# EDGAR Filing Document

**Accession Number:** 0000787623
**File Stem:** 0001193125-26-197368
**Filing Date:** 2026-4
**Character Count:** 651158
**Document Hash:** 59b42512cea2e8301ddb09860ed5fc47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-197368.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-197368

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 26

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRANSAMERICA FUNDS
- **CENTRAL INDEX KEY:** 0000787623

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04556
- **FILM NUMBER:** 26925681

**BUSINESS ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 720-482-8836

**MAIL ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRANSAMERICA IDEX MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20040301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IDEX MUTUAL FDS
- **DATE OF NAME CHANGE:** 20010504

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IDEX MUTUAL FUNDS /
- **DATE OF NAME CHANGE:** 20010423
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRANSAMERICA FUNDS
- **CENTRAL INDEX KEY:** 0000787623

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-02659
- **FILM NUMBER:** 26925680

**BUSINESS ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 720-482-8836

**MAIL ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRANSAMERICA IDEX MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20040301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IDEX MUTUAL FDS
- **DATE OF NAME CHANGE:** 20010504

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IDEX MUTUAL FUNDS /
- **DATE OF NAME CHANGE:** 20010423

## Series and Classes Contracts Data

### Transamerica Stock Index (Series ID: S000054675)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171784 | R            | TSTRX           |
| C000171785 | R4           | TSTFX           |

?xml version='1.0' encoding='ASCII'? Transamerica Stock Index

As filed with the Securities and Exchange Commission on April 30, 2026

1933 Act Registration No. 033-02659

1940 Act Registration No. 811-04556

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A** 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

☒

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No.

☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 328

☒

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

☒

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 329

(Check appropriate box or boxes.)

**TRANSAMERICA FUNDS**

(Exact Name of Registrant as Specified in Charter)

**1801 California St., Suite 5200, Denver, Colorado 80202**

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: **1-888-233-4339** 

**Dennis P. Gallagher, Esq., 1801 California St., Suite 5200, Denver, Colorado 80202**

(Name and Address of Agent for Service)

**It is proposed that this filing will become effective: (check appropriate box)**

☐

immediately upon filing pursuant to paragraph (b)

☐

60 days after filing pursuant to paragraph (a)(1)

☐

on (date) pursuant to paragraph (a)(1)

☐

75 days after filing pursuant to paragraph (a)(2)

☐

on (date) pursuant to paragraph (a)(2)

☒

on May 1, 2026 pursuant to paragraph (b)

If appropriate, check the following box:

☐

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This Amendment to the Registration Statement of Transamerica Funds relates only to Transamerica Stock Index. The prospectuses and statements of additional information for the other series and classes of Transamerica Funds, as previously filed with the Securities and Exchange Commission, are incorporated herein by reference.

------

Transamerica Funds

Prospectus

May 1, 2026

![](g145914img4d5939121.jpg)

![](g145914imge6d04c0a2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Fund \| Ticker** | &nbsp;&nbsp; **Class R4**<br> **Ticker**<br>| &nbsp;&nbsp; **Class R**<br> **Ticker**<br>|
| Transamerica Stock Index | TSTFX | TSTRX |

---

The fund listed above is a series of Transamerica Funds.

Neither the U.S. Securities and Exchange Commission nor U.S. Commodity Futures Trading Commission has approved or disapproved these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

MPCASI0526

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Transamerica Stock Index](#xx_c9ff9d1e-1606-48bb-a66b-f049317e7e74_1) | 1 |
| [More on the Fund's Strategies and Investments](#xx_ead259f6-3aea-4f0a-9829-47b9efc407db_1) | 6 |
| [More on Risks of Investing in the Fund](#xx_22c973b1-ecfe-4acc-9781-991c33b1ffef_1) | 7 |
| [Shareholder Information](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_1) | 18 |
| [Management of Transamerica Funds](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_1) | 18 |
| [Investment Manager](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_1) | 18 |
| [Investment in the Underlying Portfolio](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_1) | 18 |
| [Portfolio Managers for the Underlying Portfolio](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_2) | 19 |
| [Disclosure of Portfolio Holdings](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_2) | 19 |
| [Fund Expenses](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_2) | 19 |
| [How To Contact the Fund](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_2) | 19 |
| [Availability](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_3) | 20 |
| [Opening an Account and Purchasing Shares](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_3) | 20 |
| [Selling Shares](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_4) | 21 |
| [Exchanging Shares](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_4) | 21 |
| [Choosing a Share Class](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_5) | 22 |
| [Features and Policies](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_5) | 22 |
| [Pricing of Shares](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_8) | 25 |
| [Distribution of Shares](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_9) | 26 |
| [Distributions and Taxes](#xx_3d2b0b20-96da-49e8-b8f1-d3ff01897fba_12) | 29 |
| [Financial Highlights](#xx_a14e5fa3-a758-40f5-a87d-8ae0beaa7df9_1) | 31 |

---

------

**Transamerica Stock Index**

**Investment Objective:** Seeks to match the performance of the S&P 500<sup>®</sup> Index.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

The fund invests in securities through the S&P 500 Index Master Portfolio (a master fund which is not part of the Transamerica Funds complex). The information in the table and in the Example below concerning the fund reflects the direct fees and expenses of the fund and its allocated share of the fees and expenses of the underlying master fund. The management fee shown in the fee table reflects the fund's allocable share of the advisory fee of the underlying master fund and the management fee of Transamerica Asset Management, Inc. ("TAM") net of a voluntary waiver by TAM equal to the master fund advisory fee allocated to the fund.

------

**Shareholder Fees (fees paid directly from your investment)** 

---

| | | |
|:---|:---|:---|
| **Class:** | **R4** | **R** |
| Maximum sales charge (load) imposed on purchases (as <br> a percentage of offering price)<br>| None | None |
| Maximum deferred sales charge (load) (as a percentage <br> of purchase price or redemption proceeds, whichever is <br> lower)<br>| None | None |

---

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** 

---

| | | |
|:---|:---|:---|
| **Class:** | **R4** | **R** |
| Management fees | 0.07% | 0.07% |
| Distribution and service (12b-1) fees | 0.25% | 0.50% |
| Other expenses | 0.08% | 0.07% |
| Total annual fund operating expenses | 0.40% | 0.64% |
| Fee waiver and/or expense reimbursement<sup>1</sup> | 0.10% | 0.00% |
| Total annual fund operating expenses after fee waiver <br> and/or expense reimbursement<br>| 0.30% | 0.64% |

---

Contractual arrangements have been made with the fund's investment manager, Transamerica Asset Management, Inc. ("TAM"), through May 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.30% for Class R4 shares and 0.65% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund's business. These arrangements cannot be terminated prior to May 1, 2027 without the Board of Trustees' consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class' total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class' total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect.

**Example:** This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Class R4 | &nbsp;&nbsp; $31 | &nbsp;&nbsp; $118 | &nbsp;&nbsp; $214 | &nbsp;&nbsp; $495 |
| Class R | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $205 | &nbsp;&nbsp; $357 | &nbsp;&nbsp; $798 |

---

**Portfolio Turnover:** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance.

During the most recent fiscal year, the portfolio turnover rate for the underlying master fund (as described below) was 14% of the average value of its portfolio.

**Principal Investment Strategies:** The fund invests in securities through an underlying master fund. BlackRock Fund Advisors is the investment adviser of the S&P 500<sup>®</sup> Index Master Portfolio, the underlying master fund in which the fund invests.

The fund seeks its investment objective by investing substantially all of its investable assets in the underlying master fund. The underlying master fund seeks its objective by investing in the stocks comprising the Standard & Poor's ("S&P") 500<sup>®</sup> Index<sup>1</sup>. The weightings of stocks in the S&P 500<sup>®</sup> Index are based on each stock's relative total market capitalization; that is, its market price per share times the number of shares outstanding. The master fund invests approximately the same percentage of its assets in each stock as the stock represents in the S&P 500<sup>®</sup> Index. Under normal circumstances, the master fund invests at least 90% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities comprising the S&P 500<sup>®</sup> Index.

