.30%, 01/15/2019 ^		150		183
Marathon Oil Corp.
6.00%, 10/01/2017		150		175
Valero Energy Corp.
6.13%, 06/15/2017 ^		150		173
Pharmaceuticals - 2.3%
Abbott Laboratories
5.60%, 11/30/2017 ^		150		181
Eli Lilly & Co.
4.20%, 03/06/2014 ^		100		107
Pfizer, Inc.
5.35%, 03/15/2015 ^		150		170
Road & Rail - 0.8%
Norfolk Southern Corp.
3.25%, 12/01/2021 ^		150		151
Semiconductors & Semiconductor Equipment - 0.8%
Intel Corp.
1.95%, 10/01/2016 ^		150		154
Software - 1.3%
Microsoft Corp.
3.00%, 10/01/2020		150		158
Oracle Corp.
4.95%, 04/15/2013		100		105
Total Corporate Debt Securities (cost $3,267)				3,290
	Shares		Value (000’s)
COMMON STOCKS - 38.6%
Aerospace & Defense - 1.0%
Boeing Co. ^		1,460		108
Lockheed Martin Corp. ^		933		84
Air Freight & Logistics - 0.7%
United Parcel Service, Inc. - Class B ^		1,683		136
Beverages - 2.4%
Coca-Cola Co. ^		1,598		118
Diageo PLC ADR		1,033		100
PepsiCo, Inc.		3,655		242
Capital Markets - 1.7%
Bank of New York Mellon Corp. ^		3,743		90
BlackRock, Inc. - Class A ^		686		141
Northern Trust Corp. ^		2,004		95
Chemicals - 0.6%
Air Products & Chemicals, Inc. ^		1,368		126
Commercial Banks - 2.3%
M&T Bank Corp. ^		1,232		107
U.S. Bancorp ^		4,772		151
Wells Fargo & Co.		5,727		196
Commercial Services & Supplies - 0.4%
Waste Management, Inc. ^		2,471		86
Diversified Telecommunication Services - 1.4%
AT&T, Inc. ^		8,753		273
Electric Utilities - 1.3%
Exelon Corp.		3,673		144
FirstEnergy Corp. ^		2,295		105
Electrical Equipment - 0.4%
Emerson Electric Co.		1,587		83
Energy Equipment & Services - 0.9%
Ensco PLC ADR		3,157		167
Food & Staples Retailing - 0.8%
Sysco Corp. ^		2,816		84
Wal-Mart Stores, Inc. ^		1,323		81

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica Madison Diversified Income VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Food Products - 0.7%
Nestle SA ADR ^		2,026	$	128
Health Care Equipment & Supplies - 1.3%
Becton Dickinson and Co. ^		1,058		82
Medtronic, Inc. ^		4,459		175
Hotels, Restaurants & Leisure - 0.6%
McDonald’s Corp. ^		1,202		118
Household Products - 0.9%
Procter & Gamble Co. ^		2,542		171
Industrial Conglomerates - 1.0%
3M Co.		2,264		202
Insurance - 2.6%
Axis Capital Holdings, Ltd. ^		3,794		126
PartnerRe, Ltd.		1,851		126
Travelers Cos., Inc.		4,321		255
IT Services - 2.0%
Broadridge Financial Solutions, Inc. ^		5,008		119
International Business Machines Corp.		430		90
Paychex, Inc. ^		3,602		112
Western Union Co. ^		4,332		76
Machinery - 0.5%
Illinois Tool Works, Inc. ^		1,620		93
Media - 1.5%
Omnicom Group, Inc. ^		2,454		124
Time Warner, Inc. ^		4,407		167
Multiline Retail - 0.9%
Target Corp. ^		3,091		180
Oil, Gas & Consumable Fuels - 3.5%
Chevron Corp. ^		3,259		349
ConocoPhillips		4,393		334
Pharmaceuticals - 4.6%
Johnson & Johnson ^		3,877		256
Merck & Co., Inc. ^		6,358		244
Novartis AG ADR		1,356		75
Pfizer, Inc. ^		15,507		351

	Shares		Value (000’s)
Road & Rail - 0.6%
Norfolk Southern Corp.		1,703	$	112
Semiconductors & Semiconductor Equipment - 1.8%
Intel Corp. ^		8,683		244
Linear Technology Corp. ^		3,091		104
Software - 1.7%
Microsoft Corp.		10,191		329
Tobacco - 0.5%
Philip Morris International, Inc.		1,065		94
Total Common Stocks (cost $6,965)				7,553
SECURITIES LENDING COLLATERAL - 25.4%
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.31% p		4,955,556		4,956
Total Securities Lending Collateral (cost $4,956)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 3.5%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $676 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $691.	$	676		676
Total Repurchase Agreement (cost $676)
Total Investment Securities (cost $23,766) P				24,398
Other Assets and Liabilities - Net				(4,848	)
Net Assets			$	19,550

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $4,848.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $23,766. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $675 and $43, respectively. Net unrealized appreciation for tax purposes is $632.

DEFINITIONS:

ADR	American Depositary Receipt
TBA	To Be Announced

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	7,083	$	470	$	—	$	7,553
Corporate Debt Securities		—		3,290		—		3,290
Repurchase Agreement		—		676		—		676
Securities Lending Collateral		4,956		—		—		4,956
U.S. Government Agency Obligations		—		704		—		704
U.S. Government Obligations		—		7,219		—		7,219
Total	$	12,039	$	12,359	$	—	$	24,398

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended 3/31/2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica Madison Large Cap Growth VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 85.2%
Aerospace & Defense - 1.9%
Boeing Co.		974	$	72
Air Freight & Logistics - 2.3%
Expeditors International of Washington, Inc. ^		443		21
United Parcel Service, Inc. - Class B ^		800		64
Beverages - 3.2%
Diageo PLC ADR		481		46
PepsiCo, Inc.		1,064		71
Biotechnology - 1.4%
Celgene Corp. ‡		654		51
Capital Markets - 1.9%
T. Rowe Price Group, Inc. ^		1,089		71
Chemicals - 3.0%
Ecolab, Inc. ^		656		40
International Flavors & Fragrances, Inc. ^		1,219		72
Communications Equipment - 4.4%
Acme Packet, Inc. ‡^		1,017		28
QUALCOMM, Inc.		1,734		118
Riverbed Technology, Inc. ‡^		637		18
Computers & Peripherals - 9.2%
Apple, Inc. ‡		458		275
EMC Corp. ‡^		982		29
SanDisk Corp. ‡		663		33
Diversified Financial Services - 1.9%
IntercontinentalExchange, Inc. ‡		519		71
Electrical Equipment - 3.7%
Emerson Electric Co. ^		1,036		54
Roper Industries, Inc. ^		681		67
Sensata Technologies Holding NV ‡^		467		16
Electronic Equipment & Instruments - 0.4%
FLIR Systems, Inc. ^		604		15
Energy Equipment & Services - 4.2%
Ensco PLC ADR		584		31
Schlumberger, Ltd. ^		1,788		125
Food & Staples Retailing - 1.7%
Costco Wholesale Corp.		676		61
Food Products - 0.2%
Mead Johnson Nutrition Co. - Class A		96		8
Health Care Equipment & Supplies - 1.5%
Becton Dickinson and Co. ^		520		41
CareFusion Corp. ‡^		629		16
Health Care Technology - 1.1%
Allscripts Healthcare Solutions, Inc. ‡		900		15
Cerner Corp. ‡^		318		24
Hotels, Restaurants & Leisure - 5.4%
Ctrip.com International, Ltd. ADR ‡^		1,480		32
Panera Bread Co. - Class A ‡^		370		60
Starbucks Corp. ^		1,006		56
Yum! Brands, Inc. ^		734		52
Internet & Catalog Retail - 1.7%
Amazon.com, Inc. ‡^		162		33
NetFlix, Inc. ‡		65		7
priceline.com, Inc. ‡^		32		23
Internet Software & Services - 4.2%
Google, Inc. - Class A ‡		225		144
OpenTable, Inc. ‡^		315		13
IT Services - 5.1%
Accenture PLC - Class A ^		1,498		97
Paychex, Inc. ^		637		20
Sapient Corp. ^		1,320		16
Visa, Inc. - Class A ^		467		55
Media - 3.5%
Comcast Corp. - Class A ^		1,585		48
Omnicom Group, Inc. ^		953		48
Walt Disney Co. ^		799		35
Metals & Mining - 1.8%
Molycorp, Inc. ‡^		1,958		66

	Shares		Value (000’s)
Multiline Retail - 0.8%
JC Penney Co., Inc. ^		806	$	29
Oil, Gas & Consumable Fuels - 7.1%
Apache Corp. ^		217		22
Exxon Mobil Corp. ^		2,151		187
Occidental Petroleum Corp.		275		26
World Fuel Services Corp. ^		585		24
Pharmaceuticals - 2.3%
Allergan, Inc. ^		347		33
Johnson & Johnson		771		51
Professional Services - 1.1%
Nielsen Holdings NV ‡		1,365		41
Real Estate Management & Development - 1.8%
Brookfield Asset Management, Inc. - Class A		2,159		68
Semiconductors & Semiconductor Equipment - 1.7%
Cavium, Inc. ‡^		1,396		43
Cree, Inc. ‡^		561		18
Software - 5.7%
Ariba, Inc. ‡		235		8
MICROS Systems, Inc. ‡^		353		20
Microsoft Corp.		4,534		145
Nuance Communications, Inc. ‡^		896		23
SAP AG ADR		230		16
Specialty Retail - 1.0%
CarMax, Inc. ‡^		1,101		38
Total Common Stocks (cost $2,893)				3,150
SECURITIES LENDING COLLATERAL - 24.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		889,720		890
Total Securities Lending Collateral (cost $890)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 9.0%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $333 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, and with a value of $342.	$	333		333
Total Repurchase Agreement (cost $333)
Total Investment Securities (cost $4,116) P				4,373
Other Assets and Liabilities - Net				(677	)
Net Assets			$	3,696

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica Madison Large Cap Growth VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $870.

‡ Non-income producing security.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $4,116. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $293 and $36, respectively. Net unrealized appreciation for tax purposes is $257.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	3,025	$	125	$	—	$	3,150
Repurchase Agreement		—		333		—		333
Securities Lending Collateral		890		—		—		890
Total	$	3,915	$	458	$	—	$	4,373

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica Madison Moderate Growth Allocation VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 95.3%
Bonds - 9.6%
Transamerica PIMCO Total Return VP		14,679	$	174
Capital Markets - 71.1%
Madison Mosaic Disciplined Equity Fund ¯		11,288		156
Madison Mosaic Institutional Bond Fund ¯		14,145		159
MEMBERS Bond Fund ¯		13,232		139
MEMBERS Equity Income Fund ¯		10,075		104
MEMBERS Large Cap Growth Fund ¯		8,506		151
MEMBERS Large Cap Value Fund ¯		11,302		153
MEMBERS MID Cap Fund ¯		14,067		106
Transamerica JPMorgan Enhanced Index VP		16,499		219
Transamerica Systematic Small/Mid Cap Value VP		748		17
Vanguard FTSE All-World ex-US ETF		1,894		84
Global/International Stocks - 4.6%
Transamerica International Value Opportunities p		9,359		84
Tactical and Specialty - 10.0%
Transamerica Bond p		18,033		182
Total Investment Companies (cost $1,656)				1,728

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.6%
State Street Bank & Trust Co.
0.03% p, dated 03/30/2012, to be repurchased at $10 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $12.	$	10	$	10
Total Repurchase Agreement (cost $10 )
Total Investment Securities (cost $ 1,666) P				1,738
Other Assets and Liabilities - Net				74
Net Assets			$	1,812

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

The fund invests its assets in the Initial Class shares of the affiliated fund of Transamerica Series Trust.

¯ The fund is affiliated with the sub-adviser of the fund.

p The fund invests its assets in the Class I2 shares of the affiliated Transamerica Funds.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $1,666. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $74 and $2, respectively. Net unrealized appreciation for tax purposes is $72.

DEFINITION:

ETF Exchange-Traded Fund

VALUATION SUMMARY (all amounts in thousands):

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	1,728	$	—	$	—	$	1,728
Repurchase Agreement		—		10		—		10
Total	$	1,728	$	10	$	—	$	1,738

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended 3/31/2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.
Transamerica Series Trust	Page    1	March 31, 2012 Form N-Q

Transamerica MFS International Equity VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 98.5%
Australia - 2.7%
QBE Insurance Group, Ltd.		209,266	$	3,072
Westpac Banking Corp. ^		111,070		2,518
Brazil - 2.1%
BM&FBovespa SA		302,000		1,860
Tim Participacoes SA ADR ^		77,790		2,509
Canada - 2.1%
Canadian National Railway Co.		54,820		4,354
Czech Republic - 1.0%
Komercni Banka AS		10,155		2,022
France - 12.1%
Air Liquide SA		31,019		4,135
Dassault Systemes SA		13,358		1,229
Groupe Danone SA		61,474		4,288
Legrand SA		64,920		2,389
LVMH Moet Hennessy Louis Vuitton SA		29,992		5,153
Pernod-Ricard SA		36,478		3,814
Schneider Electric SA		65,107		4,254
Germany - 11.8%
Bayer AG		61,353		4,315
Beiersdorf AG		65,577		4,279
Deutsche Boerse AG		26,989		1,817
Linde AG		43,447		7,797
Merck KGaA		23,508		2,602
SAP AG		59,993		4,190
Hong Kong - 3.5%
AIA Group, Ltd.		516,000		1,890
China Unicom, Ltd.		1,088,000		1,836
CNOOC, Ltd.		545,000		1,120
Li & Fung, Ltd.		1,084,000		2,488
India - 1.8%
ICICI Bank, Ltd. ADR		74,560		2,600
Infosys, Ltd. ADR ^		23,840		1,360
Japan - 13.6%
Canon, Inc.		81,000		3,826
Denso Corp. ^		98,500		3,290
FANUC Corp. ^		16,300		2,891
Honda Motor Co., Ltd. ^		74,000		2,812
Hoya Corp. ^		99,800		2,241
INPEX Corp.		564		3,810
Lawson, Inc. ^		62,500		3,934
NTT DoCoMo, Inc. ^		566		940
Shin-Etsu Chemical Co., Ltd. ^		83,500		4,822
Korea, Republic of - 1.6%
Samsung Electronics Co., Ltd.		3,040		3,421
Netherlands - 8.3%
Akzo Nobel NV		59,062		3,487
Heineken NV		115,541		6,422
ING Groep NV ‡		472,646		3,937
Randstad Holding NV ^		77,023		2,906
Wolters Kluwer NV		50,000		947
Singapore - 0.3%
Singapore Telecommunications, Ltd.		276,700		693
South Africa - 0.5%
MTN Group, Ltd.		60,857		1,071
Spain - 2.8%
Amadeus IT Holding SA - Class A		142,298		2,685
Banco Santander SA		285,424		2,196
Red Electrica Corp. SA		20,480		1,002
Sweden - 0.8%
Hennes & Mauritz AB - Class B		46,480		1,682
Switzerland - 10.9%
Cie Financiere Richemont SA		18,145		1,138
Givaudan SA ‡		1,052		1,014
Julius Baer Group, Ltd. ‡		98,944		3,994
Nestle SA		100,667		6,334

	Shares		Value (000’s)
Switzerland (continued)
Roche Holding AG		21,988	$	3,827
Sonova Holding AG ‡		12,165		1,351
Swiss Re AG ‡		23,703		1,514
Synthes, Inc. - 144A		5,387		935
UBS AG ‡		215,000		3,013
Taiwan - 3.0%
Hon Hai Precision Industry Co., Ltd.		545,900		2,118
HTC Corp.		55,550		1,124
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		203,497		3,109
United Kingdom - 19.4%
Barclays PLC		380,703		1,433
BG Group PLC		74,876		1,734
Burberry Group PLC		52,693		1,262
Compass Group PLC		370,570		3,885
Diageo PLC		185,409		4,456
Hays PLC		711,584		960
HSBC Holdings PLC		765,319		6,792
Reckitt Benckiser Group PLC		51,665		2,920
Rio Tinto PLC		50,590		2,788
Royal Dutch Shell PLC - Class A		107,814		3,765
Smiths Group PLC		118,604		1,996
Standard Chartered PLC		153,637		3,835
TESCO PLC		107,445		567
WPP PLC		298,904		4,085
United States - 0.2%
Delphi Automotive PLC ‡^		13,860		438
Total Common Stocks (cost $186,337)				207,293
SECURITIES LENDING COLLATERAL - 8.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		17,992,262		17,992
Total Securities Lending Collateral (cost $17,992)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.1%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $2,283 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $2,330.	$	2,283		2,283
Total Repurchase Agreement (cost $2,283)
Total Investment Securities (cost $206,612) P				227,568
Other Assets and Liabilities - Net				(17,014	)
Net Assets			$	210,554

The notes are an integral part of this report.
Transamerica Series Trust	Page    1	March 31, 2012 Form N-Q

Transamerica MFS International Equity VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Commercial Banks		9.4	%	$	21,395
Chemicals		9 .3			21,255
Beverages		6 .5			14,692
Pharmaceuticals		4 .7			10,744
Food Products		4 .7			10,622
Oil, Gas & Consumable Fuels		4 .6			10,429
Diversified Financial Services		3 .4			7,615
Textiles, Apparel & Luxury Goods		3 .3			7,553
Capital Markets		3 .1			7,007
Electrical Equipment		2 .9			6,643
Semiconductors & Semiconductor Equipment		2 .9			6,530
Insurance		2 .8			6,476
Software		2 .4			5,419
Media		2 .2			5,032
Wireless Telecommunication Services		2 .0			4,520
Food & Staples Retailing		2 .0			4,501
Electronic Equipment & Instruments		1 .9			4,359
Road & Rail		1 .9			4,354
Personal Products		1 .9			4,279
IT Services		1 .8			4,045
Hotels, Restaurants & Leisure		1 .7			3,885
Professional Services		1 .7			3,866
Office Electronics		1 .7			3,826
Auto Components		1 .6			3,728
Household Products		1 .3			2,920
Machinery		1 .3			2,891
Automobiles		1 .2			2,812
Metals & Mining		1 .2			2,788
Diversified Telecommunication Services		1 .1			2,529
Distributors		1 .1			2,488
Health Care Equipment & Supplies		1 .0			2,286
Industrial Conglomerates		0 .9			1,996
Specialty Retail		0 .7			1,682
Communications Equipment		0 .5			1,124
Electric Utilities		0 .4			1,002
Investment Securities, at Value		91.1			207,293
Short-Term Investments		8 .9			20,275
Total Investments		100.0	%	$	227,568

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $17,181.

‡ Non-income producing security.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $206,612. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $30,241 and $9,285, respectively. Net unrealized appreciation for tax purposes is $20,956.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $935, or 0.44%, of the fund’s net assets.
ADR	American Depositary Receipt

The notes are an integral part of this report.
Transamerica Series Trust	Page    2	March 31, 2012 Form N-Q

Transamerica MFS International Equity VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1  - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	9,161	$	198,132	$	—	$	207,293
Repurchase Agreement		—		2,283		—		2,283
Securities Lending Collateral		17,992		—		—		17,992
Total	$	27,153	$	200,415	$	—	$	227,568

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.
Transamerica Series Trust	Page    3	March 31, 2012 Form N-Q

Transamerica Morgan Stanley Active International Allocation VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
PREFERRED STOCKS - 0.5%
Germany - 0.5%
Henkel AG & Co., KGaA , 1.28% p		3,799	$	278
Porsche Automobil Holding SE , 1.11% p		762		45
ProSiebenSat.1 Media AG , 5.89% p		3,316		85
RWE AG , 10.38% p		172		8
Volkswagen AG, 1.69% p		2,365		416
Korea, Republic of - 0.0% ¥
Samsung Electronics Co., Ltd. , 0.69% p		34		24
Total Preferred Stocks (cost $844)				856
COMMON STOCKS - 79.3%
Australia - 5.2%
AGL Energy, Ltd.		2,720		42
Alumina, Ltd.		22,198		28
Amcor, Ltd.		12,713		98
AMP, Ltd.		27,221		122
Asciano, Ltd.		1,283		7
ASX, Ltd.		1,383		48
Australia & New Zealand Banking Group, Ltd.		46,505		1,121
BHP Billiton, Ltd.		50,008		1,792
Boral, Ltd.		7,801		33
Brambles, Ltd.		6,022		44
Caltex Australia, Ltd.		1,871		27
Coca-Cola Amatil, Ltd.		2,399		31
Commonwealth Bank of Australia ^		12,111		629
CSL, Ltd.		1,482		55
CSR, Ltd. ^		3,390		6
DuluxGroup, Ltd. ^		4,923		15
Echo Entertainment Group, Ltd.		1,690		8
Fortescue Metals Group, Ltd. ^		20,233		122
GPT Group REIT		17,934		58
Iluka Resources, Ltd. ^		457		8
Incitec Pivot, Ltd.		25,240		82
Insurance Australia Group, Ltd.		24,033		85
James Hardie Industries SE		5,837		46
Leighton Holdings, Ltd. ^		749		17
Lend Lease Corp., Ltd.		2,142		17
Macquarie Group, Ltd.		3,468		104
National Australia Bank, Ltd.		16,546		422
Newcrest Mining, Ltd.		20,817		640
OneSteel, Ltd. ^		11,776		15
Orica, Ltd.		5,386		156
Origin Energy, Ltd.		5,465		76
OZ Minerals, Ltd.		4,106		42
QBE Insurance Group, Ltd.		10,935		161
QR National, Ltd.		1,574		6
Rio Tinto, Ltd. ^		4,403		298
Santos, Ltd.		3,337		49
Sims Metal Management, Ltd. ^		2,313		35
Sonic Healthcare, Ltd.		595		8
Stockland REIT		29,025		88
Suncorp Group, Ltd.		12,467		108
TABCORP Holdings, Ltd.		1,732		5
Telstra Corp., Ltd.		13,909		47
Transurban Group		5,080		30
Treasury Wine Estates, Ltd.		2,879		12
Wesfarmers, Ltd.		2,888		90
Westfield Group REIT		16,479		151
Westfield Retail Trust REIT		28,800		77
Westpac Banking Corp. ^		21,294		483
Woodside Petroleum, Ltd.		2,944		106
Woolworths, Ltd.		5,686		153
WorleyParsons, Ltd.		218		6
Austria - 0.4%
Erste Group Bank AG		3,626		84
OMV AG		4,055		144

	Shares		Value (000’s)
Austria (continued)
Raiffeisen Bank International AG		488	$	17
Telekom Austria AG		10,239		119
Verbund AG		2,098		64
Vienna Insurance Group AG		1,049		46
Voestalpine AG		3,603		121
Belgium - 0.4%
Ageas		3,888		9
Anheuser-Busch InBev NV		7,167		524
Anheuser-Busch InBev NV - STRIP VVPR ‡		2,616		¨
Belgacom SA		1,075		35
Delhaize Group SA		752		40
Groupe Bruxelles Lambert SA		1,118		87
Mobistar SA		814		41
NV Bekaert SA		1,166		38
Solvay SA - Class A		457		54
UCB SA		1,027		44
Umicore SA		972		54
Brazil - 0.1%
All America Latina Logistica SA		4,800		24
Banco do Brasil SA		3,900		55
BRF - Brasil Foods SA ‡		6,940		137
Canada - 0.9%
Agnico-Eagle Mines, Ltd.		2,300		77
Barrick Gold Corp.		13,200		574
Centerra Gold, Inc.		2,300		36
Eldorado Gold Corp.		7,400		102
Franco-Nevada Corp.		1,800		77
Goldcorp, Inc. ^		10,500		473
IAMGOLD Corp.		5,000		67
Kinross Gold Corp.		15,000		147
New Gold, Inc. ‡		6,000		59
Osisko Mining Corp. ‡		4,600		53
Denmark - 0.6%
A.P. Moller - Maersk A/S - Class B		22		170
DSV A/S ^		3,219		73
Novo Nordisk A/S - Class B ^		4,354		603
Novozymes A/S		4,375		127
TDC A/S		10,871		79
Vestas Wind Systems A/S ‡^		2,294		23
Finland - 1.2%
Elisa OYJ		3,573		86
Fortum OYJ		7,830		190
Kesko OYJ - Class B		5,555		180
Kone OYJ - Class B		2,504		139
Metso OYJ ^		8,695		372
Neste Oil OYJ ^		4,733		58
Nokia OYJ		74,654		406
Sampo OYJ - Class A		3,528		102
Stora Enso OYJ - Class R		8,720		65
UPM-Kymmene OYJ ^		13,840		188
Wartsila OYJ Abp		1,973		74
France - 3.0%
Accor SA		942		34
Air Liquide SA		924		123
Alcatel-Lucent ‡^		10,087		23
Alstom SA		5,741		224
AtoS		183		11
AXA SA		5,906		98
BNP Paribas SA		7,161		340
Bouygues SA ^		7,590		232
Capital Gemini SA		662		30
Carrefour SA		3,325		80
Casino Guichard Perrachon SA		448		44
Cie de St-Gobain		821		37
Cie Generale de Geophysique-Veritas ‡		4,932		146

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica Morgan Stanley Active International Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
France (continued)
Cie Generale des Etablissements Michelin - Class B		479	$	36
Cie Generale D’optique Essilor International SA		843		75
CNP Assurances		1,310		20
Credit Agricole SA		3,925		24
Dassault Systemes SA		282		26
Edenred		942		28
EDF SA		583		13
Eurazeo NPV		331		17
European Aeronautic Defence and Space Co., NV		1,238		51
Fonciere Des Regions REIT		203		16
France Telecom SA		5,911		88
GDF Suez		4,273		110
Gecina SA REIT ^		164		17
Groupe Danone SA		5,262		367
Hermes International ^		75		25
ICADE REIT		200		18
Imerys SA		281		17
Klepierre REIT		755		26
Lafarge SA		3,310		158
Lagardere SCA		888		27
L’Oreal SA		297		37
LVMH Moet Hennessy Louis Vuitton SA		263		45
Neopost SA ^		265		17
Pernod-Ricard SA		296		31
Peugeot SA		1,164		19
PPR SA		535		92
Publicis Groupe SA		650		36
Renault SA		487		26
Safran SA		520		19
Sanofi		7,588		589
Schneider Electric SA		3,595		235
SCOR SE		2,292		62
SES SA		1,616		40
Societe BIC SA		261		26
Societe Generale SA		4,173		122
Societe Television Francaise 1		4,831		59
Sodexo		539		44
STMicroelectronics NV		3,649		30
Technip SA		2,159		255
Thales SA ^		457		17
Total SA		15,282		779
Unibail-Rodamco SE REIT		930		185
Vallourec SA		311		20
Veolia Environnement SA		1,849		31
Vinci SA		4,430		231
Vivendi SA		8,296		152
Germany - 9.6%
Adidas AG		1,965		153
Allianz SE		6,653		795
BASF SE		13,364		1,169
Bayer AG		18,949		1,333
Bayerische Motoren Werke AG		5,227		470
Beiersdorf AG		4,210		274
Celesio AG		5,841		106
Commerzbank AG ‡		7,140		18
Continental AG ‡		557		53
Daimler AG		13,459		812
Deutsche Bank AG		7,035		350
Deutsche Boerse AG		5,742		387
Deutsche Lufthansa AG		1,636		23
Deutsche Post AG		26,850		517
Deutsche Telekom AG		46,495		560
E.ON AG		37,362		895
Fresenius Medical Care AG & Co., KGaA		4,443		314
Fresenius SE & Co. KGaA		2,788		286
GEA Group AG		838		29

	Shares		Value (000’s)
Germany (continued)
Hannover Rueckversicherung AG		1,552	$	92
HeidelbergCement AG		2,094		127
Henkel AG & Co., KGaA		4,143		259
Hochtief AG		1,308		79
Infineon Technologies AG		24,714		253
K+S AG		3,760		197
Lanxess AG		2,576		213
Linde AG		2,614		469
Merck KGaA		289		32
Metro AG		3,203		124
Muenchener Rueckversicherungs AG		2,870		434
RWE AG		8,589		410
SAP AG		17,365		1,213
Siemens AG		21,084		2,127
ThyssenKrupp AG ^		3,460		86
Volkswagen AG		610		98
Hong Kong - 0.0% ¥
China Merchants Holdings International Co., Ltd.		27		¨
Henderson Land Development Co., Ltd.		82		¨
Hong Kong Exchanges & Clearing, Ltd. ^		66		1
Skyworth Digital Holdings, Ltd.		58		¨
Indonesia - 0.0% ¥
Adaro Energy PT		45,600		10
Astra International PT		8,500		69
Bank Central Asia PT		52,500		46
Bank Danamon		13,500		7
Bank Mandiri Persero PT		40,000		30
Bank Negara Indonesia Persero PT		34,500		15
Bank Rakyat Indonesia Persero PT		48,500		37
Bumi Resources PT		79,000		20
Charoen Pokphand Indonesia PT		37,000		11
Gudang Garam		2,500		15
Indo Tambangraya Megah PT		1,900		9
Indocement Tunggal Prakarsa PT		6,500		13
Indofood Sukses Makmur PT		20,000		11
Kalbe Farma PT		22,500		9
Perusahaan Gas Negara PT		46,500		19
Semen Gresik Persero PT		15,500		21
Tambang Batubara Bukit Asam PT		3,500		8
Telekomunikasi Indonesia PT		42,000		32
Unilever Indonesia PT		6,500		14
United Tractors PT		7,621		28
Italy - 0.3%
ENI SpA		5,162		121
Saipem SpA		3,944		204
Tenaris SA		9,899		189
Japan - 17.6%
Advantest Corp. ^		3,300		52
AEON Mall Co., Ltd.		4,500		105
Aisin Seiki Co., Ltd.		4,300		151
Amada Co., Ltd. ^		4,000		27
Asahi Glass Co., Ltd.		12,000		102
Asahi Group Holdings, Ltd.		7,000		155
Asahi Kasei Corp. ^		17,000		105
Astellas Pharma, Inc. ^		8,300		341
Bank of Kyoto, Ltd. ^		4,000		36
Bank of Yokohama, Ltd. ^		18,000		90
Benesse Holdings, Inc. ^		400		20
Bridgestone Corp.		20,000		484
Canon, Inc.		8,400		396
Casio Computer Co., Ltd. ^		6,400		46
Central Japan Railway Co. ^		19		157
Chiba Bank, Ltd. ^		8,000		51
Chubu Electric Power Co., Inc. ^		2,900		52
Chugai Pharmaceutical Co., Ltd. ^		4,100		76
Citizen Holdings Co., Ltd. ^		6,000		38
Credit Saison Co., Ltd. ^		1,900		38

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica Morgan Stanley Active International Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Japan (continued)
DAI Nippon Printing Co., Ltd. ^		5,000	$	51
Daicel Corp. ^		2,000		13
Daiichi Sankyo Co., Ltd. ^		21,900		399
Daikin Industries, Ltd. ^		4,800		130
Daito Trust Construction Co., Ltd. ^		2,000		180
Daiwa House Industry Co., Ltd.		12,000		159
Daiwa Securities Group, Inc. ^		24,000		95
Denki Kagaku Kogyo KK		6,000		24
Denso Corp. ^		17,900		597
East Japan Railway Co. ^		4,300		271
Eisai Co., Ltd. ^		4,000		159
FamilyMart Co., Ltd.		1,599		68
FANUC Corp. ^		3,500		621
Fast Retailing Co., Ltd. ^		2,300		524
FUJIFILM Holdings Corp. ^		13,600		319
Fujitsu, Ltd. ^		54,000		285
Fukuoka Financial Group, Inc. ^		11,000		49
Furukawa Electric Co., Ltd.		9,000		24
GS Yuasa Corp. ^		6,000		33
Hirose Electric Co., Ltd. ^		600		63
Hisamitsu Pharmaceutical Co., Inc. ^		1,100		52
Hitachi Construction Machinery Co., Ltd. ^		4,200		93
Hitachi, Ltd. ^		43,000		276
Hokuhoku Financial Group, Inc. ^		18,000		34
Honda Motor Co., Ltd. ^		25,400		964
Hoya Corp. ^		5,200		117
Ibiden Co., Ltd. ^		4,200		107
IHI Corp. ^		14,000		35
INPEX Corp. ^		35		236
ITOCHU Corp.		18,100		197
ITOCHU Techno-Solutions Corp. ^		600		27
Japan Real Estate Investment Corp. REIT		12		106
Japan Retail Fund Investment Corp. REIT		42		62
Japan Tobacco, Inc. ^		81		456
JFE Holdings, Inc.		4,400		95
JGC Corp. ^		11,000		340
Joyo Bank, Ltd. ^		11,000		50
JS Group Corp.		2,400		50
JSR Corp. ^		2,400		48
JX Holdings, Inc. ^		30,700		190
Kajima Corp. ^		14,000		43
Kaneka Corp. ^		4,000		24
Kansai Electric Power Co., Inc. ^		5,200		81
Kawasaki Heavy Industries, Ltd. ^		14,000		43
Kawasaki Kisen Kaisha, Ltd. ‡ ^		59,000		130
Keikyu Corp. ^		4,000		35
KEIO Corp. ^		2,000		14
Keyence Corp.		1,562		367
Kintetsu Corp. ^		20,000		76
Kirin Holdings Co., Ltd.		11,000		142
Kobe Steel, Ltd. ^		32,000		52
Komatsu, Ltd. ^		18,600		530
Konami Corp. ^		2,300		65
Konica Minolta Holdings, Inc. ^		9,000		79
Kubota Corp. ^		28,000		269
Kuraray Co., Ltd. ^		5,000		71
Kurita Water Industries, Ltd. ^		800		20
Kyocera Corp. ^		4,600		421
Kyushu Electric Power Co., Inc. ^		1,700		24
Mabuchi Motor Co., Ltd. ^		1,200		54
Makita Corp. ^		1,600		64
Marubeni Corp. ^		21,000		151
Mitsubishi Chemical Holdings Corp.		19,500		104
Mitsubishi Corp. ^		21,700		504
Mitsubishi Electric Corp. ^		39,000		345
Mitsubishi Estate Co., Ltd.		29,000		517
Mitsubishi Heavy Industries, Ltd. ^		31,000		150
Mitsubishi Materials Corp. ^		24,000		76

	Shares		Value (000’s)
Japan (continued)
Mitsubishi Tanabe Pharma Corp. ^		4,300	$	60
Mitsubishi UFJ Financial Group, Inc. ^		63,208		315
Mitsui & Co., Ltd. ^		14,400		236
Mitsui Chemicals, Inc. ^		7,000		21
Mitsui Fudosan Co., Ltd.		20,000		383
Mitsui O.S.K. Lines, Ltd. ^		21,000		91
Mizuho Financial Group, Inc. ^		206,300		336
MS&AD Insurance Group Holdings ^		6,200		127
Murata Manufacturing Co., Ltd. ^		2,600		154
Nabtesco Corp. ^		1,600		33
NEC Corp. ‡		35,000		73
NGK Insulators, Ltd.		9,000		128
NGK Spark Plug Co., Ltd.		2,000		29
Nidec Corp. ^		1,200		109
Nikon Corp. ^		4,500		137
Nintendo Co., Ltd. ^		1,700		256
Nippon Building Fund, Inc. REIT		15		142
Nippon Electric Glass Co., Ltd. ^		13,000		113
Nippon Express Co., Ltd.		14,000		55
Nippon Paper Group, Inc. ^		3,300		69
Nippon Sheet Glass Co., Ltd. ^		7,000		11
Nippon Steel Corp. ^		56,000		154
Nippon Telegraph & Telephone Corp.		3,000		136
Nippon Yusen KK ^		16,000		50
Nishi-Nippon City Bank, Ltd.		6,000		17
Nissan Motor Co., Ltd. ^		28,700		305
Nitto Denko Corp. ^		3,100		125
NKSJ Holdings, Inc. ^		2,500		56
Nomura Holdings, Inc. ^		29,800		132
Nomura Research Institute, Ltd. ^		2,000		49
NSK, Ltd. ^		8,000		62
NTN Corp. ^		7,000		30
NTT Data Corp. ^		21		73
NTT DoCoMo, Inc. ^		47		78
Obayashi Corp. ^		12,000		52
OJI Paper Co., Ltd. ^		30,000		145
Omron Corp. ^		5,700		123
Ono Pharmaceutical Co., Ltd. ^		1,400		78
Oracle Corp. Japan		1,000		38
Oriental Land Co., Ltd. ^		800		86
ORIX Corp. ^		270		26
Osaka Gas Co., Ltd. ^		13,000		52
Otsuka Holdings Co., Ltd. ^		4,400		130
Panasonic Corp. ^		41,800		384
Resona Holdings, Inc. ^		3,800		17
ROHM Co., Ltd.		1,900		94
Santen Pharmaceutical Co., Ltd. ^		1,400		60
SBI Holdings, Inc. ^		199		19
Secom Co., Ltd. ^		1,800		88
Seiko Epson Corp. ^		5,100		71
Sekisui Chemical Co., Ltd.		5,000		43
Sekisui House, Ltd.		12,000		118
Seven & I Holdings Co., Ltd.		9,000		267
Sharp Corp. ^		11,000		80
Shimamura Co., Ltd.		200		22
Shimano, Inc. ^		2,500		150
Shimizu Corp. ^		12,000		48
Shin-Etsu Chemical Co., Ltd.		8,100		468
Shinsei Bank, Ltd.		15,000		20
Shionogi & Co., Ltd. ^		5,400		75
Shiseido Co., Ltd. ^		6,000		104
Shizuoka Bank, Ltd. ^		8,000		82
Showa Denko KK ^		11,000		25
Showa Shell Sekiyu KK ^		1,400		9
SMC Corp. ^		1,400		223
Softbank Corp. ^		17,100		505
Sony Corp. ^		13,700		282
Stanley Electric Co., Ltd.		4,000		64

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    3

Transamerica Morgan Stanley Active International Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Japan (continued)
Sumitomo Chemical Co., Ltd. ^		19,000	$	81
Sumitomo Corp. ^		9,500		137
Sumitomo Electric Industries, Ltd.		5,900		81
Sumitomo Heavy Industries, Ltd. ^		6,000		33
Sumitomo Metal Industries, Ltd.		35,000		71
Sumitomo Metal Mining Co., Ltd.		20,000		281
Sumitomo Mitsui Financial Group, Inc. ^		12,100		398
Sumitomo Mitsui Trust Holdings, Inc. ^		81,000		258
Sumitomo Realty & Development Co., Ltd.		9,000		217
Suzuki Motor Corp. ^		7,400		177
Sysmex Corp. ^		1,700		69
T&D Holdings, Inc. ^		5,100		59
Taisei Corp. ^		14,000		37
Takeda Pharmaceutical Co., Ltd. ^		17,000		749
TDK Corp. ^		1,800		102
Teijin, Ltd. ^		14,000		47
Terumo Corp. ^		5,000		239
THK Co., Ltd.		700		14
Tobu Railway Co., Ltd. ^		13,000		69
Tohoku Electric Power Co., Inc. ‡ ^		2,500		29
Tokio Marine Holdings, Inc. ^		11,048		303
Tokyo Electron, Ltd. ^		4,300		246
Tokyo Gas Co., Ltd. ^		14,000		66
Tokyu Corp. ^		18,000		85
Tokyu Land Corp. ^		15,000		73
TonenGeneral Sekiyu KK		6,000		55
Toppan Printing Co., Ltd. ^		5,000		39
Toray Industries, Inc. ^		16,000		119
Toshiba Corp. ^		47,000		207
Tosoh Corp. ^		7,000		19
TOTO, Ltd. ^		6,000		45
Toyo Seikan Kaisha, Ltd.		2,600		37
Toyota Boshoku Corp. ^		3,300		39
Toyota Industries Corp.		1,300		39
Toyota Motor Corp. ^		20,800		897
Trend Micro, Inc. ^		2,000		61
Uni-Charm Corp. ^		2,900		153
Ushio, Inc. ^		800		11
West Japan Railway Co. ^		300		12
Yahoo! Japan Corp. ^		241		78
Yakult Honsha Co., Ltd. ^		2,099		72
Yamada Denki Co., Ltd. ^		1,370		86
Yamaha Corp. ^		1,400		15
Yamato Holdings Co., Ltd.		3,700		57
Yokogawa Electric Corp. ^		4,100		41
Korea, Republic of - 0.4%
Cheil Industries, Inc.		133		11
Daewoo Securities Co., Ltd. ‡		340		4
Doosan Heavy Industries & Construction Co., Ltd.		178		10
E-Mart Co., Ltd.		44		10
GS Engineering & Construction Corp.		115		10
Hana Financial Group, Inc.		350		13
Hynix Semiconductor, Inc. ‡		840		22
Hyundai Engineering & Construction Co., Ltd.		140		10
Hyundai Heavy Industries Co., Ltd.		78		22
Hyundai Mobis		109		28
Hyundai Motor Co.		262		54
Hyundai Steel Co.		140		13
Industrial Bank of Korea		570		7
KB Financial Group, Inc.		660		24
KIA Motors Corp.		390		26
Korea Electric Power Corp. ‡		470		9
Korea Exchange Bank		950		7
KT Corp.		390		11
KT&G Corp.		206		15
LG Chem, Ltd.		82		27

	Shares		Value (000’s)
Korea, Republic of (continued)
LG Corp.		317	$	18
LG Display Co., Ltd. ‡		420		10
LG Electronics, Inc.		186		14
Lotte Shopping Co., Ltd.		24		8
NHN Corp.		78		18
OCI Co., Ltd.		33		7
POSCO		110		37
Samsung C&T Corp.		272		19
Samsung Electro-Mechanics Co., Ltd.		108		10
Samsung Electronics Co., Ltd.		691		777
Samsung Engineering Co., Ltd.		66		14
Samsung Fire & Marine Insurance Co., Ltd. ‡		71		13
Samsung Heavy Industries Co., Ltd.		420		14
Samsung SDI Co., Ltd.		67		8
Samsung Securities Co., Ltd. ‡		133		7
Samsung Techwin Co., Ltd.		72		4
Shinhan Financial Group Co., Ltd.		730		28
Shinsegae Co., Ltd.		15		3
SK Innovation Co., Ltd.		118		17
SK Telecom Co., Ltd.		92		11
S-Oil Corp.		130		13
Woori Finance Holdings Co., Ltd.		440		5
Netherlands - 2.2%
Akzo Nobel NV		2,786		164
ArcelorMittal		8,800		168
ASML Holding NV		5,684		284
Corio NV REIT		665		35
Fugro NV		995		71
Heineken NV		6,302		350
ING Groep NV ‡		59,229		493
Koninklijke Ahold NV		12,589		174
Koninklijke Boskalis Westminster NV		2,250		85
Koninklijke DSM NV		1,210		70
Koninklijke KPN NV		14,799		163
Koninklijke Philips Electronics NV		18,490		375
Randstad Holding NV ^		2,277		86
Reed Elsevier NV		9,249		118
SBM Offshore NV		2,515		51
TNT Express NV		12,112		150
Unilever NV		14,463		492
Wolters Kluwer NV		10,910		207
Norway - 1.8%
Aker Solutions ASA		7,399		125
DNB ASA		19,978		257
Norsk Hydro ASA		13,042		71
Orkla ASA		22,088		175
Statoil ASA		17,359		471
Subsea 7 SA ‡		4,131		109
Telenor ASA		39,992		741
Yara International ASA		10,186		486
Philippines - 1.0%
Aboitiz Equity Ventures, Inc.		108,000		126
Aboitiz Power Corp.		93,300		74
Alliance Global Group, Inc.		206,100		60
Ayala Corp.		11,316		107
Ayala Land, Inc.		271,600		131
Bank of the Philippine Islands		91,800		158
Energy Development Corp.		395,000		55
Manila Electric Co.		14,550		89
Metropolitan Bank & Trust		54,100		110
Philippine Long Distance Telephone Co.		2,410		152
SM Investments Corp.		9,450		145
SM Prime Holdings, Inc.		273,000		107
Russian Federation - 0.4%
Gazprom OAO ADR		27,606		340
Lukoil OAO ADR		2,750		167
MMC Norilsk Nickel OJSC ADR		3,054		56