The master fund attempts to achieve, in both rising and falling markets, a correlation of at least 95% between the total return of its net assets before expenses and the total return of the S&P 500<sup>®</sup> Index. The master fund's ability to match the investment performance of the S&P 500<sup>®</sup> Index may be affected by, among other things, master fund expenses, the amount of cash and cash equivalents held by the master fund, the manner in which the total return

<sup>1</sup>

Standard & Poor's does not sponsor the fund, nor is it affiliated in any way with the fund or the fund's advisers. "Standard & Poor's<sup>®</sup>," "S&P<sup>®</sup>," "S&P 500<sup>®</sup>," and "Standard & Poor's 500<sup>®</sup>" are trademarks of Standard & Poor's Financial Services LLC, a division of S&P Global. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation or warranty, express or implied, regarding the advisability of investing in the fund.

Transamerica Stock Index

------

of the S&P 500<sup>®</sup> Index is calculated, the size of the master fund's investment portfolio and the timing, frequency and size of cash flows into and out of the master fund.

In the future, the fund or the master fund may select another index if it is deemed to be more representative of the performance of publicly traded common stocks in the aggregate.

In seeking to replicate or match the performance of the S&P 500<sup>®</sup> Index, the master fund may use various investment techniques, such as buying and selling futures contracts and options and purchasing indexed securities. The master fund may also lend its portfolio securities. These techniques may increase the master fund's volatility and may involve a small investment of cash relative to the magnitude of the risk being taken.

The master fund intends to be diversified in approximately the same proportion as the S&P 500<sup>®</sup> Index is diversified. The master fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500<sup>®</sup> Index. Shareholder approval will not be sought if the master fund becomes "non-diversified" due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500<sup>®</sup> Index.

The fund and the master fund may invest not more than 10% of its total assets, under normal market conditions, in cash and high-quality money market instruments. These investments are made to provide liquidity and when there is an unexpected or abnormal level of investments in or redemptions from the fund or the master fund.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the fund's performance, including those described below. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The fund, through its investment in the underlying master fund, is subject to the risks of the underlying master fund. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the fund (either directly or through its investment in the underlying master fund). Each risk described below may not apply to the underlying master fund and the underlying master fund may be subject to additional or different risks than those described below. The relative significance of the key risks below may change over time and you should review each risk factor carefully. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this fund.** 

**Market** – The market prices of the fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions

caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning), investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund's securities and assets fall, the value of your investment in the fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund's investments may go down.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**Passive Strategy/Index –** The fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the index or of the actual securities comprising the index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the fund's performance may be less favorable than that of a fund managed using an active investment strategy. The structure and composition of the index will affect the performance, volatility, and risk of the index and, consequently, the performance, volatility, and risk of the fund.

**Index Fund** – While the fund seeks to track the performance of the S&P 500<sup>®</sup> Index (i.e., achieve a high degree of correlation with the index), the fund's return may not match the return of the index. The fund incurs a number of operating expenses not applicable to the index, and incurs costs in buying and selling securities. In addition, the fund may not be fully invested at times, generally as a result of cash flows into or out of the fund or reserves of cash held by the fund to meet redemptions. The fund may attempt to replicate the index return by investing in fewer than all of the securities in the index, or in some securities not included in the index, potentially increasing the risk of divergence between the fund's return and that of the index.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly

Transamerica Stock Index

------

and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Large Capitalization Companies –** The fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Non-Diversification –** To the extent the underlying master fund becomes "non-diversified" for periods of time solely as a result of tracking the Index, the underlying master fund will invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the underlying master fund, and therefore the fund, more susceptible to the risks associated with investing in those issuers.

**Sector Focus** – Because the underlying master fund seeks to track the performance of its underlying index, it will have exposure to one or more sectors to the extent the index is concentrated in those sectors. As a result, the value of the underlying master fund's shares may be particularly sensitive to developments affecting those sectors, and the underlying master fund may experience greater volatility or losses if those sectors perform poorly. Sector weightings in the index may change over time, and individual sectors may be more volatile and perform differently than the broader market.

**Information Technology Sector –** Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**Management** – The value of your investment may go down if the investment manager and/or investment adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager and/or investment adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the

investment manager and/or investment adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Counterparty** – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Cybersecurity** – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund's investment manager, transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets,

Transamerica Stock Index

------

rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund's performance and its ability to implement its investment strategies and may increase costs related to the fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

**Industry Concentration –** The underlying master fund concentrates its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration in a particular industry heightens the risks associated with that industry. As a result, the underlying master fund, and therefore the fund, may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader range of industries.

**Large Shareholder –** A significant portion of the fund's shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund's total expenses to increase.

**Leveraging** – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

**Liquidity** – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset

classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.

**Medium Capitalization Companies –** The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Tracking Error –** Imperfect correlation between the underlying fund securities held by the fund and those in the index that the fund tracks, fund fees and expenses, maintenance of cash balances to meet redemption requests, rounding of prices, changes to an index and regulatory and tax requirements may cause tracking error, which is the divergence of a fund's performance from that of the fund's benchmark index.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund's performance has varied from year to year. The table shows how the fund's average annual total returns for different periods compare to the returns of a broad measure of market performance.

The fund acquired the assets and assumed the liabilities of two Transamerica Partners funds, including Transamerica Partners Institutional Stock Index (the "predecessor fund"), on April 21, 2017, and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the annual operating expenses of Class R4 shares.

Absent any applicable fee waivers and/or expense limitations, performance would have been lower.

As with all mutual funds, past performance (before and after taxes) is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/investments-fund-center or by calling 1-888-233-4339.

Transamerica Stock Index

------

**Annual Total Returns (calendar years ended December 31) - Class R4**

![](g145914pisi_17.jpg)

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Return** |
| Best Quarter: | 6/30/2020 | 20.45% |
| Worst Quarter: | 3/31/2020 | -19.64% |

---

------

**Average Annual Total Returns (periods ended December 31, 2025)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception**<br>| **Inception**<br> **Date**<br>|
| Class R4 |  |  |  |  | 9/11/2000 |
| Return before taxes | 17.48% | 14.06% | 14.48% |  |  |
| Return after taxes on <br> distributions<br>| 8.32% | 10.98% | 12.43% |  |  |
| Return after taxes on <br> distributions and sale <br> of fund shares<br>| 15.48% | 10.62% | 11.63% |  |  |
| Class R (Return before <br> taxes only)<br>| 17.12% | 13.70% | N/A | 14.28% | 4/21/2017 |
| S&P 500<sup>®</sup> Index (reflects <br> no deduction for fees, <br> expenses or taxes)<br>| 17.88% | 14.42% | 14.82% |  |  |

---

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor's individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

**After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.**

**Management:** 

---

| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Investment Adviser of S&P 500 Index Master Portfolio*: BlackRock <br> Fund Advisors<br> *Portfolio Managers of S&P 500 Index Master Portfolio:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Investment Adviser of S&P 500 Index Master Portfolio*: BlackRock <br> Fund Advisors<br> *Portfolio Managers of S&P 500 Index Master Portfolio:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Investment Adviser of S&P 500 Index Master Portfolio*: BlackRock <br> Fund Advisors<br> *Portfolio Managers of S&P 500 Index Master Portfolio:* |
| Jennifer Hsui, CFA | Portfolio Manager | since May 2016 |
| Peter Sietsema, CFA | Portfolio Manager | since May 2025 |
| Matt Waldron, CFA | Portfolio Manager | since May 2025 |
| Steven White | Portfolio Manager | since May 2025 |

---

**Purchase and Sale of Fund Shares:** Shares of the fund are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. Shares of the fund are

also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments. Such investors may purchase shares in the fund through the transfer agent directly. You may purchase shares of the fund on any day the New York Stock Exchange is open for business. Requests to purchase shares for the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. Participants in retirement plans administered by Transamerica Retirement Solutions should contact Transamerica Retirement Solutions at 1-800-755-5801 for additional information. If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions. You buy and redeem shares at the fund's next-determined net asset value ("NAV") after receipt of your request in good order. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. There is no minimum for subsequent investments in Class R or R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Requests to redeem shares of the fund should be mailed to Transamerica Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945. You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

**Tax Information:** Fund distributions may be taxable as ordinary income, qualified dividend income, or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. In that case, you may be taxed when you take a distribution from such plan, depending on the type of plan, the circumstances of your distribution and other factors.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

Transamerica Stock Index

------

**More on the Fund's Strategies and Investments**

The following provides additional information regarding the fund's strategies and investments described at the front of this prospectus. Except as otherwise expressly stated in this prospectus or in the statement of additional information or as required by law, there is no limit on the amount of the fund's assets that may be invested in a particular type of security or investment. The fund's investment objective may be changed by the Board without shareholder approval.

**Transamerica Stock Index:** The fund invests in securities through an underlying master fund. BlackRock Fund Advisors ("BFA") is the investment adviser of the S&P 500 Index Master Portfolio, the underlying master fund in which the fund invests.

The fund seeks its investment objective by investing substantially all of its investable assets in the underlying master fund. The underlying master fund seeks its objective by investing in the stocks comprising the Standard & Poor's ("S&P") 500<sup>®</sup> Index. The weightings of stocks in the S&P 500<sup>®</sup> Index are based on each stock's relative total market capitalization; that is, its market price per share times the number of shares outstanding. The master fund invests approximately the same percentage of its assets in each stock as the stock represents in the S&P 500<sup>®</sup> Index. Under normal market circumstances, the master fund invests at least 90% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities comprising the S&P 500<sup>®</sup> Index.

The master fund attempts to achieve, in both rising and falling markets, a correlation of at least 95% between the total return of its net assets before expenses and the total return of the S&P 500<sup>®</sup> Index. The master fund's ability to match the investment performance of the S&P 500<sup>®</sup> Index may be affected by, among other things, master fund expenses, the amount of cash and cash equivalents held by the master fund, the manner in which the total return of the S&P 500<sup>®</sup> Index is calculated, the size of the master fund's investment portfolio and the timing, frequency and size of cash flows into and out of the master fund. BFA regularly monitors the master fund's correlation to the S&P 500<sup>®</sup> Index.

In the future, the fund or the master fund may select another index if it is deemed to be more representative of the performance of publicly traded common stocks in the aggregate.

In seeking to replicate or match the performance of the S&P 500<sup>®</sup> Index, the master fund may use various investment techniques, such as buying and selling futures contracts and options and purchasing indexed securities. The master fund may also lend its portfolio securities. These techniques may increase the master fund's volatility and may involve a small investment of cash relative to the magnitude of the risk being taken.

The master fund intends to be diversified in approximately the same proportion as the S&P 500<sup>®</sup> Index is diversified. The master fund may become "non-diversified," as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500<sup>®</sup> Index. Shareholder approval will not be sought if the master fund becomes "non-diversified" due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500<sup>®</sup> Index.

The fund and the master fund may invest not more than 10% of its total assets, under normal market conditions, in cash and high-quality money market instruments. These investments are made to provide liquidity and when there is an unexpected or abnormal level of investments in or redemptions from the fund or the master fund.

The fund may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. Although the fund would do this only in seeking to avoid losses, the fund may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the fund has any uninvested cash, the fund would also be subject to risk with respect to the depository institution holding the cash.

------

**More on Risks of Investing in the Fund**

The value of your investment in the fund changes with the values of the fund's investments. Many factors and risks can affect those values, including the risks described below. There is no guarantee that the fund will be able to achieve its investment objective. It is possible to lose money by investing in the fund.

Some of the risks of investing in the fund, including the principal risks of the fund, are discussed below. The fund may be subject to factors and risks other than those identified in this prospectus, and these other factors and risks could adversely affect the fund's investment results. More information about risks appears in the Statement of Additional Information ("SAI"). Before investing, you should carefully consider the risks that you will assume.

**Capital Gains:** As of the date of this Prospectus, a substantial portion of the fund's net asset value is attributable to net unrealized capital gains on portfolio investments. If the fund realizes capital gains in excess of realized capital losses in any fiscal year, it generally expects to make capital gain distributions to shareholders. You may receive distributions that are attributable to appreciation of portfolio investments that happened before you made your investment. You should consult your tax professional about your investment in the fund.

**Cash Management and Defensive Investing:** The value of investments held by a fund for cash management or defensive investing purposes can fluctuate. Like other fixed-income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If a fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. If a significant amount of a fund's assets are used for cash management or defensive investing purposes, it may not achieve its investment objective.

**Conflicts of Interest:** TAM, an indirect wholly owned subsidiary of Aegon Ltd. and part of Aegon Asset Management ("AAM"), and its affiliates directors, officers, employees and personnel (collectively, for purposes of this risk, "Transamerica") are engaged in a variety of businesses and have interests other than those related to managing the fund and other Transamerica Funds (hereinafter, for purposes of this risk, "fund" or "funds"). Transamerica is a diversified global financial services company with many lines of business providing a wide range of financial services to a sizeable and diversified client base. The broad range of activities and interests of Transamerica gives rise to actual and potential conflicts of interest that could affect the funds and their shareholders.

Certain actual and potential conflicts of interest are described below. A further discussion of conflicts of interest appears in the SAI. These discussions are not, and are not intended to be, a complete enumeration or description of all the actual and potential conflicts that Transamerica has now or may have in the future. Other conflicts may arise from time to time.

TAM and the funds have adopted practices, policies and procedures that are intended to identify, manage and, where possible, mitigate conflicts of interest. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures may limit or restrict the funds' investment activities and adversely affect their performance.

*Activities on Behalf of Other Funds and Accounts.* Transamerica manages or advises other funds and products in addition to the funds, including Transamerica's own accounts, accounts in which Transamerica or its personnel have an interest, and other investment vehicles. Certain other funds and products have investment objectives similar to, the same as or opposite to those of the funds and/or engage in transactions in the same types of securities or other instruments, sectors or strategies as the funds. This creates potential conflicts and could affect the prices and availability of the securities and instruments in which a fund seeks to invest, and could have an adverse impact on the fund's performance. These other accounts and products may buy or sell positions while the funds are undertaking the same or a differing, including potentially opposite, strategy, which could disadvantage the funds. A position taken by Transamerica, on behalf of one or more other funds or products, may be contrary to a position taken on behalf of a fund or may be adverse to a company or issuer in which the fund has invested. A fund on the one hand, and Transamerica or other funds or products, on the other hand, may vote differently on matters affecting, or take or refrain from taking different actions with respect to, the same security, which are disadvantageous to the fund. The results of the investment activities of a fund may differ significantly from the results achieved for other funds or products. Transamerica may receive more compensation, including a performance allocation, with respect to certain other funds or products than is received with respect to a fund. TAM has developed allocation policies and procedures that provide that TAM will make investment decisions and allocate investment opportunities consistent with its fiduciary duties.

*Selection of Service Providers.* TAM and certain of its affiliates provide services including investment management, administration, sub-advisory, shareholder servicing, distribution, and transfer agency services to the funds and earn fees from these relationships with the funds. TAM and its affiliates face conflicts of interest when the funds select affiliated service providers because TAM and/or its affiliates receive greater compensation when they are used. As part of AAM, TAM is aligned under AAM. The affiliated sub-advisers to certain funds are also part of AAM and report to AAM. This reporting structure presents actual and potential conflicts of interest and may influence TAM's selection and retention of affiliated sub-advisers for the funds, and incentivize TAM personnel to recommend that an affiliated sub-adviser be selected or retained for a fund. The funds expect to engage unaffiliated service providers

------

that in certain cases also provide services to Transamerica or other funds or products or that hire Transamerica to provide services to the service providers' clients. These service providers may have business, financial or other relationships with Transamerica, which may influence TAM's recommendation of these service providers for the funds.