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    4

Transamerica Morgan Stanley Active International Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Russian Federation (continued)
Mobile Telesystems OJSC ADR ^		3,750	$	69
Sberbank of Russia ADR ‡		11,687		150
Surgutneftegas OJSC ADR		6,100		60
Tatneft ADR		1,533		63
Singapore - 1.3%
Ascendas Real Estate Investment Trust		16,000		26
CapitaLand, Ltd.		35,000		87
CapitaMall Trust REIT		31,000		45
City Developments, Ltd.		8,000		72
ComfortDelGro Corp., Ltd.		25,000		31
DBS Group Holdings, Ltd.		30,000		338
Fraser and Neave, Ltd.		16,000		85
Genting Singapore PLC ‡^		103,000		140
Golden Agri-Resources, Ltd.		85,626		53
Keppel Corp., Ltd.		22,000		192
Noble Group, Ltd.		30,545		34
Olam International, Ltd.		7,000		13
Oversea-Chinese Banking Corp.		56,000		397
SembCorp Industries, Ltd.		16,000		67
SembCorp Marine, Ltd. ^		11,000		46
Singapore Airlines, Ltd.		10,003		86
Singapore Exchange, Ltd.		9,000		50
Singapore Press Holdings, Ltd. ^		11,000		34
Singapore Technologies Engineering, Ltd.		19,000		49
Singapore Telecommunications, Ltd.		111,000		277
United Overseas Bank, Ltd.		25,000		365
Wilmar International, Ltd. ^		16,000		62
Spain - 0.2%
Distribuidora Internacional de Alimentacion SA ‡^		4,799		24
Inditex SA		878		84
Mapfre SA		11,339		37
Repsol YPF SA		2,380		60
Telefonica SA		9,554		157
Sweden - 3.4%
Alfa Laval AB		3,568		73
Assa Abloy AB - Series B		4,124		130
Atlas Copco AB - Class A		9,903		240
Atlas Copco AB - Class B		6,390		138
Boliden AB		4,909		77
Electrolux AB - Series B		4,928		104
Getinge AB - Class B		6,266		178
Hennes & Mauritz AB - Class B		15,656		567
Holmen AB - Class B		875		24
Husqvarna AB - Class B		7,478		45
Investor AB - Class B		12,096		268
Lundin Petroleum AB ‡		3,350		72
Nordea Bank AB		59,239		539
Sandvik AB		14,850		214
Securitas AB - Class B		8,945		86
Skanska AB - Class B		17,608		305
SKF AB - Class B		3,271		80
SSAB AB - Series A ^		2,976		28
Svenska Cellulosa AB - Class B		12,562		218
Svenska Handelsbanken AB - Class A		16,724		533
Swedish Match AB		4,120		164
Tele2 AB - Class B		5,883		120
Telefonaktiebolaget LM Ericsson - Class B		77,106		799
TeliaSonera AB		32,721		228
Volvo AB - Class A		6,251		91
Volvo AB - Class B		13,538		197
Switzerland - 9.0%
ABB, Ltd. ‡		55,689		1,143
Baloise Holding AG		583		47
Cie Financiere Richemont SA		2,645		167
Credit Suisse Group AG ‡		10,714		305
GAM Holding AG ‡		2,754		40
Geberit AG ‡		497		104

	Shares		Value (000’s)
Switzerland (continued)
Givaudan SA ‡		77	$	74
Holcim, Ltd. ‡		2,848		186
Julius Baer Group, Ltd. ‡		4,093		165
Logitech International SA ‡^		4,646		36
Lonza Group AG ‡		465		24
Nestle SA		69,213		4,355
Novartis AG		36,637		2,027
Pargesa Holding SA (Bearer Shares)		116		8
Roche Holding AG		9,954		1,732
Schindler Holding AG		1,378		166
Straumann Holding AG ‡		646		110
Swatch Group AG - BR		161		74
Swatch Group AG - Reg		316		25
Swiss Life Holding AG ‡		340		40
Swiss Re AG ‡		4,678		299
Swisscom AG ^		285		115
Syngenta AG ‡		2,703		935
Synthes, Inc. - 144A		3,196		555
UBS AG ‡		36,180		507
Zurich Financial Services AG ‡		1,173		315
Thailand - 0.3%
Bangkok Bank PCL		8,300		50
Bangkok Bank PCL - Foreign Reg		15,000		94
Bank of Ayudhya PCL		33,300		30
Kasikornbank PCL		10,500		52
Kasikornbank PCL - Foreign		20,600		105
Krung Thai Bank PCL		46,200		26
Siam Commercial Bank PCL		26,900		125
United Kingdom - 19.9%
3i Group PLC		9,270		32
Admiral Group PLC		1,611		31
Aggreko PLC		19,976		720
AMEC PLC		4,984		88
Anglo American PLC		20,361		760
ARM Holdings PLC		45,619		432
AstraZeneca PLC		22,796		1,013
Aviva PLC		35,729		189
BAE Systems PLC		53,739		258
Balfour Beatty PLC		31,454		144
Barclays PLC		99,165		373
BG Group PLC		51,323		1,189
BHP Billiton PLC		13,663		417
BP PLC		207,565		1,535
British American Tobacco PLC		20,380		1,027
British Land Co., PLC REIT		12,702		98
British Sky Broadcasting Group PLC		39,197		424
BT Group PLC - Class A		98,853		358
Bunzl PLC		4,771		77
Burberry Group PLC		1,791		43
Cairn Energy PLC ‡		1,562		8
Capita PLC		2,500		29
Capital Shopping Centres Group PLC REIT		7,089		38
Carnival PLC		5,819		186
Centrica PLC		52,913		268
Cobham PLC		25,839		95
Compass Group PLC		34,920		365
Diageo PLC		24,381		586
Experian Group, Ltd.		9,979		156
FirstGroup PLC		8,509		32
G4S PLC		3,563		16
GlaxoSmithKline PLC		74,635		1,667
Hammerson PLC REIT		10,178		68
Home Retail Group PLC		9,755		18
HSBC Holdings PLC		329,586		2,926
ICAP PLC		14,074		88
Imperial Tobacco Group PLC		9,201		373
Intercontinental Hotels Group PLC ^		6,239		145

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    5

Transamerica Morgan Stanley Active International Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
United Kingdom (continued)
International Power PLC ^		6,163	$	40
Invensys PLC		5,778		18
Investec PLC		2,652		16
J. Sainsbury PLC		13,931		69
Johnson Matthey PLC		2,068		78
Kingfisher PLC		15,104		74
Land Securities Group PLC REIT		11,181		129
Legal & General Group PLC		95,814		200
Lloyds TSB Group PLC ‡		139,370		75
Magnit OJSC GDR ^		1,638		48
Man Group PLC		30,617		66
Marks & Spencer Group PLC		33,729		204
National Grid PLC		44,652		449
Next PLC		3,188		152
NovaTek OAO GDR		492		67
Old Mutual PLC		48,289		122
Pearson PLC		19,591		365
Petrofac, Ltd.		3,907		109
Prudential PLC		18,679		223
Reckitt Benckiser Group PLC		9,989		564
Reed Elsevier PLC		20,630		183
Resolution, Ltd.		9,111		38
Rexam PLC		5,630		39
Rio Tinto PLC		19,012		1,047
Rolls-Royce Holdings PLC ‡		21,213		275
Rosneft Oil Co. GDR		10,394		74
Royal Bank of Scotland Group PLC ‡		280,480		124
Royal Dutch Shell PLC - Class A		57,889		2,021
Royal Dutch Shell PLC - Class B		41,690		1,466
RSA Insurance Group PLC ^		30,170		50
SABMiller PLC		15,553		625
Sage Group PLC		21,458		103
Schroders PLC		1,850		47
Segro PLC REIT		11,057		42
Severn Trent PLC		6,393		158
Severstal OAO GDR		2,000		27
Smith & Nephew PLC		19,976		202
Smiths Group PLC		4,566		77
SSE PLC		19,557		416
Standard Chartered PLC		41,996		1,048
Standard Life PLC		16,102		59

	Shares		Value (000’s)
United Kingdom (continued)
TESCO PLC		79,896	$	421
TUI Travel PLC		27,352		86
Tullow Oil PLC		1,593		39
Unilever PLC		10,956		362
United Utilities Group PLC		1,614		16
Uralkali OJSC GDR		1,400		53
Vodafone Group PLC		659,924		1,817
VTB Bank OJSC GDR		10,861		49
Whitbread PLC		3,537		104
Wolseley PLC		909		35
WPP PLC		75,123		1,028
Xstrata PLC		17,270		295
United States - 0.1%
Yamana Gold, Inc. ^		10,200		159
Total Common Stocks (cost $127,607)				128,458
SECURITIES LENDING COLLATERAL - 14.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		23,913,930		23,914
Total Securities Lending Collateral (cost $23,914)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 18.4%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $29,817 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 4.00 - 5.50%, due 12/15/2017 - 12/25/2024, and with a total value of $30,416.	$	29,817		29,817
Total Repurchase Agreement (cost $29,817)
Total Investment Securities (cost $182,182) P				183,045
Other Assets and Liabilities - Net				(20,849	)
Net Assets			$	162,196

FUTURES CONTRACTS: g

Description	Type		Contracts		Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
ASX SPI 200 Index		Long		22		06/21/2012	$	73
DAX Index		Long		8		06/15/2012		23
EURO STOXX 50 Index		Long		112		06/15/2012		(56	)
FTSE 100 Index		Long		62		06/15/2012		(71	)
FTSE MIB Index		Long		11		06/15/2012		(64	)
Hang Seng Index		Long		27		04/27/2012		(89	)
OMX 30 Index		Long		48		04/20/2012		(14	)
SGX MSCI Singapore Index		Long		17		04/27/2012		5
TOPIX Index		Long		88		06/08/2012		368
							$	175

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    6

Transamerica Morgan Stanley Active International Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar	SSB		2,581			04/19/2012	$	2,709		$	(41	)
Canadian Dollar	SSB		181			04/19/2012		182			(1	)
Canadian Dollar	SSB		(1,800	)		04/19/2012		(1,815	)		12
Euro	SSB		12,626			04/19/2012		16,556			285
Euro	SSB		(345	)		04/19/2012		(458	)		(3	)
Euro	SSB		(642	)		04/19/2012		(853	)		(3	)
Hong Kong Dollar	SSB		1,887			04/19/2012		243			(¨	)
Japanese Yen	SSB		443,060			04/19/2012		5,361			(7	)
Pound Sterling	SSB		398			04/19/2012		636			(¨	)
Pound Sterling	SSB		2,296			04/19/2012		3,584			88
Singapore Dollar	SSB		303			04/19/2012		241			¨
Swiss Franc	SSB		(1,362	)		04/19/2012		(1,481	)		(28	)
Swiss Franc	SSB		1,403			04/19/2012		1,523			31
										$	333

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Commercial Banks		7.2	%	$	13,212
Pharmaceuticals		6.1			11,229
Oil, Gas & Consumable Fuels		5.2			9,560
Metals & Mining		4.8			8,737
Food Products		3.2			5,923
Chemicals		3.2			5,858
Automobiles		2.4			4,378
Insurance		2.4			4,342
Machinery		2.4			4,336
Industrial Conglomerates		1.9			3,457
Diversified Telecommunication Services		1.8			3,352
Media		1.5			2,758
Wireless Telecommunication Services		1.5			2,673
Beverages		1.3			2,456
Electrical Equipment		1.3			2,320
Electronic Equipment & Instruments		1.2			2,269
Semiconductors & Semiconductor Equipment		1.2			2,213
Tobacco		1.1			2,050
Real Estate Management & Development		1.1			2,047
Capital Markets		1.1			1,977
Electric Utilities		1.0			1,862
Food & Staples Retailing		1.0			1,808
Software		1.0			1,762
Construction & Engineering		0.9			1,657
Auto Components		0.8			1,520
Diversified Financial Services		0.8			1,465
Health Care Equipment & Supplies		0.8			1,428
Real Estate Investment Trusts		0.8			1,427
Trading Companies & Distributors		0.8			1,390
Specialty Retail		0.7			1,357
Energy Equipment & Services		0.7			1,353
Multi-Utilities		0.7			1,334
Household Products		0.7			1,269
Communications Equipment		0.7			1,228
Hotels, Restaurants & Leisure		0.7			1,203
Household Durables		0.6			1,116
Commercial Services & Supplies		0.6			1,098
Road & Rail		0.5			946
Aerospace & Defense		0.4			764
Air Freight & Logistics		0.4			724
Health Care Providers & Services		0.4			714
Paper & Forest Products		0.4			709
Computers & Peripherals		0.4			672
Building Products		0.3			609
Construction Materials		0.3			600

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    7

Transamerica Morgan Stanley Active International Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investments			Value (000’s)
Textiles, Apparel & Luxury Goods		0.3	%	$	532
Office Electronics		0.3			492
Multiline Retail		0.3			456
Marine		0.2			441
Personal Products		0.2			415
Leisure Equipment & Products		0.2			302
Professional Services		0.1			271
IT Services		0.1			190
Containers & Packaging		0.1			174
Independent Power Producers & Energy Traders		0.1			169
Water Utilities		0.1			158
Gas Utilities		0.1			137
Airlines		0.1			108
Internet Software & Services		0.1			96
Consumer Finance		0.0	¥		64
Biotechnology		0.0	¥		55
Transportation Infrastructure		0.0	¥		30
Life Sciences Tools & Services		0.0	¥		24
Diversified Consumer Services		0.0	¥		20
Internet & Catalog Retail		0.0	¥		18
Investment Securities, at Value		70.6			129,314
Short-Term Investments		29.4			53,731
Total Investments		100.0	%	$	183,045

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 03/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)		Collateral (Received)/Pledged (000’s)		Net Exposures  (1) (000’s)
SSB	$	333	$	—	$	333

⁽¹⁾ Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Rate shown reflects the yield at 03/30/2012.

¥ Percentage rounds to less than 0.1%.

g Cash in the amount of $1,483 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

‡ Non-income producing security.

¨ Amount is less than 1.

^ All or a portion of this security is on loan. The value of all securities on loan is $22,728.

P Aggregate cost for federal income tax purposes is $182,182. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $12,443 and $11,580, respectively. Net unrealized appreciation for tax purposes is $863.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $555, or 0.34%, of the fund’s net assets.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OJSC	Open Joint Stock Company
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)
SSB	State Street Bank & Trust Co.
STRIP VVPR	Is a coupon which, if presented along with the corresponding coupon of the share, allows to benefit from a reduced withholding tax of 15% (rather than 25%) on the dividends paid by the company.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    8

Transamerica Morgan Stanley Active International Allocation VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	2,040		$	126,418		$	—	$	128,458
Preferred Stocks		—			856			—		856
Repurchase Agreement		—			29,817			—		29,817
Securities Lending Collateral		23,914			—			—		23,914
Total	$	25,954		$	157,091		$	—	$	183,045
Other Financial Instruments F	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Futures Contracts - Appreciation	$	469		$	—		$	—	$	469
Futures Contracts - Depreciation		(294	)		—			—		(294	)
Forward Foreign Currency Contracts - Appreciation		—			416			—		416
Forward Foreign Currency Contracts - Depreciation		—			(83	)		—		(83	)
Total	$	175		$	333		$	—	$	508

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

F Other financial instruments are derivative instruments including that are valued at unrealized appreciation (depreciation) on the instrument.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    9

Transamerica Morgan Stanley Capital Growth VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
PREFERRED STOCK - 0.7%
Automobiles - 0.7%
Better Place, Series C ‡ § D		300,469	$	1,364
Total Preferred Stock (cost $1,364)
COMMON STOCKS - 98.3%
Air Freight & Logistics - 1.8%
Expeditors International of Washington, Inc.		75,467		3,510
Capital Markets - 1.6%
Charles Schwab Corp.		166,324		2,390
Goldman Sachs Group, Inc.		6,112		760
Chemicals - 2.8%
Monsanto Co.		69,789		5,566
Commercial Services & Supplies - 3.4%
Edenred		222,568		6,697
Communications Equipment - 3.7%
Motorola Solutions, Inc.		146,739		7,459
Computers & Peripherals - 11.6%
Apple, Inc. ‡		38,770		23,241
Distributors - 2.0%
Li & Fung, Ltd.		1,730,000		3,970
Diversified Financial Services - 7.1%
Bank of America Corp.		93,058		891
BM&FBOVESPA SA		541,280		3,332
Citigroup, Inc.		23,002		841
CME Group, Inc. - Class A		10,160		2,940
Leucadia National Corp.		120,333		3,140
MSCI, Inc. - Class A ‡		81,519		3,001
Electrical Equipment - 0.4%
First Solar, Inc. ‡^		31,721		795
Food Products - 3.0%
Mead Johnson Nutrition Co. - Class A		73,401		6,054
Health Care Equipment & Supplies - 3.6%
Intuitive Surgical, Inc. ‡		13,352		7,233
Hotels, Restaurants & Leisure - 4.9%
Las Vegas Sands Corp.		56,290		3,241
Starbucks Corp.		58,665		3,278
Yum! Brands, Inc.		45,419		3,233
Insurance - 0.4%
American International Group, Inc. ‡		26,452		816
Internet & Catalog Retail - 12.8%
Amazon.com, Inc. ‡		79,187		16,037
Groupon, Inc. ‡^		112,699		2,071
NetFlix, Inc. ‡		20,023		2,303
priceline.com, Inc. ‡		7,504		5,384
Internet Software & Services - 16.3%
Baidu, Inc. ADR ‡		45,227		6,593
eBay, Inc. ‡		78,895		2,910
Facebook, Inc. - Class B ‡ § D		206,032		6,471
Google, Inc. - Class A ‡		16,544		10,610
LinkedIn Corp. - Class A ‡		34,267		3,495
Yandex NV - Class A ‡^		99,410		2,671

	Shares		Value (000’s)
Life Sciences Tools & Services - 2.1%
Illumina, Inc. ‡^		81,348	$	4,280
Media - 3.2%
McGraw-Hill Cos., Inc.		61,875		2,999
Naspers, Ltd. - Class N		59,302		3,332
Metals & Mining - 1.3%
Molycorp, Inc. ‡^		76,048		2,573
Oil, Gas & Consumable Fuels - 2.2%
Range Resources Corp.		36,061		2,097
Ultra Petroleum Corp. ‡^		103,654		2,345
Pharmaceuticals - 1.7%
Valeant Pharmaceuticals International, Inc. ‡		64,714		3,474
Real Estate Management & Development - 3.3%
Brookfield Asset Management, Inc. - Class A		207,695		6,557
Semiconductors & Semiconductor Equipment - 1.8%
ARM Holdings PLC ADR		103,699		2,934
NVIDIA Corp. ‡		40,876		629
Software - 5.3%
Salesforce.com, Inc. ‡^		33,868		5,233
VMware, Inc. - Class A ‡		18,632		2,094
Zynga, Inc. - Class A ‡^		240,712		3,165
Trading Companies & Distributors - 2.0%
Fastenal Co. ^		73,568		3,980
Total Common Stocks (cost $168,526)				196,625
SECURITIES LENDING COLLATERAL - 10.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31%p		21,695,383		21,695
Total Securities Lending Collateral (cost $21,695)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.1%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $2,181 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 05/01/2025, and with a value of $2,225.	$	2,181		2,181
Total Repurchase Agreement (cost $2,181)
Total Investment Securities (cost $193,766) P				221,865
Other Assets and Liabilities - Net				(22,018	)
Net Assets			$	199,847

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $7,835, or 3.92%, of the fund’s net assets.

‡ Non-income producing security.

§ Illiquid. Total aggregate market value of illiquid securities is $7,835, or less than 3.92%, of the fund’s net assets.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica Morgan Stanley Capital Growth VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (continued) (all amounts in thousands):

D Restricted. At 03/31/2012, the fund owned the respective securities (representing 3.92% of the fund’s net assets) which were restricted as to public resale:

Description	Date of Acquisition		Shares*		Cost Per Share*		Cost		Fair Value		Fair Value Per Share*
Better Place, Series C		11/11/2011		300,469	$	4.54	$	1,364	$	1,364	$	4.54
Facebook, Inc. - Class B		03/08/2012		206,032		30.50		6,284		6,471		31.41

* Amount not in thousands.

^ All or a portion of this security is on loan. The value of all securities on loan is $21,198.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $193,766. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $41,743 and $13,644, respectively. Net unrealized appreciation for tax purposes is $28,099.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2  - Other Significant Observable Inputs		Level 3  - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	166,628	$	23,526	$	6,471	$	196,625
Preferred Stocks		—		—		1,364		1,364
Repurchase Agreement		—		2,181		—		2,181
Securities Lending Collateral		21,695		—		—		21,695
Total	$	188,323	$	25,707	$	7,835	$	221,865

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at 12/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 03/31/2012		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 03/31/2012 ƒ
Common Stocks	$	—	$	6,284	$	—	$	—	$	—	$	187	$	—	$	—	$	6,471	$	187
Preferred Stock		1,364		—		—		—		—		—		—		—		1,364		—
Total	$	1,364	$	6,284	$	—	$	—	$	—	$	187	$	—	$	—	$	7,835	$	187

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 03/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

Total aggregate market value of Level 3 is 3.92% of the fund’s net assets.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica Morgan Stanley Capital Growth VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

VALUATION SUMMARY (continued):

Quantitative Information about Significant Unobservable Inputs (Level 3):

	Fair Value at 03/31/2012				Weighted
Investment Securities	(000’s)	Valuation Technique(s)	Unobservable Input	Range	Average
		Market Transaction
Common Stocks	$6,471		Third-Party Purchase/Sale in Secondary Market	$32.50 - $32.50	$	32.50
		Method
		Market Comparable
		Companies	Enterprise Value / Revenue	3.2x - 11.7x		7.5	x
			Enterprise Value / EBITDA	12.3x - 27.0x		19.6	x
			Equity Value / Net Income	19.8x - 42.6x		30.0	x
		Discounted Cash Flow	Weighted Average Cost of Capital	8% - 12%		10	%
			Perpetual Growth Rate	2.0% - 3.0%		2.5	%
Preferred Stocks	$1,364	Market Transaction Method	Purchase Price of a different share class in the same issuer	$4.54 - $4.54	$	4.54
		Discounted Cash Flow	Weighted Average Cost of Capital	18% - 23%		20	%
			Perpetual Growth Rate	2.5% - 3.5%		3.0	%

The significant unobservable inputs used in the fair value measurement of equity securities are similar offered quotes, and comparability adjustments. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    3

Transamerica Morgan Stanley Mid-Cap Growth VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCK - 0.6%
Automobiles - 0.6%
Better Place ‡ § D		1,032,464	$	4,687
Total Convertible Preferred Stock (cost $2,581)
PREFERRED STOCKS - 0.6%
Automobiles - 0.2%
Better Place - Series C ‡ § D		434,671		1,973
Internet Software & Services - 0.3%
Peixe Urbano, Inc. ‡ § D		65,743		2,164
Software - 0.1%
Workday, Inc. ‡ § D		91,154		1,209
Total Preferred Stocks (cost $5,346)				5,346
COMMON STOCKS - 96.0%
Air Freight & Logistics - 2.0%
Expeditors International of Washington, Inc.		361,490		16,813
Biotechnology - 0.7%
Ironwood Pharmaceuticals, Inc. - Class A ‡^		411,733		5,480
Capital Markets - 0.7%
Greenhill & Co., Inc. ^		129,100		5,634
Chemicals - 2.7%
Intrepid Potash, Inc. ‡^		374,976		9,123
Rockwood Holdings, Inc. ‡		247,395		12,902
Commercial Services & Supplies - 6.1%
Covanta Holding Corp.		548,687		8,905
Edenred		1,017,830		30,625
Stericycle, Inc. ‡		139,036		11,629
Communications Equipment - 4.1%
Motorola Solutions, Inc.		682,997		34,717
Construction Materials - 1.1%
Martin Marietta Materials, Inc. ^		106,859		9,150
Diversified Consumer Services - 3.9%
New Oriental Education & Technology Group ADR ‡		296,315		8,137
Weight Watchers International, Inc. ^		317,176		24,483
Diversified Financial Services - 5.4%
IntercontinentalExchange, Inc. ‡		93,440		12,841
Leucadia National Corp.		406,694		10,615
MSCI, Inc. - Class A ‡		609,662		22,441
Electric Utilities - 1.7%
Brookfield Infrastructure Partners, LP		454,082		14,349
Electrical Equipment - 0.4%
First Solar, Inc. ‡ ^		138,208		3,462
Food & Staples Retailing - 0.9%
Sun Art Retail Group, Ltd. ‡^		5,479,000		7,408
Food Products - 2.7%
Mead Johnson Nutrition Co. - Class A		274,600		22,650
Health Care Equipment & Supplies - 5.6%
IDEXX Laboratories, Inc. ‡^		154,083		13,475
Intuitive Surgical, Inc. ‡		60,924		33,005
Health Care Technology - 1.2%
athenahealth, Inc. ‡^		139,538		10,343
Hotels, Restaurants & Leisure - 1.9%
Ctrip.com International, Ltd. ADR ‡^		275,567		5,963
Dunkin’ Brands Group, Inc. ^		331,687		9,987
Internet & Catalog Retail - 3.2%
Groupon, Inc. ‡^		294,487		5,413
Groupon, Inc. - Class A ‡ § D		538,872		9,576
NetFlix, Inc. ‡		103,193		11,871
Internet Software & Services - 9.6%
Akamai Technologies, Inc. ‡		400,030		14,681
Alibaba.com, Ltd. ‡^		3,786,300		6,436
LinkedIn Corp. - Class A ‡		246,568		25,148
MercadoLibre, Inc.		69,698		6,816
Yandex NV - Class A ‡		728,710		19,580
Youku, Inc. ADR ‡^		373,704		8,218

	Shares		Value (000’s)
IT Services - 1.6%
Gartner, Inc. ‡		309,381	$	13,192
Life Sciences Tools & Services - 3.4%
Illumina, Inc. ‡^		353,563		18,601
Techne Corp.		147,703		10,354
Machinery - 1.4%
Schindler Holding AG		100,869		12,135
Media - 1.6%
McGraw-Hill Cos., Inc.		278,074		13,478
Metals & Mining - 1.6%
Lynas Corp., Ltd. ‡^		2,796,298		3,172
Molycorp, Inc. ‡^		313,142		10,593
Multiline Retail - 1.5%
Dollar Tree, Inc. ‡		136,813		12,927
Oil, Gas & Consumable Fuels - 2.7%
Range Resources Corp.		246,293		14,319
Ultra Petroleum Corp. ‡^		358,274		8,108
Personal Products - 0.9%
Natura Cosmeticos SA		351,035		7,634
Pharmaceuticals - 1.8%
Valeant Pharmaceuticals International, Inc. ‡		285,404		15,323
Professional Services - 7.5%
IHS, Inc. - Class A ‡		140,144		13,124
Intertek Group PLC		379,769		15,253
Qualicorp SA ‡		1,300,394		11,149
Verisk Analytics, Inc. - Class A ‡		491,913		23,105
Semiconductors & Semiconductor Equipment - 1.9%
ARM Holdings PLC ADR		467,077		13,213
NVIDIA Corp. ‡		167,957		2,585
Software - 11.4%
Citrix Systems, Inc. ‡		94,234		7,436
FactSet Research Systems, Inc. ^		123,672		12,248
Nexon Co., Ltd. ‡^		362,673		6,318
Red Hat, Inc. ‡		221,222		13,249
Salesforce.com, Inc. ‡		125,758		19,432
Solera Holdings, Inc.		325,723		14,947
Zynga - Class B ‡ § D		295,582		3,692
Zynga, Inc. - Class A ‡^		1,377,667		18,117
Trading Companies & Distributors - 3.9%
Fastenal Co. ^		597,812		32,342
Wireless Telecommunication Services - 0.9%
Millicom International Cellular SA ^		69,069		7,830
Total Common Stocks (cost $700,639)				805,752
SECURITIES LENDING COLLATERAL - 17.7%
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.31% p		148,723,903		148,724
Total Securities Lending Collateral (cost $148,724)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 3.1%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $25,978 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, and with a value of $26,500.	$	25,978		25,978
Total Repurchase Agreement (cost $25,978)
Total Investment Securities (cost $883,268) P				990,487
Other Assets and Liabilities - Net				(151,113	)
Net Assets			$	839,374

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica Morgan Stanley Mid-Cap Growth VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $23,301, or 2.78%, of the fund’s net assets.

‡ Non-income producing security.

§ Illiquid. Total aggregate market value of illiquid securities is $23,301, or less than 2.78%, of the fund’s net assets.

D Restricted. At 03/31/2012, the fund owned the respective securities (representing 2.78% of the fund’s net assets) which were restricted as to public resale:

Description	Date of Acquisition		Shares*		Cost Per Share*		Cost		Fair Value		Fair Value Per Share*
Better Place		01/25/2010		1,032,464	$	2.50	$	2,581	$	4,687	$	4.54
Better Place - Series C		11/11/2011		434,671		4.54		1,973		1,973		4.54
Peixe Urbano, Inc.		12/02/2011		65,743		32.92		2,164		2,164		32.92
Workday, Inc.		10/12/2011		91,154		13.26		1,209		1,209		13.26
Groupon, Inc. - Class A		12/17/2010		538,872		7.90		4,256		9,576		17.77
Zynga - Class B		01/31/2012		295,582		14.03		4,147		3,692		12.49

* Amount not in thousands.

^ All or a portion of this security is on loan. The value of all securities on loan is $144,672.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $883,268. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $170,583 and $63,364, respectively. Net unrealized appreciation for tax purposes is $107,219.

DEFINITION:

ADR        American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	667,775	$	124,709	$	13,268	$	805,752
Convertible Preferred Stocks		—		—		4,687		4,687
Preferred Stocks		—		—		5,346		5,346
Repurchase Agreement		—		25,978		—		25,978
Securities Lending Collateral		148,724		—		—		148,724
Total	$	816,499	$	150,687	$	23,301	$	990,487

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at 12/31/2011		Purchases		Sales			Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ			Transfers into Level 3		Transfers out of Level 3		Ending Balance at 03/31/2012		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 03/31/2012 ƒ
Common Stocks	$	10,190	$	4,147	$	—		$	—	$	—	$	(1,069	)	$	—		—	$	13,268	$	(1,069	)
Convertible
Preferred Stock		4,687		—		—			—		—		—			—		—		4,687		—
Preferred Stock		7,850		—		(4,147	)		—		—		1,643			—		—		5,346		1,643
Total	$	22,727	$	4,147	$	(4,147	)	$	—	$	—	$	574		$	—	$	—	$	23,301	$	574

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 03/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

Total aggregate market value of Level 3 is 2.78% of the fund’s net assets.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica Morgan Stanley Mid-Cap Growth VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

Quantitative Information about Significant Unobservable Inputs (Level 3):

Investment Securities	Fair Value at 03/31/2012 (000’s)		Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Common Stocks	$	13,268	Discount for illiquidity	10% illiquidity discount amortized over the lockup period	3.3% - 3.3%		3.3	%
					5.0% - 5.0%		5.0	%
Preferred Stocks	$	5,346	Market Transaction Method	Purchase Price of a different share class in the same issuer	$4.54 - $4.54	$	4.54
			Discounted Cash Flow	Weighted Average Cost of Capital	18% - 23%		20	%
				Perpetual Growth Rate	2.5% - 3.5%		3.0	%
			Market Transaction Method	Purchase Price of a different share class in the same issuer	$13.26 - $13.26	$	13.26
			Discounted Cash Flow	Weighted Average Cost of Capital	13% - 18%		15	%
				Perpetual Growth Rate	2% - 3%		2.5	%
			Market Comparable Companies	Enterprise Value/Revenue	4.6x - 9.0x		5.6x
			Market Transaction Method	Purchase Price of a different share class in the same issuer	$32.92 - $32.92	$	32.92
			Market Comparable Companies	Enterprise Value/Revenue	N/A		N/A
			Merger & Acquisition Transactions	Enterprise Value/Revenue	1.8x - 2.9x		2.7x
				Control Premium	30% - 30%		30	%
			Discounted Cash Flow	Weighted Average Cost of Capital	26% - 30%		28	%
				Perpetual Growth Rate	5.0% - 6.0%		5.5	%
Convertible Preferred Stocks	$	4,687	Market Transaction Method	Purchase Price of a different share class in the same issuer	$4.54 - $4.54	$	4.54
			Discounted Cash Flow	Weighted Average Cost of Capital	18% - 23%		20	%
				Perpetual Growth Rate	2.5% - 3.5%		3.0	%

The significant unobservable inputs used in the fair value measurement of equity securities are similar offered quotes, and comparability adjustments. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    3

Transamerica Multi-Managed Balanced VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 6.8%
U.S. Treasury Bond
3.13%, 11/15/2041 g	$	4,685	$	4,494
3.13%, 02/15/2042		540		518
4.38%, 05/15/2040 - 05/15/2041		825		992
4.75%, 02/15/2041		730		930
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042		707		674
1.75%, 01/15/2028		1,233		1,471
2.13%, 02/15/2041		458		604
2.50%, 01/15/2029		1,388		1,832
U.S. Treasury Note
0.25%, 01/31/2014 - 02/15/2015		3,345		3,325
0.63%, 06/30/2012 g		1,005		1,006
0.88%, 02/28/2017 ^		4,105		4,076
1.38%, 02/28/2019 ^		2,750		2,711
2.00%, 02/15/2022 ^		8,140		7,983
2.25%, 07/31/2018		655		687
Total U.S. Government Obligations (cost $30,501)				31,303
U.S. GOVERNMENT AGENCY OBLIGATIONS - 13.0%
Fannie Mae
2.68%, 10/09/2019 p		495		383
3.50%, 11/01/2026 - 04/01/2042		3,170		3,290
4.00%, 02/01/2025 - 12/01/2041		7,922		8,383
4.50%, 05/01/2041 - 06/01/2041		11,089		11,830
5.00%, 05/01/2018 - 12/01/2035		3,038		3,290
5.50%, 09/01/2034 - 11/01/2038		2,157		2,364
6.00%, 08/01/2036 - 10/01/2040		5,066		5,613
6.50%, 07/01/2037 - 10/01/2039		1,811		2,034
Fannie Mae, TBA
3.50%		400		413
4.50%		3,300		3,531
5.00%		2,000		2,160
6.00%		1,000		1,101
Freddie Mac
2.87%, 12/25/2021		875		878
3.97%, 01/25/2021 *		460		501
4.02%, 11/25/2044 - 144A *		75		67
5.00%, 04/01/2018 - 02/01/2024		717		771
5.50%, 09/01/2018 - 07/01/2037		1,062		1,152
6.00%, 12/01/2037		452		506
Freddie Mac, IO
1.60%, 10/25/2018 *		1,155		101
Freddie Mac, TBA
5.00%		500		537
Ginnie Mae, TBA
4.00%		1,600		1,717
4.50%		2,900		3,155
5.00%		3,100		3,424
5.50%		1,400		1,565
6.00%		1,300		1,467
Total U.S. Government Agency Obligations (cost $59,516)				60,233
FOREIGN GOVERNMENT OBLIGATIONS - 0.6%
Poland Government International Bond
5.13%, 04/21/2021		220		235

	Principal (000’s)		Value (000’s)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Republic of Brazil
7.13%, 01/20/2037	$	100	$	137
Republic of Poland
6.38%, 07/15/2019		90		105
Republic of South Africa
5.50%, 03/09/2020		215		240
Republic of Turkey
5.63%, 03/30/2021		175		183
7.00%, 03/11/2019		110		126
Russian Federation
7.50%, 03/31/2030 Reg S		701		838
Russian Foreign Bond - Eurobond
4.50%, 04/04/2022 - 144A		200		201
Turkey Government International Bond
6.25%, 09/26/2022		200		215
United Mexican States
5.13%, 01/15/2020 ^		430		493
Total Foreign Government Obligations (cost $2,721)				2,773
MORTGAGE-BACKED SECURITIES - 4.9%
American General Mortgage Loan Trust
Series 2009-1, Class A6
5.75%, 09/25/2048 - 144A *		1,145		1,179
American Tower Trust
Series 2007-1A, Class AFX
5.42%, 04/15/2037 - 144A		485		516
Series 2007-1A, Class C
5.62%, 04/15/2037 - 144A		1,340		1,414
Banc of America Large Loan, Inc.
Series 2010-HLTN, Class HLTN
1.99%, 11/15/2015 - 144A *		553		517
Series 2010-UB4, Class A4A
5.01%, 12/20/2041 - 144A *		370		392
BCAP LLC Trust
Series 2009-RR3, Class 2A1
5.07%, 05/26/2037 - 144A *		148		150
Series 2009-RR6, Class 2A1
5.10%, 08/26/2035 - 144A *		384		345
Series 2009-RR10, Class 2A1
2.81%, 08/26/2035 - 144A *		548		534
Series 2009-RR13, Class 13A3
5.25%, 03/26/2037 - 144A *		293		295
Series 2009-RR14, Class 1A1
5.93%, 05/26/2037 - 144A *		640		660
Series 2010-RR1, Class 12A1
5.25%, 08/26/2036 - 144A *		652		673
Series 2010-RR6, Class 1A5
5.00%, 08/26/2022 - 144A *		337		341
Commercial Mortgage Pass-Through Certificates
Series 2006-C7, Class AM
5.78%, 06/10/2046 *		590		616
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-C5, Class A4
4.83%, 11/15/2037		470		506
Credit Suisse Mortgage Capital Certificates
Series 2006-C4, Class A3
5.47%, 09/15/2039		600		662
Series 2006-C5, Class AM
5.34%, 12/15/2039		410		407

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    1

Transamerica Multi-Managed Balanced VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates (continued)
Series 2007-C4, Class A3
5.79%, 09/15/2039 *	$	865	$	911
Series 2009-16R, Class 11A1
7.00%, 08/26/2036 - 144A		288		295
Series 2010-15R, Class 2A1
3.50%, 05/26/2036 - 144A *		452		456
Series 2010-18R, Class 3A1
4.00%, 03/26/2037 - 144A		441		448
Series 2010-RR1, Class 2A
5.70%, 09/15/2040 - 144A *		635		705
DBRR Trust
Series 2011-C32, Class A3A
5.74%, 06/17/2049 - 144A *		150		167
Extended Stay America Trust
Series 2010-ESHA, Class B
4.22%, 11/05/2027 - 144A		410		415
Series 2010-ESHA, Class C
4.86%, 11/05/2027 - 144A		100		101
Series 2010-ESHA, Class D
5.50%, 11/05/2027 - 144A		230		232
GS Mortgage Securities Corp. II
Series 2007-GG10, Class A4
5.79%, 08/10/2045 *		25		28
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
5.92%, 12/26/2037 - 144A *		344		345
Series 2009-R7, Class 1A1
5.02%, 02/26/2036 - 144A *		555		537
Series 2009-R7, Class 4A1
2.74%, 09/26/2034 - 144A *		569		539
Series 2009-R7, Class 10A3
6.00%, 12/26/2036 - 144A		262		272
Series 2009-R7, Class 12A1
5.13%, 08/26/2036 - 144A *		299		297
Series 2009-R9, Class 1A1
2.53%, 08/26/2046 - 144A *		354		350
Series 2010-R3, Class 1A1
2.89%, 03/21/2036 - 144A *		397		395
Series 2010-R6, Class 1A1
4.00%, 09/26/2037 - 144A		280		283
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A1A
4.16%, 01/12/2039 - 144A		787		818
Series 2004-LN2, Class A2
5.12%, 07/15/2041		360		384
Series 2008-C2, Class ASB
6.13%, 02/12/2051 *		510		550
Series 2010-C1, Class B
5.95%, 06/15/2043 - 144A		420		462
JPMorgan Re-REMIC
Series 2009-7, Class 8A1
5.48%, 01/27/2047 - 144A *		305		313
Series 2010-4, Class 7A1
4.27%, 08/26/2035 - 144A *		491		484
LB-UBS Commercial Mortgage Trust
Series 2004-C8, Class C
4.93%, 12/15/2039 *		685		691

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Trust
Series 2004-KEY2, Class A4
4.86%, 08/12/2039 *	$	225	$	241
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, 09/12/2049		780		853
Morgan Stanley Capital I
Series 2007-HQ12, Class A2FX
5.60%, 04/12/2049 *		344		358
Morgan Stanley Capital I, IO
Series 2012-C4, Class XA
2.90%, 03/15/2045 - 144A *		2,095		322
Morgan Stanley Re-REMIC Trust
2.00%, 07/27/2049		350		350
Series 2011-IO, Class A
2.50%, 03/23/2051 - 144A		134		135
Wachovia Bank Commercial Mortgage Trust
Series 2007-C33, Class A4
5.90%, 02/15/2051 *		190		211
WaMu Mortgage Pass-Through Certificates
Series 2003-S9, Class A6
5.25%, 10/25/2033		4		4
Wells Fargo Mortgage Backed Securities Trust
Series 2003-G, Class A1
4.10%, 06/25/2033 *		365		367
Total Mortgage-Backed Securities (cost $22,055)				22,526
ASSET-BACKED SECURITIES - 2.3%
321 Henderson Receivables I LLC
Series 2012-1A, Class A
4.21%, 02/16/2065 - 144A		250		252
AEP Texas Central Transition Funding LLC
Series 2012-1, Class A3
2.85%, 03/01/2026		505		499
AH Mortgage Advance Trust
Series SART-3, Class 1A1
2.98%, 03/13/2043 - 144A		275		275
AmeriCredit Automobile Receivables Trust
Series 2011-2, Class C
3.19%, 10/12/2016 ^		480		496
Series 2011-5, Class C
3.44%, 10/08/2017		230		235
CarMax Auto Owner Trust
Series 2012-1, Class B
1.76%, 08/15/2017		90		90
Series 2012-1, Class C
2.20%, 10/16/2017		55		55
Series 2012-1, Class D
3.09%, 08/15/2018		70		70
CenterPoint Energy Transition Bond Co., LLC
Series 2012-1, Class A3
3.03%, 10/15/2025		480		483
Credit Acceptance Auto Loan Trust
Series 2012-1A, Class A
2.20%, 09/16/2019 - 144A		500		508
Ford Credit Floorplan Master Owner Trust
Series 2010-5, Class C
2.07%, 09/15/2015 - 144A		135		136