*Sales Incentives and Relationships.* Transamerica and other financial service providers have conflicts associated with their promotion of the funds or other dealings with the funds that would create incentives for them to promote the funds. Transamerica will benefit from increased amounts of assets under management. Transamerica and its personnel have relationships (both involving and not involving the funds) with distributors, consultants and others who sell or recommend the funds or other funds or products, and such parties may receive compensation from Transamerica or the funds or other accounts in connection with such relationships. Transamerica and/or the funds' sub-advisers or their affiliates, make revenue sharing payments to brokers and other financial intermediaries to promote the distribution of the funds. Transamerica also receives revenue sharing and/or 12b-1 payments from certain of the funds' sub-advisers or their affiliates. These payments present certain conflicts of interest and provide a disincentive for TAM to recommend the termination of such sub-advisers.

*Transamerica Insurance Companies.* The performance of certain funds impacts Transamerica's financial exposure under guarantees that the Transamerica insurance companies provide as issuers of certain variable insurance contracts. Other funds managed by TAM are offered as investment options through variable insurance contracts offered and sold by Transamerica insurance companies, and some of these funds are structured as funds of funds which invest in certain of the funds. TAM's investment decisions and the design of the applicable funds, including the strategies the funds utilize, may be influenced by these factors. Certain non-public portfolio holdings and certain analytical information and algorithm and trade data concerning certain funds is disclosed to the Transamerica insurance companies solely to allow them to hedge their obligations under the variable insurance contracts. This information may only be provided in accordance with procedures approved by the funds' Board of Trustees governing the sharing of such information.

*Transamerica Asset Allocation Funds.* TAM serves as investment manager to Transamerica funds of funds and is subject to conflicts of interest concerning these funds. TAM is responsible for all aspects of the day-to-day investment advice and management for certain funds of funds. For certain other funds of funds, TAM has hired a sub-adviser and benefits when the sub-adviser allocates the fund of funds' assets to a Transamerica mutual fund or TAM-sponsored ETF. TAM has established an investment program for certain funds of funds whereby all or a substantial portion of the fund of funds' assets are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for certain funds of funds. TAM does not consider unaffiliated funds as underlying investment options for these funds of funds, even if unaffiliated funds have better investment performance or lower total expenses. This could result in the selection of Transamerica mutual funds or TAM-sponsored ETFs that may perform less well or have higher total expenses than unaffiliated funds. TAM and its affiliates will receive more revenue when TAM or a sub-adviser selects a Transamerica mutual fund or TAM-sponsored ETF rather than an unaffiliated fund for inclusion in a fund of funds. TAM has an incentive for the funds of funds' assets to be allocated to those underlying Transamerica mutual funds and TAM-sponsored ETFs for which the net management fees payable to TAM are higher than the fees payable by other underlying funds or to those underlying Transamerica mutual funds and TAM-sponsored ETFs for which an affiliate of TAM serves as the sub-adviser. TAM also has an incentive for a fund of funds' assets to be allocated to subscale underlying Transamerica mutual funds and TAM-sponsored ETFs to provide scale and reduce amounts waived and/or reimbursed by TAM to maintain applicable expense caps. Sub-advisers to certain funds of funds also have conflicts of interest in allocating the funds of funds' assets among underlying funds. TAM Compliance monitors allocation changes by the funds of funds.

*Investments in Transamerica Funds.* TAM manages or advises funds and other accounts which may, individually or in the aggregate, own a substantial amount of a fund. Further, TAM and/or its affiliates may invest in a fund at or near the establishment of the fund, which may facilitate the fund achieving a specified size or scale. Seed investors may redeem their investments in a fund, and such redemptions could have a significant negative impact on the fund.

*Fund Structuring and Changes.* TAM may have a financial incentive to implement or not to implement certain changes to the funds. For example, TAM may, from time to time, recommend a change in sub-adviser or the combination of two or more funds. Transamerica will benefit to the extent that an affiliated sub-adviser replaces an unaffiliated sub-adviser or additional assets are combined into a fund having a higher net management fee payable to TAM and/or that is sub-advised by an affiliate of TAM. TAM will also benefit to the extent that it replaces a sub-adviser with a new sub-adviser with a lower sub-advisory fee, or where the change reduces amounts required to be waived and/or reimbursed by TAM, or where the change facilitates hedging of Transamerica insurance companies' obligations under guarantees relating to variable insurance contracts. TAM personnel may also be incentivized to recommend changes to a fund that result in additional assets being sub-advised by an affiliated sub-adviser.

*Sub-Advisory Fee Discount Arrangements.* The aggregation of assets of multiple funds and/or other funds or products for purposes of calculating breakpoints or discounts in sub-advisory fees based on the level of assets allocated to a sub-adviser across funds or otherwise, as applicable, gives rise to actual and/or potential conflicts of interest that could disadvantage the funds and their shareholders. Sub-advisory fee discount arrangements create an incentive for TAM to select and retain sub-advisers, or allocate additional assets to a sub-adviser, where the selection or allocation may serve to lower a sub-advisory fee and possibly increase the management fee retained by TAM on a fund.

------

*Valuation of Investments.* TAM has been designated as the funds' valuation designee with responsibility for fair valuation subject to oversight by the funds' Board of Trustees. TAM's service as valuation designee is expressly permitted by applicable regulations. TAM performs such valuation services in accordance with joint valuation policies and procedures of the funds and TAM. TAM may value an identical asset differently than a Transamerica affiliate. This is particularly the case in respect of difficult-to-value assets. TAM faces a conflict with respect to valuations generally because of their effect on TAM's fees and other compensation. Valuation decisions by TAM may also result in improved performance of the funds.

*Allocation of Fund Expenses.* From time to time, TAM will be required to decide whether certain fees, costs and expenses should be borne by a fund, on the one hand, or TAM on the other hand, and/or whether certain fees, costs and expenses should be allocated between or among funds and/or other parties. TAM is faced with a conflict when allocating fees, costs and expenses. TAM will make allocation determinations in a fair and reasonable manner using its good faith judgment, notwithstanding its interest (if any) in the allocation.

*Potential Limitations and Restrictions on Investment Transactions.* TAM may restrict or limit investment decisions and activities on behalf of the funds in various circumstances. These circumstances include instances where TAM is in receipt of confidential or material non-public information, or where a fund, individually or together with other Transamerica funds or accounts, exceeds certain ownership, voting or control thresholds. Restrictions or limitations on the ability to execute investment transactions could have an adverse impact on a fund.

*Other Relationships and Benefits.* Transamerica has existing and may have potential future other business dealings or relationships with current or proposed sub-advisers or other fund service providers (or their affiliates) recommended by TAM. Such other business dealings or relationships present conflicts of interest that could influence TAM's selection and retention or termination of sub-advisers or service providers. For example, TAM has an incentive to hire as a sub-adviser or other service provider an entity with which TAM or one or more of its affiliates have, or would like to have, significant or other business dealings or arrangements, and TAM has a disincentive to recommend the termination of such a sub-adviser or service provider when doing so could be adverse to TAM's and/or its affiliates' relationships or other business dealings with such parties.

*Sub-Advisers.* The range of activities, services and interests of a sub-adviser gives rise to actual and/or potential conflicts of interest that could disadvantage a fund and its shareholders. Such conflicts of interest are in some cases similar to and in other cases different from or supplement those described above relating to Transamerica. For example, a sub-adviser's portfolio managers may manage multiple funds and accounts for multiple clients which gives rise to actual or potential conflicts of interest. A sub-adviser may also limit or restrict its investment decisions and activities on behalf of a fund in various circumstances, including as a result of information held by the sub-adviser or applicable regulatory requirements. A sub-adviser and/or its respective affiliates also may derive ancillary benefits from providing investment sub-advisory services to a fund.

**Counterparty:** A fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. Adverse changes to counterparties may cause the value of financial contracts to go down. If a counterparty becomes bankrupt or otherwise fails to perform its obligations, the value of your investment in the fund may decline. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent a fund has more contractual exposure to a counterparty.