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    2

Transamerica Multi-Managed Balanced VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal		Value
	(000’s)		(000’s)
ASSET-BACKED SECURITIES (continued)
Ford Credit Floorplan Master Owner Trust (continued)
Series 2010-5, Class D
2.41%, 09/15/2015 - 144A	$	75	$	76
Series 2011-2, Class C
2.37%, 09/15/2015		175		175
Series 2011-2, Class D
2.86%, 09/15/2015		120		120
Series 2012-1, Class B
1.14%, 01/15/2016 *		100		100
Series 2012-1, Class C
1.74%, 01/15/2016 *		210		210
Series 2012-1, Class D
2.34%, 01/15/2016 *		190		190
Series 2012-2, Class B
2.32%, 01/15/2019		105		104
Series 2012-2, Class C
2.86%, 01/15/2019		100		99
Series 2012-2, Class D
3.51%, 01/15/2019		100		99
Hyundai Auto Receivables Trust
Series 2012-A, Class D
2.61%, 05/15/2018		125		125
Nelnet Student Loan Trust
Series 2008-3, Class A4
2.14%, 11/25/2024 *		265		273
PFS Financing Corp.
Series 2012-AA, Class A
1.44%, 02/15/2016 - 144A *		210		210
Santander Consumer Acquired Receivables Trust
Series 2011-S1A, Class B
1.66%, 08/15/2016 - 144A		82		81
Santander Drive Auto Receivables Trust
Series 2010-B, Class C
3.02%, 10/17/2016 - 144A		830		825
Series 2011-1, Class D
4.01%, 02/15/2017		410		411
Series 2011-S1A, Class B
1.48%, 07/15/2013 - 144A		582		581
Series 2011-S2A, Class C
2.86%, 06/15/2017 - 144A		432		433
Series 2012-1, Class B
2.72%, 05/16/2016		105		107
Series 2012-1, Class C
3.78%, 11/15/2017		140		143
Series 2012-2, Class C
3.20%, 02/15/2018		625		626
Series 2012-2, Class D
3.87%, 02/15/2018		380		381
SLM Student Loan Trust
Series 2004-B, Class A2
0.67%, 06/15/2021 *		312		299
Series 2005-B, Class A2
0.65%, 03/15/2023 *		469		450
Series 2012-A, Class A1
1.64%, 08/15/2025 - 144A *		156		156
Series 2012-A, Class A2
3.83%, 01/17/2045 - 144A		150		149

	Principal		Value
	(000’s)		(000’s)
ASSET-BACKED SECURITIES (continued)
TAL Advantage LLC
Series 2011-1A, Class A
4.60%, 01/20/2026 - 144A	$	1,100	$	1,113
Total Asset-Backed Securities (cost $10,618)				10,635
PREFERED CORPORATE DEBT SECURITY - 0.0% ¥
JPMorgan Chase Capital XXV - Series Y
6.80%, 10/01/2037 ^		100		101
Total Prefered Corporate Debt (cost $100)
CORPORATE DEBT SECURITIES - 10.9%
Capital Markets - 0.5%
BP Capital Markets PLC
3.13%, 10/01/2015 ^		1,029		1,088
Credit Suisse
5.40%, 01/14/2020 ^		110		113
Goldman Sachs Group, Inc.
5.75%, 01/24/2022 ^		995		1,024
Morgan Stanley
5.50%, 07/28/2021 ^		160		156
Chemicals - 0.2%
CF Industries, Inc.
7.13%, 05/01/2020		450		536
Dow Chemical Co.
4.13%, 11/15/2021 ^		150		154
Lyondell Chemical Co.
11.00%, 05/01/2018		280		309
Commercial Banks - 0.7%
Barclays Bank PLC
5.93%, 12/15/2016 - 144A * Ž		100		93
Capital One Capital V
10.25%, 08/15/2039 ^		100		103
Capital One Capital VI
8.88%, 05/15/2040		285		287
CIT Group, Inc.
6.63%, 04/01/2018 - 144A ^		145		157
Discover Bank
7.00%, 04/15/2020		475		545
Fifth Third Capital Trust IV
6.50%, 04/15/2037 *		180		179
HSBC Bank Brasil SA - Banco Multiplo
4.00%, 05/11/2016 - 144A		690		696
HSBC Bank PLC
3.10%, 05/24/2016 - 144A ^		340		346
HSBC Holdings PLC
6.10%, 01/14/2042		135		157
UBS AG
2.25%, 03/30/2017 - 144A		360		359
Wells Fargo & Co.
3.50%, 03/08/2022		485		477
Construction Materials - 0.0% ¥
Lafarge SA
7.13%, 07/15/2036 ^		67		62
Consumer Finance - 0.1%
Capital One Financial Corp.
4.75%, 07/15/2021 ^		335		352
Containers & Packaging - 0.3%
Rexam PLC
6.75%, 06/01/2013 - 144A		1,255		1,312

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    3

Transamerica Multi-Managed Balanced VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal		Value
	(000’s)		(000’s)
Diversified Financial Services - 1.2%
Bank of America Corp.
3.88%, 03/22/2017	$	255	$	256
5.70%, 01/24/2022 ^		120		127
6.50%, 08/01/2016		140		154
7.63%, 06/01/2019		150		173
Citigroup, Inc.
4.59%, 12/15/2015		1,180		1,243
5.00%, 09/15/2014		140		145
Ford Motor Credit Co., LLC
6.63%, 08/15/2017		200		222
Irish Life & Permanent PLC
3.60%, 01/14/2013 - 144A		1,110		1,077
JPMorgan Chase Bank NA
6.00%, 10/01/2017		1,135		1,298
Northern Rock Asset Management PLC
5.63%, 06/22/2017 - 144A		200		214
QHP Royalty Sub LLC
10.25%, 03/15/2015 - 144A		169		170
Swiss Re Capital I LP
6.85%, 05/25/2016 - 144A * Ž		270		255
Woodside Finance, Ltd.
4.60%, 05/10/2021 - 144A ^		100		104
Diversified Telecommunication Services - 0.3%
AT&T, Inc.
5.35%, 09/01/2040 ^		200		213
Level 3 Financing, Inc.
8.13%, 07/01/2019 - 144A		59		61
8.75%, 02/15/2017 ^		450		470
Sprint Capital Corp.
6.88%, 11/15/2028		450		344
Verizon Communications, Inc.
3.50%, 11/01/2021 ^		220		225
6.40%, 02/15/2038 ^		175		212
Electric Utilities - 1.3%
Alabama Power Co.
3.95%, 06/01/2021		225		240
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		107		115
8.88%, 11/15/2018		59		78
Duke Energy Carolinas LLC
4.25%, 12/15/2041 ^		170		170
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc.
10.00%, 12/01/2020 ^		560		610
Florida Power & Light Co.
5.95%, 02/01/2038		170		214
Georgia Power Co.
3.00%, 04/15/2016 ^		395		418
Hydro Quebec
8.05%, 07/07/2024		2,560		3,684
9.40%, 02/01/2021		195		286
Jersey Central Power & Light Co.
7.35%, 02/01/2019 ^		120		150
Energy Equipment & Services - 0.5%
El Paso Pipeline Partners Operating Co., LLC
6.50%, 04/01/2020		290		324
Ensco PLC
4.70%, 03/15/2021 ^		230		248
Enterprise Products Operating LLC
6.13%, 10/15/2039 ^		275		310

	Principal		Value
	(000’s)		(000’s)
Energy Equipment & Services (continued)
Noble Holding International, Ltd.
5.25%, 03/15/2042	$	150	$	149
Transocean, Inc.
5.05%, 12/15/2016		370		396
6.38%, 12/15/2021 ^		720		810
6.50%, 11/15/2020		175		196
Food & Staples Retailing - 0.0% ¥
Wal-Mart Stores, Inc.
5.63%, 04/01/2040 ^		150		180
Food Products - 0.1%
Kraft Foods, Inc.
6.50%, 02/09/2040 ^		290		357
Health Care Equipment & Supplies - 0.1%
Boston Scientific Corp.
6.25%, 11/15/2015		547		604
Health Care Providers & Services - 0.3%
HCA, Inc.
6.50%, 02/15/2020		187		196
7.25%, 09/15/2020 ^		175		191
Tenet Healthcare Corp.
6.25%, 11/01/2018 - 144A ^		210		217
8.88%, 07/01/2019		450		504
UnitedHealth Group, Inc.
3.38%, 11/15/2021 ^		70		72
Hotels, Restaurants & Leisure - 0.5%
Caesars Entertainment Operating Co., Inc.
11.25%, 06/01/2017 ^		450		491
International Game Technology
7.50%, 06/15/2019		500		585
MGM Resorts International
10.38%, 05/15/2014		180		204
11.13%, 11/15/2017		480		543
Wyndham Worldwide Corp.
4.25%, 03/01/2022 ^		310		304
Household Products - 0.3%
Reynolds Group Issuer, Inc.
6.88%, 02/15/2021 - 144A		840		869
7.88%, 08/15/2019 - 144A		340		366
Independent Power Producers & Energy Traders - 0.0% ¥
Constellation Energy Group, Inc.
7.60%, 04/01/2032		75		98
Insurance - 0.7%
Allianz Finance II BV
5.75%, 07/08/2041 *		EUR200		252
American International Group, Inc.
3.80%, 03/22/2017 ^	$	401		406
5.45%, 05/18/2017 ^		185		199
8.18%, 05/15/2058 * ^		35		37
AXA SA
5.25%, 04/16/2040 *		EUR100		114
Hartford Financial Services Group, Inc.
6.00%, 01/15/2019	$	150		164
Lincoln National Corp.
7.00%, 06/15/2040		130		153
MetLife Capital Trust IV
7.88%, 12/15/2037 - 144A		305		334
Muenchener Rueckversicherungs AG
6.00%, 05/26/2041 *		EUR200		264
Prudential Financial, Inc.
4.75%, 09/17/2015	$	630		684
5.38%, 06/21/2020 ^		270		302

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    4

Transamerica Multi-Managed Balanced VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal		Value
	(000’s)		(000’s)
Insurance (continued)
XL Group PLC
6.50%, 04/15/2017 * Ž ^	$	260	$	219
Machinery - 0.0% ¥
Joy Global, Inc.
5.13%, 10/15/2021		100		108
Media - 0.7%
CBS Corp.
4.63%, 05/15/2018 ^		80		87
8.88%, 05/15/2019		240		315
CCH II LLC
13.50%, 11/30/2016		300		342
Clear Channel Worldwide Holdings, Inc. -Series B
9.25%, 12/15/2017 ^		275		301
COX Communications, Inc.
8.38%, 03/01/2039 - 144A ^		390		550
CSC Holdings LLC
8.50%, 04/15/2014 ^		123		137
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
5.15%, 03/15/2042 - 144A ^		100		97
6.38%, 03/01/2041		210		237
NBCUniversal Media LLC
4.38%, 04/01/2021		235		252
5.15%, 04/30/2020 ^		225		255
Time Warner Cable, Inc.
5.50%, 09/01/2041 ^		220		230
5.88%, 11/15/2040		290		312
Time Warner, Inc.
6.10%, 07/15/2040		100		112
Metals & Mining - 0.1%
Freeport-McMoRan Copper & Gold, Inc.
2.15%, 03/01/2017		80		79
Newcrest Finance Pty, Ltd.
4.45%, 11/15/2021 - 144A		165		167
Multiline Retail - 0.2%
Macy’s Retail Holdings, Inc.
5.90%, 12/01/2016		395		453
7.45%, 07/15/2017		511		621
Multi-Utilities - 0.1%
Dominion Resources, Inc.
1.95%, 08/15/2016		280		284
MidAmerican Energy Holdings Co.
5.95%, 05/15/2037 ^		345		403
Oil, Gas & Consumable Fuels - 1.6%
Anadarko Petroleum Corp.
5.95%, 09/15/2016 ^		577		665
6.38%, 09/15/2017		385		457
Consol Energy, Inc.
8.00%, 04/01/2017 ^		450		469
Enterprise Products Operating LLC
6.30%, 09/15/2017		200		236
Gazprom OAO Via GAZ Capital SA
8.13%, 07/31/2014 - 144A		925		1,022
KeySpan Gas East Corp.
5.82%, 04/01/2041 - 144A		185		221
Kinder Morgan Energy Partners, LP
5.95%, 02/15/2018 ^		575		671
6.55%, 09/15/2040		55		62

	Principal		Value
	(000’s)		(000’s)
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Finance Co., ULC
5.70%, 01/05/2016 ^	$	720	$	759
Linn Energy LLC/Linn Energy Finance Corp.
6.25%, 11/01/2019 - 144A ^		310		301
Marathon Petroleum Corp.
6.50%, 03/01/2041		370		400
MEG Energy Corp.
6.50%, 03/15/2021 - 144A		180		189
Nexen, Inc.
7.50%, 07/30/2039		425		522
Peabody Energy Corp.
6.25%, 11/15/2021 - 144A ^		340		333
Plains Exploration & Production Co.
10.00%, 03/01/2016		50		55
Range Resources Corp.
5.75%, 06/01/2021		45		47
7.25%, 05/01/2018 ^		365		385
Western Gas Partners, LP
5.38%, 06/01/2021		355		381
Paper & Forest Products - 0.1%
International Paper Co.
4.75%, 02/15/2022 ^		180		190
6.00%, 11/15/2041		185		200
7.50%, 08/15/2021 ^		25		32
Pharmaceuticals - 0.1%
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021		90		91
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/2021		215		218
Real Estate Investment Trusts - 0.2%
ERP Operating, LP
4.63%, 12/15/2021		220		232
Ventas Realty, LP
4.75%, 06/01/2021		135		136
Vornado Realty, LP
5.00%, 01/15/2022		520		531
WEA Finance LLC
4.63%, 05/10/2021 - 144A		150		152
Real Estate Management & Development - 0.1%
Realogy Corp.
7.88%, 02/15/2019 - 144A ^		290		290
Road & Rail - 0.1%
Burlington Northern Santa Fe LLC
5.75%, 05/01/2040		395		451
Software - 0.0% ¥
First Data Corp.
8.25%, 01/15/2021 - 144A ^		35		34
Oracle Corp.
5.38%, 07/15/2040 ^		170		197
Specialty Retail - 0.0% ¥
QVC, Inc.
7.50%, 10/01/2019 - 144A ^		180		198
Wireless Telecommunication Services - 0.5%
America Movil SAB de CV
2.38%, 09/08/2016		360		364
Crown Castle Towers LLC
6.11%, 01/15/2020 - 144A		715		795
MetroPCS Wireless, Inc.
7.88%, 09/01/2018 ^		11		12

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    5

Transamerica Multi-Managed Balanced VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal		Value
	(000’s)		(000’s)
Wireless Telecommunication Services (continued)
SBA Tower Trust
5.10%, 04/15/2017 - 144A	$	585	$	631
Sprint Nextel Corp.
9.00%, 11/15/2018 - 144A ^		390		428
Total Corporate Debt Securities (cost $49,264)				50,474
			Value
	Shares		(000’s)
PREFERRED STOCK - 0.0% ¥
Diversified Financial Services - 0.0% ¥
Citigroup Capital XIII, 7.88% *		6,621		180
Total Preferred Stock (cost $174)
COMMON STOCKS - 61.5%
Aerospace & Defense - 1.2%
General Dynamics Corp.		3,850		283
Honeywell International, Inc.		12,634		771
Textron, Inc. ^		4,920		137
United Technologies Corp. ^		52,665		4,368
Air Freight & Logistics - 0.3%
United Parcel Service, Inc. - Class B		17,690		1,428
Auto Components - 0.3%
Johnson Controls, Inc. ^		40,505		1,316
Automobiles - 0.3%
General Motors Co. ‡^		56,186		1,441
Beverages - 1.5%
Coca-Cola Co.		58,648		4,341
Coca-Cola Enterprises, Inc.		16,339		467
Constellation Brands, Inc. - Class A ‡^		6,230		147
Dr. Pepper Snapple Group, Inc. ^		15,829		636
PepsiCo, Inc.		21,660		1,437
Biotechnology - 1.2%
Alexion Pharmaceuticals, Inc. ‡^		3,618		336
Biogen Idec, Inc. ‡^		16,271		2,050
Celgene Corp. ‡		34,125		2,644
Onyx Pharmaceuticals, Inc. ‡^		2,933		111
Vertex Pharmaceuticals, Inc. ‡		8,670		356
Building Products - 0.1%
Masco Corp. ^		42,524		569
Capital Markets - 1.4%
Ameriprise Financial, Inc. ^		7,753		443
Goldman Sachs Group, Inc.		12,069		1,501
Invesco, Ltd.		51,417		1,371
Morgan Stanley ^		48,642		955
State Street Corp.		45,610		2,076
TD Ameritrade Holding Corp. ^		15,490		306
Chemicals - 1.4%
Air Products & Chemicals, Inc. ^		25,260		2,319
Dow Chemical Co. ^		9,076		314
E.I. du Pont de Nemours & Co. ^		66,664		3,526
Monsanto Co.		3,430		274
Commercial Banks - 1.7%
Comerica, Inc. ^		8,890		288
Huntington Bancshares, Inc.		45,950		296
KeyCorp		42,710		363
SunTrust Banks, Inc.		21,531		520
U.S. Bancorp ^		18,760		594
Wells Fargo & Co.		171,789		5,866

			Value
	Shares		(000’s)
Communications Equipment - 1.4%
Cisco Systems, Inc.		154,989	$	3,278
Juniper Networks, Inc. ‡^		11,385		260
QUALCOMM, Inc.		45,189		3,074
Computers & Peripherals - 4.0%
Apple, Inc. ‡		25,399		15,226
EMC Corp. ‡^		22,701		678
Hewlett-Packard Co.		44,050		1,050
NetApp, Inc. ‡^		17,117		766
SanDisk Corp. ‡		16,862		836
Construction & Engineering - 0.5%
Fluor Corp.		36,503		2,192
Consumer Finance - 1.0%
American Express Co. ^		28,475		1,648
Capital One Financial Corp. ^		48,808		2,720
Discover Financial Services		3,600		120
Containers & Packaging - 0.2%
Crown Holdings, Inc. ‡		7,400		273
Sealed Air Corp.		23,268		449
Diversified Financial Services - 1.9%
Bank of America Corp.		292,830		2,802
Citigroup, Inc.		95,706		3,498
CME Group, Inc. - Class A ^		3,501		1,013
IntercontinentalExchange, Inc. ‡		6,809		936
NYSE Euronext ^		10,600		318
Diversified Telecommunication Services - 1.2%
AT&T, Inc.		44,976		1,405
Verizon Communications, Inc.		111,158		4,249
Electric Utilities - 0.9%
FirstEnergy Corp. ^		9,600		438
NextEra Energy, Inc.		27,458		1,677
Northeast Utilities ^		10,565		392
NV Energy, Inc.		60,261		971
PPL Corp. ^		19,703		557
Electrical Equipment - 0.6%
Emerson Electric Co. ^		57,151		2,982
Energy Equipment & Services - 1.6%
Baker Hughes, Inc.		49,480		2,075
Ensco PLC ADR		16,500		873
Halliburton Co.		17,556		583
Nabors Industries, Ltd. ‡		14,000		245
National Oilwell Varco, Inc. ^		20,910		1,662
Schlumberger, Ltd.		27,029		1,890
Weatherford International, Ltd. ‡		17,363		262
Food & Staples Retailing - 1.0%
CVS Caremark Corp.		50,133		2,246
Kroger Co.		14,130		342
Sysco Corp. ^		15,197		454
Wal-Mart Stores, Inc.		23,131		1,416
Food Products - 1.4%
Archer-Daniels-Midland Co.		28,650		907
General Mills, Inc.		21,323		841
Kellogg Co. ^		7,309		392
Kraft Foods, Inc. - Class A		87,267		3,317
Ralcorp Holdings, Inc. ‡		9,220		683
Tyson Foods, Inc. - Class A		18,842		361
Gas Utilities - 0.4%
AGL Resources, Inc.		21,766		853
Atmos Energy Corp.		8,900		280
EQT Corp. ^		10,590		511
Health Care Equipment & Supplies - 0.8%
Becton Dickinson and Co. ^		11,090		861
CareFusion Corp. ‡		4,980		129
Covidien PLC		53,318		2,916
Health Care Providers & Services - 1.3%
CIGNA Corp.		12,060		594

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    6

Transamerica Multi-Managed Balanced VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

			Value
	Shares		(000’s)
Health Care Providers & Services (continued)
Express Scripts, Inc. ‡^		10,140	$	549
Humana, Inc. ^		12,842		1,188
McKesson Corp.		10,920		958
UnitedHealth Group, Inc.		43,854		2,585
Hotels, Restaurants & Leisure - 0.7%
Carnival Corp. ^		45,721		1,466
Marriott International, Inc. - Class A ^		164		6
McDonald’s Corp.		5,909		580
Royal Caribbean Cruises, Ltd. ^		4,490		132
Yum! Brands, Inc.		11,952		851
Household Durables - 0.3%
D.R. Horton, Inc. ^		32,401		491
NVR, Inc. ‡^		370		269
PulteGroup, Inc. ‡^		40,183		355
Ryland Group, Inc. ^		8,700		168
Toll Brothers, Inc. ‡		9,320		224
Household Products - 1.3%
Kimberly-Clark Corp. ^		7,265		537
Procter & Gamble Co.		82,231		5,527
Industrial Conglomerates - 1.4%
3M Co.		14,257		1,272
General Electric Co.		169,417		3,400
Tyco International, Ltd.		35,263		1,981
Insurance - 1.6%
ACE, Ltd. ^		13,665		1,000
Allstate Corp. ^		25,849		851
Axis Capital Holdings, Ltd.		3,918		130
Berkshire Hathaway, Inc. - Class B ‡		11,328		919
Everest RE Group, Ltd.		7,490		693
MetLife, Inc. ^		62,169		2,322
PartnerRe, Ltd. ^		1,852		126
Prudential Financial, Inc.		20,394		1,293
Internet & Catalog Retail - 0.6%
Amazon.com, Inc. ‡		9,503		1,925
Expedia, Inc. ^		18,285		611
TripAdvisor, Inc. ‡^		1,885		67
Internet Software & Services - 0.9%
eBay, Inc. ‡		16,160		596
Google, Inc. - Class A ‡		5,361		3,438
IT Services - 1.9%
Accenture PLC - Class A		26,459		1,707
Cognizant Technology Solutions Corp. - Class A ‡		19,892		1,531
Fidelity National Information Services, Inc. ^		5,470		181
Genpact, Ltd. ‡		50,252		819
International Business Machines Corp.		16,152		3,370
Mastercard, Inc. - Class A		2,507		1,054
Western Union Co.		13,643		240
Life Sciences Tools & Services - 0.1%
PerkinElmer, Inc. ^		9,000		249
Machinery - 1.1%
Cummins, Inc. ^		1,338		161
Ingersoll-Rand PLC ^		20,410		844
Kennametal, Inc. ^		10,040		447
PACCAR, Inc. ^		38,897		1,822
Parker Hannifin Corp.		4,900		414
SPX Corp.		13,649		1,058
Timken Co.		6,090		309
Media - 2.7%
CBS Corp. - Class B ^		103,612		3,513
Comcast Corp. - Class A ^		134,340		4,032
DIRECTV - Class A ‡		21,465		1,059
Discovery Communications, Inc. ‡^		11,662		590
Time Warner, Inc.		77,253		2,916
Walt Disney Co. ^		13,100		574

			Value
	Shares		(000’s)
Metals & Mining - 0.5%
Alcoa, Inc.		73,939	$	741
Freeport-McMoRan Copper & Gold, Inc.		12,851		489
Newmont Mining Corp.		10,745		551
U.S. Steel Corp. ^		10,460		307
Walter Energy, Inc.		2,143		127
Multiline Retail - 0.8%
Kohl's Corp. ^		12,165		609
Macy's, Inc.		27,090		1,076
Target Corp.		32,524		1,895
Multi-Utilities - 0.9%
CenterPoint Energy, Inc. ^		57,313		1,130
DTE Energy Co. ^		16,175		890
OGE Energy Corp.		1,020		55
PG&E Corp. ^		48,966		2,126
Oil, Gas & Consumable Fuels - 5.2%
Anadarko Petroleum Corp.		8,692		681
Apache Corp.		8,530		857
Chevron Corp.		54,650		5,860
ConocoPhillips		29,320		2,229
Devon Energy Corp.		14,342		1,020
Exxon Mobil Corp.		79,259		6,873
Marathon Petroleum Corp.		6,547		284
Occidental Petroleum Corp.		17,993		1,713
Peabody Energy Corp.		8,980		260
Pioneer Natural Resources Co. ^		4,122		460
Range Resources Corp.		17,080		993
Sunoco, Inc. ^		2,070		79
Valero Energy Corp.		20,200		521
Williams Cos., Inc.		50,788		1,565
Pharmaceuticals - 3.5%
Abbott Laboratories ^		47,959		2,939
Allergan, Inc. ^		12,904		1,231
Johnson & Johnson		18,731		1,235
Merck & Co., Inc.		134,410		5,162
Mylan, Inc. ‡		56,524		1,325
Pfizer, Inc.		192,937		4,373
Real Estate Investment Trusts - 1.1%
Alexandria Real Estate Equities, Inc. ^		10,979		802
Colonial Properties Trust ^		12,675		275
Cousins Properties, Inc. ^		17,636		134
Duke Realty Corp. ^		15,840		227
Equity Lifestyle Properties, Inc. ^		3,651		255
Equity Residential		7,010		439
Highwoods Properties, Inc. ^		7,583		253
Mack-Cali Realty Corp.		12,904		372
Mid-America Apartment Communities, Inc. ^		4,443		298
Pebblebrook Hotel Trust ^		6,540		148
Post Properties, Inc. ^		6,258		293
Senior Housing Properties Trust		14,513		320
UDR, Inc.		10,654		285
Vornado Realty Trust		7,148		602
Weyerhaeuser Co. ^		24,562		538
Real Estate Management & Development - 0.0% ¥
Howard Hughes Corp. ‡		1,954		125
Road & Rail - 1.7%
CSX Corp. ^		124,217		2,673
Norfolk Southern Corp. ^		21,710		1,429
Union Pacific Corp.		36,138		3,884
Semiconductors & Semiconductor Equipment - 1.3%
Altera Corp.		32,858		1,308
Intel Corp.		14,776		415
KLA-Tencor Corp. ^		3,680		200
LAM Research Corp. ‡^		30,039		1,341
Marvell Technology Group, Ltd. ‡		18,000		283
ON Semiconductor Corp. ‡		33,980		306

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    7

Transamerica Multi-Managed Balanced VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

			Value
	Shares		(000’s)
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments, Inc. ^		12,504	$	420
Xilinx, Inc. ^		42,042		1,533
Software - 2.6%
Adobe Systems, Inc. ‡^		23,837		818
Citrix Systems, Inc. ‡		6,811		537
Microsoft Corp.		201,699		6,505
Oracle Corp.		145,109		4,231
Specialty Retail - 1.7%
AutoZone, Inc. ‡		3,799		1,412
Home Depot, Inc. ^		51,192		2,576
Lowe's Cos., Inc. ^		74,641		2,342
Staples, Inc. ^		10,460		169
Tiffany & Co. ^		3,050		211
TJX Cos., Inc.		32,178		1,278
Textiles, Apparel & Luxury Goods - 0.8%
NIKE, Inc. - Class B		15,831		1,717
V.F. Corp. ^		14,784		2,158
Tobacco - 1.1%
Altria Group, Inc. ^		34,233		1,057
Philip Morris International, Inc.		44,937		3,982
Wireless Telecommunication Services - 0.1%
Crown Castle International Corp. ‡^		6,328		338
Total Common Stocks (cost $250,082)				283,896
	Notional
	Amount		Value
	(000’s)		(000’s)
PURCHASED OPTION - 0.0% ¥
Put Option - 0.0% ¥
Eurodollar, Mid-Curve 2-Year Future Put Strike $99.00 Expires 05/11/2012	$	255		27
Total Purchased Option (cost $19)

				Value
	Shares			(000’s)
SECURITIES LENDING COLLATERAL - 18.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		84,454,116		$	84,454
Total Securities Lending Collateral (cost $84,454)
	Principal			Value
	(000’s)			(000’s)
REPURCHASE AGREEMENT - 5.0%
State Street Bank & Trust Co. p 0.03%, dated 03/30/2012, to be repurchased at $23,063 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 3.00 - 4.00%, due 08/01/2026 - 12/01/2026, and with a total value of $23,528.	$	23,063			23,063
Total Repurchase Agreement (cost $23,063)
Total Investment Securities (cost $532,567) P					569,665
Other Assets and Liabilities - Net					(107,493	)
Net Assets				$	462,172
SECURITIES SOLD SHORT - (3.6%)
U.S. Government Agency Obligations - (3.6%)
Fannie Mae, TBA
4.00%		(5,785	)		(6,074	)
4.50%		(8,000	)		(8,507	)
5.50%		(2,100	)		(2,284	)
Total Securities Sold Short (proceeds $(16,824))					(16,865	)

FUTURES CONTRACTS:

								Net Unrealized
								Appreciation
								(Depreciation)
Description	Type		Contracts			Expiration Date		(000’s)
10-Year U.S. Treasury Note		Short		(55	)		06/20/2012	$	(16	)
2-Year U.S. Treasury Note		Long		71			06/29/2012		(7	)
30-Year U.S. Treasury Bond		Long		9			06/20/2012		18
5-Year U.S. Treasury Note		Long		49			06/29/2012		(6	)
90-day Eurodollar		Short		(34	)		03/16/2015		10
90-day Eurodollar		Short		(34	)		06/15/2015		11
90-day Eurodollar		Short		(34	)		09/14/2015		12
90-day Eurodollar		Short		(34	)		12/14/2015		13
S&P 500 E-Mini Index		Long		22			06/15/2012		42
Ultra Long U.S. Treasury Bond		Short		(5	)		06/20/2012		(4	)
								$	73

FORWARD FOREIGN CURRENCY CONTRACTS:

Contracts

Amount in U.S.

Bought

Dollars Bought

Net Unrealized

(Sold)

(Sold)

(Depreciation)

Currency

Counterparty

(000’s)

Settlement Date

(000’s)

(000’s)

Euro

CITI

(463

)

04/18/2012

$

(595

)

$

(23

)

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    8

Transamerica Multi-Managed Balanced VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 03/31/2012:

	Total Market Value of OTC	Collateral
	Derivatives	(Received)/Pledged	Net Exposures (1)
Counterparty	(000’s)	(000’s)	(000’s)
CITI	$(23)	$–	$(23)

⁽¹⁾  Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $82,595.

p Rate shown reflects the yield at 03/30/2012.

* Floating or variable rate note. Rate is listed as of 03/30/2012.

ž The security has a perpetual maturity. The date shown is the next call date.

¥ Percentage rounds to less than 0.1%.

‡ Non-income producing security.

P Aggregate cost for federal income tax purposes is $532,567. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $40,507 and $3,409, respectively. Net unrealized appreciation for tax purposes is $37,098.

g A portion of these securities in the amount of $567 is segregated as collateral with the broker to cover margin requirements for open futures contracts.

¨ Amount is less than 1.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $32,488, or 7.03%, of the fund's net assets.
ADR	American Depositary Receipt
CITI	Citibank IO Interest Only
OTC	Over the Counter
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
TBA	To Be Announced

CURRENCY ABBREVIATION:

EUR             Euro

VALUATION SUMMARY (all amounts in thousands): '

			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		03/31/2012
Asset-Backed Securities	$	—	$	10,635	$	—	$	10,635
Common Stocks		283,023		873		—		283,896
Corporate Debt Securities		—		50,474		—		50,474
Foreign Government Obligations		—		2,773		—		2,773
Mortgage-Backed Securities		—		22,526		—		22,526
Preferred Corporate Debt Security		—		101		—		101
Preferred Stock		180		—		—		180
Purchased Option		27		—		—		27
Repurchase Agreement		—		23,063		—		23,063
Securities Lending Collateral		84,454		—		—		84,454
U.S. Government Agency Obligations		—		60,233		—		60,233
U.S. Government Obligations		—		31,303		—		31,303
Total	$	367,684	$	201,981	$	—	$	569,665

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    9

Transamerica Multi-Managed Balanced VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands) (continued): '

Securities Sold Short	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
U.S. Government Agency Obligations	$	—	$	(16,865	)	$	—	$	(16,865	)

Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Futures Contracts - Appreciation	$	106		$	—		$	—	$	106
Futures Contracts - Depreciation		(33	)		—			—		(33	)
Forward Foreign Currency Contracts - Depreciation		—			(23	)		—		(23	)
Total	$	73		$	(23	)	$	—	$	50

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes are an integral part of this report.
Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    10

Transamerica Multi Managed Large Cap Core VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCK - 0.5%
Automobiles - 0.5%
Better Place ‡ § r		237,480	$	1,078
Total Convertible Preferred Stock (cost $594)
COMMON STOCKS - 97.4%
Aerospace & Defense - 0.9%
Honeywell International, Inc.		19,246		1,175
Textron, Inc. ^		32,110		894
Air Freight & Logistics - 0.9%
Expeditors International of Washington, Inc.		45,706		2,126
Automobiles - 0.7%
General Motors Co. ‡		65,767		1,687
Beverages - 0.2%
PepsiCo, Inc.		7,742		514
Capital Markets - 3.0%
Bank of New York Mellon Corp. ^		98,481		2,376
Charles Schwab Corp.		97,794		1,405
Goldman Sachs Group, Inc.		12,677		1,577
Morgan Stanley		57,124		1,122
State Street Corp.		11,952		544
Chemicals - 1.4%
Monsanto Co.		42,222		3,368
Commercial Banks - 2.6%
Fifth Third Bancorp		71,718		1,008
PNC Financial Services Group, Inc.		28,389		1,831
U.S. Bancorp		23,916		758
Wells Fargo & Co.		72,734		2,482
Commercial Services & Supplies - 1.7%
Edenred		134,718		4,053
Communications Equipment - 2.3%
Cisco Systems, Inc.		48,132		1,018
Motorola Solutions, Inc.		88,981		4,523
Computers & Peripherals - 7.1%
Apple, Inc. ‡		23,492		14,083
Dell, Inc. ‡		47,798		793
Hewlett-Packard Co.		80,972		1,930
Distributors - 1.0%
Li & Fung, Ltd.		1,048,000		2,405
Diversified Financial Services - 7.2%
Bank of America Corp.		212,360		2,032
BM&FBovespa SA		323,707		1,993
Citigroup, Inc.		111,139		4,061
CME Group, Inc. - Class A		5,831		1,687
JPMorgan Chase & Co.		83,137		3,823
Leucadia National Corp. ^		69,042		1,802
MSCI, Inc. - Class A ‡		49,441		1,820
Diversified Telecommunication Services - 1.2%
AT&T, Inc.		39,479		1,233
Verizon Communications, Inc.		42,684		1,632
Electric Utilities - 1.3%
FirstEnergy Corp.		28,277		1,289
PPL Corp.		61,853		1,748
Electrical Equipment - 0.6%
Emerson Electric Co.		16,808		877
First Solar, Inc. ‡ ^		18,511		464
Electronic Equipment & Instruments - 0.4%
Corning, Inc.		65,764		926
Energy Equipment & Services - 1.9%
Halliburton Co.		63,611		2,112
Noble Corp. ‡		15,705		588
Weatherford International, Ltd. ‡		125,440		1,893
Food & Staples Retailing - 1.3%
CVS Caremark Corp.		45,607		2,043
Wal-Mart Stores, Inc.		18,637		1,141
Food Products - 3.1%
Kraft Foods, Inc. - Class A		50,728		1,928
Mead Johnson Nutrition Co. - Class A		43,820		3,615
Unilever NV		56,111		1,909

	Shares		Value (000’s)
Health Care Equipment & Supplies - 1.8%
Intuitive Surgical, Inc. ‡		8,100	$	4,388
Health Care Providers & Services - 1.9%
Cardinal Health, Inc.		24,392		1,052
UnitedHealth Group, Inc.		39,187		2,309
WellPoint, Inc.		15,799		1,166
Hotels, Restaurants & Leisure - 2.7%
Carnival Corp.		20,249		650
Las Vegas Sands Corp. ^		32,988		1,898
Starbucks Corp.		33,848		1,892
Yum! Brands, Inc.		26,153		1,862
Household Products - 0.2%
Procter & Gamble Co.		5,950		400
Industrial Conglomerates - 0.7%
General Electric Co.		87,317		1,752
Insurance - 2.7%
Aflac, Inc.		9,013		415
Allstate Corp.		85,539		2,815
American International Group, Inc. ‡		15,623		482
MetLife, Inc.		33,494		1,251
Travelers Cos., Inc.		23,901		1,415
Internet & Catalog Retail - 6.6%
Amazon.com, Inc. ‡		48,956		9,915
Groupon, Inc. ‡ ^		67,485		1,240
NetFlix, Inc. ‡		12,130		1,395
priceline.com, Inc. ‡ ^		4,525		3,247
Internet Software & Services - 10.3%
Baidu, Inc. ADR ‡		27,699		4,038
eBay, Inc. ‡		114,125		4,210
Facebook, Inc. - Class B ‡ § r		133,996		4,209
Google, Inc. - Class A ‡		9,682		6,207
LinkedIn Corp. - Class A ‡		21,061		2,148
Yahoo! Inc. ‡		114,459		1,742
Yandex NV - Class A ‡		58,083		1,561
Life Sciences Tools & Services - 1.0%
Illumina, Inc. ‡ ^		46,819		2,463
Machinery - 1.0%
Ingersoll-Rand PLC ^		59,348		2,454
Media - 6.6%
Comcast Corp. - Class A		139,409		4,183
McGraw-Hill Cos., Inc.		37,528		1,819
Naspers, Ltd. - Class N		35,450		1,992
News Corp. - Class B		91,795		1,834
Time Warner Cable, Inc.		28,346		2,310
Time Warner, Inc.		36,120		1,364
Viacom, Inc. - Class B		46,536		2,209
Metals & Mining - 1.2%
Alcoa, Inc. ^		127,147		1,274
Molycorp, Inc. ‡ ^		45,980		1,556
Multiline Retail - 0.4%
Target Corp.		14,727		858
Oil, Gas & Consumable Fuels - 5.1%
BP PLC ADR		53,735		2,417
Chesapeake Energy Corp. ^		34,594		802
Chevron Corp.		21,217		2,275
Murphy Oil Corp.		22,906		1,289
QEP Resources, Inc. ^		21,413		653
Range Resources Corp.		21,224		1,234
Royal Dutch Shell PLC - Class A ADR		29,971		2,102
Ultra Petroleum Corp. ‡ ^		62,646		1,418
Paper & Forest Products - 1.2%
International Paper Co.		78,543		2,757
Personal Products - 0.2%
Avon Products, Inc.		18,574		360
Pharmaceuticals - 5.6%
Bristol-Myers Squibb Co.		66,246		2,236
GlaxoSmithKline PLC ADR		27,001		1,213
Merck & Co., Inc.		56,274		2,161
Novartis AG		7,421		411

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica Multi Managed Large Cap Core VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Pharmaceuticals (continued)
Pfizer, Inc.		135,644	$	3,074
Roche Holding AG ADR^		20,464		893
Sanofi ADR		32,190		1,247
Valeant Pharmaceuticals International, Inc. ‡		39,104		2,099
Real Estate Management & Development - 1.7%
Brookfield Asset Management, Inc. - Class A ^		125,912		3,975
Semiconductors & Semiconductor Equipment - 1.4%
ARM Holdings PLC ADR^		62,778		1,777
Intel Corp.		31,284		879
KLA-Tencor Corp.		7,817		425
NVIDIA Corp. ‡		22,121		340
Software - 3.9%
Microsoft Corp.		93,852		3,027
Salesforce.com, Inc. ‡		20,555		3,176
VMware, Inc. - Class A ‡		10,990		1,235
Zynga, Inc. - Class A ‡^		144,748		1,903
Specialty Retail - 0.9%
Lowe’s Cos., Inc.		41,581		1,305
Staples, Inc. ^		58,604		948
Trading Companies & Distributors - 1.0%
Fastenal Co. ^		44,602		2,413
Wireless Telecommunication Services - 0.5%
Vodafone Group PLC ADR		39,566		1,095
Total Common Stocks (cost $175,512)				231,402

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 12.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		30,486,114	$	30,486
Total Securities Lending Collateral (cost $30,486)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 2.2%
State Street Bank & Trust Co. 0.03% p, dated 03/30/2012, to be repurchased at $5,231 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/15/2017, and with a total value of $5,339.	$	5,231		5,231
Total Repurchase Agreement (cost $5,231)
Total Investment Securities (cost $211,823) P				268,197
Other Assets and Liabilities - Net				(30,623	)
Net Assets			$	237,574

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

‡ Non-income producing security.

Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $5,287, or 2.23%, of the fund’s net assets.

§ Illiquid. Total aggregate market value of illiquid securities is $5,827, or less than 2.23%, of the fund’s net assets.

^{^} All or a portion of this security is on loan. The value of all securities on loan is $29,785.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $211,823. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $66,643 and $10,269, respectively. Net unrealized appreciation for tax purposes is $56,374.

r Restricted. At 03/31/2012, the fund owned the respective securities (representing 2.23% of the fund’s net assets) which were restricted as to public resale:

Description	Date of Acquisition		Shares*		Cost Per Share*		Cost		Fair Value		Fair Value Per Share*
Better Place		01/25/2010		237,480	$	2.50	$	594	$	1,078	$	4.54
Facebook, Inc. – Class B		02/02/2011		133,996		22.00		2,948		4,209		31.41

* Amount not in thousands.