**Credit:** The value of your investment in a fund could decline if the issuer of a security held by the fund or another obligor for that security (such as a party providing insurance or other credit enhancement) fails to pay, otherwise defaults, is perceived (whether by market participants, ratings agencies, pricing services or otherwise) to be less creditworthy, becomes insolvent or files for bankruptcy. Changes in actual or perceived creditworthiness may occur quickly. The value of your investment in a fund could also decline if the credit rating of a security held by the fund is downgraded or the credit quality or value of any assets underlying the security declines. A decline may be rapid and/or significant, particularly in certain market environments. If a single entity provides credit enhancement to more than one of the fund's investments, the adverse effects resulting from the downgrade or default will increase the adverse effects on a fund. If a fund enters into financial contracts (such as certain derivatives, repurchase agreements, reverse repurchase agreements, and when-issued, delayed delivery, to be announced and forward commitment transactions), the fund will be subject to the credit risk presented by the counterparty. In addition, a fund may incur expenses and may be hindered or delayed in an effort to protect the fund's interests or to enforce its rights. The degree of credit risk of a security or financial contract depends upon, among other things, the financial condition of the issuer and the terms of the security or contract. Credit risk may be broadly gauged by the credit ratings of the securities in which a fund invests. However, ratings are only the opinions of the companies issuing them and are not guarantees as to quality. Credit rating may also be influenced by conflicts of interest. Securities rated in the lowest category of investment grade (Baa/BBB or Baa-/BBB-) may possess certain speculative characteristics, and a fund is subject to greater credit risk to the extent it invests in below investment grade securities (that is, securities rated below the Baa/BBB categories or unrated securities of comparable quality), or "junk" bonds. Credit risk is also greater to the extent a fund uses leverage or derivatives in connection with the management of the fund.

------

A fund may invest in securities which are subordinated to more senior securities of the issuer, or which represent interests in pools of such subordinated securities. A fund is more likely to suffer a credit loss on subordinated securities than on non-subordinated securities of the same issuer. If there is a default, bankruptcy or liquidation of the issuer, most subordinated securities are paid only if sufficient assets remain after payment of the issuer's non-subordinated securities. In addition, any recovery of interest or principal may take more time. As a result, even a perceived decline in creditworthiness of the issuer is likely to have a greater impact on subordinated securities.

**Cybersecurity and Operations:** A fund, and its service providers and distribution platforms, and your ability to transact with a fund, may be negatively impacted by, among other things, human error, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, shareholder data (including private shareholder information), and/or proprietary information, or cause a fund, TAM, a sub-adviser and/or its service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. A cybersecurity incident or operational issue may disrupt the processing of fund or shareholder transactions, impact a fund's ability to calculate its net asset value, prevent shareholders from redeeming their shares, or result in financial losses to a fund and its shareholders. Cybersecurity and operational incidents may result in financial losses to a fund and its shareholders, and substantial costs may be incurred to prevent or mitigate such incidents in the future. Cybersecurity and operational incidents may also lead to violations of applicable privacy and other laws, regulatory fines, penalties, and reputational damage. There is a chance that some cybersecurity and operational risks have not been identified, which limits the ability of a fund and its service providers to plan for or mitigate such risks. Issuers of securities in which a fund invests are also subject to cybersecurity and operational risks, and the value of those securities could decline if the issuers experience cybersecurity incidents or operational issues. In addition, other significant events (e.g., natural disasters or global health emergencies), and measures taken to respond to them and mitigate their effects, could result in disruptions to the services provided to a fund by its service providers. A fund cannot control the cybersecurity and business continuity plans of its service providers, issuers of securities in which it invests or other third parties whose operations may affect the fund and its shareholders.

**Derivatives:** Derivatives involve special risks and costs which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds and may result in losses. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Even a small investment in derivatives can have a disproportionate impact on a fund. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. This risk is greater for forward currency contracts, swaps and other over-the-counter traded derivatives. The other parties to derivatives transactions present the same types of credit risk as issuers of fixed-income securities. Derivatives also tend to involve greater liquidity risk and they may be difficult to value. A fund may be unable to terminate or sell its derivative positions. In fact, many over-the-counter derivatives will not have liquidity except through the counterparty to the instrument. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects a fund to certain operational and legal risks. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. A fund's use of derivatives may also increase the amount of taxes payable by shareholders.

The U.S. government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing and on-facility execution of certain derivatives, margin and reporting requirements. Rule 18f-4 under the 1940 Act governs the use of derivative investments by funds. Among other things, Rule 18f-4 requires funds that invest in derivatives above a specified amount to adopt and implement a derivatives risk management program that a derivatives risk manager administers and that the fund's Board of Trustees oversees, and to comply with an outer limit on fund leverage risk based on value at risk. Funds that use derivative instruments in a limited amount are not subject to the full requirements of Rule 18f-4, but must adopt and implement policies and procedures reasonably designed to manage the fund's derivatives risk. Funds are subject to reporting and recordkeeping requirements regarding their derivatives use. Rule 18f-4 could have an adverse impact on a fund's performance and ability to implement its investment strategies and may increase costs related to a fund's use of derivatives. The rule may affect the availability, liquidity or performance of derivatives and may not effectively limit the risk of loss from derivatives.

A fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. A fund may be required to pay additional margin or set aside additional collateral to maintain open derivatives positions. If a fund is unable to close out its position in a derivatives contract, it might continue to maintain such assets or accounts or make such payments until the position expired or matured. These

------

actions might impair a fund's ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or cause a fund to sell a portfolio security at a disadvantageous time. Also, a fund would be exposed to loss both on the derivative instruments and on the assets used to cover its obligations.

Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets. For derivatives that are required to be cleared by a regulated clearinghouse, a fund may be exposed to risks arising from its relationship with a brokerage firm through which it would submit derivatives trades for clearing. A fund would also be exposed to counterparty risk with respect to the clearinghouse. In certain cases, a fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses.

Derivatives may be used by a fund for a variety of purposes, including:

• As a hedging technique in an attempt to manage risk in the fund's portfolio;

• As a means of changing investment characteristics of the fund's portfolio;

• As a means of attempting to enhance returns;

• As a means of providing additional exposure to types of investments or market factors;

• As a substitute for buying or selling securities; or

• As a cash flow management technique.

Using derivatives, especially for non-hedging purposes, may involve greater risks to a fund than investing directly in securities, particularly as these instruments may be very complex and may not behave in the manner anticipated by the fund. For example, there is a risk that the performance of the derivatives used by a fund to replicate the performance of a particular asset class may not accurately track the performance of that asset class. Risks associated with the use of derivatives are magnified to the extent that a large portion of the fund's assets are committed to derivatives in general or are invested in just one or a few types of derivatives. Use of derivatives or similar instruments may have different tax consequences for a fund than an investment in the underlying asset or indices, and those differences may affect the amount, timing and character of income distributed to shareholders.

Using derivatives for hedging purposes can reduce or eliminate losses, but doing so can also reduce or eliminate gains. In addition, there can be no assurance that a fund's hedging transactions will be effective. A lack of correlation between changes in the value of derivatives and the value of the fund assets (if any) being hedged may result in losses.

A fund could lose the entire amount of its investment in a derivative and, in some cases, could lose more than the principal amount invested.

Derivatives may include, but are not limited to, the following:

• *Options*. An option is an agreement that, for a premium payment or fee, gives the option holder (the buyer) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying asset (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the exercise price) during a period of time or on a specified date. Investments in options are considered speculative. The fund may lose the premium paid for them if the price of the underlying security or other asset decreased or remained the same (in the case of a call option) or increased or remained the same (in the case of a put option). If a put or call option purchased by the fund were permitted to expire without being sold or exercised, its premium would represent a loss to the fund. Investments in foreign currency options may substantially change a fund's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as a sub-adviser expects. There is a risk that such transactions could reduce or preclude the opportunity for gain if the value of the currency moves in the direction opposite to the position taken. Options on foreign currencies are affected by all of those factors which influence foreign exchange rates and foreign investment generally. Unanticipated changes in currency prices may result in losses to a fund and poorer overall performance for the fund than if it had not entered into such contracts. Options on foreign currencies are traded primarily in the OTC market, but may also be traded on U.S. and foreign exchanges. Foreign currency options contracts may be used for hedging purposes or non-hedging purposes in pursuing a fund's investment objective, such as when a sub-adviser anticipates that particular non-U.S. currencies will appreciate or depreciate in value, even though securities denominated in those currencies are not then held in the fund's investment portfolio. Investing in foreign currencies for purposes of gaining from projected changes in exchange rates, as opposed to only hedging currency risks applicable to a fund's holdings, further increases the fund's exposure to foreign securities losses. There is no assurance that a sub-adviser's use of currency derivatives will benefit a fund or that they will be, or can be, used at appropriate times.