DEFINITION:

ADR American Depositary Receipt

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica Multi Managed Large Cap Core VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	203,550	$	23,643	$	4,209	$	231,402
Convertible Preferred Stock		—		—		1,078		1,078
Repurchase Agreement		—		5,231		—		5,231
Securities Lending Collateral		30,486		—		—		30,486
Total	$	234,036	$	28,874	$	5,287	$	268,197

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at 12/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/ (Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ		Transfers into Level 3		Transfers out of Level 3		Ending Balance at 03/31/2012		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 03/31/2012 ƒ
Common Stocks	$	3,618	$	—	$	—	$	—	$	—	$	591	$	—	$	—	$	4,209	$	591
Convertible Preferred Stocks		1,078		—		—		—		—		—		—		—		1,078		—
Total	$	4,696	$	—	$	—	$	—	$	—	$	591	$	—	$	—	$	5,287	$	591

Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 03/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

Total aggregate market value of Level 3 is 2.23% of the fund’s net assets.

Quantitative Information about Significant Unobservable Inputs (Level 3):

Investment Securities	Fair Value at 03/31/2012 (000’s)		Valuation Technique(s)	Unobservable Input	Range	Weighted Average
Common Stocks	$	4,209	Market Transaction Method	Third-Party Purchase/Sale in Secondary Market	$32.50 - $32.50	$	32.50
			Market Comparable Companies	Enterprise Value / Revenue	3.2x - 11.7x		7.5x
				Enterprise Value / EBITDA	12.3x - 27.0x		19.6x
				Equity Value / Net Income	19.8x - 42.6x		30.0x
			Discounted Cash Flow	Weighted Average Cost of Capital	8% - 12%		10	%
				Perpetual Growth Rate	2.0% - 3.0%		2.5	%
Convertible Preferred Stocks	$	1,078	Market Transaction Method	Purchase Price of a different share class in the same issuer	$4.54 - $4.54	$	4.54
			Discounted Cash Flow	Weighted Average Cost of Capital	18% - 23%		20	%
				Perpetual Growth Rate	2.5% - 3.5%		3.0	%

The significant unobservable inputs used in the fair value measurement of equity securities are similar offered quotes, and comparability adjustments. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    3

Transamerica PIMCO Real Return TIPS VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 88.9%
U.S. Treasury Inflation Indexed Bond
1.75%, 01/15/2028	$	1,192	$	1,421
2.00%, 01/15/2026		343		420
2.13%, 02/15/2040 - 02/15/2041		1,630		2,147
2.38%, 01/15/2025 - 01/15/2027		12,278		15,699
2.50%, 01/15/2029		211		279
3.63%, 04/15/2028		1,121		1,654
3.88%, 04/15/2029		1,518		2,339
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2016		3,804		4,018
0.13%, 01/15/2022 ^		10,623		10,875
0.63%, 07/15/2021 p		12,787		13,835
1.13%, 01/15/2021		3,491		3,929
1.25%, 07/15/2020 g		4,832		5,517
1.38%, 07/15/2018 - 01/15/2020		6,197		7,111
1.88%, 07/15/2013		741		780
2.00%, 04/15/2012		1,118		1,121
2.00%, 01/15/2016		171		193
3.00%, 07/15/2012		7,320		7,485
Total U.S. Government Obligations (cost $78,619)				78,823
U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.4%
Fannie Mae
5.78%, 06/07/2022		1,000		1,009
Tennessee Valley Authority Principal STRIPS
21.38%, 04/15/2042 p ‡		200		212
Total U.S. Government Agency Obligations (cost $1,258)				1,221
FOREIGN GOVERNMENT OBLIGATIONS - 2.7%
Australia Government Bond
4.00%, 08/20/2020	AUD	400		767
Canadian Government Bond
1.50%, 12/01/2044	CAD	104		133
4.25%, 12/01/2021		871		1,236
United Kingdom Gilt Inflation Linked
1.88%, 11/22/2022	GBP	116		235
Total Foreign Government Obligations (cost $2,337)				2,371
MORTGAGE-BACKED SECURITIES - 1.0%
DBUBS Mortgage Trust
Series 2011-LC2A, Class A2
3.39%, 07/10/2044 - 144A	$	100		105
First Horizon Asset Securities, Inc.
Series 2004-AR7, Class 2A2
2.62%, 02/25/2035 *		100		92
Granite Mortgages PLC
Series 2003-3, Class 1A3
0.96%, 01/20/2044 *		424		413
GSR Mortgage Loan Trust
Series 2005-AR7, Class 2A1
2.68%, 11/25/2035 *		131		115
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2005-LDP2, Class A3A
4.68%, 07/15/2042		63		64
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class A1
0.33%, 09/15/2021 - 144A *		113		109
Total Mortgage-Backed Securities (cost $906)				898

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES - 0.9%
Chester Asset Receivables Dealings
Series 2004-1, Class A
1.27%, 04/15/2016 *	$	100	$	156
Commercial Industrial Finance Corp.
Series 2007-1A, Class A1L
0.77%, 05/10/2021 - 144A *		100		92
Driver One GmbH
Series 8, Class A
1.15%, 02/21/2017 *		70		94
First Franklin Mortgage Loan Asset Backed Certificates
Series 2005-FF11, Class A2D
0.58%, 11/25/2035 *		144		123
SLC Student Loan Trust
Series 2009-AA, Class A
4.75%, 06/15/2033 - 144A *		193		188
SLM Student Loan Trust
Series 2009-D, Class A
3.50%, 08/17/2043 - 144A *		178		175
Total Asset-Backed Securities (cost $847)				828
CORPORATE DEBT SECURITIES - 1.6%
Capital Markets - 0.1%
Goldman Sachs Group, Inc.
1.49%, 01/30/2017 *	EUR	100		119
Chemicals - 0.1%
Lyondell Chemical Co.
11.00%, 05/01/2018	$	50		55
Commercial Banks - 0.9%
Eksportfinans ASA
5.50%, 06/26/2017		700		682
HSBC Bank PLC
3.10%, 05/24/2016 - 144A ^		200		204
Consumer Finance - 0.1%
SLM Corp.
5.26%, 12/15/2013 *		50		50
Diversified Financial Services - 0.1%
Ford Motor Credit Co., LLC
7.50%, 08/01/2012 ^		100		101
Diversified Telecommunication Services - 0.2%
TDC A/S
3.50%, 02/23/2015 - Reg S	EUR	100		140
Food & Staples Retailing - 0.1%
Wesfarmers, Ltd.
2.98%, 05/18/2016 - 144A ^	$	100		102
Total Corporate Debt Securities (cost $1,470)				1,453
CERTIFICATE OF DEPOSIT - 0.2%
Commercial Banks - 0.2%
Abbey National Treasury Services PLC
1.69%, 06/10/2013		200		200
Total Certificate of Deposit (cost $200)
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 4.8%
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.31% p		4,223,838		4,224
Total Securities Lending Collateral (cost $4,224)

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica PIMCO Real Return TIPS VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENTS - 10.4%
BNP Paribas
0.375% p, dated 03/30/2012, to be repurchased at $8,300 on 04/02/2012. Collateralized by a U.S. Government Obligation, 0.40%, due 06/30/2013, with a value of $8,467.	$	8,300	$	8,300
State Street Bank & Trust Co.
0.03% p, dated 03/30/2012, to be repurchased at $882 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $901.		882		882
Total Repurchase Agreements (cost $9,182)				9,182
Total Investment Securities (cost $99,043) P				99,200
Other Assets and Liabilities - Net				(10,569	)
Net Assets			$	88,631

WRITTEN SWAPTIONS:

Description	Counterparty	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate	Expiration Date	Notional Amount (000’s)			Premiums (Received) (000’s)			Value (000’s)
Call - Interest Rate Swap, European Style	DUB	5-Year IRO USD	Receive	1.50%	09/24/2012	$	(1,300	)	$	(14	)	$	(13	)
Call - Interest Rate Swap, European Style	DUB	5-Year IRO USD	Receive	1.70	03/18/2013		(2,700	)		(31	)		(37	)
Put - Interest Rate Swap, European Style	DUB	5-Year IRO USD	Pay	1.50	09/24/2012		(1,300	)		(14	)		(13	)
Put - Interest Rate Swap, European Style	DUB	5-Year IRO USD	Pay	1.70	03/18/2013		(2,700	)		(53	)		(42	)
Put - Interest Rate Swap, European Style	DUB	5-Year IRO USD	Pay	2.00	03/18/2013		(100	)		(1	)		(1	)
									$	(113	)	$	(106	)

SWAP AGREEMENTS:

INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)			Premiums (Received) (000’s)			Net Unrealized (Depreciation) (000’s)
FRC-EXT-CPI		1.85	%		10/15/2016	BCLY	EUR	$	200	$	(3	)	$	(2	)	$	(1	)

INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:

Floating Rate Index	Fixed Rate			Maturity Date	Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)		Premiums Paid (Received) (000’s)			Net Unrealized Appreciation (000’s)
3-Month USD-LIBOR		2.25	%	06/20/2022	BCLY	USD	$	1,200	$	13	$	3		$	10
3-Month USD-LIBOR §		2.25		06/20/2022	BCLY	USD		500		5		(2	)		7
									$	18	$	1		$	17

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica PIMCO Real Return TIPS VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

FUTURE CONTRACTS:

Description	Type	Contracts		Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
90-Day Eurodollar	Long		5		03/16/2015	$	(¨	)
90-Day Eurodollar	Long		6		06/15/2015		1
						$	1

FORWARD FOREIGN CURRENCY CONTRACTS: ¦

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar	BCLY		1,105			04/23/2012	$	1,168		$	(26	)
Australian Dollar	DUB		122			04/23/2012		128			(2	)
Australian Dollar	BCLY		(2,834	)		04/23/2012		(3,023	)		96
Australian Dollar	BCLY		210			04/23/2012		217			¨
Canadian Dollar	BCLY		(1,394	)		06/21/2012		(1,407	)		12
Chinese Yuan Renminbi	BCLY		(63	)		06/01/2012		(10	)		(¨	)
Chinese Yuan Renminbi	DUB		(589	)		06/01/2012		(93	)		(1	)
Chinese Yuan Renminbi	BCLY		640			06/01/2012		100			2
Euro	DUB		1,000			04/03/2012		1,331			3
Euro	BCLY		(1,000	)		04/03/2012		(1,341	)		7
Euro	BCLY		159			04/16/2012		204			8
Euro	BCLY		317			04/16/2012		417			6
Euro	DUB		(1,000	)		05/02/2012		(1,331	)		(3	)
Pound Sterling	BCLY		(246	)		06/12/2012		(389	)		(4	)
										$	98

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 03/31/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)			Net Exposures  (1) (000’s)
BCLY	$	116		$	54		$	170
DUB		(109	)		—			(109	)
GSC		—			(340	)		(340	)

⁽¹⁾ Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $4,139.

p A portion of this security in the amount of $54 has been segregated as collateral with the broker for open swap contracts.

g A portion of this security in the amount of $8 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

§ Illiquid. Total aggregate market value of illiquid securities is $5, or less than 0.01%, of the fund’s net assets.

p Rate shown reflects the yield at 03/30/2012.

‡ Non-income producing security.

* Floating or variable rate note. Rate is listed as of 03/30/2012.

P Aggregate cost for federal income tax purposes is $99,043. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $357 and $200, respectively. Net unrealized appreciation for tax purposes is $157.

¨ Amount is less than 1.

¦ Cash in the amount of $340 is segregated as collateral by the broker to cover open forward foreign currency contracts.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    3

Transamerica PIMCO Real Return TIPS VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $975, or 1.10%, of the fund’s net assets.
BCLY	Barclays Bank PLC
DUB	Deutsche Bank AG
FRC-EXT-CPI	France Ex-Tobacco Consumer Price Index
GSC	Goldman Sachs & Co.
IRO	Interest Rate Option
LIBOR	London Interbank Offered Rate
OTC	Over the Counter
STRIPS	Separate Trading of Registered Interest and Principal of Securities

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
USD	United States Dollar

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Asset-Backed Securities	$	—	$	828	$	—	$	828
Certificate of Deposit		—		200		—		200
Corporate Debt Securities		—		1,453		—		1,453
Foreign Government Obligations		—		2,371		—		2,371
Mortgage-Backed Securities		—		898		—		898
Repurchase Agreements		—		9,182		—		9,182
Securities Lending Collateral		4,224		—		—		4,224
U.S. Government Agency Obligations		—		1,221		—		1,221
U.S. Government Obligations		—		78,823		—		78,823
Total	$	4,224	$	94,976	$	—	$	99,200

Other Financial Instruments	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Written Swaptions	$	—	$	(106	)	$	—	$	(106	)

Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Futures Contracts - Appreciation	$	1		$	—		$	—	$	1
Futures Contracts - Depreciation		(¨	)		—			—		(¨	)
Forward Foreign Currency Contracts - Appreciation		—			134			—		134
Forward Foreign Currency Contracts - Depreciation		—			(36	)		—		(36	)
Interest Rate Swaps - Appreciation		—			17			—		17
Interest Rate Swaps - Depreciation		—			(1	)		—		(1	)
Total	$	1		$	114		$	—	$	115

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    4

Transamerica PIMCO Total Return VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 20.6%
U.S. Treasury Bond
3.13%, 11/15/2041	$	37,000	$	35,491
3.75%, 08/15/2041		35,200		38,055
3.88%, 08/15/2040		1,900		2,102
4.38%, 02/15/2038 - 05/15/2041		55,100		66,187
5.25%, 02/15/2029		1,500		1,964
7.63%, 11/15/2022 ^		27,500		41,516
U.S. Treasury Inflation Indexed Bond
2.13%, 02/15/2041		12,210		16,101
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/2022 ^		81,696		83,637
1.13%, 01/15/2021 g a		45,061		50,722
U.S. Treasury Note
1.25%, 01/31/2019 ^		48,800		47,778
1.50%, 06/30/2016 b		780		801
2.00%, 11/15/2021 b		161,500		158,988
2.13%, 08/15/2021 g b		32,400		32,377
2.25%, 03/31/2016 ^		100		106
2.63%, 08/15/2020		12,189		12,851
Total U.S. Government Obligations (cost $584,905)				588,676
U.S. GOVERNMENT AGENCY OBLIGATIONS - 41.6%
Fannie Mae
0.79%, 09/25/2041 *		58,077		58,020
1.38%, 06/01/2043 *		276		278
1.94%, 08/01/2035 *		23		24
2.15%, 08/01/2035 *		1,172		1,236
2.17%, 09/01/2035 *		1,944		2,045
2.22%, 05/01/2035 *		955		995
2.23%, 12/01/2034 *		15		16
2.30%, 10/01/2035 *		22		24
2.33%, 08/01/2036 *		323		342
2.38%, 01/01/2028 *		65		69
2.39%, 07/01/2032 *		8		8
3.50%, 10/01/2013 - 11/01/2041		256,100		267,113
4.00%, 06/01/2013 - 04/01/2041		227,721		241,544
4.50%, 05/01/2019 - 06/01/2026		76,323		81,849
5.00%, 08/01/2020 - 01/01/2030		23,060		24,998
5.50%, 12/01/2017 - 02/01/2038		11,016		12,063
6.00%, 08/01/2037		3,330		3,672
6.50%, 06/17/2038		3,695		3,865
Fannie Mae, TBA
3.50%		107,000		111,595
4.50%		1,000		1,064
Freddie Mac
0.59%, 12/15/2029 *		60		60
1.36%, 10/25/2044 *		1,874		1,870
1.56%, 07/25/2044 *		954		968
2.10%, 09/01/2035 *		170		179
2.48%, 08/01/2023 *		67		69
2.62%, 09/01/2035 *		2,084		2,232
4.00%, 03/01/2041		89,127		93,377
5.00%, 02/15/2020		841		858
6.50%, 07/25/2043		108		123
Freddie Mac, TBA
4.00%		89,000		93,046
4.50%		1,000		1,060
Ginnie Mae
6.50%, 06/20/2032		6		7

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Ginnie Mae, TBA
3.50%	$	120,000	$	125,043
Overseas Private Investment Corp.
Zero Coupon, 12/1/2012 - 09/30/2013		22,934		23,144
Zero Coupon, 04/15/2014		3,900		5,161
2.07%, 05/15/2021		32,600		30,858
U.S. Small Business Administration
4.50%, 02/01/2014		210		216
Total U.S. Government Agency Obligations
(cost $1,170,424)				1,189,091
FOREIGN GOVERNMENT OBLIGATIONS - 13.4%
Australia Government Bond
4.75%, 06/15/2016	AUD	45,300		49,134
5.50%, 12/15/2013 ^		26,500		28,364
5.50%, 01/21/2018		36,300		41,104
5.75%, 07/15/2022		52,900		62,373
6.00%, 02/15/2017 ^		14,000		16,070
Brazil Notas do Tesouro Nacional
10.00%, 01/01/2013 - 01/01/2017	BRL	76,532		41,996
Canadian Government Bond
1.75%, 03/01/2013	CAD	3,700		3,732
2.25%, 08/01/2014		97,000		99,465
3.25%, 06/01/2021		29,700		32,569
Hong Kong SAR Government Bond
5.13%, 08/01/2014 - 144A	$	2,700		2,934
Province of Quebec Canada
3.50%, 12/01/2022	CAD	4,500		4,622
Republic of Brazil
10.25%, 01/10/2028	BRL	2,050		1,342
Vnesheconombank Via VEB Finance PLC
5.38%, 02/13/2017 - 144A ^ §	$	300		309
Total Foreign Government Obligations (cost $367,302)				384,014
MORTGAGE-BACKED SECURITIES - 5.8%
Adjustable Rate Mortgage Trust
Series 2005-4, Class 1A1
2.86%, 08/25/2035 *		294		237
Series 2005-5, Class 2A1
2.88%, 09/25/2035 *		314		253
Series 2005-10, Class 1A21
2.81%, 01/25/2036 *		426		269
American Home Mortgage Assets LLC
Series 2006-4, Class 1A12
0.45%, 10/25/2046 *		4,516		2,289
Series 2006-5, Class A1
1.08%, 11/25/2046 *		875		408
American Home Mortgage Investment Trust
Series 2005-2, Class 4A1
2.24%, 09/25/2045 *		7		6
Banc of America Funding Corp.
Series 2005-D, Class A1
2.67%, 05/25/2035 *		172		172
Series 2006-J, Class 4A1
5.74%, 01/20/2047 *		207		128
Banc of America Large Loan, Inc.
Series 2010-UB5, Class A4A
5.64%, 02/17/2051 - 144A *		20,000		22,112
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2007-1, Class A4
5.45%, 01/15/2049		490		551

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica PIMCO Total Return VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Banc of America Mortgage Securities, Inc.
Series 2004-L, Class 2A1
2.93%, 01/25/2035 *	$	975	$	859
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-5, Class 2A1
2.61%, 08/25/2033 *		1,662		1,659
Series 2003-8, Class 2A1
2.92%, 01/25/2034 *		96		94
Series 2003-8, Class 4A1
2.85%, 01/25/2034 *		210		210
Series 2003-9, Class 2A1
2.93%, 02/25/2034 *		246		227
Series 2004-10, Class 22A1
2.81%, 01/25/2035 *		351		310
Series 2005-2, Class A2
3.08%, 03/25/2035 *		670		661
Series 2005-5, Class A2
2.25%, 08/25/2035 *		510		470
Bear Stearns Alt-A Trust
Series 2005-7, Class 22A1
2.83%, 09/25/2035 *		721		477
Series 2006-6, Class 32A1
2.87%, 11/25/2036 *		1,099		599
Series 2006-8, Class 3A1
0.40%, 02/25/2034 *		941		762
Series 2006-R1, Class 2E21
3.87%, 08/25/2036 *		866		170
Bear Stearns Structured Products, Inc.
Series 2007-R6, Class 1A1
2.75%, 01/26/2036 *		708		414
Series 2007-R6, Class 2A1
2.85%, 12/26/2046 *		472		267
Chaseflex Trust
Series 2007-3, Class 1A2
0.70%, 07/25/2037 *		3,036		1,435
Citigroup Mortgage Loan Trust, Inc.
Series 2005-6, Class A1
2.23%, 09/25/2035 *		892		838
Series 2005-6, Class A2
2.45%, 09/25/2035 *		658		577
Series 2007-10, Class 22AA
5.51%, 09/25/2037 *		4,305		2,693
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2006-CD3, Class A5
5.62%, 10/15/2048		800		902
Series 2007-CD5, Class A4
5.89%, 11/15/2044 *		400		459
Countrywide Alternative Loan Trust
Series 2003-J1, Class 4A1
6.00%, 10/25/2032		13		14
Series 2003-J3, Class 2A1
6.25%, 12/25/2033		287		298
Series 2005-14, Class 2A1
0.45%, 05/25/2035 *		391		234
Series 2005-56, Class 5A2
1.01%, 11/25/2035 *		928		548
Series 2005-59, Class 1A1
0.57%, 11/20/2035 *		11		6
Series 2005-62, Class 2A1
1.16%, 12/25/2035 *		6		4
Series 2005-81, Class A1
0.52%, 02/25/2037 *		2,134		1,163

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Countrywide Alternative Loan Trust (continued)
Series 2006-OA1, Class 2A1
0.45%, 03/20/2046 *	$	1,697	$	900
Series 2006-OA9, Class 2A1A
0.45%, 07/20/2046 *		14		6
Series 2006-OA17, Class 1A1A
0.44%, 12/20/2046 *		5,206		2,795
Series 2006-OA19, Class A1
0.42%, 02/20/2047 *		2,009		991
Series 2007-HY4, Class 1A1
2.95%, 06/25/2037 *		3,997		2,606
Countrywide Home Loan Mortgage Pass- Through Trust
Series 2002-30, Class M
2.71%, 10/19/2032 *		88		58
Series 2003-R4, Class 2A
6.50%, 01/25/2034 - 144A *		628		628
Series 2004-12, Class 11A1
2.80%, 08/25/2034 *		129		96
Series 2004-R1, Class 2A
6.50%, 11/25/2034 - 144A		843		857
Series 2005-HY10, Class 5A1
5.26%, 02/20/2036 *		477		344
Series 2005-R2, Class 1AF1
0.58%, 06/25/2035 - 144A *		1,420		1,208
Series 2006-OA5, Class 2A2
0.54%, 04/25/2036 *		695		132
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-AR15, Class 2A1
2.39%, 06/25/2033 *		924		868
Deutsche ALT-A Securities, Inc., Alternate Loan Trust
Series 2005-AR1, Class 2A1
2.01%, 08/25/2035 *		236		143
First Horizon Asset Securities, Inc.
Series 2005-AR3, Class 2A1
2.73%, 08/25/2035 *		143		117
Granite Mortgages PLC
Series 2003-3, Class 3A
1.47%, 01/20/2044 *		736		1,138
Series 2004-3, Class 3A2
1.42%, 09/20/2044 *		4,327		6,674
Greenpoint Mortgage Funding Trust
Series 2006-AR7, Class 1A32
0.44%, 12/25/2046 *		736		200
Greenpoint Mortgage Pass-Through Certificates
Series 2003-1, Class A1
3.10%, 10/25/2033 *		294		257
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1
2.66%, 09/25/2035 *		829		804
Series 2006-AR1, Class 2A1
2.70%, 01/25/2036 *		11		9
Harborview Mortgage Loan Trust
Series 2005-4, Class 4A
2.96%, 07/19/2035 *		508		416
Series 2006-1, Class 2A1A
0.48%, 03/19/2036 *		2,749		1,517
Series 2006-5, Class 2A1A
0.42%, 07/19/2046 *		1,287		749

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica PIMCO Total Return VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Harborview Mortgage Loan Trust (continued)
Series 2006-7, Class 2A1A
0.44%, 09/19/2046 *	$	648	$	405
Series 2007-1, Class 2A1A
0.37%, 04/19/2038 *		1,648		1,078
IndyMac Index Mortgage Loan Trust
Series 2004-AR11, Class 2A
2.57%, 12/25/2034 *		88		67
Series 2006-AR12, Class A1
0.43%, 09/25/2046 *		795		475
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2007-CB18, Class A4
5.44%, 06/12/2047		210		233
JPMorgan Mortgage Trust
Series 2005-A1, Class 6T1
5.02%, 02/25/2035 *		266		267
Series 2007-A1, Class 5A5
2.85%, 07/25/2035 *		2,462		2,383
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3
5.87%, 09/15/2045 *		4,700		5,325
Luminent Mortgage Trust
Series 2006-6, Class 2A1
0.44%, 10/25/2046 *		639		413
MASTR Alternative Loans Trust
Series 2006-2, Class 2A1
0.64%, 03/25/2036 *		332		62
MLCC Mortgage Investors, Inc.
Series 2005-2, Class 1A
2.00%, 10/25/2035 *		11,214		10,312
Series 2005-2, Class 2A
2.42%, 10/25/2035 *		374		334
Series 2005-2, Class 3A
1.24%, 10/25/2035 *		122		105
Series 2005-3, Class 4A
0.49%, 11/25/2035 *		71		59
Series 2005-A10, Class A
0.45%, 02/25/2036 *		409		295
Morgan Stanley Capital I
Series 2007-IQ15, Class A4
5.88%, 06/11/2049 *		400		451
Series 2007-XLFA, Class A1
0.30%, 10/15/2020 - 144A *		120		120
Nomura Asset Acceptance Corp.
Series 2004-R1, Class A1
6.50%, 03/25/2034 - 144A		861		870
Permanent Master Issuer PLC
Series 2011-1A, Class 1A1
1.97%, 07/15/2042 - 144A *		10,400		10,442
Series 2011-1A, Class 1A3
2.53%, 07/15/2042 - 144A *		16,000		21,372
Residential Accredit Loans, Inc.
Series 2005-QO3, Class A1
0.64%, 10/25/2045 *		548		325
Series 2006-QO6, Class A1
0.42%, 06/25/2046 *		710		284
Residential Asset Securitization Trust
Series 2006-R1, Class A2
0.64%, 01/25/2046 *		698		293
Residential Funding Mortgage Securities I
Series 2003-S9, Class A1
6.50%, 03/25/2032		17		18

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Residential Funding Mortgage Securities I (continued)
Series 2005-SA4, Class 1A21
3.11%, 09/25/2035 *	$	1,019	$	712
RMAC Securities PLC
Series 2007-NS1X, Class A2B
0.62%, 06/12/2044 *		14,832		12,187
Sequoia Mortgage Trust
Series 10, Class 2A1
1.00%, 10/20/2027 *		86		81
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-20, Class 3A1
2.67%, 01/25/2035 *		318		258
Series 2005-17, Class 3A1
2.70%, 08/25/2035 *		115		91
Series 2005-18, Class 3A1
2.78%, 09/25/2035 *		3,778		2,868
Structured Asset Mortgage Investments, Inc.
Series 2002-AR3, Class A1
0.90%, 09/19/2032 *		61		55
Series 2005-AR5, Class A1
0.49%, 07/19/2035 *		154		107
Series 2005-AR5, Class A2
0.49%, 07/19/2035 *		155		136
Series 2005-AR5, Class A3
0.49%, 07/19/2035 *		294		260
Series 2005-AR8, Class A1A
0.52%, 02/25/2036 *		338		189
Series 2006-AR3, Class 12A1
0.46%, 05/25/2036 *		2,099		1,060
Series 2006-AR6, Class 2A1
0.43%, 07/25/2046 *		5,610		3,206
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class A1
0.33%, 09/15/2021 - 144A *		944		908
WaMu Mortgage Pass-Through Certificates
Series 2002-AR2, Class A
2.47%, 02/27/2034 *		118		116
Series 2003-AR9, Class 2A
2.55%, 09/25/2033 *		4,151		4,189
Series 2004-AR1, Class A
2.58%, 03/25/2034 *		324		319
Series 2005-AR11, Class A1A
0.56%, 08/25/2045 *		232		190
Series 2006-AR3, Class A1A
1.16%, 02/25/2046 *		1,117		867
Series 2006-AR7, Class 3A
2.72%, 07/25/2046 *		2,176		1,709
Series 2006-AR7, Class C1B2
0.46%, 07/25/2046 *		277		36
Series 2006-AR9, Class 2A
2.72%, 08/25/2046 *		1,873		1,313
Series 2006-AR10, Class 1A1
2.52%, 09/25/2036 *		1,894		1,329
Series 2006-AR17, Class 1A
0.98%, 12/25/2046 *		985		583
Series 2006-AR19, Class 1A1A
0.89%, 01/25/2047 *		273		175
Series 2007-HY1, Class 1A1
2.60%, 02/25/2037 *		709		457
Series 2007-HY1, Class 4A1
2.63%, 02/25/2037 *		4,594		3,276

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    3

Transamerica PIMCO Total Return VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
WaMu Mortgage Pass-Through Certificates (continued)
Series 2007-OA1, Class A1A
0.86%, 02/25/2047 *	$	5,619	$	3,272
Series 2007-OA3, Class 2A1A
0.92%, 04/25/2047 *		656		463
Series 2007-OA6, Class 1A
0.97%, 07/25/2047 *		938		597
Wells Fargo Mortgage Backed Securities Trust
Series 2003-13, Class A5
4.50%, 11/25/2018		109		109
Series 2004-CC, Class A1
2.65%, 01/25/2035 *		487		459
Series 2004-Z, Class 2A1
2.61%, 12/25/2034 *		689		676
Series 2006-AR4, Class 2A6
5.61%, 04/25/2036 *		498		222
Series 2006-AR8, Class 2A4
2.70%, 04/25/2036 *		961		779
Total Mortgage-Backed Securities (cost $176,852)				165,530
ASSET-BACKED SECURITIES - 2.0%
Amortizing Residential Collateral Trust
Series 2002-BC4, Class A
0.82%, 07/25/2032 *		6		5
Asset Backed Funding Certificates
Series 2005-OPT1, Class A1MZ
0.59%, 07/25/2035 *		132		116
Avoca CLO I BV
Series III-X, Class A
1.43%, 09/15/2021 *		3,775		4,695
Bear Stearns Asset Backed Securities Trust
Series 2002-2, Class A1
0.90%, 10/25/2032 *		25		21
Series 2006-SD2, Class A2
0.44%, 06/25/2036 *		156		155
Series 2006-SD3, Class 21A1
3.20%, 07/25/2036 *		337		209
Series 2006-SD4, Class 1A1
3.03%, 10/25/2036 *		853		585
Chester Asset Receivables Dealings
Series 2004-1, Class A
1.27%, 04/15/2016 *		13,300		20,799
Citigroup Mortgage Loan Trust, Inc.
Series 2006-NC1, Class A2B
0.35%, 08/25/2036 *		39		36
Series 2007-AHL1, Class A2A
0.28%, 12/25/2036 *		37		36
Countrywide Asset-Backed Certificates
Series 2007-5, Class 2A1
0.34%, 09/25/2047 *		179		178
Harbourmaster CLO, Ltd.
Series 5A, Class A1
1.14%, 06/15/2020 - 144A *		2,385		3,024
Home Equity Asset Trust
Series 2002-1, Class A4
0.84%, 11/25/2032 *		1		1
JPMorgan Mortgage Acquisition Corp.
Series 2007-CH3, Class A2
0.32%, 03/25/2037 *		84		80

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Lehman XS Trust
Series 2006-4N, Class A1B1
0.41%, 04/25/2046 *	$	147	$	140
Series 2006-GP4, Class 2A2
0.47%, 08/25/2046 *		220		19
Morgan Stanley Mortgage Loan Trust
Series 2007-3XS, Class 2A1A
0.31%, 01/25/2047 *		334		292
New Century Home Equity Loan Trust
Series 2005-2, Class A1ZA
0.50%, 06/25/2035 *		26		25
Penarth Master Issuer PLC
Series 2011-1A, Class A1
0.89%, 05/18/2015 - 144A *		13,300		13,326
Plymouth Rock CLO, Ltd./Inc.
Series 2010-1A, Class A
2.00%, 02/16/2019 - 144A *		8,433		8,415
Securitized Asset Backed Receivables LLC
Series 2007-NC2, Class A2A
0.28%, 01/25/2037 *		294		254
Small Business Administration Participation Certificates
Series 2003-20I, Class 1
5.13%, 09/01/2023		249		274
Series 2004-20C, Class 1
4.34%, 03/01/2024		1,492		1,616
Series 2008-20L, Class 1
6.22%, 12/01/2028		3,115		3,565
Structured Asset Securities Corp.
Series 2002-HF1, Class A
0.82%, 01/25/2033 *		1		1
Series 2007-GEL1, Class A1
0.34%, 01/25/2037 - 144A *		674		410
Total Asset-Backed Securities (cost $59,146)				58,277
MUNICIPAL GOVERNMENT OBLIGATIONS - 2.7%
Buckeye Tobacco Settlement Financing Authority
5.88%, 06/01/2030 - 06/01/2047		4,400		3,362
Chicago Transit Authority - Class A
6.90%, 12/01/2040		11,100		13,334
Chicago Transit Authority - Class B
6.90%, 12/01/2040		7,300		8,769
Golden State Tobacco Securitization Corp.
5.13%, 06/01/2047		300		207
Kentucky State Property & Building Commission
4.30%, 11/01/2019		500		544
4.40%, 11/01/2020		600		624
5.37%, 11/01/2025		1,100		1,217
Los Angeles Department of Water & Power
5.00%, 07/01/2044		6,900		7,361
Los Angeles Unified School District -Series A-1, Class A
4.50%, 07/01/2022		2,155		2,426
New York City Municipal Water Finance Authority
5.75%, 06/15/2040		6,200		7,211
New York City Transitional Finance Authority Future Tax Secured Revenue
4.73%, 11/01/2023		900		1,035
4.91%, 11/01/2024		600		699
5.08%, 11/01/2025		600		687

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    4

Transamerica PIMCO Total Return VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Palomar Community College District
4.75%, 05/01/2032	$	100	$	106
State of California
5.65%, 04/01/2039 *		14,400		15,116
State of California - Build America Bonds
7.50%, 04/01/2034		1,100		1,394
7.55%, 04/01/2039		3,400		4,369
State of Illinois
4.42%, 01/01/2015		2,400		2,515
Tobacco Securitization Authority of Southern California
5.13%, 06/01/2046		3,100		2,271
Tobacco Settlement Finance Authority -Series A
7.47%, 06/01/2047		2,540		1,874
Tobacco Settlement Financing Corp.
5.88%, 05/15/2039		100		101
Tobacco Settlement Financing Corp. -Series 1A
5.00%, 06/01/2041		4,000		3,034
Total Municipal Government Obligations (cost $72,730)				78,256
PREFERRED CORPORATE DEBT SECURITY - 0.2%
Commercial Banks - 0.2%
Royal Bank of Scotland Group PLC
7.64%, 09/29/2017 * Ž		7,000		4,795
Total Preferred Corporate Debt Security (cost $7,110)
CORPORATE DEBT SECURITIES - 24.5%
Automobiles - 0.6%
Volkswagen International Finance NV
0.92%, 10/01/2012 - 144A *		9,800		9,809
1.08%, 04/01/2014 - 144A *		6,200		6,181
Capital Markets - 3.2%
Deutsche Bank AG
5.38%, 10/12/2012		19,206		19,637
Goldman Sachs Group, Inc.
1.36%, 11/15/2014 *	EUR	900		1,143
1.38%, 05/23/2016 *		11,800		14,281
1.41%, 02/04/2013 *		800		1,061
6.25%, 09/01/2017	$	5,000		5,480
Lehman Brothers Holdings, Inc.
2.85%, 12/23/2008 ‡		4,800		1,404
5.63%, 01/24/2013 ‡		9,800		2,891
6.88%, 05/02/2018 ‡		1,200		360
Lehman Brothers Holdings, Inc. -Series I
6.75%, 12/28/2017 ‡		4,000		¨
Morgan Stanley
1.05%, 10/15/2015 *		1,100		990
2.88%, 07/28/2014 ^		2,700		2,688
3.45%, 11/02/2015		13,800		13,479
Morgan Stanley -Series F
6.25%, 08/28/2017		5,500		5,792
Morgan Stanley -Series MTN
6.63%, 04/01/2018		13,900		14,637
UBS AG
4.88%, 08/04/2020 ^		6,600		6,859
Commercial Banks - 9.6%
Abbey National Treasury Services PLC
2.14%, 04/25/2014 *		14,500		14,074
3.88%, 11/10/2014 - 144A		1,100		1,107
ANZ National International, Ltd.
6.20%, 07/19/2013 - 144A		11,800		12,387

	Principal (000’s)		Value (000’s)
Commercial Banks (continued)
Barclays Bank PLC
1.62%, 01/13/2014 * ^	$	23,000	$	22,923
2.50%, 01/23/2013		900		908
6.05%, 12/04/2017 - 144A		6,000		6,169
10.18%, 06/12/2021 - 144A		5,520		6,492
BPCE SA
2.28%, 02/07/2014 - 144A *		29,700		29,036
Canadian Imperial Bank of Commerce
2.00%, 02/04/2013 - 144A ^		35,800		36,229
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
4.50%, 01/11/2021 ^		25,500		26,260
DNB Boligkreditt AS
2.90%, 03/29/2016 - 144A		22,000		22,729
Export-Import Bank of Korea
8.13%, 01/21/2014		13,100		14,465
HSBC Capital Funding, LP
10.18%, 06/30/2030 - 144A * Ž		100		132
Lloyds TSB Bank PLC
2.91%, 01/24/2014 *		18,800		18,725
4.38%, 01/12/2015 - 144A		14,000		14,352
5.80%, 01/13/2020 - 144A		2,200		2,260
12.00%, 12/16/2024 - 144A * Ž		16,500		17,251
Rabobank Nederland NV
11.00%, 06/30/2019 - 144A * Ž		1,910		2,426
Stadshypotek AB
1.45%, 09/30/2013 - 144A ^		16,700		16,850
UBS AG
5.88%, 12/20/2017		2,700		2,994
Wells Fargo & Co. -Series K
7.98%, 03/15/2018 * Ž ^		8,700		9,472
Consumer Finance - 1.5%
Ally Financial, Inc.
3.87%, 06/20/2014 *		6,900		6,729
8.00%, 03/15/2020 ^		8,880		9,879
American Express Credit Corp. -Series C
5.88%, 05/02/2013		15,900		16,721
HSBC Finance Corp.
5.90%, 06/19/2012 ^		7,100		7,176
SLM Corp.
0.86%, 01/27/2014 *		800		764
5.13%, 08/27/2012		1,000		1,007
Diversified Financial Services - 6.9%
Bank of America Corp.
6.50%, 08/01/2016 ^		4,500		4,948
7.63%, 06/01/2019		15,000		17,297
Bank of America Corp. -Series MTNL
5.65%, 05/01/2018		7,900		8,433
Bear Stearns Cos., LLC
5.70%, 11/15/2014		4,400		4,862
6.40%, 10/02/2017		2,200		2,562
7.25%, 02/01/2018		1,500		1,809
Citigroup, Inc.
2.51%, 08/13/2013 *		14,200		14,242
5.88%, 05/29/2037		1,100		1,129
6.00%, 08/15/2017		5,300		5,893
Fiat Finance & Trade SA
9.00%, 07/30/2012	EUR	4,400		5,965
Ford Motor Credit Co., LLC
5.63%, 09/15/2015	$	10,845		11,533
7.00%, 10/01/2013 ^		800		853
7.80%, 06/01/2012		1,020		1,029

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    5

Transamerica PIMCO Total Return VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
General Electric Capital Corp.
0.77%, 06/20/2014 *	$	13,100	$	12,760
International Lease Finance Corp.
6.75%, 09/01/2016 - 144A		4,000		4,285
7.13%, 09/01/2018 - 144A ^		13,200		14,388
JPMorgan Chase & Co.
4.25%, 10/15/2020		22,900		23,446
4.40%, 07/22/2020		800		830
4.95%, 03/25/2020		2,400		2,589
6.30%, 04/23/2019		5,400		6,240
JPMorgan Chase Bank NA
6.00%, 10/01/2017		1,600		1,831
Merrill Lynch & Co., Inc.
1.40%, 01/31/2014 *	EUR	2,100		2,678
6.88%, 04/25/2018	$	11,100		12,340
Merrill Lynch & Co., Inc. -Series C
6.40%, 08/28/2017		11,200		12,214
Qtel International Finance, Ltd.
4.75%, 02/16/2021 - Reg S ^		5,000		5,169
SSIF Nevada, LP
1.27%, 04/14/2014 - 144A * ^		19,800		19,649
Diversified Telecommunication Services - 0.0% ¥
KT Corp.
4.88%, 07/15/2015 - 144A		900		950
Electric Utilities - 0.0% ¥
Progress Energy, Inc.
6.85%, 04/15/2012		440		441
Energy Equipment & Services - 0.1%
NGPL PipeCo LLC
7.12%, 12/15/2017 - 144A ^		4,100		3,736
Health Care Equipment & Supplies - 0.2%
Boston Scientific Corp.
6.00%, 01/15/2020		3,900		4,476
Insurance - 0.6%
American International Group, Inc.
8.18%, 05/15/2058 *		200		212
8.25%, 08/15/2018		12,300		14,764
Principal Life Income Funding Trusts
5.30%, 04/24/2013		1,000		1,045
Metals & Mining - 0.2%
Gerdau Trade, Inc.
5.75%, 01/30/2021 - 144A ^		3,100		3,284
Gold Fields Orogen Holding BVI, Ltd.
4.88%, 10/07/2020 - Reg S		3,000		2,875
Oil, Gas & Consumable Fuels - 0.8%
El Paso Corp.
7.75%, 01/15/2032		425		484
7.80%, 08/01/2031		125		142
Gazprom OAO Via GAZ Capital SA
6.51%, 03/07/2022 - Reg S ^		10,900		11,881
8.15%, 04/11/2018 - 144A		1,200		1,407
8.63%, 04/28/2034 - Reg S		6,000		7,557
Tobacco - 0.8%
Altria Group, Inc.
9.25%, 08/06/2019		13,000		17,482
9.70%, 11/10/2018		2,500		3,397
Reynolds American, Inc.
7.63%, 06/01/2016 ^		800		960