• *Forwards and Futures Contracts*. The use of futures contracts is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. A futures contract is a sales contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into off-setting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced. In addition, futures exchanges often impose a maximum permissible price movement on each futures contract for each trading

------

session. The fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. Moreover, to the extent the fund engages in futures contracts on foreign exchanges, such exchanges may not provide the same protection as US exchanges. The loss that may be incurred in entering into futures contracts may exceed the amount of the premium paid and may be potentially unlimited. Futures markets are highly volatile and the use of futures may increase the volatility of the fund's NAV. Additionally, as a result of the low collateral deposits normally involved in futures trading, a relatively small price movement in a futures contract may result in substantial losses to the fund. Investment in these instruments involve risks, including counterparty risk (i.e., the counterparty to the instrument will not perform or be able to perform in accordance with the terms of the instrument), hedging risk (i.e., a hedging strategy may not eliminate the risk that it is intended to offset, and may offset gains, which may lead to losses within the fund) and pricing risk (i.e., the instrument may be difficult to value).

• *Foreign Currency Forward Exchange Contracts.* In connection with its investments in foreign securities, a fund also may enter into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Foreign currency forward exchange contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, a fund may use cross currency hedging or proxy hedging with respect to currencies in which the fund has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies. Investments in foreign currency forward exchange contracts may substantially change a fund's exposure to currency exchange rates and could result in losses to the fund if currencies do not perform as its sub-adviser expects. A sub-adviser's success in these transactions will depend principally on its ability to predict accurately the future exchange rates between foreign currencies and the U.S. dollar. Foreign currency forward exchange contracts may be used for non-hedging purposes in seeking to meet the applicable fund's investment objectives, such as when the sub-adviser anticipates that particular non-U.S. currencies will appreciate or depreciate in value, even though securities denominated in those currencies are not then held in the fund's investment portfolio. Investing in foreign currency forward exchange contracts for purposes of gaining from projected changes in exchange rates, as opposed to hedging currency risks applicable to a fund's holdings, further increases the fund's exposure to foreign securities losses. There is no assurance that a sub-adviser's use of currency derivatives will benefit a fund or that they will be, or can be, used at appropriate times.

• *Swaps*. Swap contracts, including credit default swaps, involve heightened risks and may result in losses to the fund. Swaps may in some cases be illiquid and difficult to value, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the swap. If the fund buys a credit default swap, it will be subject to the risk that the credit default swap may expire worthless, as the credit default swap would only generate income in the event of a default on the underlying debt security or other specified event. As a buyer, the fund would also be subject to credit risk relating to the seller's payment of its obligations in the event of a default (or similar event). If the fund sells a credit default swap, it will be exposed to the credit risk of the issuer of the obligation to which the credit default swap relates. As a seller, the fund would also be subject to leverage risk, because it would be liable for the full notional amount of the swap in the event of default (or similar event). Swaps may be difficult to unwind or terminate. Credit default swaps may in some cases be illiquid, and they increase credit risk since the fund has exposure to the issuer of the referenced obligation and either their counterparty to the credit default swap or, if it is a cleared transaction, the brokerage firm through which the trade was cleared and the clearing organization that is the counterparty to that trade. Certain index-based credit default swaps are structured in tranches, whereby junior tranches assume greater default risk than senior tranches. The absence of a central exchange or market for swap transactions may lead, in some instances, to difficulties in trading and valuation, especially in the event of market disruptions. New regulations require many kinds of swaps to be executed through a centralized exchange or regulated facility and be cleared through a regulated clearinghouse. Although this clearing mechanism is generally expected to reduce counterparty credit risk, it may disrupt or limit the swap market and may not result in swaps being easier to trade or value. As swaps become more standardized, the fund may not be able to enter into swaps that meet its investment needs. The fund also may not be able to find a clearinghouse willing to accept the swaps for clearing. In a cleared swap, a central clearing organization will be the counterparty to the transaction. The fund will assume the risk that the clearinghouse may be unable to perform its obligations. The new regulations may make using swaps more costly, may limit their availability, or may otherwise adversely affect their value or performance.

• *Contracts for Difference.* Contracts for differences ("CFDs") are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its ﬁnancial obligations under the terms of the contract. To the extent that there is an imperfect correlation between the return on the fund's obligation to its counterparty under the CFD and the return on related assets in its portfolio, the CFD transaction may increase the fund's ﬁnancial risk. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be

------

required to maintain the margin level. The seller may require the fund to deposit additional sums to cover this, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which the fund is liable. CFDs are not registered with the Securities and Exchange Commission or any U.S. regulator, and are not subject to U.S. regulation.

**Early Close/Late Close/Trading Halt:** An exchange or market may close early, close late or issue trading halts generally or on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in a fund being unable to buy or sell securities or financial instruments. In these circumstances, a fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.

**Equity Securities:** Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer, and generally have greater risk of loss than debt securities. Equity securities include, among others, common and preferred stocks, convertible securities, and warrants or rights. Stock markets are volatile. Equity securities may have greater price volatility than other asset classes, such as fixed-income securities, and fluctuate in price based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. Because a company's equity securities rank junior in priority to the interests of bond holders and other creditors, a company's equity securities will usually react more strongly than its bonds and other debt to actual or perceived changes in the company's financial condition or prospects. If the market prices of the equity securities owned by a fund fall, the value of your investment in the fund will decline. If a fund holds equity securities in a company that becomes insolvent, the fund's interests in the company will rank junior in priority to the interests of debtholders and general creditors of the company, and the fund may lose its entire investment in the company. These risks are generally magnified for investments in equity securities of distressed companies. A fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Expenses:** Your actual costs of investing in a fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease, or if a fee limitation is changed or terminated, or with respect to a newly offered fund or class, if average net assets are lower than estimated. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.

**Index Fund:** While the fund seeks to track the performance of the fund's underlying index (i.e., achieve a high degree of correlation with the index), the fund's return may not match the return of the index. The fund incurs a number of operating expenses not applicable to the index, and incurs costs in buying and selling securities. In addition, the fund may not be fully invested at times, generally as a result of cash flows into or out of the fund or reserves of cash held by the fund to meet redemptions. The fund may attempt to replicate the index return by investing in fewer than all of the securities in the index, or in some securities not included in the index, potentially increasing the risk of divergence between the fund's return and that of the index.

**Industry Concentration:** The underlying master fund concentrates its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration in a particular industry heightens the risks associated with that industry. As a result, the underlying master fund, and therefore the fund, may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader range of industries.

**Inflation:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of a fund's assets can decline as can the value of the fund's distributions.