	Principal (000’s)		Value (000’s)
Transportation Infrastructure - 0.0% ¥
Korea Expressway Corp.
5.13%, 05/20/2015 - 144A	$	850	$	909
Total Corporate Debt Securities (cost $689,308)				701,185
LOAN ASSIGNMENTS - 0.3%
Diversified Financial Services - 0.1%
Delos Aircraft, Inc., Tranche B2
7.00%, 03/17/2016 *		2,000		2,004
Electric Utilities - 0.1%
Texas Competitive Electric Holdings Co LLC, Non-Extended
3.74%, 10/10/2014 *		3,730		2,277
Health Care Providers & Services - 0.1%
HCA, Inc. 1st Lien, Tranche B
2.49%, 11/18/2013 *		2,951		2,936
Total Loan Assignments (cost $8,409)				7,217
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS p - 0.2%
U.S. Treasury Bill
0.05%, 04/26/2012 ß		2,486		2,486
0.15%, 09/13/2012 ß f		1,092		1,091
0.13%, 09/27/2012		3,000		2,998
Total Short-Term U.S. Government Obligations (cost $6,575)				6,575
	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCK - 0.1%
Commercial Banks - 0.1%
Wells Fargo & Co., 7.50%		2,900		3,238
Total Convertible Preferred Stock (cost $2,690)
PREFERRED STOCK - 0.1%
Thrifts & Mortgage Finance - 0.1%
DG Funding Trust, 1.05% - 144A * §		380		2,845
Total Preferred Stock (cost $4,042)
SECURITIES LENDING COLLATERAL - 5.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		159,913,208		159,913
Total Securities Lending Collateral (cost $159,913)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.1%
State Street Bank & Trust Co.
0.03% p, dated 03/30/2012, to be repurchased at $4,185 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/15/2017, and with a total value of $4,269	$	4,185		4,185
Total Repurchase Agreement (cost $4,185)
Total Investment Securities (cost $3,313,591) P				3,353,797
Other Assets and Liabilities - Net				(491,751	)
Net Assets			$	2,862,046

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    6

Transamerica PIMCO Total Return VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)			Value (000’s)
SECURITIES SOLD SHORT - (8.5%)
U.S. Government Agency Obligations - (8.5%)
Fannie Mae, TBA ¨
4.00%	$	(134,000	)	$	(141,978	)
4.50%		(74,000	)		(79,203	)
5.00%		(9,000	)		(9,706	)
5.50%		(9,000	)		(9,790	)
6.00%		(2,000	)		(2,200	)
Total Securities Sold Short (proceeds $(242,669))					(242,877	)

WRITTEN SWAPTIONS: a p

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount (000’s)			Premiums (Received) (000’s)			Value (000’s)
Call - Interest Rate Swap, European Style	DUB	5-year IRO USD	Receive		1.40	%		03/18/2013	$	(133,500	)	$	(859	)	$	(891	)
Put - Interest Rate Swap, European Style	DUB	5-year IRO USD	Pay		1.40			03/18/2013		(133,500	)		(3,280	)		(3,087	)
												$	(4,139	)	$	(3,978	)

CENTRALLY CLEARED SWAP AGREEMENTS: a p

CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION:⁽¹⁾

Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Currency Code	Notional Amount (000’s)(3)		Market Value (000’s)(5)			Premiums Paid (000’s)		Unrealized (Depreciation) (000’s)
North America High Yield Index - Series 14		5.00	%		06/20/2015	USD	$	17,072	$	(286	)	$	228	$	(514	)
North America High Yield Index - Series 15		5.00			12/20/2015	USD		54,999		(413	)		2,247		(2,660	)
North America Investment Grade Index - Series 14		1.00			06/20/2015	USD		36,300		(394	)		103		(497	)
North America Investment Grade Index - Series 15		1.00			12/20/2015	USD		20,200		(185	)		122		(307	)
									$	(1,278	)	$	2,700	$	(3,978	)

INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Currency Code	Notional Amount (000’s)		Market Value (000’s)			Premiums (Received) (000’s)			Net  Unrealized Appreciation (000’s)
3-Month USD-LIBOR		1.50	%		06/20/2017	USD	$	36,900	$	(228	)	$	(415	)	$	187

OTC SWAP AGREEMENTS: a p

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - BUY PROTECTION:⁽¹⁾

Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty	Implied Credit Spread (BP) at 03/31/2012(2)		Notional Amount (000’s)(3)		Market Value (000’s)(5)			Premiums Paid (000’s)		Unrealized Appreciation (Depreciation) (000’s)
BFC Genesee, Ltd., 1.93%, 01/01/2041 §		2.25	%		01/10/2041	CITI		0.00	$	2,460	$	2,381		$	¨	$	2,381
Montauk Point CDO, Ltd. 2006-2A A4, 1.73%, 04/06/2046 §		2.22			01/06/2046	CSFB		93.20		2,500		2,376			¨		2,376
Time Warner, Inc., 5.88%, 11/15/2016		1.19			03/20/2014	DUB		25.32		410		(7	)		¨		(7	)
											$	4,750		$	¨	$	4,750

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION:⁽⁴⁾

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Counterparty	Implied Credit Spread (BP) at 03/31/2012(2)		Notional Amount (000’s)(3)		Market Value (000’s)			Premiums (Received) (000’s)		Unrealized (Depreciation) (000’s)
Reynolds American, Inc., 7.63%, 06/1/2016		1.28	%		06/20/2017	GSC		144.2	$	2,100	$	(16	)	$	¨	$	(16	)

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    7

Transamerica PIMCO Total Return VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

OTC SWAP AGREEMENTS (continued): a p

CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION:⁽¹⁾

Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)(3)		Market Value (000’s)(5)			Premiums Paid (000’s)		Unrealized (Depreciation) (000’s)
Dow Jones North America Investment Grade Index - Series 5		0.14	%		12/20/2012	MSC	USD	$	13,400	$	(10	)	$	¨	$	(10	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION:⁽⁴⁾

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)(3)		Market Value (000’s)(5)			Premiums (Received) (000’s)		Unrealized (Depreciation) (000’s)
Dow Jones North America Investment Grade Index - Series 5		0.46	%		12/20/2015	MSC	USD	$	9,600	$	(653	)	$	¨	$	(653	)

INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Currency Code	Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (Received) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
6-Month AUD BBR-BBSW		5.50	%		12/15/2017	DUB	AUD	$	7,800	$	414		$	(27	)	$	441
6-Month AUD BBR-BBSW		5.55			12/15/2017	BCLY	AUD		12,600		668			(49	)		716
BRL-CDI		12.12			01/02/2014	HSBC	BRL		41,100		1,223			45			1,178
BRL-CDI		12.55			01/02/2014	HSBC	BRL		13,200		321			15			306
BRL-CDI		11.96			01/02/2014	GSC	BRL		96,100		2,582			(46	)		2,628
BRL-CDI		12.51			01/02/2014	JPM	BRL		14,300		342			11			331
BRL-CDI		11.99			01/02/2014	GSC	BRL		11,000		300			2			298
BRL-CDI		11.94			01/02/2014	HSBC	BRL		24,100		550			35			515
BRL-CDI		10.77			01/02/2014	UBS	BRL		17,300		154			45			109
BRL-CDI		10.58			01/02/2014	MSC	BRL		87,100		612			104			508
BRL-CDI		10.53			01/02/2014	HSBC	BRL		107,400		699			38			661
BRL-CDI §		10.38			01/02/2014	UBS	BRL		4,700		28			11			17
BRL-CDI		9.93			01/02/2015	MSC	BRL		27,800		(56	)		7			(63	)
BRL-CDI §		9.94			01/02/2015	GSC	BRL		47,700		(90	)		¨			(90	)
BRL-CDI §		10.14			01/02/2015	HSBC	BRL		125,200		34			223			(189	)
BRL-CDI §		9.93			01/02/2015	UBS	BRL		12,900		(26	)		2			(28	)
BRL-CDI §		10.61			01/02/2015	MSC	BRL		97,800		501			479			22
MXN-TIIE-Banxico		6.50			03/05/2013	MSC	MXN		237,600		263			(5	)		268
MXN-TIIE-Banxico		7.50			06/02/2021	UBS	MXN		330,800		1,819			1,006			813
										$	10,338		$	1,896		$	8,441

FUTURES CONTRACTS:

Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (000’s)
5-Year U.S. Treasury Note		Short		(2,212	)		06/29/2012	$	1,363

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    8

Transamerica PIMCO Total Return VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS: p

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Australian Dollar	HSBC		(240,591	)		05/17/2012	$	(251,346	)	$	3,471
Brazilian Real	BCLY		(82,646	)		04/03/2012		(47,552	)		2,307
Brazilian Real	MSC		82,646			04/03/2012		47,911			(2,666	)
Brazilian Real	MSC		(82,646	)		06/04/2012		(47,299	)		2,623
Canadian Dollar	BCLY		(139,404	)		06/21/2012		(140,736	)		1,214
Chinese Yuan Renminbi	DUB		30,100			06/01/2012		4,790			(14	)
Chinese Yuan Renminbi	JPM		123,261			06/01/2012		19,252			304
Chinese Yuan Renminbi	JPM		61,616			06/01/2012		9,626			150
Chinese Yuan Renminbi	CITI		16,939			06/01/2012		2,661			27
Chinese Yuan Renminbi	BCLY		22,724			06/01/2012		3,576			29
Chinese Yuan Renminbi	DUB		33,160			02/01/2013		5,233			25
Chinese Yuan Renminbi	GSC		25,845			02/01/2013		4,120			(22	)
Chinese Yuan Renminbi	JPM		328,211			02/01/2013		52,338			(302	)
Chinese Yuan Renminbi	DUB		12,078			02/01/2013		1,919			(4	)
Chinese Yuan Renminbi	DUB		8,000			08/05/2013		1,277			(9	)
Chinese Yuan Renminbi	UBS		23,957			08/05/2013		3,794			5
Euro	DUB		(54,804	)		04/16/2012		(70,316	)		(2,781	)
Euro	CITI		(17,160	)		04/16/2012		(21,959	)		(929	)
Euro	UBS		(18,167	)		04/16/2012		(23,179	)		(1,052	)
Euro	DUB		45,176			04/16/2012		59,446			809
Euro	UBS		(23,822	)		04/16/2012		(30,291	)		(1,482	)
Euro	BCLY		(23,230	)		04/16/2012		(29,777	)		(1,207	)
Euro	UBS		131			06/14/2012		173			2
Euro	RBC		104			06/14/2012		136			3
Indian Rupee	JPM		875,689			07/12/2012		18,840			(2,006	)
Japanese Yen	BCLY		(682,507	)		06/07/2012		(8,306	)		55
Malaysian Ringgit	JPM		118			04/23/2012		39			(¨	)
Mexican Peso	HSBC		636			06/15/2012		49			¨
Mexican Peso	UBS		765			06/15/2012		59			(¨	)
Mexican Peso	JPM		108			06/15/2012		8			(¨	)
Mexican Peso	HSBC		323,528			06/15/2012		25,021			88
Norwegian Krone	CITI		61,121			04/12/2012		10,876			(148	)
Pound Sterling	UBS		330			06/12/2012		522			6
Pound Sterling	UBS		(26,828	)		06/12/2012		(42,281	)		(608	)
Pound Sterling	CITI		99			06/12/2012		155			3
Republic of Korea Won	UBS		17,716			07/12/2012		16			(¨	)
Singapore Dollar	DUB		(84	)		05/15/2012		(67	)		1
Taiwan Dollar	BCLY		494,352			04/09/2012		16,363			387
										$	(1,721	)

Collateral (Received) Pledged for OTC Financial Derivative Instruments:

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 03/31/2012:

Counterparty	Total Market Value of  OTC Derivatives (000’s)			Collateral (Received)/Pledged (000’s)			Net Exposures  (1) (000’s)
BCLY	$	3,453		$	(427	)	$	3,026
CITI		1,334			(1,060	)		274
CSFB		2,376			(1,933	)		443
DUB		(5,544	)		4,049			(1,495	)
GSC		2,754			(2,332	)		422
HSBC		6,386			(6,840	)		(454	)
JPM		(1,512	)		2,228			716
MSC		614			(1,920	)		(1,306	)
RBC		3			—			3
UBS		(1,154	)		—			(1,154	)

⁽¹⁾ Net exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    9

Transamerica PIMCO Total Return VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $156,691.

* Floating or variable rate note. Rate is listed as of 03/30/2012.

Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $64,566, or 2.26%, of the fund’s net assets.

In default.

Ž The security has a perpetual maturity. The date shown is the next call date.

‡ Non-income producing security.

§ Illiquid. Total aggregate market value of illiquid investment securities is $3,154, or 0.11%, of the fund’s net assets, and illiquid derivatives aggregated to $5,204, or 0.18% of the fund’s net assets.

¥ Percentage rounds to less than 0.1%.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $3,313,591. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $95,711 and $55,505, respectively. Net unrealized appreciation for tax purposes is $40,206.

¨ Amount is less than 1.

(1) If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (a) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(3) The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(5) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

g A portion of these securities in the amount of $1,538 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

a A portion of these securities in the amount of 4,330 and cash in the amount of $10 have been segregated as collateral with the broker for open swap contracts and/or for swaptions.

ß A portion of these securities in the amount of $6,277 has been segregated as collateral with the custodian for open swaps, swaptions, and/or forward foreign currency contracts.

p Cash in the amount of $20,360 has been pledged by the broker as collateral for open swaps, swaptions, and/or forward foreign currency contracts.

f A portion of this security in the amount of $250 has been segregated as collateral with the broker for open short TBA transactions.

¨ Cash in the amount of $280 has been pledged by the broker as collateral with the custodian for open short TBA transactions.

DEFINITIONS (all amounts in thousands):

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 03/31/2012, these securities aggregated $321,798, or 11.24%, of the fund’s net assets.
BP	Basis Point
BCLY	Barclays Bank PLC
CITI	Citibank, Inc.
CDI	Credit Default Index
CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation
DUB	Deutsche Bank AG
CSFB	Credit Suisse First Boston
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
ICAP	The world’s premier voice and electronic interdealer broker and provider of post-trade services, is active in wholesale markets in interest rates, credit, commodities, FX, emerging markets, equities and equity derivatives.
IRO	Interest Rate Option
JPM	JPMorgan Chase Bank

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    10

Transamerica PIMCO Total Return VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

DEFINITIONS (continued):

LIBOR	London Interbank Offered Rate
MSC	Morgan Stanley Capital Services
OTC	Over the Counter
TBA	To Be Announced
TIIE	Tasa de Interés Interbancaria de Equilibrio (Mexican Interbank Interest Rate)
UBS	UBS AG

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
MXN	Mexican Peso
USD	United States Dollar

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Asset-Backed Securities	$	—	$	58,277	$	—	$	58,277
Convertible Preferred Stocks		3,238		—		—		3,238
Corporate Debt Securities		—		701,185		—		701,185
Foreign Government Obligations		—		384,014		—		384,014
Loan Assignments		—		7,217		—		7,217
Mortgage-Backed Securities		—		165,530		—		165,530
Municipal Government Obligations		—		78,256		—		78,256
Preferred Corporate Debt Security		—		4,795		—		4,795
Preferred Stocks		—		—		2,845		2,845
Repurchase Agreement		—		4,185		—		4,185
Securities Lending Collateral		159,913		—		—		159,913
Short-Term U.S. Government Obligations		—		6,575		—		6,575
U.S. Government Agency Obligations		—		1,171,819		17,272		1,189,091
U.S. Government Obligations		—		588,676		—		588,676
Total	$	163,151	$	3,170,529	$	20,117	$	3,353,797

Securities Sold Short	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
U.S. Government Agency Obligations	$	—	$	(242,877	)	$	—	$	(242,877	)

Other Financial Instruments	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Written Swaptions	$	—	$	(3,978	)	$	—	$	(3,978	)

Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Futures Contracts - Appreciation	$	1,363		$	—		$	—	$	1,363
Credit Default Swap - Appreciation		—			4,757			—		4,757
Credit Default Swap - Depreciation	$	(3,978	)	$	(686	)		—	$	(4,664	)
Forward Foreign Currency Contracts - Appreciation		—			11,509			—		11,509
Forward Foreign Currency Contracts - Depreciation		—			(13,230	)		—		(13,230	)
Interest Rate Swaps - Appreciation		187			8,811			—		8,998
Interest Rate Swaps - Depreciation		—			(370	)		—		(370	)
Total	$	(2,428	)	$	10,791		$	—	$	8,363

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    11

Transamerica PIMCO Total Return VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands) (continued): '

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at 12/31/2011		Purchases		(Sales)		Accrued Discounts/ (Premiums)		Total Realized Gain/ (Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ			Transfers into Level 3		Transfers out of Level 3		Ending Balance at 03/31/2012		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 03/31/2012 ƒ
Preferred Stocks	$	2,854	$	—	$	—	$	—	$	—	$	(9	)	$	—	$	—	$	2,845	$	(9	)
U.S. Government Agency Obligations		17,163		—		—		—		—		109			—		—		17,272		109
Total	$	20,017	$	—	$	—	$	—	$	—	$	100		$	—	$	—	$	20,117	$	100

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 03/31/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

Total aggregate market value of Level 3 is 0.70% of the fund’s net assets.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    12

Transamerica ProFund UltraBear VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 70.7%
Capital Markets - 70.7%
SSC Government Money Market Fund		12,699,411	$	12,699
SSgA Money Market Fund		12,699,411		12,699
SSgA Prime Money Market Fund		12,699,411		12,700
State Street Institutional Liquid Reserves Fund		12,699,411		12,700
Total Investment Companies (cost $50,798)				50,798

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 17.7%
State Street Bank & Trust Co.
0.03% p, dated 03/30/2012, to be repurchased at $12,699 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $12,955.	$	12,699		12,699
Total Repurchase Agreement (cost $12,699)
Total Investment Securities (cost $63,497) P				63,497
Other Assets and Liabilities - Net				8,304
Net Assets			$	71,801

FUTURES CONTRACTS: Y

Description	Type		Contracts			Expiration Date		Net Unrealized (Depreciation) (000’s)
S&P 500 E-Mini Index		Short		(2,069	)		06/15/2012	$	(5,752	)

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $63,497.

Y Cash in the amount of $14,278 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Investment Companies	$	50,798		$	—	$	—	$	50,798
Repurchase Agreement		—			12,699		—		12,699
Total	$	50,798		$	12,699	$	—	$	63,497
Other Financial Instruments '	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Futures Contracts - Depreciation	$	(5,752	)	$	—	$	—	$	(5,752	)

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica Systematic Small/Mid Cap Value VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 99.1%
Aerospace & Defense - 1.0%
Aerovironment, Inc. ‡^		23,500	$	630
Curtiss-Wright Corp. ^		18,300		677
Ducommun, Inc. ‡^		34,900		415
Triumph Group, Inc.		27,000		1,692
Air Freight & Logistics - 0.5%
Atlas Air Worldwide Holdings, Inc. ‡		32,000		1,575
Auto Components - 0.5%
Dana Holding Corp. ^		97,000		1,504
Automobiles - 0.3%
Harley-Davidson, Inc.		20,100		987
Beverages - 0.9%
Constellation Brands, Inc. - Class A ‡		119,425		2,817
Building Products - 1.4%
AO Smith Corp.		29,600		1,331
American Woodmark Corp. ^		2,025		36
Fortune Brands Home & Security, Inc. ‡		24,500		541
Gibraltar Industries, Inc. ‡		81,284		1,231
Owens Corning, Inc. ‡		40,975		1,476
Capital Markets - 4.1%
Duff & Phelps Corp. - Class A ^		43,000		668
Invesco, Ltd.		184,300		4,916
LPL Investment Holdings, Inc. ‡^		24,800		941
Raymond James Financial, Inc.		128,950		4,711
Stifel Financial Corp. ‡^		26,750		1,012
Waddell & Reed Financial, Inc. - Class A		37,900		1,228
Chemicals - 1.9%
Agrium, Inc.		12,625		1,090
Ashland, Inc.		43,875		2,680
Cytec Industries, Inc.		25,450		1,547
Valspar Corp.		21,625		1,044
Commercial Banks - 7.4%
City National Corp. ^		12,200		640
Comerica, Inc.		126,625		4,098
Fifth Third Bancorp		276,300		3,882
First Citizens BancShares, Inc. - Class A		14,007		2,559
First Community Bancshares, Inc. ^		72,804		973
First Niagara Financial Group, Inc.		72,000		708
KeyCorp		515,800		4,385
Lakeland Bancorp, Inc. ^		29,717		293
Regions Financial Corp.		159,975		1,054
Sandy Spring Bancorp, Inc. ^		54,000		981
Texas Capital Bancshares, Inc. ‡^		24,500		848
Umpqua Holdings Corp. ^		94,800		1,285
Washington Trust Bancorp, Inc.		29,678		716
Webster Financial Corp.		80,700		1,829
Commercial Services & Supplies - 1.0%
Cintas Corp.		45,300		1,772
HNI Corp. ^		34,700		963
Steelcase, Inc. - Class A ^		50,000		480
Communications Equipment - 0.5%
Harmonic, Inc. ‡		110,000		602
KVH Industries, Inc. ‡^		90,232		947
Computers & Peripherals - 1.6%
Diebold, Inc.		37,950		1,462
Intermec, Inc. ‡		63,000		487
QLogic Corp. ‡		51,800		920
Seagate Technology PLC		88,450		2,384
Construction & Engineering - 1.6%
Chicago Bridge & Iron Co. NV - Class Y		12,500		540
EMCOR Group, Inc.		26,500		735
Foster Wheeler AG ‡		26,000		592
KBR, Inc.		96,650		3,435
Consumer Finance - 2.8%
Discover Financial Services		143,125		4,772
SLM Corp.		285,350		4,497

	Shares		Value (000’s)
Electric Utilities - 2.8%
Cleco Corp.		38,550	$	1,529
FirstEnergy Corp.		28,825		1,314
MGE Energy, Inc. ^		17,200		764
PPL Corp.		191,400		5,408
Electrical Equipment - 0.3%
PowerSecure International, Inc. ‡		163,000		988
Electronic Equipment & Instruments - 1.9%
Jabil Circuit, Inc.		62,400		1,567
Orbotech, Ltd. ‡		142,488		1,652
Park Electrochemical Corp. ^		32,500		982
Rofin-Sinar Technologies, Inc. ‡^		25,100		662
Universal Display Corp. ‡^		9,900		362
Vishay Intertechnology, Inc. ‡^		70,000		851
Energy Equipment & Services - 1.9%
Dresser-Rand Group, Inc. ‡		12,500		580
Oil States International, Inc. ‡		35,575		2,777
Superior Energy Services, Inc. ‡		113,750		2,998
Food Products - 1.1%
Hain Celestial Group, Inc. ‡^		31,350		1,373
J&J Snack Foods Corp. ^		13,700		719
Smithfield Foods, Inc. ‡		72,275		1,592
Health Care Equipment & Supplies - 1.3%
Align Technology, Inc. ‡^		23,000		634
Cyberonics, Inc. ‡^		11,300		431
Greatbatch, Inc. ‡		27,300		669
Hill-Rom Holdings, Inc.		26,000		869
Sirona Dental Systems, Inc. ‡		30,075		1,550
Health Care Providers & Services - 2.5%
AMN Healthcare Services, Inc. ‡^		78,500		476
Cardinal Health, Inc.		85,900		3,702
Coventry Health Care, Inc.		47,500		1,690
Health Net, Inc. ‡		58,500		2,324
Health Care Technology - 0.4%
Omnicell, Inc. ‡		77,500		1,179
Hotels, Restaurants & Leisure - 1.3%
Brinker International, Inc. ^		99,875		2,752
PF Chang’s China Bistro, Inc. ^		7,700		304
Wyndham Worldwide Corp.		29,150		1,356
Household Durables - 0.7%
Harman International Industries, Inc.		20,600		965
Helen of Troy, Ltd. ‡		9,600		326
La-Z-Boy, Inc. ‡		31,600		473
Ryland Group, Inc. ^		26,000		501
Household Products - 0.6%
Spectrum Brands Holdings, Inc. ‡		53,000		1,853
Industrial Conglomerates - 0.4%
Carlisle Cos., Inc.		25,000		1,248
Insurance - 5.8%
Alleghany Corp. ‡		4,331		1,425
Allstate Corp.		104,300		3,434
Aspen Insurance Holdings, Ltd. ^		45,000		1,257
Lincoln National Corp.		202,700		5,343
Marsh & McLennan Cos., Inc.		79,875		2,619
Selective Insurance Group, Inc.		128,158		2,257
United Fire Group, Inc.		104,264		1,865
Validus Holdings, Ltd.		31,400		972
Internet Software & Services - 2.1%
AOL, Inc. ‡^		54,000		1,024
IAC/InterActiveCorp		20,000		982
InfoSpace, Inc. ‡^		27,800		356
ValueClick, Inc. ‡		175,000		3,455
XO Group, Inc. ‡^		107,000		1,005
IT Services - 0.4%
Global Payments, Inc.		6,500		293
VeriFone Systems, Inc. ‡^		17,300		897
Leisure Equipment & Products - 0.7%
Arctic Cat, Inc. ‡		22,300		955

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica Systematic Small/Mid Cap Value VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Leisure Equipment & Products (continued)
Leapfrog Enterprises, Inc. - Class A ‡		146,000	$	1,221
Life Sciences Tools & Services - 1.0%
Agilent Technologies, Inc.		42,525		1,893
PerkinElmer, Inc.		46,650		1,290
Machinery - 5.5%
AGCO Corp. ‡		23,625		1,115
Altra Holdings, Inc. ‡^		76,000		1,459
CIRCOR International, Inc.		29,800		991
Columbus McKinnon Corp. ‡		53,000		863
Eaton Corp.		54,000		2,691
Harsco Corp.		5,000		117
Kennametal, Inc.		17,800		793
Mueller Industries, Inc.		29,700		1,350
NN, Inc. ‡^		92,400		754
Sauer-Danfoss, Inc.		23,500		1,105
Stanley Black & Decker, Inc.		12,825		987
Timken Co.		78,975		4,007
Wabash National Corp. ‡		77,400		801
Woodward, Inc. ^		26,000		1,114
Media - 1.0%
CBS Corp. - Class B		54,900		1,862
Madison Square Garden Co. ‡		14,500		496
Scripps Networks Interactive, Inc. - Class A		21,450		1,044
Metals & Mining - 1.0%
Noranda Aluminum Holding Corp.		61,700		615
Nucor Corp.		63,425		2,724
Multiline Retail - 2.1%
Big Lots, Inc. ‡		69,800		3,003
Macy’s, Inc.		100,600		3,997
Multi-Utilities - 3.5%
CMS Energy Corp.		192,025		4,225
NiSource, Inc.		200,700		4,886
NorthWestern Corp.		69,000		2,447
Oil, Gas & Consumable Fuels - 3.6%
Energen Corp.		81,150		3,989
HollyFrontier Corp.		102,050		3,281
SM Energy Co.		14,500		1,026
Spectra Energy Corp.		45,525		1,436
W&T Offshore, Inc. ^		60,000		1,265
Western Refining, Inc.		51,000		960
Paper & Forest Products - 1.5%
Domtar Corp.		10,000		954
MeadWestvaco Corp.		89,850		2,838
P.H. Glatfelter Co. ^		62,500		986
Personal Products - 0.9%
Herbalife, Ltd.		44,825		3,085
Pharmaceuticals - 0.7%
Impax Laboratories, Inc. ‡^		40,000		983
Nektar Therapeutics ‡^		162,645		1,288
Professional Services - 0.5%
On Assignment, Inc. ‡		92,500		1,616
Real Estate Investment Trusts - 7.7%
BioMed Realty Trust, Inc. ^		172,225		3,269
Brandywine Realty Trust ^		430,500		4,941
CBL & Associates Properties, Inc. ^		187,400		3,546
DiamondRock Hospitality Co.		185,000		1,904
DuPont Fabros Technology, Inc. ^		39,575		968
Equity One, Inc. ^		66,000		1,335
Excel Trust, Inc. ^		112,993		1,365
Home Properties, Inc.		62,225		3,795
Kilroy Realty Corp. ^		32,875		1,532
National Retail Properties, Inc.		39,300		1,069
Realty Income Corp.		9,100		352
Weingarten Realty Investors ^		42,800		1,131
Road & Rail - 2.3%
Arkansas Best Corp. ^		41,700		784
Hertz Global Holdings, Inc. ‡		199,300		2,997

	Shares		Value (000’s)
Road & Rail (continued)
Ryder System, Inc.		71,875	$	3,796
Semiconductors & Semiconductor Equipment - 4.7%
Applied Micro Circuits Corp. ‡		97,000		673
Brooks Automation, Inc. ^		112,000		1,381
Cirrus Logic, Inc. ‡^		63,750		1,517
COHU, Inc.		22,000		250
Entegris, Inc. ‡		125,000		1,168
LAM Research Corp. ‡		42,750		1,908
Linear Technology Corp.		41,500		1,399
LTX-Credence Corp. ‡		198,000		1,424
MKS Instruments, Inc.		22,000		650
RF Micro Devices, Inc. ‡^		121,260		604
Skyworks Solutions, Inc. ‡		70,900		1,959
TriQuint Semiconductor, Inc. ‡^		214,912		1,482
Veeco Instruments, Inc. ‡^		31,300		895
Software - 1.9%
Cadence Design Systems, Inc. ‡		237,400		2,811
Progress Software Corp. ‡^		55,500		1,311
Symantec Corp. ‡		48,950		915
Websense, Inc. ‡^		54,000		1,139
Specialty Retail - 6.1%
Abercrombie & Fitch Co. - Class A		20,900		1,037
Aeropostale, Inc. ‡		31,300		677
American Eagle Outfitters, Inc.		82,500		1,418
Ann, Inc. ‡^		49,705		1,424
Children’s Place Retail Stores, Inc. ‡^		14,000		723
Express, Inc. ‡^		122,250		3,054
Finish Line, Inc. - Class A ^		120,000		2,546
Foot Locker, Inc.		164,000		5,092
Pier 1 Imports, Inc. ‡^		133,950		2,435
Signet Jewelers, Ltd.		35,725		1,689
Textiles, Apparel & Luxury Goods - 1.4%
G-III Apparel Group, Ltd. ‡^		28,500		810
Oxford Industries, Inc. ^		18,200		925
PVH Corp.		17,300		1,545
Steven Madden, Ltd. ‡^		28,600		1,223
Thrifts & Mortgage Finance - 2.8%
Berkshire Hills Bancorp, Inc. ^		60,887		1,396
Brookline Bancorp, Inc.		92,000		862
Dime Community Bancshares, Inc. ^		48,000		701
Northwest Bancshares, Inc. ^		66,034		839
Oritani Financial Corp. ^		21,300		313
Provident Financial Services, Inc. ^		66,000		959
Provident New York Bancorp ^		131,000		1,108
Trustco Bank Corp. ^		106,000		605
United Financial Bancorp, Inc. ^		43,721		692
Washington Federal, Inc.		106,800		1,796
Tobacco - 0.4%
Lorillard, Inc.		9,875		1,279
Water Utilities - 0.8%
American Water Works Co., Inc.		72,725		2,475
Total Common Stocks (cost $301,888)				324,597
SECURITIES LENDING COLLATERAL - 16.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		54,566,609		54,567
Total Securities Lending Collateral (cost $54,567)

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica Systematic Small/Mid Cap Value VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.2%
State Street Bank & Trust Co.
0.03% p, dated 03/30/2012, to be repurchased at $4,056 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/15/2017, and with a value of $4,138.	$	4,056	$	4,056
Total Repurchase Agreement (cost $4,056)
Total Investment Securities (cost $360,511) P				383,220
Other Assets and Liabilities - Net				(55,485	)
Net Assets			$	327,735

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $53,086.

Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security aggregated $293, or 0.09% of the fund’s net assets.

‡ Non-income producing security.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $360,511. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $32,339 and $9,630, respectively. Net unrealized appreciation for tax purposes is $22,709.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	324,304	$	293	$	—	$	324,597
Repurchase Agreement		—		4,056		—		4,056
Securities Lending Collateral		54,567		—		—		54,567
Total	$	378,871	$	4,349	$	—	$	383,220

' Transfers between Levels are considered to have occurred at the end of the reporting period. As of period end 03/31/2012, securities with an aggregate fair market value of $293 transferred from Level 1 to Level 2 due to unavailability of unadjusted quoted prices. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    3

Transamerica T. Rowe Price Small Cap VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 99.3%
Aerospace & Defense - 2.9%
Esterline Technologies Corp. ‡		15,400	$	1,101
GenCorp, Inc. ‡^		27,500		195
HEICO Corp. - Class A ^		26,156		1,050
Hexcel Corp. ‡		29,000		696
Teledyne Technologies, Inc. ‡		9,700		612
TransDigm Group, Inc. ‡		19,000		2,200
Triumph Group, Inc. ^		16,300		1,021
Air Freight & Logistics - 0.4%
HUB Group, Inc. - Class A ‡^		12,200		440
UTi Worldwide, Inc. ^		37,100		639
Airlines - 0.1%
Allegiant Travel Co. - Class A ‡^		2,500		136
Auto Components - 1.0%
Dana Holding Corp. ^		42,600		660
Gentex Corp. ^		16,000		392
Tenneco, Inc. ‡		25,800		959
TRW Automotive Holdings Corp. ‡^		6,700		311
Beverages - 0.7%
Boston Beer Co., Inc. - Class A ‡^		16,300		1,741
Biotechnology - 7.2%
Acorda Therapeutics, Inc. ‡^		14,600		388
Alexion Pharmaceuticals, Inc. ‡		18,100		1,681
Alkermes PLC ‡^		52,400		972
Alnylam Pharmaceuticals, Inc. ‡^		9,000		100
Ariad Pharmaceuticals, Inc. ‡^		35,200		561
Arqule, Inc. ‡^		20,300		142
BioMarin Pharmaceutical, Inc. ‡^		35,300		1,209
Cepheid, Inc. ‡^		31,400		1,313
Cubist Pharmaceuticals, Inc. ‡^		34,500		1,492
Dendreon Corp. ‡^		16,100		172
Halozyme Therapeutics, Inc. ‡^		29,300		374
Human Genome Sciences, Inc. ‡^		36,000		297
Idenix Pharmaceuticals, Inc. ‡^		27,600		270
Incyte Corp., Ltd. ‡^		92,300		1,781
InterMune, Inc. ‡^		22,500		330
Lexicon Pharmaceuticals, Inc. ‡^		30,200		56
Momenta Pharmaceuticals, Inc. ‡^		12,700		195
NPS Pharmaceuticals, Inc. ‡^		20,200		138
Onyx Pharmaceuticals, Inc. ‡		22,200		836
Pharmacyclics, Inc. ‡^		18,900		525
Regeneron Pharmaceuticals, Inc. ‡^		20,900		2,437
Rigel Pharmaceuticals, Inc. ‡^		16,500		133
Savient Pharmaceuticals, Inc. ‡^		19,400		42
Seattle Genetics, Inc. ‡^		24,400		497
Theravance, Inc. ‡^		25,100		489
United Therapeutics Corp. ‡^		19,300		910
Capital Markets - 0.9%
Affiliated Managers Group, Inc. ‡		7,500		838
Cohen & Steers, Inc. ^		4,000		128
E*Trade Financial Corp. ‡		62,060		680
Stifel Financial Corp. ‡^		15,749		596
Chemicals - 2.6%
Intrepid Potash, Inc. ‡^		14,800		360
Koppers Holdings, Inc.		9,500		366
NewMarket Corp. ^		4,700		881
Rockwood Holdings, Inc. ‡		35,300		1,841
Senomyx, Inc. ‡^		14,900		41
Stepan Co. ^		8,700		764
WR Grace & Co. ‡		36,500		2,109
Commercial Banks - 1.2%
Signature Bank ‡^		18,400		1,160
SVB Financial Group ‡^		15,400		991
Texas Capital Bancshares, Inc. ‡^		22,300		772
Commercial Services & Supplies - 2.9%
ACCO Brands Corp. ‡^		19,500		242
Brink’s Co.		8,000		191
Cenveo, Inc. ‡^		26,500		90

	Shares		Value (000’s)
Commercial Services & Supplies (continued)
Clean Harbors, Inc. ‡		40,600	$	2,734
Portfolio Recovery Associates, Inc. ‡^		13,000		932
Rollins, Inc. ^		29,050		618
Team, Inc. ‡^		16,000		495
US Ecology, Inc. ^		12,700		276
Waste Connections, Inc. ^		44,187		1,437
Communications Equipment - 2.1%
Acme Packet, Inc. ‡^		13,600		374
ADTRAN, Inc. ^		22,100		689
Aruba Networks, Inc. ‡^		38,200		851
JDS Uniphase Corp. ‡^		66,800		969
Plantronics, Inc. ^		24,500		987
Polycom, Inc. ‡		41,024		782
Riverbed Technology, Inc. ‡^		11,800		331
Computers & Peripherals - 0.4%
Synaptics, Inc. ‡^		23,500		858
Construction & Engineering - 0.1%
MYR Group, Inc. ‡		8,900		159
Consumer Finance - 0.3%
World Acceptance Corp. ‡^		13,500		827
Containers & Packaging - 0.3%
Rock-Tenn Co. - Class A ^		11,900		804
Distributors - 0.1%
LKQ Corp. ‡		11,300		352
Diversified Consumer Services - 1.4%
American Public Education, Inc. ‡^		28,700		1,090
Sotheby’s ^		23,800		936
Steiner Leisure, Ltd. ‡^		11,300		552
Weight Watchers International, Inc. ^		9,749		753
Diversified Financial Services - 0.5%
MSCI, Inc. - Class A ‡		17,188		633
NewStar Financial, Inc. ‡^		52,800		587
Diversified Telecommunication Services - 0.7%
Premiere Global Services, Inc. ‡^		23,000		208
tw telecom, inc. - Class A ‡^		65,200		1,445
Electrical Equipment - 1.1%
Acuity Brands, Inc. ^		24,800		1,558
General Cable Corp. ‡		8,900		259
II-VI, Inc. ‡^		38,100		901
Electronic Equipment & Instruments - 1.5%
Anixter International, Inc. ‡^		18,300		1,328
Coherent, Inc. ‡		13,900		811
Dolby Laboratories, Inc. - Class A ‡		2,100		80
Itron, Inc. ‡		7,400		336
Power-One, Inc. ‡^		45,700		208
RealD, Inc. ‡^		15,800		213
Rofin-Sinar Technologies, Inc. ‡^		11,500		303
Trimble Navigation, Ltd. ‡^		5,200		283
Energy Equipment & Services - 3.6%
Atwood Oceanics, Inc. ‡^		17,100		768
Core Laboratories NV ^		10,700		1,408
Dawson Geophysical Co. ‡		3,200		110
Dril-Quip, Inc. ‡^		9,900		644
Gulf Island Fabrication, Inc. ^		11,800		345
ION Geophysical Corp. ‡^		36,500		235
Lufkin Industries, Inc. ^		10,100		815
Oceaneering International, Inc. ^		16,100		868
Oil States International, Inc. ‡^		15,300		1,194
Superior Energy Services, Inc. ‡		53,258		1,404
Tesco Corp. ‡^		23,700		336
TETRA Technologies, Inc. ‡^		23,400		220
Unit Corp. ‡		7,300		312
Food & Staples Retailing - 0.1%
Susser Holdings Corp. ‡		13,100		336
Food Products - 1.0%
J&J Snack Foods Corp. ^		18,500		971
TreeHouse Foods, Inc. ‡^		25,200		1,499

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica T. Rowe Price Small Cap VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Health Care Equipment & Supplies - 3.4%
Arthrocare Corp. ‡^		22,700	$	609
Cooper Cos., Inc.		15,000		1,226
Edwards Lifesciences Corp. ‡		3,200		233
HeartWare International, Inc. ‡		5,800		381
IDEXX Laboratories, Inc. ‡^		12,800		1,119
Integra LifeSciences Holdings Corp. ‡^		9,800		340
Masimo Corp. ‡^		14,100		330
Meridian Bioscience, Inc. ^		16,250		315
Orthofix International NV ‡		19,900		748
Sirona Dental Systems, Inc. ‡		28,800		1,484
Thoratec Corp. ‡		20,100		678
Volcano Corp. ‡^		25,200		714
Health Care Providers & Services - 4.1%
AMERIGROUP Corp. ‡		12,900		868
Catalyst Health Solutions, Inc. ‡^		19,300		1,230
Centene Corp. ‡		22,500		1,102
Chemed Corp. ^		9,600		602
Corvel Corp. ‡^		13,200		527
HealthSouth Corp. ‡		29,200		598
HMS Holdings Corp. ‡^		49,900		1,557
Mednax, Inc. ‡^		15,700		1,168
MWI Veterinary Supply, Inc. ‡^		8,900		783
PharMerica Corp. ‡		9,900		123
PSS World Medical, Inc. ‡^		22,900		580
Team Health Holdings, Inc. ‡^		30,500		627
VCA Antech, Inc. ‡^		2,800		65
Health Care Technology - 0.2%
Allscripts Healthcare Solutions, Inc. ‡		33,220		551
Hotels, Restaurants & Leisure - 2.1%
CEC Entertainment, Inc. ^		7,200		273
Cheesecake Factory, Inc. ‡^		20,500		602
Choice Hotels International, Inc. ^		9,400		351
Denny’s Corp. ‡^		117,100		473
Panera Bread Co. - Class A ‡^		17,100		2,753
Red Robin Gourmet Burgers, Inc. ‡^		6,300		234
WMS Industries, Inc. ‡^		19,350		459
Household Durables - 1.2%
iRobot Corp. ‡		20,500		559
Tempur-Pedic International, Inc. ‡^		27,300		2,305
Household Products - 0.1%
Church & Dwight Co., Inc. ^		6,700		330
Insurance - 0.4%
Amtrust Financial Services, Inc. ^		20,400		548
HCC Insurance Holdings, Inc. ^		5,700		178
StanCorp Financial Group, Inc. ^		7,000		287
Internet & Catalog Retail - 0.8%
HSN, Inc. ^		31,400		1,194
Shutterfly, Inc. ‡^		22,200		696
Internet Software & Services - 1.8%
Ancestry.com, Inc. ‡^		12,700		289
j2 Global, Inc. ^		21,800		625
MercadoLibre, Inc. ^		12,400		1,212
Perficient, Inc. ‡		19,700		237
RealNetworks, Inc. ^		15,949		159
SINA Corp. ‡^		2,200		143
Sohu.com, Inc. ‡^		8,900		491
ValueClick, Inc. ‡^		31,400		620
WebMD Health Corp. - Class A ‡		19,800		506
IT Services - 3.9%
CACI International, Inc. - Class A ‡^		1,700		106
Cardtronics, Inc. ‡		41,800		1,097
Gartner, Inc. ‡^		51,500		2,197
Genpact, Ltd. ‡		6,200		101
Global Payments, Inc. ^		5,820		262
Heartland Payment Systems, Inc.		32,820		947
Jack Henry & Associates, Inc. ^		9,900		338