**Information Technology Sector:** To the extent a fund invests a significant portion of its assets in the information technology sector, the fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the information technology sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss, impairment of, or inability to enforce these rights may adversely affect the profitability of these companies. Companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Companies in the application software industry, in particular, may also be negatively affected by the decline or fluctuation of subscription renewal rates for their products and services, which may have an adverse effect on profit margins. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

------

**Large Capitalization Companies:** A fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion. As a result, a fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

**Large Shareholder:** The Transamerica Asset Allocation funds designated Conservative, Moderate, Moderate Growth and Growth, the Transamerica Asset Allocation Horizon Funds designated Short, Intermediate and Long, each a separate series of Transamerica Funds, as well as the Transamerica JPMorgan Asset Allocation portfolios designated Conservative, Diversified Equity Allocation, Moderate Growth, Moderate and International Moderate Growth, and Transamerica 60/40 Allocation VP, Transamerica Goldman Sachs 70/30 Allocation VP and Transamerica BlackRock Tactical Allocation VP, each a separate series of Transamerica Series Trust, are asset allocation funds ("Asset Allocation Funds") that may invest in certain series of Transamerica Funds and Transamerica Series Trust and may own a significant portion of the shares of an underlying fund. Certain Asset Allocation Funds may invest in TAM-sponsored ETFs that have investment objectives and strategies similar to certain series of Transamerica Funds and Transamerica Series Trust. Other investment vehicles, including Transamerica collective investment trust funds, and institutional investors may also own a significant portion of a fund's shares.

Unaffiliated funds (the "Unaffiliated Funds") may invest in series of Transamerica Funds subject to the fund of funds restrictions of Section 12(d)(1) of the 1940 Act. Unaffiliated Funds may invest in an underlying fund beyond the limits of Section 12(d)(1), in reliance on certain exemptions, such as Rule 12d1-4 under the 1940 Act, subject to certain terms and conditions. An Unaffiliated Fund may own a significant portion of the shares of an underlying fund.

Transactions by a large shareholder may be disruptive to the management of a fund. A fund may experience large redemptions or investments due to transactions in fund shares by a large shareholder. While it is impossible to predict the overall effect of these transactions over time, there could be an adverse impact on a fund's performance. In the event of such redemptions or investments, a fund could be required to sell securities or to invest cash at a time when it may not otherwise desire to do so. Such transactions may increase a fund's brokerage and/or other transaction costs. In addition, when a large shareholder owns a substantial portion of a fund's shares, a large redemption by that shareholder could cause actual expenses to increase, or could result in the fund's current expenses being allocated over a smaller asset base, leading to an increase in the fund's expense ratio. Redemptions of fund shares could also accelerate the realization of taxable capital gains. The impact of these transactions is likely to be greater when a large shareholder purchases, redeems, or owns a substantial portion of a fund's shares. When possible, TAM and/or the sub-adviser will consider how to minimize these potential adverse effects, and may take such actions as it deems appropriate to address potential adverse effects, including carrying out the transactions over a period of time, although there can be no assurance that such actions will be successful.

**Legal and Regulatory:** Legal and regulatory changes could occur that may adversely affect a fund, its investments, and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. New or revised laws or regulations may be imposed by the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, the Internal Revenue Service, the U.S. Federal Reserve or other governmental regulatory authorities or self-regulatory organizations that could adversely affect a fund. A fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules by governmental regulatory authorities or self-regulatory organizations.

Regulations require a fund, to the extent it uses derivatives to a material extent, to, among other things, comply with certain overall limits on leverage. These regulations may limit the ability of a fund to pursue its investment strategies and may not be effective to mitigate a fund's risk of loss from derivatives.

A fund also will be leveraged and can incur losses if the value of the fund's assets declines between the time a redemption request is received or deemed to be received by the fund (which in some cases may be the business day prior to actual receipt of the transaction activity by the fund) and the time at which the fund liquidates assets to meet redemption requests. In the case of redemptions representing a significant portion of the fund, the leverage effects described above can be significant and could expose a fund and non-redeeming shareholders to material losses.

**Liquidity:** A fund may make investments that are illiquid or that become illiquid after purchase. Investments may become illiquid due to the lack of an active market, a reduced number of traditional market participants, legal or contractual restrictions on resale, or reduced capacity of traditional market participants to make a market in securities. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased volatility. As a general matter, a reduction in the willingness or ability of dealers and other institutional investors to make markets in fixed-income

------

securities may result in even less liquidity in certain markets. Liquidity risk may be magnified in rising interest rate or volatile environments. Illiquid investments can be difficult to value. If a fund is forced to sell less liquid or illiquid investments to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss (or may not be able to sell at all), and such sale may involve additional costs or may cause the value of your investment to decline. In addition, securities, once sold by a fund, may not settle for an extended period (for example, several weeks or even longer). The fund will not receive its sales proceeds until that time, which may constrain the fund's ability to meet its obligations (including obligations to redeeming shareholders). Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for a fund to sell. This may prevent a fund from limiting losses. Further, when there is illiquidity in the market for certain investments, a fund, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector or asset class. A fund is required by law to maintain a liquidity risk management program to assess and manage the fund's liquidity risk. This program is intended to reduce liquidity risk, but may not achieve the desired results. Analyses and judgments made under the program may be incorrect, and changes in market conditions, which may be rapid and unexpected, may adversely affect the program.

**Management:** The value of your investment in a fund may go down if the investment manager and/or investment adviser's judgments and decisions are incorrect or otherwise do not produce the desired results. For example, the value of your investment in a fund may go down if its investment manager and/or investment adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, is incorrect. A fund may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by its investment manager and/or investment adviser, if such tools, resources, information or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the investment manager and/or investment adviser's investment style is out of favor or otherwise fails to produce the desired results. A fund's investment strategies may not work as intended or may otherwise fail to produce the desired results. In addition, a fund's investment strategies or policies may change from time to time. Legislative, regulatory or tax developments may also affect the investment techniques available to the investment manager and/or investment adviser in connection with managing the fund. Those changes and developments may not lead to the results intended by the investment manager and/or investment adviser and could have an adverse effect on the value or performance of the fund. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Market:** The market prices of a fund's securities and other assets may go up or down, sometimes sharply and unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning), investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. To the extent a fund may overweight its investments in certain sectors, industries, issuers, or geographies, such position will increase the fund's exposure to the risk of loss from adverse developments affecting those sectors, industries, issuers, or geographies. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the fund's securities and assets fall, the value of your investment will go down. A fund may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a fund's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including a fund's securities.

Ongoing and threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. For example, following Russia's invasion of Ukraine in 2022, Russian stocks lost all, or nearly all, of their market value. Other securities or markets could be similarly affected by past or future geopolitical or other events or conditions. Furthermore, events involving limited liquidity, defaults, non-performance or other adverse developments that affect one industry, such as the financial services industry, or concerns or rumors about any events of these kinds, have in the past and may in the future lead to market-wide liquidity problems, may spread to other industries, and could negatively affect the value and liquidity of the fund's investments.

------

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments and generally for economies, and markets in the U.S. and elsewhere and, in the case of Transamerica Government Money Market, the fund's ability to maintain a $1.00 share price. Similarly, political events within the United States at times have resulted, and may in the future result, in a failure to approve a budget for the federal government and a subsequent shutdown of government services, which in turn could negatively affect the U.S. economy, decrease the value of fund investments, and increase uncertainty in or impair the operation of securities markets in the United States and elsewhere. Changes in interest rates and levels of inflation also could adversely affect the value and liquidity of the fund's investments, impair the fund's ability to satisfy redemption requests, and negatively impact the fund's performance.

The United States and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the United States has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the United States and its trading partners, as well as companies directly or indirectly affected and financial markets generally. The United States government has prohibited U.S. persons from investing in Chinese companies designated as related to the Chinese military. These and possible future restrictions could limit the fund's opportunities for investment and require the sale of securities at a loss or make them illiquid. Moreover, China's long-running conflict over Taiwan's sovereignty, other disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict. If the political climate between the United States and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan, the Philippines or another neighbor, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the fund's assets may go down.

**Medium Capitalization Companies:** Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. Such companies usually do not pay significant dividends that could cushion returns in a falling market.

**Non-Diversification:** To the extent the underlying master fund becomes "non-diversified" for periods of time solely as a result of tracking its respective index, the underlying master fund will invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the underlying master fund, and therefore the fund, more susceptible to the risks associated with investing in those issuers.

**Operational:** Your ability to transact with a fund or the valuation of your investment may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology (including as a result of cybersecurity incidents), changes in personnel, and errors caused by third party service providers or trading counterparties. It is not possible to identify all of the operational risks that may affect a fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. A fund and its shareholders could be negatively impacted as a result.