	Shares		Value (000’s)
IT Services (continued)
MAXIMUS, Inc.		37,800	$	1,537
NCI, Inc. - Class A ‡^		22,300		142
TeleTech Holdings, Inc. ‡^		19,600		316
TNS, Inc. ‡		9,700		211
Unisys Corp. ‡^		8,590		169
VeriFone Systems, Inc. ‡^		16,500		856
Wright Express Corp. ‡^		17,000		1,100
Leisure Equipment & Products - 1.6%
Brunswick Corp. ^		34,600		891
Polaris Industries, Inc. ^		30,500		2,201
Pool Corp. ^		18,100		677
Life Sciences Tools & Services - 1.5%
AMAG Pharmaceuticals, Inc. ‡		7,300		116
Bio-Rad Laboratories, Inc. - Class A ‡		6,700		695
Bruker Corp. ‡		47,700		731
Exelixis, Inc. ‡^		88,500		458
Illumina, Inc. ‡^		7,600		400
Mettler-Toledo International, Inc. ‡		3,200		591
PAREXEL International Corp. ‡^		21,000		566
Machinery - 7.1%
3D Systems Corp. ‡^		22,900		539
Actuant Corp. - Class A ^		35,600		1,032
Chart Industries, Inc. ‡		10,500		770
Gardner Denver, Inc. ^		26,900		1,695
Graco, Inc.		22,800		1,210
IDEX Corp.		27,100		1,142
John Bean Technologies Corp. ^		10,800		175
Meritor, Inc. ‡^		37,000		299
Middleby Corp. ‡^		12,900		1,305
NACCO Industries, Inc. - Class A		4,100		477
Nordson Corp. ^		32,700		1,782
Robbins & Myers, Inc.		19,500		1,015
Toro Co. ^		19,700		1,401
Valmont Industries, Inc. ^		15,000		1,761
Wabtec Corp.		21,100		1,590
Woodward, Inc. ^		20,900		895
Marine - 0.7%
Kirby Corp. ‡^		26,600		1,750
Media - 1.5%
CTC Media, Inc. ^		16,700		194
Digital Generation, Inc. ‡^		33,000		337
John Wiley & Sons, Inc. - Class A ^		14,200		676
Knology, Inc. ‡^		13,300		242
Liberty Media Corp. - Liberty Capital ‡		5,800		511
Madison Square Garden Co. ‡		37,200		1,273
National CineMedia, Inc. ^		8,700		133
Sirius XM Radio, Inc. ‡^		150,400		347
Metals & Mining - 1.2%
Allied Nevada Gold Corp. ‡^		27,500		896
Carpenter Technology Corp.		6,400		334
Compass Minerals International, Inc. ^		7,500		538
Royal Gold, Inc. ^		8,900		580
Stillwater Mining Co. ‡^		46,000		581
Multiline Retail - 0.4%
Big Lots, Inc. ‡		23,800		1,024
Oil, Gas & Consumable Fuels - 3.2%
Bill Barrett Corp. ‡^		22,200		577
Clayton Williams Energy, Inc. ‡		17,300		1,374
Contango Oil & Gas Co. ‡^		20,500		1,208
Gran Tierra Energy, Inc. ‡^		64,660		407
Northern Oil and Gas, Inc. ‡^		42,300		877
Oasis Petroleum, Inc. ‡		26,800		826
Patriot Coal Corp. ‡^		32,500		203
Rosetta Resources, Inc. ‡^		20,400		995
SM Energy Co.		18,300		1,295

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica T. Rowe Price Small Cap VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
Paper & Forest Products - 0.4%
Clearwater Paper Corp. ‡		7,600	$	252
KapStone Paper and Packaging Corp. ‡^		35,100		692
Personal Products - 0.5%
Herbalife, Ltd. ^		18,100		1,246
Pharmaceuticals - 2.9%
Akorn, Inc. ‡^		60,700		710
Auxilium Pharmaceuticals, Inc. ‡		18,400		342
AVANIR Pharmaceuticals, Inc. - Class A ‡^		97,600		334
Cadence Pharmaceuticals, Inc. ‡^		12,200		45
Jazz Pharmaceuticals PLC ‡		18,600		902
MAP Pharmaceuticals, Inc. ‡^		10,200		146
Medicines Co. ‡		46,200		927
Nektar Therapeutics ‡^		25,900		205
Par Pharmaceutical Cos., Inc. ‡^		17,100		662
Questcor Pharmaceuticals, Inc. ‡^		14,600		549
Salix Pharmaceuticals, Ltd. ‡^		20,300		1,066
ViroPharma, Inc. ‡^		36,800		1,107
XenoPort, Inc. ‡^		9,600		43
Professional Services - 1.5%
Advisory Board Co. ‡^		15,600		1,383
Exponent, Inc. ‡^		7,100		344
Huron Consulting Group, Inc. ‡^		26,900		1,010
Korn/Ferry International ‡		13,800		231
RPX Corp. ‡^		18,800		319
Towers Watson & Co. - Class A		4,100		271
Real Estate Investment Trusts - 0.9%
DuPont Fabros Technology, Inc. ^		17,000		416
Sabra Healthcare REIT, Inc.		7,866		129
Strategic Hotels & Resorts, Inc. ‡^		63,700		419
Taubman Centers, Inc. ^		17,700		1,291
Real Estate Management & Development - 1.3%
Altisource Portfolio Solutions SA ‡^		18,800		1,140
Forest City Enterprises, Inc. - Class A ‡^		63,400		993
Jones Lang LaSalle, Inc.		8,200		683
Kennedy-Wilson Holdings, Inc.		15,100		204
Road & Rail - 1.8%
Avis Budget Group, Inc. ‡^		36,700		519
Landstar System, Inc. ^		17,800		1,027
Old Dominion Freight Line, Inc. ‡^		31,299		1,493
RailAmerica, Inc. ‡^		58,800		1,262
Semiconductors & Semiconductor Equipment - 3.5%
Advanced Energy Industries, Inc. ‡^		6,200		81
Amkor Technology, Inc. ‡^		75,800		466
Atmel Corp. ‡^		58,700		579
Cabot Microelectronics Corp. ^		7,300		284
Cavium, Inc. ‡^		20,900		647
Cymer, Inc. ‡^		10,800		540
Cypress Semiconductor Corp. ‡^		52,500		820
Diodes, Inc. ‡^		31,000		719
Hittite Microwave Corp. ‡^		14,600		792
Micrel, Inc. ^		32,600		334
Microsemi Corp. ‡		28,200		605
PMC-Sierra, Inc. ‡^		37,300		270
Semtech Corp. ‡^		21,000		598
Silicon Laboratories, Inc. ‡^		17,500		752
TriQuint Semiconductor, Inc. ‡^		60,700		419
Veeco Instruments, Inc. ‡^		14,400		412
Software - 9.7%
Actuate Corp. ‡		22,300		140
Advent Software, Inc. ‡^		23,600		604
ANSYS, Inc. ‡		7,389		480
Ariba, Inc. ‡		47,000		1,537
AsiaInfo-Linkage, Inc. ‡^		13,400		169
CommVault Systems, Inc. ‡		30,200		1,499
Concur Technologies, Inc. ‡^		20,000		1,148

	Shares		Value (000’s)
Software (continued)
Ebix, Inc. ^		31,400	$	727
FactSet Research Systems, Inc. ^		10,250		1,015
Fortinet, Inc. ‡		59,100		1,634
Informatica Corp. ‡^		39,700		2,100
Kenexa Corp. ‡^		23,800		744
MICROS Systems, Inc. ‡		34,900		1,930
Monotype Imaging Holdings, Inc. ‡^		25,400		378
Netscout Systems, Inc. ‡		35,200		716
OPNET Technologies, Inc. ^		27,800		806
Parametric Technology Corp. ‡		40,500		1,132
Progress Software Corp. ‡^		11,950		282
Quest Software, Inc. ‡^		23,900		556
Rovi Corp. ‡		21,400		697
Solera Holdings, Inc.		25,100		1,152
TIBCO Software, Inc. ‡		70,800		2,159
Ultimate Software Group, Inc. ‡^		23,500		1,722
Specialty Retail - 4.7%
Aaron’s, Inc. ^		33,550		869
Aeropostale, Inc. ‡^		23,725		513
Ascena Retail Group, Inc. ‡^		35,800		1,587
Children’s Place Retail Stores, Inc. ‡^		7,900		408
Guess?, Inc. ^		11,500		359
Hibbett Sports, Inc. ‡^		12,500		682
JOS A. Bank Clothiers, Inc. ‡^		18,600		938
Monro Muffler Brake, Inc. ^		44,350		1,840
Sally Beauty Holdings, Inc. ‡		91,100		2,258
Tractor Supply Co.		19,600		1,775
Textiles, Apparel & Luxury Goods - 2.2%
Deckers Outdoor Corp. ‡^		15,700		990
Fossil, Inc. ‡^		11,512		1,520
Hanesbrands, Inc. ‡^		4,500		133
Iconix Brand Group, Inc. ‡^		34,200		594
PVH Corp. ^		12,000		1,072
True Religion Apparel, Inc. ‡^		10,200		279
Warnaco Group, Inc. ‡		13,800		806
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. ‡^		18,700		93
Radian Group, Inc. ^		15,700		68
Trading Companies & Distributors - 1.2%
Beacon Roofing Supply, Inc. ‡^		26,800		690
RSC Holdings, Inc. ‡^		44,600		1,008
United Rentals, Inc. ‡^		26,500		1,136
Wireless Telecommunication Services - 0.4%
SBA Communications Corp. - Class A ‡^		12,200		620
Total Common Stocks (cost $188,033)				239,265
SECURITIES LENDING COLLATERAL - 25.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		61,717,674		61,718
Total Securities Lending Collateral (cost $61,718)

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    3

Transamerica T. Rowe Price Small Cap VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.9%
State Street Bank & Trust Co.
0.03% p, dated 03/30/2012, to be repurchased at $2,055 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, and with a value of $2,099.	$	2,055	$	2,055
Total Repurchase Agreement (cost $2,055)
Total Investment Securities (cost $251,806) P				303,038
Other Assets and Liabilities - Net				(62,141	)
Net Assets			$	240,897

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

‡ Non-income producing security.

Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security aggregated $262, or 0.11% of the fund’s net assets.

^ All or a portion of this security is on loan. The value of all securities on loan is $60,211.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $251,806. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $62,328 and $11,096, respectively. Net unrealized appreciation for tax purposes is $51,232.

DEFINITION:

REIT Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Quoted Prices Level 1 -		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	239,003	$	262	$	—	$	239,265
Repurchase Agreement		—		2,055		—		2,055
Securities Lending Collateral		61,718		—		—		61,718
Total	$	300,721	$	2,317	$	—	$	303,038

' Transfers between Levels are considered to have occurred at the end of the reporting period. As of period end 03/31/2012, securities with an aggregate fair market value of $262 transferred from Level 1 to Level 2 due to unavailability of unadjusted quoted prices. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    4

Transamerica Third Avenue Value VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 89.5%
Canada - 7.3%
Canfor Corp. ‡^		163,377	$	1,933
Cenovus Energy, Inc. ^		124,000		4,457
Viterra, Inc.		292,350		4,663
France - 1.3%
Sanofi		26,550		2,062
Germany - 3.3%
Lanxess AG		60,681		5,016
Hong Kong - 14.7%
Cheung Kong Holdings, Ltd.		559,847		7,231
Henderson Land Development Co., Ltd.		1,214,478		6,670
Hutchison Whampoa, Ltd.		768,912		7,679
Wheelock & Co., Ltd.		398,000		1,197
Japan - 8.3%
Mitsui Fudosan Co., Ltd. ^		262,538		5,021
Toyota Industries Corp.		255,193		7,696
Korea, Republic of - 4.7%
POSCO ADR		86,839		7,268
Sweden - 5.5%
Investor AB - Class A		397,854		8,623
Switzerland - 2.4%
Pargesa Holding SA		51,000		3,667
United Kingdom - 3.1%
Resolution, Ltd.		596,691		2,494
Segro PLC REIT		600,000		2,253
United States - 38.9%
Alamo Group, Inc. ^		16,293		490
Alexander & Baldwin, Inc. ^		18,233		883
Alleghany Corp. ‡		1,200		395
Applied Materials, Inc.		263,039		3,272
AVX Corp. ^		364,152		4,829
Bank of New York Mellon Corp.		301,559		7,276
Bristow Group, Inc. ^		69,649		3,324
Brookfield Asset Management, Inc. - Class A ^		285,376		9,010
Capital Southwest Corp.		6,895		652
Devon Energy Corp.		27,000		1,920
Electronics for Imaging, Inc. ‡		104,921		1,744
EnCana Corp. ^		214,000		4,205
Forest City Enterprises, Inc. - Class A ‡^		321,423		5,033
Haemonetics Corp. ‡^		13,000		906
Intel Corp.		129,039		3,627
Investment Technology Group, Inc. ‡^		182,889		2,187
KeyCorp		140,000		1,190
Leucadia National Corp. ^		38,000		992
Lexmark International, Inc. - Class A ^		14,292		475
Lowe’s Cos., Inc.		37,000		1,161
Sycamore Networks, Inc. ‡^		11,484		204
Tejon Ranch Co. ‡^		68,444		1,960
Tellabs, Inc.		466,171		1,888
Westwood Holdings Group, Inc. ^		55,707		2,158
White Mountains Insurance Group, Ltd.		750		376
Total Common Stocks (cost $114,656)				138,087
SECURITIES LENDING COLLATERAL - 21.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		32,849,845		32,850
Total Securities Lending Collateral (cost $32,850)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 11.1%
State Street Bank & Trust Co.
0.03% p, dated 03/30/2012, to be repurchased at $17,201 on 04/02/2012. Collateralized by U.S. Government Agency Obligations, 4. 00%, due 12/15/2017, and with a total value of $17,546.	$	17,201	$	17,201
Total Repurchase Agreement (cost $17,201)
Total Investment Securities (cost $164,707) P				188,138
Other Assets and Liabilities - Net				(33,836	)
Net Assets			$	154,302

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica Third Avenue Value VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Real Estate Management & Development		19.2	%	$	36,122
Diversified Financial Services		7.0			13,282
Capital Markets		6.5			12,273
Oil, Gas & Consumable Fuels		5.6			10,582
Auto Components		4.1			7,696
Industrial Conglomerates		4.1			7,679
Metals & Mining		3.9			7,268
Semiconductors & Semiconductor Equipment		3.7			6,899
Chemicals		2.7			5,016
Electronic Equipment & Instruments		2.6			4,829
Food Products		2.5			4,663
Energy Equipment & Services		1.8			3,324
Insurance		1.7			3,265
Real Estate Investment Trusts		1.2			2,253
Computers & Peripherals		1.2			2,219
Communications Equipment		1.1			2,092
Pharmaceuticals		1.1			2,062
Paper & Forest Products		1.0			1,933
Commercial Banks		0.6			1,190
Specialty Retail		0.6			1,161
Health Care Equipment & Supplies		0.5			906
Marine		0.5			883
Machinery		0.2			490
Investment Securities, at Value		73.4			138,087
Short-Term Investments		26.6			50,051
Total Investments		100.0	%	$	188,138

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $32,071.

‡ Non-income producing security.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $164,707. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $32,359 and $8,928, respectively. Net unrealized appreciation for tax purposes is $23,431.

DEFINITIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	71,210	$	66,877	$	—	$	138,087
Repurchase Agreement		—		17,201		—		17,201
Securities Lending Collateral		32,850		—		—		32,850
Total	$	104,060	$	84,078	$	—	$	188,138

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica WMC Diversified Growth II VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 99.8%
Aerospace & Defense - 2.1%
Boeing Co. ^		2,161	$	160
Honeywell International, Inc.		2,614		160
Beverages - 2.0%
Coca-Cola Co. ^		4,039		299
Biotechnology - 3.4%
Amgen, Inc. ^		3,793		258
Biogen Idec, Inc. ‡		252		32
Celgene Corp. ‡		1,716		133
Gilead Sciences, Inc. ‡		1,884		92
Chemicals - 1.2%
CF Industries Holdings, Inc.		459		84
Sherwin-Williams Co. ^		944		102
Communications Equipment - 8.6%
Cisco Systems, Inc. ^		38,151		807
Emulex Corp. ‡^		6,493		67
F5 Networks, Inc. ‡		942		127
QUALCOMM, Inc.		3,994		272
Riverbed Technology, Inc. ‡^		1,660		47
Computers & Peripherals - 15.2%
Apple, Inc. ‡		2,126		1,275
Dell, Inc. ‡^		7,494		124
EMC Corp. ‡^		18,374		549
NetApp, Inc. ‡^		3,852		172
QLogic Corp. ‡^		7,704		137
SanDisk Corp. ‡^		1,355		67
Consumer Finance - 1.1%
American Express Co. ^		2,882		167
Diversified Consumer Services - 1.4%
Apollo Group, Inc. - Class A ‡^		2,000		77
ITT Educational Services, Inc. ‡^		2,100		139
Energy Equipment & Services - 4.2%
Cameron International Corp. ‡^		738		39
Core Laboratories NV ^		1,082		142
Diamond Offshore Drilling, Inc. ^		2,736		184
National Oilwell Varco, Inc. ^		1,601		127
Oceaneering International, Inc. ^		2,697		145
Food & Staples Retailing - 2.0%
Costco Wholesale Corp.		1,420		129
Wal-Mart Stores, Inc.		2,776		170
Food Products - 0.2%
Green Mountain Coffee Roasters, Inc. ‡^		495		23
Health Care Equipment & Supplies - 2.3%
Edwards Lifesciences Corp. ‡^		879		64
Hologic, Inc. ‡^		6,306		136
Intuitive Surgical, Inc. ‡^		276		149
Health Care Providers & Services - 3.5%
Aetna, Inc. ^		1,845		93
AmerisourceBergen Corp. - Class A		1,705		68
Cardinal Health, Inc. ^		1,524		66
UnitedHealth Group, Inc. ^		5,313		312
Hotels, Restaurants & Leisure - 1.9%
Starbucks Corp. ^		3,228		180
Yum! Brands, Inc. ^		1,628		116
Industrial Conglomerates - 1.3%
General Electric Co.		4,558		91
Tyco International, Ltd.		1,895		107
Internet & Catalog Retail - 1.5%
Amazon.com, Inc. ‡^		433		88
priceline.com, Inc. ‡^		197		141
Internet Software & Services - 4.2%
eBay, Inc. ‡		5,716		211
Google, Inc. - Class A ‡		382		245
IAC/InterActiveCorp ^		3,666		180
IT Services - 4.3%
Cognizant Technology Solutions Corp. - Class A ‡		644		50

	Shares		Value (000’s)
IT Services (continued)
International Business Machines Corp.		2,897	$	604
Life Sciences Tools & Services - 1.9%
Bruker Corp. ‡		3,850		59
Life Technologies Corp. ‡		1,304		64
Waters Corp. ‡		1,792		166
Machinery - 4.6%
Caterpillar, Inc. ^		2,926		311
Cummins, Inc. ^		790		95
Dover Corp.		1,279		81
Joy Global, Inc. ^		1,412		104
Parker Hannifin Corp.		1,325		112
Media - 2.4%
News Corp. - Class A ^		4,583		90
Omnicom Group, Inc. ^		4,016		204
Sirius XM Radio, Inc. ‡^		28,563		66
Metals & Mining - 1.1%
Cliffs Natural Resources, Inc. ^		912		63
Freeport-McMoRan Copper & Gold, Inc.		2,014		77
Walter Energy, Inc. ^		543		32
Multiline Retail - 0.6%
Dollar Tree, Inc. ‡^		1,051		99
Oil, Gas & Consumable Fuels - 5.2%
Anadarko Petroleum Corp.		660		52
Exxon Mobil Corp.		5,077		440
Occidental Petroleum Corp.		1,628		155
Valero Energy Corp. ^		5,875		151
Pharmaceuticals - 1.1%
Abbott Laboratories ^		2,649		162
Semiconductors & Semiconductor Equipment - 4.9%
Altera Corp.		8,540		340
Analog Devices, Inc. ^		3,170		128
Intersil Corp. - Class A ^		3,554		40
KLA-Tencor Corp. ^		1,139		62
Xilinx, Inc. ^		5,101		186
Software - 9.2%
Autodesk, Inc. ‡^		2,457		104
BMC Software, Inc. ‡^		1,348		54
Check Point Software Technologies, Ltd. ‡^		2,301		147
Citrix Systems, Inc. ‡		893		70
Microsoft Corp.		20,043		647
Oracle Corp.		7,980		233
Red Hat, Inc. ‡		1,642		98
Symantec Corp. ‡^		3,004		56
Specialty Retail - 4.8%
Bed Bath & Beyond, Inc. ‡^		1,171		77
Buckle, Inc. ^		1,377		66
Lowe’s Cos., Inc. ^		3,116		98
O’Reilly Automotive, Inc. ‡^		620		57
PetSmart, Inc. ^		2,152		123
Ross Stores, Inc.		2,745		159
TJX Cos., Inc. ^		3,844		153
Textiles, Apparel & Luxury Goods - 1.8%
Coach, Inc. ^		1,767		137
Lululemon Athletica, Inc. ‡^		857		64
Ralph Lauren Corp ^		436		76
Tobacco - 1.8%
Philip Morris International, Inc.		3,171		281
Total Common Stocks (cost $12,116)				15,246
SECURITIES LENDING COLLATERAL - 25.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		3,914,368		3,914
Total Securities Lending Collateral (cost $3,914)

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica WMC Diversified Growth II VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.1%
State Street Bank & Trust Co.
0.03% p, dated 03/30/2012, to be repurchased at $15 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, and with a value of $18.	$	15	$	15
Total Repurchase Agreement (cost $15)
Total Investment Securities (cost $16,045) P				19,175
Other Assets and Liabilities - Net				(3,897	)
Net Assets			$	15,278

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $3,827.

‡ Non-income producing security.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $16,045. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,336 and $206, respectively. Net unrealized appreciation for tax purposes is $3,130.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	15,246	$	—	$	—	$	15,246
Repurchase Agreement		—		15		—		15
Securities Lending Collateral		3,914		—		—		3,914
Total	$	19,160	$	15	$	—	$	19,175

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended 3/31/2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Transamerica WMC Diversified Growth VP

SCHEDULE OF INVESTMENTS

At March 31, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 99.9%
Aerospace & Defense - 2.0%
Boeing Co.		389,072	$	28,935
Honeywell International, Inc.		431,231		26,327
Beverages - 2.0%
Coca-Cola Co.		718,186		53,153
Biotechnology - 3.5%
Amgen, Inc.		693,650		47,162
Biogen Idec, Inc. ‡		47,515		5,985
Celgene Corp. ‡		323,780		25,099
Gilead Sciences, Inc. ‡		327,907		16,018
Chemicals - 1.4%
CF Industries Holdings, Inc.		92,797		16,949
Sherwin-Williams Co.		188,601		20,496
Communications Equipment - 9.0%
Cisco Systems, Inc.		6,883,655		145,589
Emulex Corp. ‡		1,157,000		12,010
F5 Networks, Inc. ‡		181,317		24,471
QUALCOMM, Inc.		805,990		54,823
Riverbed Technology, Inc. ‡^		315,433		8,857
Computers & Peripherals - 15.3%
Apple, Inc. ‡		370,642		222,188
Dell, Inc. ‡		1,349,579		22,403
EMC Corp. ‡		3,068,902		91,699
NetApp, Inc. ‡		733,603		32,843
QLogic Corp. ‡^		1,820,336		32,329
SanDisk Corp. ‡		230,908		11,451
Consumer Finance - 1.1%
American Express Co.		509,958		29,506
Diversified Consumer Services - 1.4%
Apollo Group, Inc. - Class A ‡		426,928		16,496
ITT Educational Services, Inc. ‡^		326,352		21,585
Energy Equipment & Services - 4.0%
Cameron International Corp. ‡		131,281		6,936
Core Laboratories NV ^		175,084		23,036
Diamond Offshore Drilling, Inc. ^		454,811		30,359
National Oilwell Varco, Inc. ^		298,771		23,743
Oceaneering International, Inc. ^		484,770		26,124
Food & Staples Retailing - 2.1%
Costco Wholesale Corp.		268,489		24,379
Wal-Mart Stores, Inc.		517,122		31,648
Food Products - 0.2%
Green Mountain Coffee Roasters, Inc. ‡^		91,373		4,280
Health Care Equipment & Supplies - 2.2%
Edwards Lifesciences Corp. ‡		185,954		13,524
Hologic, Inc. ‡		1,056,341		22,764
Intuitive Surgical, Inc. ‡		44,753		24,246
Health Care Providers & Services - 3.6%
Aetna, Inc.		339,466		17,028
AmerisourceBergen Corp. - Class A		349,118		13,853
Cardinal Health, Inc.		277,664		11,970
UnitedHealth Group, Inc.		925,547		54,551
Hotels, Restaurants & Leisure - 1.9%
Starbucks Corp.		535,754		29,944
Yum! Brands, Inc.		307,550		21,891
Industrial Conglomerates - 1.3%
General Electric Co.		744,899		14,950
Tyco International, Ltd.		369,097		20,736
Internet & Catalog Retail - 1.5%
Amazon.com, Inc. ‡		71,594		14,499
priceline.com, Inc. ‡		37,244		26,722
Internet Software & Services - 4.5%
eBay, Inc. ‡		1,019,193		37,598
Google, Inc. - Class A ‡		77,647		49,791
IAC/InterActiveCorp ^		720,193		35,354
IT Services - 4.0%
Cognizant Technology Solutions Corp. - Class A ‡		100,891		7,764

	Shares		Value (000’s)
IT Services (continued)
International Business Machines Corp.		480,993	$	100,359
Life Sciences Tools & Services - 2.0%
Bruker Corp. ‡		791,481		12,118
Life Technologies Corp. ‡		254,461		12,423
Waters Corp. ‡		330,677		30,640
Machinery - 4.4%
Caterpillar, Inc.		491,649		52,370
Cummins, Inc.		137,020		16,448
Dover Corp.		205,303		12,922
Joy Global, Inc.		215,616		15,848
Parker Hannifin Corp.		277,976		23,503
Media - 2.3%
News Corp. - Class A		806,447		15,879
Omnicom Group, Inc. ^		699,315		35,420
Sirius XM Radio, Inc. ‡		4,999,995		11,550
Metals & Mining - 1.0%
Cliffs Natural Resources, Inc.		128,170		8,877
Freeport-McMoRan Copper & Gold, Inc.		326,249		12,410
Walter Energy, Inc.		104,507		6,188
Multiline Retail - 0.7%
Dollar Tree, Inc. ‡		206,014		19,466
Oil, Gas & Consumable Fuels - 5.2%
Anadarko Petroleum Corp.		78,727		6,167
Exxon Mobil Corp.		910,646		78,981
Occidental Petroleum Corp.		293,318		27,933
Valero Energy Corp.		1,131,479		29,158
Pharmaceuticals - 1.1%
Abbott Laboratories		497,696		30,504
Semiconductors & Semiconductor Equipment - 4.5%
Altera Corp.		1,315,174		52,370
Analog Devices, Inc.		555,836		22,456
Intersil Corp. - Class A ^		538,264		6,029
KLA-Tencor Corp.		208,197		11,330
Xilinx, Inc. ^		852,826		31,068
Software - 9.2%
Autodesk, Inc. ‡		398,868		16,880
BMC Software, Inc. ‡		317,513		12,751
Check Point Software Technologies, Ltd. ‡		400,637		25,577
Citrix Systems, Inc. ‡		156,736		12,368
Microsoft Corp.		3,647,608		117,636
Oracle Corp.		1,178,405		34,362
Red Hat, Inc. ‡		292,990		17,547
Symantec Corp. ‡		672,498		12,576
Specialty Retail - 4.7%
Bed Bath & Beyond, Inc. ‡		215,517		14,175
Buckle, Inc. ^		261,050		12,504
Lowe’s Cos., Inc.		618,339		19,403
O’Reilly Automotive, Inc. ‡		117,114		10,698
PetSmart, Inc. ^		383,538		21,946
Ross Stores, Inc.		435,245		25,288
TJX Cos., Inc.		596,542		23,689
Textiles, Apparel & Luxury Goods - 2.0%
Coach, Inc.		346,460		26,774
Lululemon Athletica, Inc. ‡^		183,312		13,690
Ralph Lauren Corp.		72,751		12,683
Tobacco - 1.8%
Philip Morris International, Inc.		555,361		49,211
Total Common Stocks (cost $2,251,745)				2,716,239
SECURITIES LENDING COLLATERAL - 5.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.31% p		153,136,433		153,136
Total Securities Lending Collateral (cost $153,136)

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    1

Transamerica WMC Diversified Growth VP

SCHEDULE OF INVESTMENTS (continued)

At March 31, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 0.2%
State Street Bank & Trust Co.
0.03% p, dated 03/30/2012, to be repurchased at $6,425 on 04/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 04/01/2025, and with a value of $6,556.	$	6,425	$	6,425
Total Repurchase Agreement (cost $6,425)
Total Investment Securities (cost $2,411,306) P				2,875,800
Other Assets and Liabilities - Net				(154,552	)
Net Assets			$	2,721,248

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $149,818.

p Rate shown reflects the yield at 03/30/2012.

P Aggregate cost for federal income tax purposes is $2,411,306. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $500,975 and $36,481, respectively. Net unrealized appreciation for tax purposes is $464,494.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 03/31/2012
Common Stocks	$	2,716,239	$	—	$	—	$	2,716,239
Repurchase Agreement		—		6,425		—		6,425
Securities Lending Collateral		153,136		—		—		153,136
Total	$	2,869,375	$	6,425	$	—	$	2,875,800

' Transfers between Levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels during the period ended March 31, 2012. See the Notes to the Schedules of Investments for more information regarding pricing inputs and valuation techniques.

The notes are an integral part of this report.		March 31, 2012 Form N-Q
Transamerica Series Trust	Page    2

Notes to Schedules of Investments

At March 31, 2012

(unaudited)

Transamerica Series Trust (each a “Fund” and collectively, the “Funds”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The following is a summary of significant accounting policies followed by the Funds.

Repurchase agreements: Securities purchased subject to repurchase agreements are held at the Funds’ custodian and, pursuant to the terms of the repurchase agreements, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds 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.

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rates in effect when the investment was acquired.

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.

Forward foreign currency contracts: The Funds are subject to foreign currency exchange rate risk exposure in the normal course of pursuing its investment objectives. The Funds, with the exception of Transamerica AEGON Money Market VP (“Money Market”), enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked to market daily. 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.

The open forward foreign currency contracts at March 31, 2012 are listed in the Schedules of Investments.

Option and swaption contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds, with the exception of Money Market, enter into option contracts to manage exposure to various market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. 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.

The Funds write call and put options/swaptions on futures, swaps, securities, or currencies they own or in which they invest. The Funds purchase put and call options/swaptions on foreign or U.S. securities, indices, futures, swaps, and commodities. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. Options are marked to market daily to reflect the current value of the option/swaption written.

The underlying face amounts of open option and swaption contracts at March 31, 2012 are listed in the Schedules of Investments.

Futures contracts: The Funds are subject to equity price risk, interest rate risk, foreign currency exchange rate risk, and commodity risk in the normal course of pursuing their investment objectives. The Funds, with the exception of Money Market, use futures contracts to gain exposure to, or hedge against, changes in the value of equities, 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 Funds are required to deposit with the broker, either in cash or 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 Funds each day, depending on the daily fluctuations in the value of the contract. Upon entering into such contracts, the Funds bear the risk of interest or exchange rates or security prices moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open futures contracts at March 31, 2012 are listed in the Schedules of Investments.

Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    1

Notes to Schedules of Investments (continued)

At March 31, 2012

(unaudited)

Swap agreements: Swap agreements are privately negotiated agreements between the Funds and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are negotiated in the over-the-counter market (“OTC swaps”) and may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally cleared swaps”). Certain Funds, with the exception of Money Market, enter into credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage exposure to credit, currency, interest rate risk and commodity risk. 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. Swaps are marked to market daily based upon values from third party vendors which may include a registered commodities exchange, or quotations from market makers to the extent available. Specific risks and accounting related to each type of swap agreement are identified and described in the following paragraphs:

Credit default swap agreements: The Funds are subject to credit risk in the normal course of pursuing their investment objectives. The Funds enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. Credit default swaps 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, 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 Funds’ 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 Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty.

Certain Funds sell credit default swaps which expose them to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. The aggregate fair value of the credit default swaps is disclosed in the Schedules of Investments. The aggregate fair value of assets posted as collateral, net of assets received as collateral, for these swaps is included in the footnotes to the Schedules of Investments. If a defined credit event had occurred during the period, the swaps’ credit-risk-related contingent features would have been triggered and the Funds would have been required to pay the notional amounts for the credit default swaps with a sell protection less the value of the contracts’ related reference obligations.

Interest rate swap agreements: The Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. To help hedge against this risk, the Funds enter into interest rate swap contracts. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Funds with interest rate swap 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 swaps 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 Funds’ 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 Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty.

The open swap agreements at March 31, 2012 are listed in the Schedules of Investments.

Short sales: A short sale is a transaction in which a Fund, with the exception of Money Market, sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that are subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

Loan participations/assignments: Participations/assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Funds to supply additional cash to the borrowers on demand. Loan participations/assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Funds assume the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.

The Funds, with the exception of Money Market, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. Loan participations typically represent direct participation in loans to corporate borrowers, and are generally offered by banks or other financial institutions or lending syndicates. The Funds that participate in such syndications, or can buy a portion of the loans, becoming part lenders. Loans are often administered by agent banks acting as agents for all holders.

Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    2

Notes to Schedules of Investments (continued)

At March 31, 2012

(unaudited)

Loan participations/assignments (continued): 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, under the terms of the loans or other indebtedness, the Funds have direct recourse against the corporate borrowers, the Funds may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Funds held no unsecured loan participations at March 31, 2012.

Structured notes: Certain Funds invest in structured notes. A structured debt instrument is a hybrid debt security that has an embedded derivative. This type of instrument is used to manage cash flows from the debt security. All structured notes are listed within the Schedules of Investments.

To be announced (“TBA”) purchase commitments: TBA purchase commitments are entered into to purchase securities for a fixed price at a future date, typically not to exceed 45 days. They are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date, in addition to the risk of decline in the value of the Funds’ other assets. Unsettled TBA purchase commitments are valued at the current value of the underlying securities, according to the procedures described under Security Valuations.

Treasury inflation-protected securities (“TIPS”): Certain Funds invest in TIPS, specially structured bonds in which the principal amount adjusted daily to keep pace with inflation as measured by the U.S. Consumer Price Index.

Restricted and illiquid securities: Restricted and illiquid securities are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities may generally be resold in transactions exempt from registration. 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.

The restricted and illiquid securities at March 31, 2012 are listed in the Schedules of Investments.

Payment in-kind securities (“PIKs”): PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds.

The PIKs at March 31, 2012 are listed in the Schedules of Investments.

Securities lending: Securities are lent to qualified financial institutions and brokers. The lending of the Funds’ securities exposes the Funds to risks such as the following: (i) the borrowers may fail to return the loaned securities; (ii) the borrowers may not be able to provide additional collateral; (iii) the Funds may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral equal to at least the market value of the securities loaned. Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act.

The value of loaned securities and related collateral outstanding at March 31, 2012 are shown in the Schedules of Investments.

Real estate investment trusts (“REITs”): 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.

Dollar Rolls: Dollar rolls involve sales by a Fund of securities for delivery in the current month and the Fund’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”), as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques and considered to be secured borrowing (finance) transactions as a means to gain exposure to a specific market, such as U.S. interest rates.

Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    3

Notes to Schedules of Investments (continued)

At March 31, 2012

(unaudited)

Security valuations: All investments in securities are recorded at their estimated fair value. The Funds value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. Eastern Time, each day the NYSE is open for business. The Funds utilize various methods to measure the fair value of their investments on a recurring basis. Accounting principles generally accepted in the United States of America establish 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 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, that 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 Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee’s 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 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, TAM’s 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 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.

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Equity securities (common and preferred stock): 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.

Foreign securities, for 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 intra-day trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds, 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.

Preferred stock, repurchase agreements, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.

The significant unobservable inputs used in the fair value measurement of equity securities are similar offered quotes, and comparability adjustments. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement.

Investment companies: Securities are valued at the net asset value of the underlying portfolio. These securities are actively traded and no valuation adjustments are applied. Exchange Traded Funds are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. They are categorized in Level 1 of the fair value hierarchy.

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

Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    4

Notes to Schedules of Investments (continued)

At March 31, 2012

(unaudited)

Fair value measurements (continued):

Corporate bonds: The fair value of corporate bonds 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 bonds 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.

The significant unobservable inputs used in the fair value measurement of corporate bonds are probability of default, and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity.

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 as Level 3.

Short-term notes: Short-term notes are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values would be generally categorized in Level 2 of the fair value hierarchy.

Government securities: Government securities 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. Government securities generally are categorized in Level 2 of the fair value hierarchy.

U.S. government agency securities: U.S. government agency securities 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 securities. Mortgage pass-throughs include 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.

Restricted securities (equity and debt): Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by TAM’s Valuation Committee under the supervision of the Funds’ Board of Trustees. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

Derivative instruments: 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, option, and swaption 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 with interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy.

Other: Securities for which quotations are not readily available or whose values have been determined to be unreliable are valued at fair market value as determined in good faith by TAM’s Valuation Committee under the supervision of the Funds’ Board of Trustees. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, 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. When a Fund must use fair valuation 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 market value. These securities are categorized as Level 3 of the fair value hierarchy.

The hierarchy classification of inputs used to value the Funds’ investments, at March 31, 2012, is disclosed in the Valuation Summary of each Fund’s Schedule of Investments.

For assets and liabilities for which significant unobservable inputs (Level 3) were used, there is a reconciliation of the beginning to the ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in/out of the Level 3 category during the period. The Level 3 reconciliation, if any, is disclosed in the Valuation Summary of each respective Fund’s Schedule of Investments.

Transamerica Series Trust		March 31, 2012 Form N-Q
	Page    5

March 31, 2012

BlackRock Variable Series Funds, Inc.

Ø BlackRock Global Allocation V.I. Fund

Consolidated Schedule of Investments	BlackRock Global Allocation V.I. Fund
March 31, 2012 (Unaudited)	(Percentages shown are based on Net Assets)

	Shares		Value
Common Stocks
Argentina — 0.1%
Cresud SA Sponsored - ADR		102,501	$	1,262,812
IRSA Inversiones y Representaciones SA - ADR		119,255		1,205,668
Pampa Energia SA - ADR (a)		123,500		1,062,100
Telecom Argentina SA - ADR		38,000		673,360
Tenaris SA - ADR		156,567		5,985,557
				10,189,497
Australia — 1.0%
Asciano Ltd.		944,435		4,805,527
BHP Billiton Ltd.		575,335		20,740,609
CSL Ltd.		316,881		11,800,105
Newcrest Mining Ltd.		868,653		26,716,888
Orica Ltd.		237,560		6,907,963
Rio Tinto Ltd.		345,683		23,449,480
Telstra Corp. Ltd.		1,594,534		5,431,015
				99,851,587
Austria — 0.0%
Telekom Austria AG		176,143		2,052,014
Belgium — 0.0%
RHJ International (a)		810,400		4,787,935
Brazil — 2.2%
Banco do Brasil SA		342,935		4,871,295
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares		423,483		19,923,153
Cia Energetica de Minas Gerais - ADR		508,217		12,085,400
Cosan Ltd.		1,281,813		19,034,923
Cyrela Brazil Realty SA		1,010,887		8,998,830
Hypermarcas SA		2,109,458		14,895,458
Itau Unibanco Holding SA, Preference Shares		690,434		13,200,113
MRV Engenharia e Participacoes SA		1,731,055		12,261,383
OGX Petroleo e Gas Participacoes SA (a)		494,000		4,091,747
Petroleo Brasileiro SA - ADR		2,284,293		58,386,529
Qualicorp SA (a)		785,414		6,746,442
SLC Agricola SA		814,685		8,675,930
Telefonica Brasil - ADR		1,035,091		31,704,837
Tractebel Energia SA		274,128		4,880,528
Vale SA, Preference ‘A’ Shares		411,534		9,310,775
				229,067,343
Canada — 2.4%
Agnico-Eagle Mines Ltd.		287,347		9,591,643
Alamos Gold, Inc.		551,616		10,125,910
Bank of Nova Scotia		81,615		4,572,306
Barrick Gold Corp.		614,482		26,717,677
BCE, Inc.		24,200		969,452
Brookfield Asset Management, Inc., Class A		129,131		4,076,666

	Shares		Value
Common Stocks
Canada (concluded)
Canadian Natural Resources Ltd.		379,547	$	12,593,369
Canadian Pacific Railway Ltd.		131,686		10,001,552
Canadian Pacific Railway Ltd.		20,502		1,556,175
Detour Gold Corp. (a)		222,502		5,547,772
Eldorado Gold Corp.		1,261,830		17,331,266
Goldcorp, Inc.		1,004,514		45,263,401
IAMGOLD Corp.		652,808		8,675,818
IAMGOLD Corp., International African Mining Gold Corp.		412,658		5,494,108
Katanga Mining Ltd. (a)		1,220,115		1,284,396
Kinross Gold Corp.		387,305		3,791,716
Kinross Gold Corp.		997,732		9,752,756
Osisko Mining Corp. (a)		518,026		6,014,077
Potash Corp. of Saskatchewan, Inc.		197,849		9,039,721
Rogers Communications, Inc., Class B		201,496		7,999,391
Rogers Communications, Inc., Class B		48,000		1,905,659
Silver Wheaton Corp.		448,152		14,878,646
Sino-Forest Corp. (a)		416,950		4
Suncor Energy, Inc.		555,213		18,140,650
Talisman Energy, Inc.		303,580		3,816,626
Teck Resources Ltd., Class B		37,672		1,343,383
TELUS Corp.		73,097		4,241,671
The Toronto - Dominion Bank		27,600		2,342,590
Valeant Pharmaceuticals International, Inc. (a)(b)		101,700		5,460,273
				252,528,674
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA - ADR		86,099		5,051,428
China — 1.1%
Beijing Enterprises Holdings Ltd.		3,921,042		23,901,852
Chaoda Modern Agriculture Holdings Ltd. (a)(c)		19,748,798		2,567,342
China BlueChemical Ltd.		5,950,300		4,508,483
China Mobile Ltd.		467,700		5,150,113
China Shenhua Energy Co. Ltd.,Class H		1,281,367		5,419,929
China Telecom Corp. Ltd.		6,374,900		3,517,765
China Unicom Ltd.		2,484,900		4,181,509
CSR Corp. Ltd.		1,926,500		1,315,555
Dongfang Electric Corp. Ltd. (c)		1,355,000		3,290,184
Dongfeng Motor Group Co. Ltd.		1,762,800		3,195,469
Guangshen Railway Co. Ltd. (c)		7,753,900		3,015,610
Guangzhou Automobile Group Co. Ltd.		4,206,602		4,174,167
Haitian International Holdings Ltd.		1,863,800		2,083,182
Huaneng Power International, Inc.		7,358,700		4,021,869
Jiangsu Expressway Co. Ltd.		3,372,800		3,260,143
Ping An Insurance Group Co. of China Ltd.		410,618		3,103,478

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    1

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

	Shares		Value
Common Stocks
China (concluded)
Shanghai Electric Group Co. Ltd. (c)		9,012,200	$	4,599,542
Shanghai Pharmaceuticals Holding Co. Ltd. (a)		2,405,400		3,856,811
Sinopharm Group Co. (c)		2,878,000		8,051,440
Tianjin Development Holdings Ltd. (a)		16,739,307		7,680,039
Tianjin Port Development Holdings Ltd.		24,904,900		3,458,220
Zhongsheng Group Holdings Ltd. (c)		2,832,330		5,631,127
				109,983,829
Egypt — 0.0%
Telecom Egypt		2,250,066		5,234,011
France — 1.3%
Atos Origin SA		50,589		2,917,711
AXA SA		781,436		12,967,849
BNP Paribas SA		358,034		17,031,732
Essilor International SA		219,715		19,589,031
Eutelsat Communications SA		160,670		5,942,584
France Telecom SA		391,835		5,811,251
LVMH Moet Hennessy Louis Vuitton SA		81,967		14,105,238
Sanofi-Aventis		208,519		16,179,305
Sanofi-Aventis - ADR		28,134		1,090,192
Societe Generale SA		185,420		5,440,744
Technip SA		41,561		4,907,721
Total SA		306,366		15,649,029
Total SA - ADR		200,066		10,227,374
				131,859,761
Germany — 2.4%
Allianz AG, Registered Shares		106,832		12,750,562
BASF SE		565,498		49,446,852
Bayer AG, Registered Shares		277,217		19,496,349
Bayerische Motoren Werke AG		99,659		8,964,962
Daimler AG, Registered Shares		274,531		16,554,285
Deutsche Bank AG		48,230		2,401,372
Deutsche Bank AG, Registered Shares		132,345		6,589,337
Deutsche Telekom AG, Registered Shares		1,301,582		15,681,661
Fresenius Medical Care AG & Co.		260,287		18,425,685
Infineon Technologies AG		830,437		8,487,380
Kabel Deutschland Holding AG (a)		142,267		8,782,410
Lanxess AG		176,611		14,586,850
Muenchener Rueckversicherungs AG, Registered Shares		36,294		5,473,171
Siemens AG, Registered Shares		349,069		35,201,513
SMA Solar Technology AG (c)		28,143		1,275,685
Volkswagen AG, Preference Shares		138,392		24,338,017
				248,456,091
Hong Kong — 0.7%
AIA Group Ltd.		1,201,600		4,411,213
Cheung Kong Holdings Ltd.		499,000		6,453,073
Cheung Kong Infrastructure Holdings Ltd.		924,500		5,627,420
China Resources Gas Group Ltd. (c)		2,898,000		5,549,835

	Shares		Value
Common Stocks
Hong Kong (concluded)
China Resources Power Holdings Co. Ltd.		3,668,000	$	6,795,309
Hutchison Whampoa Ltd.		881,643		8,816,419
The Link Real Estate Investment Trust		5,091,546		18,945,355
Mongolian Mining Corp. (a)		2,656,112		2,527,856
Wharf Holdings Ltd.		1,288,640		7,026,829
Yuanda China Holdings Ltd. (a)(c)		25,280,228		3,495,320
				69,648,629
India — 0.4%
Adani Enterprises Ltd.		712,931		4,274,050
Adani Power Ltd. (a)		1,220,784		1,643,698
Bharat Heavy Electricals Ltd.		1,834,211		9,266,298
Housing Development Finance Corp.		1,127,628		14,907,220
Larsen & Toubro Ltd.		140,926		3,621,426
Reliance Industries Ltd.		288,770		4,257,696
				37,970,388
Indonesia — 0.1%
Bumi Resources Tbk PT		28,208,936		7,238,065
Telekomunikasi Indonesia Tbk PT		3,168,200		2,428,712
				9,666,777
Ireland — 0.1%
Covidien Plc		144,399		7,895,737
Israel — 0.2%
Check Point Software Technologies Ltd. (a)(c)		25,845		1,649,945
Teva Pharmaceutical Industries Ltd. - ADR		503,602		22,692,306
				24,342,251
Italy — 0.5%
Eni SpA		957,029		22,428,112
Fiat Industrial SpA (a)		1,466,120		15,645,100
Intesa Sanpaolo SpA		3,526,219		6,320,373
Telecom Italia SpA		2,428,567		2,890,714
UniCredit SpA		393,660		1,971,379
				49,255,678
Japan — 6.4%
Aisin Seiki Co. Ltd.		155,639		5,535,332
Asahi Kasei Corp.		1,206,100		7,486,328
Astellas Pharma, Inc.		137,993		5,683,800
Bridgestone Corp.		550,532		13,463,580
Canon, Inc.		404,858		19,366,814
Daihatsu Motor Co. Ltd.		413,107		7,622,080
Daiwa House Industry Co. Ltd.		342,590		4,554,304
Denso Corp.		215,620		7,285,560
East Japan Railway Co.		387,951		24,490,933
Fanuc Ltd.		53,818		9,639,619
Fuji Heavy Industries Ltd.		2,265,564		18,503,149
Futaba Industrial Co. Ltd. (a)		374,421		2,130,163
Hitachi Chemical Co. Ltd.		331,500		6,015,212
Hitachi Ltd.		992,700		6,422,700
Honda Motor Co. Ltd.		527,083		20,300,173
Hoya Corp.		565,774		12,776,441

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    2

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

	Shares		Value
Common Stocks
Japan (continued)
Inpex Corp.		3,240	$	22,030,419
JGC Corp.		586,302		18,297,238
JSR Corp.		226,300		4,591,685
Kao Corp.		142,300		3,752,477
KDDI Corp.		1,993		12,967,540
Kinden Corp.		272,718		2,112,172
Kirin Holdings Co. Ltd.		794,651		10,347,266
Komatsu Ltd.		270,500		7,778,082
Kubota Corp.		1,841,296		17,823,147
Kuraray Co. Ltd.		485,370		6,903,069
Kyowa Hakko Kirin Co. Ltd.		636,279		7,104,063
Marubeni Corp.		1,075,000		7,817,621
Mitsubishi Corp.		1,276,447		29,871,365
Mitsubishi Tanabe Pharma Corp.		277,870		3,912,783
Mitsubishi UFJ Financial Group, Inc.		2,089,127		10,484,004
Mitsui & Co. Ltd.		1,496,678		24,701,594
Mitsui Fudosan Co. Ltd.		241,100		4,655,862
MS&AD Insurance Group Holdings, Inc.		644,714		13,338,067
Murata Manufacturing Co. Ltd.		182,928		10,914,225
Nintendo Co. Ltd.		74,500		11,315,424
Nippon Building Fund, Inc.		234		2,227,607
Nippon Electric Glass Co.		635,701		5,594,465
Nippon Telegraph & Telephone Corp.		311,130		14,101,695
NTT DoCoMo, Inc.		18,263		30,373,185
NTT Urban Development Corp.		2,400		1,965,594
Okumura Corp.		1,356,751		5,348,166
Rinnai Corp.		92,023		6,655,500
Rohm Co. Ltd.		113,753		5,644,530
Shin-Etsu Chemical Co. Ltd.		374,934		21,817,340
Sony Financial Holdings, Inc.		263,800		4,707,245
Sumitomo Chemical Co. Ltd.		1,219,390		5,233,873
Sumitomo Electric Industries Ltd.		290,048		4,016,233
Sumitomo Mitsui Financial Group, Inc.		236,847		7,839,097
Suzuki Motor Corp.		1,139,389		27,453,565
TDK Corp.		134,633		7,715,835
Terumo Corp.		110,375		5,303,917
Toda Corp.		1,302,896		4,377,509
Toho Co. Ltd.		222,962		4,104,587
Tokio Marine Holdings, Inc.		1,046,223		28,960,655
Tokyo Gas Co. Ltd.		3,638,070		17,168,601
Toyota Industries Corp.		583,477		17,773,856
Toyota Motor Corp.		283,953		12,355,385
Ube Industries Ltd.		3,251,346		8,888,584
West Japan Railway Co.		169,500		6,821,663
Yahoo! Japan Corp.		16,452		5,343,039
Yamada Denki Co. Ltd.		129,270		8,118,872
				671,904,889
Kazakhstan — 0.1%
KazMunaiGas Exploration Production - GDR		23,420		474,474

	Shares		Value
Common Stocks
Kazakhstan (concluded)
KazMunaiGas Exploration Production - GDR		687,400	$	13,940,472
				14,414,946
Luxembourg — 0.0%
Millicom International Cellular SA		13,717		1,555,483
Malaysia — 0.4%
Axiata Group Bhd		11,851,286		20,136,989
British American Tobacco Malaysia Bhd		233,600		4,320,974
IOI Corp. Bhd		859,305		1,499,191
Telekom Malaysia Bhd		9,022,046		15,703,361
				41,660,515
Mexico — 0.3%
America Movil SA de CV - ADR		874,607		21,716,492
Fomento Economico Mexicano SAB de CV - ADR		56,459		4,644,882
				26,361,374
Netherlands — 0.4%
ASML Holding NV		35,200		1,764,928
CNH Global NV (a)		39,071		1,551,119
ING Groep NV CVA (a)		1,396,219		11,627,789
Koninklijke Philips Electronics NV		616,264		12,507,665
Unilever NV CVA (b)		190,260		6,473,478
Unilever NV, Registered Shares		76,815		2,614,015
Ziggo NV		78,900		2,461,304
				39,000,298
Norway — 0.2%
DnB NOR ASA		859,032		11,052,539
Statoil ASA		460,217		12,491,260
				23,543,799
Philippines — 0.0%
Philippine Long Distance Telephone Co. - ADR		72,115		4,484,832
Portugal — 0.0%
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		934,692		3,181,060
Russia — 0.9%
Federal Hydrogenerating Co. - ADR		3,768,474		13,814,974
Kuzbassrazrezugol (a)		9,598,589		3,023,556
LSR Group - GDR (d)		1,026,600		4,964,022
LSR Group OJSC - GDR		364,757		2,152,066
Magnitogorsk Iron & Steel Works (a)		59,743		353,692
Magnitogorsk Iron & Steel Works GDR (a)		657,534		3,882,738
Novorossiysk Commercial Sea Port - GDR		705,356		5,332,491
Polyus Gold International Ltd. - GDR (a)		4,405,750		13,437,537
Rosneft Oil Co. - GDR		1,364,764		9,662,529
RushHydro JSC		36,030,698		1,261,075
Sberbank		8,001,430		26,035,765

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    3

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

	Shares		Value
Common Stocks
Russia (concluded)
VimpelCom Ltd. - ADR		563,500	$	6,288,660
				90,209,105
Singapore — 0.8%
CapitaLand Ltd.		3,825,350		9,503,979
DBS Group Holdings Ltd.		412,170		4,657,296
Fraser and Neave Ltd.		1,941,400		10,355,925
Global Logistic Properties Ltd. (a)		2,026,300		3,551,527
Keppel Corp. Ltd.		1,656,860		14,480,591
M1 Ltd.		2,173,130		4,396,242
Noble Group Ltd.		1,590,071		1,746,970
Oversea-Chinese Banking Corp.		1,770,800		12,569,856
Raffles Medical Group Ltd.		1,676,800		3,095,531
Sembcorp Marine Ltd.		986,000		4,131,073
Singapore Press Holdings Ltd.		762,240		2,375,985
Singapore Telecommunications Ltd.		5,137,630		12,897,763
United Overseas Bank Ltd.		229,500		3,351,612
				87,114,350
South Africa — 0.2%
AngloGold Ashanti Ltd. - ADR		45,276		1,671,590
Harmony Gold Mining Co. Ltd. - ADR (c)		226,065		2,470,890
Life Healthcare Group Holdings Ltd.		1,732,096		5,651,169
Randgold Resources Ltd. - ADR		164,625		14,483,708
				24,277,357
South Korea — 0.8%
Cheil Industries, Inc.		51,853		4,395,546
Hyundai Motor Co.		52,232		10,785,813
KT Corp.		33,100		918,478
KT Corp. - ADR		433,033		5,928,222
KT&G Corp.		127,741		9,064,363
LG Corp.		83,105		4,777,143
Mando Corp.		10,558		1,555,799
POSCO		13,869		4,650,808
POSCO - ADR		62,538		5,234,431
Samsung Electronics Co. Ltd.		31,352		35,366,749
Samsung Fine Chemicals Co. Ltd.		72,160		3,477,909
				86,155,261
Spain — 0.1%
Telefonica SA		715,938		11,746,028
Telefonica SA - ADR		132,706		2,177,705
				13,923,733
Sweden — 0.1%
Nordea Bank AB		363,569		3,306,147
SKF AB, Class B		137,640		3,359,495
Swedbank AB, Class A		169,081		2,628,463
				9,294,105
Switzerland — 1.0%
Cie Financiere Richemont SA		91,640		5,744,027
Garmin Ltd.		36,927		1,733,723
Nestle SA, Registered Shares		511,786		32,199,812
Novartis AG, Registered Shares		328,972		18,211,113
Roche Holding AG		73,465		12,785,138
Swisscom AG, Registered Shares		22,436		9,073,053
TE Connectivity Ltd.		45,178		1,660,291

	Shares		Value
Common Stocks
Switzerland (concluded)
Transocean Ltd.		62,460	$	3,416,562
UBS AG, Registered Shares (a)		793,185		11,116,298
Zurich Financial Services AG (a)		30,023		8,069,483
				104,009,500
Taiwan — 0.6%
Cheng Shin Rubber Industry Co. Ltd.		1,767,600		4,256,161
Chunghwa Telecom Co. Ltd.		2,028,311		6,254,805
Chunghwa Telecom Co. Ltd. - ADR		397,227		12,218,703
Far EasTone Telecommunications Co. Ltd.		3,342,000		6,868,993
HON HAI Precision Industry Co. Ltd.		1,348,464		5,249,790
HTC Corp.		572,475		11,689,749
Taiwan Semiconductor Manufacturing Co. Ltd.		3,428,115		9,855,748
Yulon Motor Co. Ltd.		2,779,000		5,319,632
				61,713,581
Thailand — 0.3%
PTT Global Chemical PCL		5,254,158		12,092,227
PTT Global Chemical PCL		6,732		15,484
PTT Public Co. THB10		680,092		7,803,973
Siam Commercial Bank PCL		1,940,468		9,026,164
				28,937,848
Turkey — 0.3%
BIM Birlesik Magazalar AS		184,097		6,986,692
Tupras Turkiye Petrol Rafinerileri AS		227,441		5,815,292
Turk Telekomunikasyon AS		1,204,110		5,245,130
Turkcell Iletisim Hizmet AS		544,870		2,778,734
Turkiye Garanti Bankasi AS		1,652,886		6,551,775
				27,377,623
United Kingdom — 2.8%
Amlin Plc		305,987		1,614,712
Anglo American Plc		282,326		10,582,558
Antofagasta Plc (b)		698,357		12,905,445
AstraZeneca Plc - ADR		30,448		1,354,631
BG Group Plc		1,294,590		30,017,227
BHP Billiton Plc		307,409		9,421,215
BP Plc		1,825,506		13,595,062
BP Plc - ADR		409,261		18,416,745
British American Tobacco Plc		143,612		7,234,395
BT Group Plc		4,434,675		16,064,278
Diageo Plc - ADR		289,266		27,914,169
Genel Energy Plc (a)		624,035		7,406,233
GlaxoSmithKline Plc - ADR		31,991		1,436,716
Glencore International Plc		694,779		4,336,730
Guinness Peat Group Plc		6,479,903		2,707,735
HSBC Holdings Plc		1,525,924		13,553,582
International Power Plc		3,587,857		23,241,964
Lloyds Banking Group Plc (a)		5,890,141		3,169,669
National Grid Plc		2,006,080		20,219,003
Petropavlovsk Plc		113,770		1,015,534
Rio Tinto Plc (b)		248,775		13,788,900
Royal Dutch Shell Plc - ADR		246,030		17,254,084
Scottish & Southern Energy Plc		840,090		17,864,709
Unilever Plc		135,991		4,486,675

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    4

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

	Shares		Value
Common Stocks
United Kingdom (conlcuded)
Unilever Plc - ADR		84,910	$	2,806,275
Vodafone Group Plc		2,525,655		6,966,626
Vodafone Group Plc - ADR		137,790		3,812,649
				293,187,521
United States — 33.5%
3M Co.		158,914		14,176,718
Abbott Laboratories		341,096		20,905,774
Accenture Plc, Class A		24,291		1,566,770
ACE Ltd.		368,772		26,994,110
Activision Blizzard, Inc. (b)		1,722,436		22,081,630
Adobe Systems, Inc. (a)		55,928		1,918,890
The AES Corp. (a)		870,470		11,377,043
Aetna, Inc.		556,722		27,925,176
Agilent Technologies, Inc.		314,882		14,015,398
Alcoa, Inc.		1,027,142		10,291,963
Alliance Data Systems Corp. (a)		14,545		1,832,088
Alliance Resource Partners LP		22,262		1,337,946
The Allstate Corp.		100,802		3,318,402
Altera Corp.		32,494		1,293,911
Altria Group, Inc.		391,984		12,100,546
Amdocs Ltd. (a)		50,673		1,600,253
Ameren Corp.		44,355		1,445,086
American Electric Power Co., Inc.		181,462		7,000,804
American Express Co.		100,956		5,841,314
American Tower Corp.		232,345		14,642,382
American Water Works Co., Inc.		196,761		6,695,777
Ameriprise Financial, Inc.		20,573		1,175,336
AmerisourceBergen Corp.		231,019		9,166,834
Amgen, Inc.		22,877		1,555,407
Anadarko Petroleum Corp.		280,522		21,976,093
Analog Devices, Inc.		30,809		1,244,684
Apache Corp.		159,533		16,023,495
Apple, Inc. (a)(b)		266,801		159,939,195
Applied Materials, Inc. (b)		871,900		10,846,436
Arch Capital Group Ltd. (a)		141,951		5,286,255
AT&T, Inc.		1,916,573		59,854,575
Autoliv, Inc.		14,300		958,815
Axis Capital Holdings Ltd.		32,621		1,082,039
Baker Hughes, Inc.		96,053		4,028,463
Bank of America Corp.		3,202,517		30,648,088
The Bank of New York Mellon Corp.		1,065,997		25,722,508
Biogen Idec, Inc. (a)		13,097		1,649,829
BMC Software, Inc. (a)		28,309		1,136,889
The Boeing Co.		315,011		23,427,368
BorgWarner, Inc. (a)		77,824		6,563,676
Bristol-Myers Squibb Co.		1,152,445		38,895,019
Bunge Ltd. (c)		23,258		1,591,778
CA, Inc.		831,981		22,929,396
Calpine Corp. (a)		778,527		13,398,450
Capital One Financial Corp.		123,627		6,890,969
Cardinal Health, Inc.		28,983		1,249,457
Celgene Corp. (a)		91,115		7,063,235
CenturyLink, Inc.		108,101		4,178,104
Chevron Corp.		501,532		53,784,292
Chubb Corp.		167,939		11,606,264
Cigna Corp.		175,597		8,648,152

	Shares		Value
Common Stocks
United States (continued)
Cisco Systems, Inc. (b)		2,332,859	$	49,339,968
Citigroup, Inc.		1,291,673		47,210,648
CMS Energy Corp.		308,728		6,792,016
CNA Financial Corp.		53,918		1,581,415
Coach, Inc.		21,580		1,667,702
The Coca-Cola Co.		118,114		8,741,617
Coca-Cola Enterprises, Inc.		43,913		1,255,912
Cognizant Technology Solutions Corp. (a)		45,057		3,467,136
Colgate-Palmolive Co.		212,610		20,789,006
Comcast Corp., Class A		1,283,223		38,509,522
ConAgra Foods, Inc.		169,958		4,463,097
ConocoPhillips (b)		21,446		1,630,110
Consol Energy, Inc.		1,120,123		38,196,194
Constellation Brands, Inc., Class A (a)		137,783		3,250,301
Corning, Inc. (b)(e)		2,503,653		35,251,434
Coventry Health Care, Inc.		33,945		1,207,424
Crown Castle International Corp. (a)		109,139		5,821,474
Crown Holdings, Inc. (a)		127,552		4,697,740
CVS Caremark Corp.		379,255		16,990,624
DaVita, Inc. (a)		119,889		10,810,391
Dell, Inc. (a)(b)		860,112		14,277,859
Devon Energy Corp.		260,183		18,504,215
Diamond Offshore Drilling, Inc.		22,859		1,525,838
Discover Financial Services, Inc.		349,807		11,662,565
DISH Network Corp., Class A		155,463		5,119,397
Dominion Resources, Inc.		130,392		6,677,374
The Dow Chemical Co.		450,981		15,621,982
Dr. Pepper Snapple Group, Inc.		118,710		4,773,329
E.I. du Pont de Nemours & Co.		311,101		16,457,243
Eastman Chemical Co.		28,485		1,472,390
eBay, Inc. (a)		228,470		8,428,258
Electronic Arts, Inc. (a)(b)		1,028,849		16,955,432
Eli Lilly & Co.		153,080		6,164,532
EMC Corp. (a)(b)		785,993		23,485,471
Endurance Specialty Holdings Ltd.		160,864		6,540,730
Entergy Corp.		60,283		4,051,018
EQT Corp.		206,810		9,970,310
Exelon Corp.		227,791		8,931,685
Expedia, Inc.		32,241		1,078,139
Exxon Mobil Corp.		1,445,898		125,402,734
Fidelity National Financial, Inc., Class A		409,048		7,375,135
Fidelity National Information Services, Inc.		73,252		2,426,106
FMC Corp.		328,349		34,759,025
Ford Motor Co.		1,190,195		14,865,536
Freeport-McMoRan Copper & Gold, Inc., Class B (b)		244,317		9,293,819
Freescale Semiconductor Holdings I Ltd. (a)(c)		809,319		12,455,419
General Dynamics Corp.		176,461		12,948,708
General Electric Co.		3,306,435		66,360,150
General Mills, Inc.		367,496		14,497,717
General Motors Co. (a)(c)		556,126		14,264,632
Gilead Sciences, Inc. (a)		387,681		18,938,217
The Goldman Sachs Group, Inc.		175,880		21,874,196
Google, Inc., Class A (a)		86,492		55,462,130
H.J. Heinz Co.		82,476		4,416,590

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    5

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

	Shares		Value
Common Stocks
United States (continued)
Halliburton Co.		371,290	$	12,323,115
Harris Corp.		19,948		899,256
HCA Holdings, Inc.		422,677		10,457,029
HealthSouth Corp. (a)		306,701		6,281,236
Helmerich & Payne, Inc.		27,939		1,507,309
Herbalife Ltd.		26,667		1,835,223
Hewlett-Packard Co.		612,043		14,584,985
Hologic, Inc. (a)		580,378		12,507,146
Humana, Inc.		161,935		14,975,749
Intel Corp. (b)		1,162,422		32,675,682
International Business Machines Corp. (b)		322,222		67,231,620
International Game Technology		369,783		6,208,657
International Paper Co.		162,361		5,698,871
Intuit, Inc.		25,003		1,503,430
ITC Holdings Corp.		33,975		2,614,037
Johnson & Johnson		934,468		61,637,509
Johnson Controls, Inc.		196,402		6,379,137
JPMorgan Chase & Co.		1,285,164		59,091,841
Juniper Networks, Inc. (a)(b)		751,601		17,196,631
KBR, Inc.		278,411		9,897,511
KLA-Tencor Corp.		26,029		1,416,498
The Kroger Co.		53,075		1,286,007
L-3 Communications Holdings, Inc.		21,826		1,544,626
Lear Corp.		33,900		1,576,011
Life Technologies Corp. (a)		216,354		10,562,402
Limited Brands, Inc.		33,565		1,611,120
Lincoln National Corp.		68,755		1,812,382
Lorillard, Inc.		58,330		7,552,568
Macy's, Inc.		34,126		1,355,826
Marathon Oil Corp.		468,199		14,841,908
Marathon Petroleum Corp.		626,659		27,171,934
Marvell Technology Group Ltd. (a)		317,395		4,992,623
MasterCard, Inc., Class A		43,794		18,417,129
Mattel, Inc. (b)		470,719		15,844,402
McDermott International, Inc. (a)		521,158		6,676,034
McDonald's Corp. (b)		145,118		14,236,076
The McGraw-Hill Cos., Inc.		26,871		1,302,437
McKesson Corp.		170,033		14,923,796
Mead Johnson Nutrition Co.		282,048		23,263,319
Medco Health Solutions, Inc. (a)		213,813		15,031,054
Medtronic, Inc.		507,429		19,886,143
Merck & Co., Inc.		1,053,999		40,473,562
MetLife, Inc.		237,596		8,874,211
MetroPCS Communications, Inc. (a)		412,006		3,716,294
Mettler-Toledo International, Inc. (a)(c)		35,262		6,514,655
Microsoft Corp.		2,925,177		94,336,958
Motorola Solutions, Inc.		166,116		8,443,676
Murphy Oil Corp.		26,461		1,488,960
Mylan, Inc. (a)		517,091		12,125,784
National Oilwell Varco, Inc.		416,790		33,122,301
NetApp, Inc. (a)(b)		261,600		11,711,832
Newmont Mining Corp.		682,217		34,977,266
NextEra Energy, Inc.		365,843		22,345,690
Northern Trust Corp.		136,755		6,489,025
NRG Energy, Inc. (a)		247,239		3,874,235
Occidental Petroleum Corp.		477,059		45,430,329
Oracle Corp. (b)		2,434,814		70,999,176

	Shares		Value
Common Stocks
United States (concluded)
PACCAR, Inc.		117,393	$	5,497,514
Pall Corp.		42,078		2,509,111
Parker Hannifin Corp.		17,853		1,509,471
PerkinElmer, Inc.		232,734		6,437,422
Perrigo Co.		92,839		9,591,197
Pfizer, Inc.		2,482,535		56,254,243
Philip Morris International, Inc.		269,915		23,917,168
Platinum Underwriters Holdings Ltd.		76,856		2,805,244
Polycom, Inc. (a)(b)		431,082		8,220,734
PPG Industries, Inc.		17,065		1,634,827
PPL Corp.		395,163		11,167,306
Praxair, Inc.		55,470		6,359,081
Precision Castparts Corp.		77,347		13,373,296
The Procter & Gamble Co.		378,003		25,405,582
The Progressive Corp.		216,096		5,009,105
Prudential Financial, Inc.		104,748		6,639,976
PulteGroup, Inc. (a)		1,034,223		9,152,874
QEP Resources, Inc.		509,191		15,530,326
QUALCOMM, Inc. (b)		682,794		46,443,648
Quicksilver Resources, Inc. (a)(b)(c)		1,832,062		9,233,592
Ralph Lauren Corp. (b)		6,355		1,107,867
Reinsurance Group of America, Inc.		19,740		1,173,938
RenaissanceRe Holdings Ltd.		78,617		5,953,665
Ross Stores, Inc.		20,835		1,210,514
SanDisk Corp. (a)(b)		451,258		22,377,884
Sara Lee Corp. (b)		924,400		19,902,332
Schlumberger Ltd.		537,381		37,579,053
Simon Property Group, Inc.		55,732		8,119,038
SM Energy Co. (b)		178,868		12,658,488
The Southern Co.		342,165		15,373,473
Spirit AeroSystems Holdings, Inc., Class A (a)		480,825		11,760,980
The St. Joe Co. (a)		1,741,062		33,097,589
State Street Corp.		439,759		20,009,035
Symantec Corp. (a)		608,619		11,381,175
Texas Instruments, Inc.		311,844		10,481,077
Thermo Fisher Scientific, Inc.		197,152		11,115,430
Time Warner Cable, Inc.		97,234		7,924,571
Torchmark Corp.		27,691		1,380,396
The Travelers Cos., Inc.		280,665		16,615,368
U.S. Bancorp (b)		790,810		25,052,861
Union Pacific Corp.		292,084		31,393,188
United Technologies Corp.		341,266		28,304,602
UnitedHealth Group, Inc.		278,769		16,430,645
Universal Health Services, Inc., Class B (b)		131,600		5,515,356
Unum Group		53,997		1,321,847
Urban Outfitters, Inc. (a)		31,500		916,965
Valero Energy Corp.		58,472		1,506,823
Validus Holdings Ltd.		115,801		3,584,041
Vanguard Health Systems, Inc. (a)		248,327		2,448,504
Verizon Communications, Inc.		754,389		28,840,291
Vertex Pharmaceuticals, Inc. (a)(b)		302,626		12,410,692
Viacom, Inc., Class B		168,192		7,982,392
Visa, Inc., Class A		195,114		23,023,452
Wal-Mart Stores, Inc.		580,371		35,518,705
The Walt Disney Co.		303,675		13,294,892
Waters Corp. (a)		127,353		11,800,529

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    6

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

		Shares		Value
Common Stocks
United States (concluded)
Weatherford International Ltd. (a)			434,470	$	6,556,152
WellPoint, Inc.			320,147		23,626,849
Wells Fargo & Co.			1,189,836		40,621,001
Western Digital Corp. (a)			40,009		1,655,973
The Western Union Co.			55,121		970,130
Whiting Petroleum Corp. (a)(b)			432,820		23,502,126
Wyndham Worldwide Corp.			26,437		1,229,585
Xerox Corp.			1,096,318		8,858,249
XL Group Plc			931,338		20,200,721
					3,507,809,078
Total Common Stocks – 61.7%					6,457,957,888
		Par (000)
Fixed Income Securities
Asset-Backed Securities
United States — 0.1%
Domino’s Pizza Master Issuer LLC, Series 2012-1A, Class A2, 5.22%, 1/25/42 (d)	USD		5,644		5,780,319
Total Asset-Backed Securities – 0.1%					5,780,319
Corporate Bonds
Argentina — 0.0%
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (d)			1,027		616,200
Australia — 0.2%
FMG Resources August 2006 Ltd., 6.00%, 4/01/17 (d)			2,512		2,486,880
Rio Tinto Finance USA Plc, 2.00%, 3/22/17			4,425		4,434,996
TFS Corp. Ltd., 11.00%, 7/15/18 (d)			9,765		9,767,994
					16,689,870
Brazil — 0.4%
Banco Bradesco SA, 4.50%, 1/12/17 (d)			7,440		7,826,880
Banco Santander Brasil SA, 4.63%, 2/13/17 (d)			9,400		9,423,500
Hypermarcas SA, 6.50%, 4/20/21 (d)			3,840		3,724,800
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 6/30/21 (d)			5,642		6,008,581
OGX Petroleo e Gas Participacoes SA, 8.50%, 6/01/18 (d)			8,699		9,038,261
Petrobras International Finance Co., 3.50%, 2/06/17			9,409		9,643,933
					45,665,955
Canada — 0.2%
Bank of Nova Scotia, 2.55%, 1/12/17	USD		8,124		8,329,269

		Par
		(000)		Value
Corporate Bonds
Canada (concluded)
The Toronto-Dominion Bank, 2.38%, 10/19/16	USD		6,970	$	7,149,526
Viterra, Inc., 5.95%, 8/01/20 (d)			2,866		3,127,162
					18,605,957
Chile — 0.1%
Banco Santander Chile, 2.51%, 2/14/14 (d)(g)			6,280		6,248,343
Inversiones Alsacia SA, 8.00%, 8/18/18 (d)			7,611		7,349,480
					13,597,823
China — 0.1%
Celestial Nutrifoods Ltd., 0.00%, 6/12/49 (a)(h)(i)	SGD		11,400		272,066
China Milk Products Group Ltd., 0.00%, 1/15/49 (a)(h)	USD		4,800		960,000
China Petroleum & Chemical Corp., Series SINO, 0.00%, 4/24/14 (f)(i)	HKD		30,530		4,589,987
					5,822,053
France — 0.0%
Numericable Finance & Co., 12.38%, 2/15/19 (d)	EUR		1,035		1,366,575
Hong Kong — 0.1%
FU JI Food and Catering Services Holdings Ltd., 0.00%, 10/18/10 (a)(h)(i)	CNY		13,100		124,801
Hutchinson Whampoa International Ltd., 3.50%, 1/13/17 (d)	USD		6,239		6,314,979
Wharf Finance 2014 Ltd., 2.30%, 6/07/14 (f)	HKD		46,000		5,760,700
					12,200,480
India — 0.3%
REI Agro Ltd. (f):
5.50%, 11/13/14	USD		2,550		1,861,500
5.50%, 11/13/14 (d)			6,845		4,996,850
Suzlon Energy Ltd. (f)(i):
0.00%, 6/12/12			3,700		4,551,000
80.21%, 10/11/12			7,525		7,788,375
13.48%, 7/25/14			7,384		6,276,400
Tata Steel Ltd., 63.54%, 9/05/12 (f)(i)			5,000		6,100,000
					31,574,125
Indonesia — 0.0%
Bumi Investment Property Ltd.:
10.75%, 10/06/17			550		595,375
10.75%, 10/06/17 (d)			3,406		3,686,995
					4,282,370
Ireland — 0.0%
Ono Finance II Plc, 10.88%, 7/15/19 (d)			1,039		945,490
Luxembourg — 0.3%
Evraz Group SA, 9.50%, 4/24/18 (d)			4,344		4,782,657
Gaz Capital SA, 2.89%, 11/15/12	JPY		300,000		3,614,088

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    7

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

		Par
		(000)		Value
Corporate Bonds
Luxembourg (concluded)
Intelsat Jackson Holdings SA, 7.50%, 4/01/21	USD		7,748	$	8,145,085
Matterhorn Mobile SA, 6.75%, 5/15/19 (d)	CHF		1,000		1,141,021
Subsea 7 SA, Series ACY, 2.25%, 10/11/13 (f)	USD		2,300		2,850,850
TNK-BP Finance SA:
7.50%, 7/18/16 (d)			2,386		2,690,215
6.63%, 3/20/17 (d)			6,338		6,987,645
Series 2, 7.50%, 7/18/16			1,015		1,144,413
					31,355,974
Malaysia — 0.0%
Paka Capital Ltd., 6.24%, 3/12/13 (f)(i)			3,600		3,646,620
Mexico — 0.1%
BBVA Bancomer SA, 6.50%, 3/10/21 (d)			4,903		5,111,377
Petroleos Mexicanos, 6.00%, 3/05/20			5,764		6,562,314
					11,673,691
Netherlands — 0.3%
Bio City Development Co. BV, 8.00%, 7/06/18 (d)(f)			23,800		23,740,500
New World Resources NV, 7.88%, 5/01/18	EUR		857		1,160,125
Portugal Telecom International Finance BV, Series PTC, 4.13%, 8/28/14 (f)			2,550		3,111,855
Rabobank Nederland Utrecht, 3.38%, 1/19/17	USD		9,330		9,538,423
					37,550,903
Singapore — 0.9%
CapitaLand Ltd. (f):
2.10%, 11/15/16	SGD		12,750		9,919,653
3.13%, 3/05/18			13,000		10,762,238
2.95%, 6/20/22			31,250		23,370,267
Keppel Land Ltd., 2.50%, 6/23/13 (f)			5,600		4,460,443
Olam International Ltd., 6.00%, 10/15/16 (f)	USD		13,600		15,871,200
Oversea-Chinese Banking Corp. Ltd., 1.63%, 3/13/15 (d)			6,296		6,313,484
Wilmar International Ltd., 22.44%, 12/18/12 (f)(i)			7,400		8,824,500
Yanlord Land Group Ltd., 9.50%, 5/04/17 (d)			2,793		2,485,770
Ying Li International Real Estate Ltd., 4.00%, 3/03/15 (f)	SGD		12,500		8,750,646
					90,758,201
South Korea — 0.4%
Export-Import Bank of Korea, 4.00%, 1/11/17	USD		1,256		1,307,298
Hyundai Capital Services, Inc., 4.38%, 7/27/16 (d)			1,783		1,865,109
Hyundai Motor Manufacturing Czech sro, 4.50%, 4/15/15 (d)			3,276		3,452,678

		Par
		(000)		Value
Corporate Bonds
South Korea (concluded)
Korea Development Bank:
3.88%, 5/04/17	USD		2,446	$	2,531,906
3.50%, 8/22/17			5,060		5,141,420
Zeus Cayman, 0.00%, 8/19/13 (f)(i)	JPY		1,588,000		18,993,838
Zeus Cayman II,0.00%, 8/18/16 (f)(i)	USD		672,000		8,068,141
					41,360,390
Spain — 0.0%
Nara Cable Funding, Ltd., 8.88%, 12/01/18 (d)	EUR		3,506		4,325,255
Sweden — 0.1%
Nordea Bank AB, 3.13%, 3/20/17 (d)	USD		6,312		6,318,571
Switzerland — 0.1%
UBS AG, Series BKNT, 5.88%, 12/20/17			4,997		5,540,199
UBS AG London, 1.88%, 1/23/15 (d)			6,271		6,316,483
					11,856,682
United Arab Emirates — 0.4%
Dana Gas Sukuk Ltd., 7.50%, 10/31/12 (f)			44,180		34,902,200
Pyrus Ltd. (f):
7.50%, 12/20/15			2,300		2,372,450
7.50%, 12/20/15 (d)			7,200		7,426,800
					44,701,450
United Kingdom — 0.4%
Anglo American Plc, Series AAL, 4.00%, 5/07/14 (f)			2,500		3,473,750
Essar Energy Invest Ltd., 4.25%, 2/01/16 (f)			1,800		1,188,900
Essar Energy Plc, 4.25%, 2/01/16			8,100		5,467,500
Lloyds TSB Bank Plc, 13.00% (j)	GBP		10,148		20,686,681
OTE Plc, 7.25%, 4/08/14	EUR		1,441		1,581,692
Petropavlovsk 2010 Ltd., 4.00%, 2/18/15 (f)	USD		3,300		3,014,550
Vodafone Group PLC, 1.63%, 3/20/17			6,280		6,192,124
					41,605,197
United States — 2.0%
3D Systems Corp., 5.50%, 12/15/16 (d)(f)			1,783		2,379,342
Ally Financial, Inc., 4.50%, 2/11/14			4,260		4,265,325
American Express Credit Corp., 2.38%, 3/24/17			6,280		6,289,659
Amylin Pharmaceuticals, Inc., 3.00%, 6/15/14 (f)			7,139		7,076,534
Building Materials Corp. of America, 6.88%, 8/15/18 (d)			2,035		2,139,294
Calpine Corp., 7.88%, 7/31/20 (d)			2,034		2,211,975
Capsugel Finance Co. SCA, 9.88%, 8/01/19 (d)	EUR		1,678		2,422,579

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    8

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

		Par
		(000)		Value
Corporate Bonds
United States (continued)
Citigroup Funding, Inc., 2.68%, 11/27/12 (i)	USD		12,500	$	12,283,058
Consol Energy, Inc., 8.00%, 4/01/17			9,814		10,231,095
Crown Cork & Seal Co., Inc., 7.50%, 12/15/96			375		316,875
DaVita, Inc.:
6.38%, 11/01/18			2,988		3,129,930
6.63%, 11/01/20			3,163		3,305,335
DJO Finance LLC, 9.75%, 10/15/17			835		622,075
Electronic Arts, Inc., 0.75%, 7/15/16 (d)(f)			5,867		5,397,640
Ford Motor Credit Co. LLC:
7.00%, 4/15/15			2,123		2,319,078
8.00%, 12/15/16			1,406		1,630,122
6.63%, 8/15/17			2,019		2,237,321
General Electric Capital Corp., 5.63%, 5/01/18			6,277		7,275,589
Gilead Sciences, Inc. (f):
1.63%, 5/01/16			9,428		12,044,270
Series B, 0.63%, 5/01/13			1,478		1,954,655
The Hertz Corp., 7.50%, 10/15/18			669		709,976
Hewlett-Packard Co., 2.60%, 9/15/17			9,415		9,409,200
Hologic, Inc., 2.00%, 12/15/37 (f)(k)			16,260		19,186,800
HSBC Finance Corp., 6.68%, 1/15/21			1,895		2,022,787
Hughes Satellite Systems Corp.:
6.50%, 6/15/19			5,487		5,733,915
7.63%, 6/15/21			1,792		1,921,920
JPMorgan Chase Bank NA, 0.80%, 6/13/16 (g)			8,346		7,754,461
Linn Energy LLC, 7.75%, 2/01/21			4,040		4,191,500
Mylan, Inc., 3.75%, 9/15/15 (f)			9,033		16,914,292
NB Capital Trust II, 7.83%, 12/15/26			698		698,000
Phibro Animal Health Corp., 9.25%, 7/01/18 (d)			694		688,795
Phillips 66, 2.95%, 5/01/17 (d)			653		663,711
Reliance Holdings USA, Inc. (d):
4.50%, 10/19/20			4,124		3,976,984
5.40%, 2/14/22			3,250		3,233,090
Samson Investment Co., 9.75%, 2/15/20 (d)			5,643		5,713,537
SM Energy Co., 3.50%, 4/01/27 (f)			6,017		7,829,621
SunGard Data Systems, Inc., 7.38%, 11/15/18			5,278		5,607,875
Take-Two Interactive Software, Inc. (f):
4.38%, 6/01/14			2,340		3,615,300
1.75%, 12/01/16 (d)			5,368		5,669,950
Texas Industries, Inc., 9.25%, 8/15/20			7,863		7,548,480

		Par
		(000)		Value
Corporate Bonds
United States (concluded)
U.S. Bancorp, 2.20%, 11/15/16	USD		5,090	$	5,188,827
					207,810,772
Total Corporate Bonds – 6.5%					684,330,604
Floating Rate Loan Interests (g)
United States — 0.2%
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15			12,761		12,824,972
Vodafone Americas Finance 2, Inc., Term Loan B, 6.25%, 7/11/16 (l)			7,114		7,131,347
Total Floating Rate Loan Interests – 0.2%					19,956,319
Foreign Agency Obligations
Australia Government Bond:
4.75%, 11/15/12	AUD		28,239		29,423,943
5.50%, 12/15/13			28,290		30,279,725
5.75%, 5/15/21			43,427		50,978,843
Series 123, 5.75%, 4/15/12			28,239		29,270,374
Brazil Notas do Tesouro Nacional:
Series B, 6.00%, 5/15/15	BRL		21,004		26,314,861
Series F, 10.00%, 1/01/17			109,755		58,251,477
Series F, 10.00%, 1/01/21			129,279		66,459,814
Bundesrepublik Deutschland:
4.25%, 7/04/17	EUR		74,189		115,905,161
3.50%, 7/04/19			58,709		89,990,389
Canadian Government Bond:
4.00%, 6/01/16	CAD		11,321		12,483,348
1.50%, 3/01/17			18,749		18,721,745
3.50%, 6/01/20			13,861		15,443,665
Hong Kong Government Bond:
4.13%, 2/22/13	HKD		61,350		8,182,215
2.03%, 3/18/13			97,600		12,795,315
1.67%, 3/24/14			37,850		5,006,920
3.51%, 12/08/14			96,250		13,442,217
1.69%, 12/22/14			49,550		6,610,108
Malaysia Government Bond, Series 0108, 3.46%, 7/31/13	MYR		38,171		12,522,468
Netherlands Government Bond, 1.20%, 2/24/17 (d)(i)	USD		12,526		12,319,002
Poland Government Bond:
3.00%, 8/24/16	PLN		35,105		14,441,535
5.00%, 3/23/22	USD		2,872		3,027,145
United Kingdom Gilt:
4.00%, 9/07/16	GBP		9,226		16,755,070
4.75%, 3/07/20			65,647		128,154,891
4.25%, 12/07/40			9,650		17,932,058
Vietnam Government International Bond:
6.75%, 1/29/20	USD		3,324		3,631,470

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    9

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

		Par
		(000)		Value
Foreign Agency Obligations
Vietnam Government International Bond (concluded):
6.75%, 1/29/20	USD		138	$	150,765
Total Foreign Agency Obligations – 7.6%					798,494,524
Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 0.1%
Banc of America Large Loan, Inc., Series 2010-HLTN, Class HLTN, 1.99%, 11/15/15 (d)(g)			9,784		9,148,515
Total Non-Agency Mortgage-Backed Securities – 0.1%					9,148,515
US Treasury Obligations
US Treasury Notes:
0.63%, 7/31/12			11,335		11,353,701
2.25%, 1/31/15			18,716		19,626,840
2.38%, 2/28/15 (e)			74,974		78,956,994
2.50%, 3/31/15 (m)			88,589		93,738,659
2.25%, 3/31/16			101,133		106,987,161
0.88%, 1/31/17			15,729		15,631,821
1.00%, 3/31/17			11,271		11,247,130
1.38%, 9/30/18			54,623		54,259,752
1.75%, 10/31/18			6,179		6,277,196
1.25%, 1/31/19			6,268		6,136,565
3.50%, 5/15/20			168,498		189,533,852
2.63%, 8/15/20 (e)			120,936		127,502,673
2.00%, 2/15/22			3,140		3,079,946
Total US Treasury Obligations – 6.9%					724,332,290
Total Fixed Income Securities – 21.4%					2,242,042,571
		Shares
Investment Companies
United States — 2.1%
ETFS Gold Trust (a)			256,340		42,355,058
ETFS Palladium Trust (a)			89,760		5,786,827
ETFS Platinum Trust (a)			75,973		12,286,354
iShares Gold Trust (a)(n)			2,310,427		37,590,647

		Shares		Value
Investment Companies
United States (concluded)
SPDR Gold Shares (a)			724,017	$	117,392,117
					215,411,003
Vietnam — 0.0%
Vinaland Ltd. (a)			1,903,435		1,127,785
Total Investment Companies – 2.1%					216,538,788
		Par
		(000)
Preferred Securities
Capital Trusts
Germany — 0.0%
Deutsche Bank Capital Funding Trust, 5.63% (d)(g)(j)	USD		1,464		1,253,550
Switzerland — 0.1%
Credit Suisse Group Guernsey I Ltd., 7.88%, 2/24/41 (g)			6,257		6,166,273
United States — 0.0%
BAC Capital Trust XI, 6.63%, 5/23/36			1,708		1,724,699
JPMorgan Chase Capital XXV, Series Y, 6.80%, 10/01/37			794		798,447
					2,523,146
Total Capital Trusts – 0.1%					9,942,969
		Shares
Preferred Stocks
Switzerland — 0.0%
UBS AG, 9.38% (f)			278,025		4,595,753
United Kingdom — 0.1%
HSBC Holdings Plc, 8.00%			256,500		7,005,015
United States — 0.7%
Chesapeake Energy Corp., 5.75% (d)(f)			18,810		19,139,175
General Motors Co., 4.75% (f)			306,650		12,833,302
Health Care REIT, Inc., 6.50% (f)			129,025		6,745,427
PPL Corp. (f):
8.75%,			128,534		6,908,703
9.50%,			140,400		7,608,276
SandRidge Energy, Inc., 7.00%			41,800		5,094,375
US Bancorp, 6.50% (g)			248,764		6,763,893

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    10

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

		Shares		Value
Preferred Securities
Preferred Stocks (concluded)
United States (concluded)
Wells Fargo & Co., Series L, 7.50% (f)			4,370	$	4,879,979
					69,973,130
Total Preferred Stocks – 0.8%					81,573,898
Trust Preferreds
United States — 0.2%
Citigroup Capital XIII, 7.88%, 10/30/40			250,739		6,737,827
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 (f)			580,751		13,270,423
Omnicare Capital, 4.00%, 6/15/33			87,281		4,138,247
Wachovia Capital Trust IV, 6.38%, 3/01/67 (f)			22,925		574,023
Total Trust Preferreds – 0.2%					24,720,520
Total Preferred Securities – 1.1%					116,237,387
		Shares
Warrants (o)
Australia — 0.0%
TFS Corp. Ltd. (Expires 7/15/18)			3,613,050		308,320
Canada — 0.0%
Kinross Gold Corp. (Expires 9/13/13) (c)			37,568		19,962
United States — 0.0%
Ford Motor Co. (Expires 1/01/13)			560,613		1,950,933
Total Warrants – 0.0%					2,279,215
Total Long-Term Investments (Cost – $8,109,161,330) – 86.3%					9,035,055,849
		Par
		(000)
Short-Term Securities
Foreign Agency Obligations
Bank Negara Malaysia Monetary Notes, 2.82%, 4/03/12 (p)	MYR		56,913		18,573,469
Japan Treasury Discount Bill, 0.10%, 5/14/12 (p)	JPY		1,830,000		22,106,860
Malaysia Government Bond, Series 0109, 2.51%, 8/27/12	MYR		129,521		42,189,304
Mexico Cetes, 4.48%, 5/03/12 (p)	MXN		251,500		19,579,125

		Par
		(000)		Value
Short-Term Securities
Foreign Agency Obligations (concluded)
Singapore Treasury Bill, 0.31%, 5/03/12 (p)	SGD		25,070	$	19,937,950
Total Foreign Agency Obligations – 1.2%					122,386,708
		Shares
Money Market Funds
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.14% (n)(q)			3,265,451		3,265,451
		Beneficial
		Interest
		(000)
BlackRock Liquidity Series, LLC Money Market Series, 0.24% (n)(q)(r)	USD		51,690		51,689,889
Total Money Market Funds – 0.5%					54,955,340
		Par
		(000)
Time Deposits
Australia — 0.0%
JPMorgan Chase & Co., 3.34%, 4/03/12	AUD		550		569,845
Europe — 0.0%
JPMorgan Chase & Co., 0.05%, 4/03/12	EUR		1,603		2,138,219
Hong Kong — 0.0%
Brown Brothers Harriman & Co., 0.01%, 4/03/12	HKD		42		5,389
Japan — 0.0%
Citibank NA, 0.01%, 4/03/12	JPY		31,499		380,565
South Africa — 0.0%
Brown Brothers Harriman & Co., 4.25%, 4/03/12	ZAR		930		121,244
United Kingdom — 0.0%
JPMorgan Chase & Co., 0.06%, 4/03/12	GBP		93		148,791
United States — 0.0%
Brown Brothers Harriman & Co., 0.07%, 4/02/12	USD		16		15,798
Total Time Deposits – 0.0%					3,379,851

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    11

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

		Par
		(000)		Value
Short-Term Securities
US Treasury Obligations
US Treasury Bills (p):
0.02% - 0.04%, 4/05/12	USD		13,200	$	13,199,948
0.01% - 0.05%, 4/12/12			94,750		94,749,193
0.02% - 0.10%, 4/19/12			63,700		63,698,083
0.06% - 0.08%, 5/03/12			75,650		75,645,940
0.02% - 0.11%, 5/10/12			131,460		131,449,519
0.01% - 0.10%, 5/17/12			80,530		80,523,424
0.01% - 0.07%, 5/24/12			84,830		84,823,209
0.04%, 5/31/12			6,300		6,299,433
0.03% - 0.08%, 6/07/12			202,140		202,117,767
0.03% - 0.10%, 6/14/12			182,400		182,377,746
0.04% - 0.10%, 6/21/12			186,830		186,804,405
0.05% - 0.09%, 6/28/12			47,200		47,192,023
0.06%, 7/05/12			56,290		56,279,361
0.06%, 7/12/12			26,800		26,794,372
0.09%, 8/02/12			16,900		16,894,558
Total US Treasury Obligations — 12.1%					1,268,848,981
Total Short-Term Securities (Cost – $1,451,762,979) – 13.8%					1,449,570,880
		Contracts
Options Purchased
Exchange-Traded Call Options — 0.0%
Apple, Inc., Strike Price USD 510.00, Expires 4/21/12			15		136,425
Intel Corp., Strike Price USD 27.00, Expires 7/21/12			4,095		763,718
Microsoft Corp., Strike Price USD 32.00, Expires 5/19/12			439		44,339
S&P 500 Index:
Strike Price USD 1,385.00, Expires 4/21/12			201		645,210
Strike Price USD 1,390.00, Expires 5/19/12			200		766,000
					2,355,692
Exchange-Traded Put Options - 0.0%
ConocoPhillips:
Strike Price USD 70.00, Expires 8/18/12			7,645		1,486,952
Strike Price USD 70.00, Expires 1/19/13			7,489		3,033,045
Mead Johnson Nutrition Corp., Strike Price USD 65.00, Expires 5/19/12			303		3,333
NASDAQ 100 Stock Index, Strike Price USD 2,500.00, Expires 4/21/12			602		171,570
S&P 500 Index, Strike Price USD 1,300.00, Expires 4/21/12			438		71,175

	Contracts		Value
Options Purchased
Exchange-Traded Put Options (concluded)
Union Pacific Corp., Strike Price USD 105.00, Expires 5/19/12		1,218	$	350,175
				5,116,250
Over-the-Counter Call Options — 0.1%
Deutsche Borse AG German Stock Index, Strike Price USD 7,258.78, Expires 9/21/12, Broker Goldman Sachs International		1,768		432,533
MSCI Europe Excluding United Kingdom Index:
Strike Price USD 102.90, Expires 6/15/12, Broker Deutsche Bank AG		92,381		36,633
Strike Price USD 104.71, Expires 6/15/12, Broker Goldman Sachs International		197,945		42,494
Strike Price USD 99.43, Expires 7/12/12, Broker Credit Suisse International		287,953		459,828
Strike Price USD 86.70, Expires 9/21/12, Broker JPMorgan Chase Bank NA		101,867		1,050,531
Nikkei 225 Index, Strike Price USD 9,774.71, Expires 12/14/12, Broker Citibank NA		2,135		1,881,505
S&P 500 Index:
Strike Price USD 1,410.47, Expires 8/17/12, Broker JPMorgan Chase Bank NA		14,964		717,394
Strike Price USD 1,412.15, Expires 8/17/12, Broker UBS AG		12,563		590,270
Strike Price USD 1,425.00, Expires 9/21/12, Broker Bank of America NA		18,593		898,722
Taiwan Taiex Index:
Strike Price USD 9,041.74, Expires 9/19/12, Broker JPMorgan Chase Bank NA		28,871		36,034
Strike Price USD 9,047.46, Expires 9/19/12, Broker Citibank NA		43,145		53,237
Strike Price USD 8,818.93, Expires 3/20/13, Broker Citibank NA		29,417		177,330
Strike Price USD 8,807.55, Expires 6/19/13, Broker Credit Suisse International		29,455		240,735
Strike Price USD 8,646.24, Expires 9/18/13, Broker Credit Suisse International		24,912		247,827
Strike Price USD 8,807.55, Expires 9/18/13, Broker Credit Suisse International		14,728		127,901

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    12

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

	Contracts		Value
Options Purchased
Over-the-Counter Call Options (concluded)
Taiwan Taiex Index (concluded):
Strike Price USD 8,646.11, Expires 12/18/13, Broker JPMorgan Chase Bank NA		49,746	$	494,933
Tokyo Stock Price Index, Strike Price USD 825.00, Expires 6/08/12, Broker Morgan Stanley International		2,539,901		1,245,374
				8,733,281
Over-the-Counter Put Options — 0.1%
Antofagasta Plc:
Strike Price GBP 12.76, Expires 4/27/12, Broker Morgan Stanley International		169,268		345,218
Strike Price GBP 12.96, Expires 4/30/12, Broker Morgan Stanley International		162,831		382,502
CAC 40 Index:
Strike Price USD 2,850.00, Expires 5/18/12, Broker JPMorgan Chase Bank NA		7,227		101,922
Strike Price USD 2,850.00, Expires 5/18/12, Broker UBS AG		7,235		102,035
Strike Price USD 3,350.00, Expires 5/18/12, Broker JPMorgan Chase Bank NA		7,227		770,774
Strike Price USD 3,350.00, Expires 5/18/12, Broker UBS AG		7,235		771,627
Deutsche Borse AG German Stock Index:
Strike Price USD 5,500.00, Expires 5/18/12, Broker BNP Paribas		1,874		16,655
Strike Price USD 5,500.00, Expires 5/18/12, Broker JPMorgan Chase Bank NA		1,876		16,673
Strike Price USD 6,500.00, Expires 5/18/12, Broker BNP Paribas		1,874		137,895
Strike Price USD 6,500.00, Expires 5/18/12, Broker JPMorgan Chase Bank NA		1,876		138,043
Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 41.36, Expires 4/30/12, Broker Credit Suisse International		115,081		438,629
Rio Tinto Plc, Strike Price GBP 35.30, Expires 4/27/12, Broker Morgan Stanley International		178,376		466,800
Russell 2000 Index:
Strike Price USD 703.15, Expires 4/20/12, Broker Goldman Sachs International		15,422		5,620

		Contracts		Value
Options Purchased
Over-the-Counter Put Options (concluded)
Russell 2000 Index (concluded):
Strike Price USD 701.68, Expires 5/18/12, Broker Morgan Stanley International			12,824	$	37,856
Strike Price USD 785.75, Expires 6/12/12, Broker Credit Suisse International			21,077		419,568
Strike Price USD 782.56, Expires 7/20/12, Broker BNP Paribas			10,751		295,088
Strike Price USD 807.90, Expires 8/17/12, Broker BNP Paribas			15,173		630,913
Strike Price USD 800.00, Expires 9/13/12, Broker Bank of America NA			24,983		1,097,465
Strike Price USD 804.79, Expires 10/19/12, Broker JPMorgan Chase Bank NA			15,154		794,724
					6,970,007
		Notional
		Amount
		(000)
Over-the-Counter Interest Rate Put Swaptions — 0.0%
Pay a fixed rate of 3.00% and receive a floating rate based on 3-month LIBOR, expiring 8/17/12, Broker Deutsche Bank AG	JPY		3,301,281		2,230
Total Options Purchased (Cost – $37,845,661) – 0.2%					23,177,460
Total Investments Before Structured Options and Options Written (Cost – $9,598,769,970*) – 100.3%					10,507,804,189
		Units
Over-the-Counter Structured Options
United States – 0.0%
Taiwan Taiex Index:
Initial Reference Strike Price TWD 8,571.82, One written put strike USD 243.41, One call strike USD 290.81, Expires 12/19/12 , Broker Citibank NA			29,421		(173,135	)
Initial Reference Strike Price 8,775.89, One written put strike 7,345.42, 1.45 call strike 8,775.89, Expires 12/19/12 , Broker Citibank NA			28,888		(280,879	)
Total Over-the-Counter Structured Options (Premiums Received – $—) – (0.0)%					(454,014	)

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    13

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

	Contracts
Options Written
Exchange-Traded Call Options — (0.2)%
Activision Blizzard, Inc., Strike Price USD 12.50, Expires 1/19/13		2,246	$	(303,210	)
Apple, Inc., Strike Price USD 450.00, Expires 1/19/13		587		(9,747,135	)
Applied Materials, Inc., Strike Price USD 12.00, Expires 7/21/12		8,719		(789,070	)
Cisco Systems, Inc., Strike Price USD 20.00, Expires 1/19/13		2,984		(723,620	)
Corning, Inc., Strike Price USD 17.50, Expires 1/19/13		10,483		(461,252	)
Dell, Inc., Strike Price USD 15.00, Expires 1/19/13		1,016		(269,748	)
Electronic Arts, Inc., Strike Price USD 20.00, Expires 1/19/13		2,802		(277,398	)
EMC Corp., Strike Price USD 25.00, Expires 1/19/13		1,296		(767,880	)
International Business Machines Corp., Strike Price USD 200.00, Expires 1/19/13		503		(940,610	)
Juniper Networks, Inc., Strike Price USD 23.00, Expires 7/21/12		4,955		(872,080	)
Mattel, Inc., Strike Price USD 35.00, Expires 1/19/13		835		(137,775	)
McDonald’s Corp., Strike Price USD 105.00, Expires 1/19/13		484		(116,644	)
NetApp, Inc., Strike Price USD 42.00, Expires 1/19/13		2,616		(1,831,200	)
Oracle Corp., Strike Price USD 30.00, Expires 1/19/13		3,770		(887,835	)
Polycom, Inc., Strike Price USD 27.50, Expires 7/21/12		1,828		(27,420	)
QUALCOMM, Inc., Strike Price USD 65.00, Expires 4/21/12		818		(304,705	)
Ralph Lauren Corp., Strike Price USD 170.00, Expires 4/21/12		63		(40,635	)
SanDisk Corp., Strike Price USD 50.00, Expires 1/19/13		1,077		(702,742	)
Sara Lee Corp., Strike Price USD 20.00, Expires 4/21/12		6,163		(986,080	)
SM Energy Corp., Strike Price USD 85.00, Expires 5/19/12		505		(17,675	)
Universal Health Services, Inc., Strike Price USD 40.00, Expires 7/21/12		1,316		(506,660	)
U.S. Bancorp, Strike Price USD 30.00, Expires 6/16/12		1,661		(393,657	)
Valeant Pharmaceuticals International, Inc., Strike Price USD 50.00, Expires 1/19/13		518		(497,280	)
Vertex Pharmaceuticals, Inc.:
Strike Price USD 35.00, Expires 7/21/12		1,577		(1,253,715	)
Strike Price USD 40.00, Expires 1/19/13		1,449		(1,188,180	)
Whiting Petroleum Corp.:
Strike Price USD 52.50, Expires 1/19/13		1,399		(1,245,110	)

	Contracts		Value
Options Written
Exchange-Traded Call Options (concluded)
Strike Price USD 72.50, Expires 1/19/13		605	$	(124,025	)
				(25,413,341	)
Exchange-Traded Put Options — (0.0)%
Apple, Inc., Strike Price USD 475.00, Expires 4/21/12		15		(855	)
ConocoPhillips:
Strike Price USD 60.00, Expires 8/18/12		7,645		(393,717	)
Strike Price USD 55.00, Expires 1/19/13		7,489		(924,892	)
Intel Corp., Strike Price USD 25.00, Expires 7/21/12		4,095		(184,275	)
NASDAQ 100 Stock Index, Strike Price USD 2,350.00, Expires 4/21/12		602		(43,645	)
Quicksilver Resources, Inc., Strike Price USD 6.00, Expires 6/16/12		2,316		(277,920	)
				(1,825,304	)
Over-the-Counter Call Options — (0.1)%
Deutsche Borse AG German Stock Index, Strike Price USD 7,828.10, Expires 9/21/12, Broker Goldman Sachs International		1,768		(120,729	)
Mattel, Inc., Strike Price USD 33.00, Expires 1/18/13, Broker Morgan Stanley International		71,800		(173,770	)
MSCI Europe Excluding United Kingdom Index, Strike Price USD 113.85, Expires 7/12/12, Broker Credit Suisse International		287,953		(9,077	)
Nikkei 225 Index, Strike Price USD 10,828.27, Expires 12/14/12, Broker Citibank NA		2,135		(740,717	)
Russell 2000 Index:
Strike Price USD 771.17, Expires 4/20/12, Broker Goldman Sachs International		15,422		(943,660	)
Strike Price USD 786.96, Expires 5/18/12, Broker Morgan Stanley International		12,824		(703,351	)
Strike Price USD 804.63, Expires 6/12/12, Broker Credit Suisse International		21,077		(1,011,780	)
Strike Price USD 813.83, Expires 7/20/12, Broker BNP Paribas Securities		10,751		(534,198	)
Strike Price USD 877.51, Expires 8/17/12, Broker BNP Paribas		15,173		(345,406	)
Strike Price USD 833.69, Expires 9/13/12, Broker Bank of America NA		24,983		(1,184,094	)
Strike Price USD 894.56, Expires 10/19/12, Broker JPMorgan Chase Bank NA		15,154		(386,933	)

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    14

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

	Contracts		Value
Options Written
Over-the-Counter Call Options (concluded)
Unilever NV CVA, Strike Price EUR 26.00, Expires 6/15/12, Broker Morgan Stanley International		190,260	$	(149,107	)
				(6,302,822	)
Over-the-Counter Put Options — (0.1)%
Antofagasta Plc:
Strike Price GBP 10.80, Expires 4/27/12, Broker Morgan Stanley International		169,268		(33,153	)
Strike Price GBP 10.97, Expires 4/30/12, Broker Morgan Stanley International		162,831		(48,099	)
CAC 40 Index:
Strike Price USD 3,100.00, Expires 5/18/12, Broker JPMorgan Chase Bank NA		14,454		(561,897	)
Strike Price USD 3,100.00, Expires 5/18/12, Broker UBS AG		14,470		(562,519	)
Deutsche Borse AG German Stock Index:
Strike Price USD 6,000.00, Expires 5/18/12, Broker BNP Paribas		3,748		(93,964	)
Strike Price USD 6,000.00, Expires 5/18/12, Broker JPMorgan Chase Bank NA		3,752		(94,064	)
Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 36.05, Expires 4/30/12, Broker Credit Suisse International		115,081		(96,233	)
MSCI Europe Excluding United Kingdom Index:
Strike Price USD 98.12, Expires 6/15/12, Broker Deutsche Bank AG		92,381		(437,683	)
Strike Price USD 99.84, Expires 6/15/12, Broker Goldman Sachs International		197,945		(1,163,000	)
Strike Price USD 92.97, Expires 7/12/12, Broker Credit Suisse International		287,953		(851,202	)
Nikkei 225 Index, Strike Price USD 8,877.23, Expires 12/14/12, Broker Citibank NA		2,135		(599,485	)
Rio Tinto Plc, Strike Price GBP 29.87, Expires 4/27/12, Broker Morgan Stanley International		178,376		(18,789	)
Russell 2000 Index:
Strike Price USD 609.88, Expires 4/20/12, Broker Goldman Sachs International		15,422		(324	)
Strike Price USD 611.72, Expires 5/18/12, Broker Morgan Stanley International		12,824		(5,823	)

	Contracts		Value
Options Written
Over-the-Counter Put Options (concluded)
Strike Price USD 703.04, Expires 6/12/12, Broker Credit Suisse International		21,077	$	(131,859	)
Strike Price USD 700.19, Expires 7/20/12, Broker BNP Paribas		10,751		(121,114	)
Strike Price USD 725.04, Expires 8/17/12, Broker BNP Paribas		15,173		(291,494	)
Strike Price USD 700.00, Expires 9/13/12, Broker Bank of America NA		24,983		(465,166	)
Strike Price USD 730.12, Expires 10/19/12, Broker JPMorgan Chase Bank NA		15,154		(451,259	)
S&P 500 Index:
Strike Price USD 1,191.58, Expires 8/17/12, Broker UBS AG		12,563		(167,624	)
Strike Price USD 1,240.54, Expires 8/17/12, Broker Morgan Stanley International		14,964		(274,455	)
Strike Price USD 1,175.00, Expires 9/21/12, Broker Bank of America NA		18,593		(326,286	)
Taiwan Taiex Index:
Strike Price USD 7,608.62, Expires 9/19/12, Broker JPMorgan Chase Bank NA		28,871		(437,476	)
Strike Price USD 7,758.20, Expires 9/19/12, Broker Citibank NA		43,145		(760,558	)
Strike Price USD 7,557.82, Expires 3/20/13, Broker Citibank NA		29,417		(686,886	)
Strike Price USD 7,574.49, Expires 6/19/13, Broker Credit Suisse International		29,455		(809,860	)
Strike Price USD 6,957.96, Expires 9/18/13, Broker Credit Suisse International		14,728		(344,809	)
Strike Price USD 7,176.38, Expires 9/18/13, Broker Credit Suisse International		15,098		(402,050	)
Strike Price USD 7,180.59, Expires 12/18/13, Broker JPMorgan Chase Bank NA		30,149		(804,810	)
Tokyo Stock Price Index, Strike Price JPY 675.00, Expires 6/08/12, Broker Morgan Stanley International		1,395,550		(13,658	)
				(11,055,599	)

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    15

Consolidated Schedule of Investments (continued)	BlackRock Global Allocation V.I. Fund
	(Percentages shown are based on Net Assets)

		Notional
		Amount
		(000)		Value
Over-the-Counter Interest Rate Put Swaptions — (0.0)%
Receive a fixed rate of 3.15% and pay a floating rate based on 3-month LIBOR, expiring 4/30/13, Broker Morgan Stanley & Co., Inc.	JPY		3,301,281	$	(72,710	)
Total Options Written (Premiums Received – $42,930,849) – (0.4)%					(44,669,776	)
Total Investments, Net of Structured Options and Options Written – 99.9%					10,462,680,399
Other Assets Less Liabilities – 0.1%					8,692,087
Net Assets – 100.0%				$	10,471,372,486
*  As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
Tax cost				$	9,656,680,896
Gross unrealized appreciation				$	1,221,280,970
Gross unrealized depreciation					(370,157,677	)
Net unrealized appreciation				$	851,123,293

(a) Non-income producing security.

(b) All or a portion of the security has been pledged as collateral in connection with outstanding options written.

(c) Security, or a portion of security, is on loan.

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    16

Consolidated Schedule of Investments (continued) BlackRock Global Allocation V.I. Fund

(d) Security exempt from registration pursuant to Rule 144a under the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(e) All or a portion of security has been pledged as collateral in connection with swaps.

(f) Convertible security.

(g) Variable rate security. Rate shown is as of report date.

(h) Issuer filed for bankruptcy and/or is in default of interest payments.

(i) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(j) Security is perpetual in nature and has no stated maturity date.

(k) Represents a step-down bond that pays an initial coupon rate for the first period and then a lower coupon rate for the following periods. Rate shown is as of report date.

(l) Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.

(m) All or a portion of security has been pledged as collateral in connection with open financial futures contracts.

(n) Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2011		Shares Purchased		Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2012		Value at March 31, 2012		Realized Gain		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		5,001,683		—		(1,376,232	)1		3,625,451	$	3,265,451		—	$	449
BlackRock Liquidity Series, LLC Money Market Series	$	62,810,683		—	$	(11,120,794	)1	$	51,689,889	$	51,689,889		—	$	105,490
iShares Gold Trust		2,238,615		71,812		—			2,310,427	$	37,590,647		—		—
iShares Silver Trust2		81,751		—		(81,751	)		—		—	$	666,275		—

¹ Represents net shares/beneficial interest sold.

²  No longer held by the Fund as of report date.

(o) Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.

(p) Rates shown are discount rates or a range of discount rates paid at the time of purchase.

(q) Represents the current yield as of report date.

(r) Security was purchased with the cash collateral from loaned securities.

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    17

Consolidated Schedule of Investments (continued) BlackRock Global Allocation V.I. Fund

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Consolidated Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

ADR	American Depositary Receipts
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNH	Chinese Renminbi (offshore)
CNY	Chinese Renminbi
EUR	Euro
GBP	British Pound
GDR	Global Depositary Receipts
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	South Korean Won
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MXN	Mexican New Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
PLN	Polish Zloty
SGD	Singapore Dollar
SPDR	Standard and Poor's Depositary Receipts
THB	Thai Baht
TWD	Taiwan Dollar
USD	US Dollar
ZAR	South African Rand

• Financial futures contracts purchased as of March 31, 2012 were as follows:

							Unrealized
					Notional		Appreciation
Contracts	Issue	Exchange	Expiration		Value		(Depreciation)
24	Hang Seng Index	Hong Kong Futures Exchange	April 2012	HKD		24,600,000	$	(31,463	)
301	MSCI Taiwan Index	Stock Exchange of Singapore	April 2012	USD		8,497,230		(118,594	)
20	SGX MSCI Singapore Index	Stock Exchange of Singapore	April 2012	SGD		1,380,000		(7,086	)
155	DJ Euro Stoxx 50 Index	Eurex Mercantile	June 2012	EUR		3,733,950		(155,456	)
130	Nikkei 225 Index	Chicago Mercantile	June 2012	JPY		660,725,000		338,969
231	S&P 500 E-Mini Index	Chicago Mercantile	June 2012	USD		16,206,960		127,037
15	S&P TSE 60 Index	Montreal Exchange	June 2012	CAD		2,114,100		(545	)
Total							$	152,862

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    18

Consolidated Schedule of Investments (continued) BlackRock Global Allocation V.I. Fund

• Foreign currency exchange contracts as of March 31, 2012 were as follows:

							Unrealized
					Settlement		Appreciation
Currency Purchased		Currency Sold		Counterparty	Date		(Depreciation)
HKD	1,948,694	USD	250,962	Brown Brothers Harriman		4/02/12	$	(21	)
USD	5,833,949	EUR	4,401,652	JPMorgan Chase Bank NA		4/02/12		(36,532	)
USD	624,852	JPY	51,322,811	Barclays Bank Plc		4/02/12		4,786
USD	326,219	THB	10,063,856	Brown Brothers Harriman		4/02/12		—
MYR	56,913,000	USD	18,557,175	HSBC Securities		4/03/12		20,596
USD	148,894	GBP	93,024	Brown Brothers Harriman		4/03/12		102
USD	6,014,919	GBP	3,761,675	Credit Suisse Securities (USA) LLC		4/03/12		(1,884	)
USD	383,157	JPY	31,499,351	Brown Brothers Harriman		4/03/12		2,592
USD	396,490	JPY	32,672,379	Deutsche Bank Securities, Inc.		4/03/12		1,753
USD	36,893,730	MYR	113,826,000	HSBC Securities		4/03/12		(261,810	)
USD	455,908	THB	14,069,318	Brown Brothers Harriman		4/03/12		(148	)
JPY	1,248,832,000	USD	15,200,000	Deutsche Bank Securities, Inc.		4/05/12		(111,773	)
JPY	963,948,400	USD	11,600,000	Deutsche Bank Securities, Inc.		4/05/12		46,300
USD	39,139,832	JPY	3,153,926,832	Deutsche Bank Securities, Inc.		4/05/12		1,034,496
USD	9,784,509	MYR	29,900,480	Brown Brothers Harriman		4/05/12		24,274
KRW	7,475,220,000	USD	6,589,000	Deutsche Bank Securities, Inc.		4/06/12		6,890
CNH	21,812,005	USD	3,457,010	UBS AG		4/11/12		(4,148	)
CNH	156,312,595	USD	24,456,440	UBS AG		4/11/12		287,998
NOK	123,233,140	USD	21,581,986	Deutsche Bank Securities, Inc.		4/12/12		50,296
NOK	100,347,120	USD	17,580,084	UBS AG		4/12/12		34,798
USD	28,948,416	EUR	21,993,600	Credit Suisse Securities (USA) LLC		4/12/12		(385,562	)
USD	7,174,396	EUR	5,452,000	UBS AG		4/12/12		(97,213	)
CNY	201,819,426	USD	31,961,268	Credit Suisse Securities (USA) LLC		4/13/12		80,288
TWD	352,020,000	USD	11,912,690	HSBC Securities		4/13/12		14,867
USD	25,056,658	EUR	18,701,790	UBS AG		4/13/12		113,028
USD	45,303,931	GBP	28,371,700	Deutsche Bank Securities, Inc.		4/13/12		(73,699	)
USD	18,415,713	GBP	11,553,000	JPMorgan Chase Bank NA		4/13/12		(62,127	)
USD	29,676,046	AUD	29,050,871	Credit Suisse Securities (USA) LLC		4/16/12		(372,020	)
CAD	15,090,011	USD	15,232,127	Credit Suisse Securities (USA) LLC		4/19/12		(108,607	)
CAD	7,783,171	USD	7,856,393	Deutsche Bank Securities, Inc.		4/19/12		(55,938	)
USD	21,443,756	EUR	16,398,070	Deutsche Bank Securities, Inc.		4/19/12		(427,831	)
USD	31,988,424	GBP	20,342,400	JPMorgan Chase Bank NA		4/19/12		(545,901	)
CHF	9,387,649	EUR	7,737,860	Credit Suisse Securities (USA) LLC		4/20/12		80,755
CHF	19,321,890	EUR	15,951,367	UBS AG		4/20/12		132,716
SGD	15,705,840	USD	12,534,789	JPMorgan Chase Bank NA		4/20/12		(40,415	)
USD	23,677,777	JPY	1,980,113,280	Credit Suisse Securities (USA) LLC		4/20/12		(248,649	)
USD	12,637,122	JPY	1,057,474,400	Deutsche Bank Securities, Inc.		4/20/12		(140,723	)
USD	9,400,000	AUD	9,107,821	JPMorgan Chase Bank NA		4/26/12		(9,805	)
USD	16,800,000	AUD	16,223,968	JPMorgan Chase Bank NA		4/26/12		38,100
USD	10,298,216	AUD	9,864,475	UBS AG		4/26/12		106,669
USD	23,390,191	EUR	17,690,090	Credit Suisse Securities (USA) LLC		4/26/12		(205,382	)
USD	16,409,448	EUR	12,407,900	Deutsche Bank Securities, Inc.		4/26/12		(140,581	)
CHF	17,302,110	EUR	14,355,619	UBS AG		4/27/12		24,126
SGD	27,696,749	USD	21,887,569	HSBC Securities		4/27/12		145,984
USD	9,864,169	GBP	6,226,200	Deutsche Bank Securities, Inc.		4/27/12		(93,100	)
USD	13,032,555	GBP	8,227,000	Goldman Sachs & Co.		4/27/12		(124,499	)
USD	19,766,574	MXN	251,500,000	UBS AG		5/03/12		165,684
JPY	850,000,000	USD	10,967,742	Credit Suisse Securities (USA) LLC		5/14/12		(694,776	)
USD	35,031,306	JPY	2,680,000,000	Credit Suisse Securities (USA) LLC		5/14/12		2,641,247
USD	689,614	AUD	670,700	Goldman Sachs & Co.		5/15/12		(1,867	)
AUD	28,239,000	USD	27,562,676	JPMorgan Chase Bank NA		11/15/12		1,006,641
USD	14,772,921	AUD	14,631,000	Goldman Sachs & Co.		11/15/12		(29,221	)
USD	14,483,098	AUD	14,279,050	Goldman Sachs & Co.		11/15/12		37,023
USD	27,597,975	AUD	28,239,000	JPMorgan Chase Bank NA		11/15/12		(971,343	)
Total							$	856,434

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    19

Consolidated Schedule of Investments (continued) BlackRock Global Allocation V.I. Fund

• Interest rate swaps outstanding as of March 31, 2012 were as follows:

					Notional		Unrealized
Fixed	Floating		Expiration		Amount		Appreciation
Rate	Rate	Counterparty	Date		(000)		(Depreciation)
1.63%(1)	3-Month LIBOR	UBS AG		9/12/15	$	121,563	$	265,396
1.32%(1)	3-Month LIBOR	JPMorgan Chase Bank NA		9/15/15	$	13,000		(12,480	)
1.26%(1)	3-Month LIBOR	UBS AG		9/15/15	$	5,250		(7,853	)
1.31%(1)	3-Month LIBOR	UBS AG		9/15/15	$	12,000		(12,571	)
1.57%(1)	3-Month LIBOR	UBS AG		9/15/15	$	116,897		178,174
1.56%(1)	3-Month LIBOR	Bank of America NA		9/23/15	$	119,198		153,754
Total							$	564,420

⁽¹⁾ Fund pays a floating interest rate and receives fixed rate.

• Total return swaps outstanding as of March 31, 2012 were as follows:

	Fund
	Pays/Receives
	the Total Return
	of the Reference	Fixed				Expiration		Contract		Unrealized
Reference Entity	Entity	Amount		Counterparty		Date		Amount		Appreciation
HSCEI Dividend Point Index Futures December 2012	Receives	HKD	35,228,625		Citibank NA		12/31/12	HKD	2,085	$	742,085
SGX Nikkei Stock Average Dividend Point Index Futures December 2012	Receives	JPY	35,034,750		Citibank NA		3/29/13	JPY	161		471,464
SGX Nikkei Stock Average Dividend Point Index Futures December 2012	Receives	JPY	434,255,500		Citibank NA		3/31/14	JPY	265		411,629
Total										$	1,625,178

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    20

Consolidated Schedule of Investments (continued) BlackRock Global Allocation V.I. Fund

• Fair Value Measurements—Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer Fund’s most recent financial statements as contained in its annual report.

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    21

Consolidated Schedule of Investments (continued) BlackRock Global Allocation V.I. Fund

The following tables summarize the inputs used as of March 31, 2012 in determining the fair valuation of the Fund’s investments and derivative financial instruments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long Term Investments:
Common Stocks:
Argentina	$	10,189,497		—		—	$	10,189,497
Australia		—	$	99,851,587		—		99,851,587
Austria		—		2,052,014		—		2,052,014
Belgium		—		4,787,935		—		4,787,935
Brazil		229,067,343		—		—		229,067,343
Canada		252,528,670		—	$	4		252,528,674
Chile		5,051,428		—		—		5,051,428
China		—		109,983,829		—		109,983,829
Egypt		5,234,011		—		—		5,234,011
France		11,317,566		120,542,195		—		131,859,761
Germany		2,401,372		246,054,719		—		248,456,091
Hong Kong		—		69,648,629		—		69,648,629
India		—		37,970,388		—		37,970,388
Indonesia		—		9,666,777		—		9,666,777
Ireland		7,895,737		—		—		7,895,737
Israel		24,342,251		—		—		24,342,251
Italy		—		49,255,678		—		49,255,678
Japan		—		671,904,889		—		671,904,889
Kazakhstan		13,940,472		474,474		—		14,414,946
Luxembourg		—		1,555,483		—		1,555,483
Malaysia		—		41,660,515		—		41,660,515
Mexico		26,361,374		—		—		26,361,374
Netherlands		8,391,366		30,608,932		—		39,000,298
Norway		—		23,543,799		—		23,543,799
Philippines		4,484,832		—		—		4,484,832
Portugal		—		3,181,060		—		3,181,060
Russia		45,394,345		44,814,760		—		90,209,105
Singapore		—		87,114,350		—		87,114,350
South Africa		18,626,188		5,651,169		—		24,277,357
South Korea		20,227,016		65,928,245		—		86,155,261
Spain		2,177,705		11,746,028		—		13,923,733
Sweden		—		9,294,105		—		9,294,105
Switzerland		6,810,576		97,198,924		—		104,009,500
Taiwan		12,218,703		49,494,878		—		61,713,581
Thailand		28,922,364		15,484		—		28,937,848
Turkey		—		27,377,623		—		27,377,623
United Kingdom		80,401,502		212,786,019		—		293,187,521
United States		3,507,809,078		—		—		3,507,809,078
Asset-Backed Securities		—		5,780,319		—		5,780,319
Corporate Bonds		—		646,907,387		37,423,217		684,330,604
Floating Rate
Loan Interests		—		—		19,956,319		19,956,319
Foreign Agency Obligations		—		798,494,524		—		798,494,524

Valuation Inputs	Level 1			Level 2			Level 3			Total
Assets (concluded)
Non-Agency Mortgage- Backed Securities		—		$	9,148,515			—		$	9,148,515
U.S. Treasury Obligations		—			724,332,290			—			724,332,290
Investment Companies	$	216,538,788			—			—			216,538,788
Preferred Securities		77,465,115			38,772,272			—			116,237,387
Warrants		1,970,895			308,320			—			2,279,215
Short Term Investments:
Foreign Agency Obligations		—			122,386,708			—			122,386,708
Money Market Funds		3,265,451			51,689,889			—			54,955,340
Total Time Deposits		3,379,851			—			—			3,379,851
US Treasury Obligations		—			1,268,848,981			—			1,268,848,981
Total	$	4,626,413,496			5,800,833,693		$	57,379,540		$	10,484,626,729
Valuation Inputs	Level 1			Level 2			Level 3			Total
Derivative Financial Instruments1
Assets:
Equity contracts	$	7,937,948		$	15,703,288			—		$	23,641,236
Foreign Currency exchange contracts		—			6,102,009			—			6,102,009
Interest rate contracts		—			599,554			—			599,554
Other contracts		—			1,625,178			—			1,625,178
Liabilities:
Equity contracts		(27,551,789	)		(17,358,421	)	$	(454,014	)		(45,364,224	)
Foreign currency exchange contracts		—			(5,245,575	)		—			(5,245,575	)
Interest rate contracts		—			(105,614	)		—			(105,614	)
Total	$	(19,613,841	)	$	1,320,419		$	(454,014	)	$	(18,747,436	)

¹  Derivative financial instruments are swaps, financial futures contracts, foreign currency exchange contracts and options. Swaps, financial futures contracts and foreign currency exchange contracts are valued at unrealized appreciation/depreciation on the instrument and options are shown at value.

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    22

Consolidated Schedule of Investments (continued) BlackRock Global Allocation V.I. Fund

Certain of the Fund’s assets and liabilities are held at carrying amount which approximates fair value. Such assets and liabilities are categorized within the disclosure hierarchy as follows:

Valuation Inputs	Level 1			Level 2		Level 3		Total
Assets:
Foreign Currency	$	696,304			—		—	$	696,304
Liabilities:
Bank Overdraft		(5,986,887	)		—		—	$	(5,986,887	)
Collateral on Securities Loaned at Value		(51,689,889	)		—		—		(51,689,889	)
Total	$	(56,980,472	)		—		—	$	(56,980,472	)

There were no transfers between levels during the period ended March 31, 2012.

Certain of the Fund's investments and derivative financial instruments are categorized as Level 3 investments and derivative financial instruments with values derived utilizing prices from prior transactions or third party pricing information without adjustment for which such inputs are unobservable. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 investments and derivative financial instruments.

BLACKROCK VARIABLE SERIES FUNDS, INC. MARCH 31, 2012    23

Item 2. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-Q (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications by the Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Transamerica Series Trust
(Registrant)
By:	/s/ Thomas A. Swank
	Thomas A. Swank
	Chief Executive Officer
Date:	May 25, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Thomas A. Swank
	Thomas A. Swank
	Chief Executive Officer
Date:	May 25, 2012
By:	/s/ Elizabeth Strouse
	Elizabeth Strouse
	Principal Financial Officer
Date:	May 25, 2012