**Over-the-Counter Transactions:** A fund may engage in over-the-counter ("OTC") transactions, which trade in a dealer network, rather than on an exchange. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges. Transactions in the OTC markets also are subject to the credit risk of the counterparty.

**Passive Strategy/Index:** The fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the index or of the actual securities comprising the index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the fund's performance may be less favorable than that of a fund managed using an active investment strategy. The structure and composition of the index will affect the performance, volatility, and risk of the index and, consequently, the performance, volatility, and risk of the fund.

**Redemption:** A fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. In that event, the value of your investment in the fund would go down. If a fund is required to liquidate assets to accommodate redemptions, the liquidation could accelerate the recognition of capital gains by the fund, and any capital gains recognized by the fund generally need to be distributed to shareholders in order to avoid fund-level taxation. The non-redeeming shareholders could receive a disproportionate amount of those

------

taxable distributions, even though the capital gains were recognized as a result of the redeeming shareholders. Redemption risk is greater to the extent that a fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in a fund could hurt performance and/or cause the remaining shareholders in the fund to lose money. Further, a fund's redemption risk is increased if one decision maker has control of fund shares owned by separate fund shareholders, including clients or affiliates of the investment manager and/or sub-adviser.

**Regulatory:** In recent years, the U.S. government adopted and implemented regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as margin, reporting and registration requirements. Additional U.S. or other regulations may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. The Dodd-Frank Wall Street Reform Act (the "Reform Act") substantially increased regulation of the over-the-counter ("OTC") derivatives market and participants in that market, including imposing clearing and reporting requirements on transactions involving instruments that fall within the Reform Act's definition of "swap" and "security-based swap," which terms generally include OTC derivatives, and imposing registration and potential substantive requirements on certain swap and security-based swap market participants. In addition, under the Reform Act, a fund may be subject to additional recordkeeping and reporting requirements. Certain SEC rulemakings from recent years that may affect a fund include the following:

• Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by registered investment companies, such as a fund, and set limits on a fund's investments in derivatives.

• Rule 12d1-4 under the 1940 Act provides an enhanced regulatory framework applicable to fund of fund arrangements.

• Rule 2a-5 under the 1940 Act establishes an updated regulatory framework for registered investment company valuation practices.

• Rule 2a-7 under the 1940 Act was amended to, among other things, increase the daily and weekly liquid asset minimum requirements for money market funds and remove the ability of money market funds to temporarily suspend redemptions.

The impact of these and future regulations cannot be fully known at this time, and there can be no assurance that any new government regulation will not adversely affect a fund's ability to achieve its investment objective.

**Sector Focus:** To the extent a fund invests more heavily in a particular market sector, the value of the fund's shares performance will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.

**Strategies and Styles:** Investment strategies and styles with different characteristics tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. A fund may outperform or underperform other funds that employ a different strategy or style. A fund may employ a combination of strategies and/or styles that impact its risk characteristics.

**Tracking Error:** Imperfect correlation between the underlying fund securities held by a fund and those in the index that the fund tracks, fund fees and expenses, maintenance of cash balances to meet redemption requests, rounding of prices, changes to an index and regulatory and tax requirements may cause tracking error, which is the divergence of a fund's performance from that of a fund's benchmark index.

Please note that there are other factors that could adversely affect your investment in the fund and that could prevent the fund from achieving its investment objective. More information about risks appears in the SAI. Before investing, you should carefully consider the risks that you will assume.

------

**Shareholder Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Management of Transamerica Funds** 

The Board of Trustees is responsible for overseeing the management and business affairs of Transamerica Funds. It oversees the operation of Transamerica Funds by its officers. It also reviews the management of the fund's assets by the investment manager. Information about the Trustees and executive officers of Transamerica Funds is contained in the SAI.

**Investment Manager** 

Transamerica Asset Management, Inc. ("TAM"), located at 1801 California Street, Suite 5200, Denver, CO 80202, serves as investment manager for Transamerica Funds. TAM provides continuous and regular investment management services to the fund. TAM's management services include, among other things, regular review and evaluation of performance of the underlying master fund and the provision of supervisory, compliance and administrative services to the fund. More information on the investment management services rendered by TAM is included in the SAI. TAM is paid an investment management fee for its service as investment manager to the fund. This fee is calculated on the average daily net assets of the fund.

TAM has been a registered investment adviser since 1996. As of December 31, 2025, TAM has approximately $64.2 billion in total assets under management. The fund is operated by TAM pursuant to an exclusion from registration as a commodity pool operator under the Commodity Exchange Act.

TAM is directly owned by Transamerica Life Insurance Company ("TLIC") (77%) and AUSA Holding, LLC ("AUSA") (23%), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd, a Bermuda exempted company with liability limited by shares (formerly, Aegon N.V., a Netherlands corporation) and a publicly traded international insurance group.

With respect to a number of other Transamerica Funds for which TAM serves as investment manager, TAM currently acts as a "manager of managers" and hires investment sub-advisers to furnish investment advice and recommendations. TAM acts as a manager of managers for such other funds pursuant to an exemptive order from the U.S. Securities and Exchange Commission ("SEC") (Release IC-23379 dated August 5, 1998). TAM has responsibility, subject to oversight by the Board of Trustees, to, among other matters, oversee and monitor sub-advisers, recommend selection of sub-advisers and recommend changes to sub-advisers where it believes appropriate or advisable. The exemptive order permits TAM, subject to certain conditions including the approval of the Board of Trustees, but without the approval of the applicable fund's shareholders, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) employ a new unaffiliated sub-adviser for a fund pursuant to the terms of a new investment sub-advisory agreement, either as a replacement for an existing sub-adviser or as an additional sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) materially change the terms of any sub-advisory agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) continue the employment of an existing sub-adviser on sub-advisory contract terms where a contract has been assigned because of a change of control of the sub-adviser.

Pursuant to the exemptive order, the applicable funds have agreed to provide certain information about new sub-advisers and new sub-advisory agreements to their respective shareholders.

**Management Fee Paid for the Fiscal Year Ended December 31, 2025** 

For the fiscal year ended December 31, 2025, the fund paid a management fee to TAM of 0.00% of its average daily net assets (after waivers/expense reimbursements and recapture).

***Trustees' Approval of Investment Management Agreement*** 

A discussion regarding the Board of Trustees' renewal of the fund's investment management agreement is available in the fund's report for the six-month period ended June 30, 2025 as filed on Form N-CSR.

**Investment in the Underlying Portfolio** 

The fund invests in securities through the S&P 500 Index Master Portfolio (the "Underlying Portfolio").

BlackRock Fund Advisors ("BFA") is the investment adviser of the Underlying Portfolio. BFA is located at 400 Howard Street, San Francisco, CA 94105. BFA is a wholly-owned subsidiary of BlackRock, Inc. As of December 31, 2025, BlackRock, Inc. had approximately $14 trillion in total assets under management.

The fund pays a contractual management fee to TAM, which is accrued daily and payable monthly, at an annual rate of 0.07% of its average daily net assets. The fund's management fee shown in the Annual Fund Operating Expenses table reflects the fund's direct fees and expenses and its allocated share of the Underlying Portfolio's advisory fee and other expenses based on the interest owned by the

------

fund in the Underlying Portfolio. Effective February 24, 2026, the Underlying Portfolio pays an advisory fee to BFA, which is accrued daily and payable monthly, at an annual rate of 0.007% of the Underlying Portfolio's daily net assets. Prior to February 24, 2026, BFA received as compensation for its services to S&P 500 Index Master Portfolio an advisory fee equal to 0.01% of S&P 500 Index Master Portfolio's average daily net assets. TAM has agreed to voluntarily waive its management fee in an amount equal to the Underlying Portfolio advisory fee allocated to the fund.

**Portfolio Managers for the Underlying Portfolio** 

The Underlying Portfolio is managed by the portfolio managers listed below. The SAI provides additional information about each portfolio manager's compensation, other accounts managed by each portfolio manager, and each portfolio manager's ownership in the fund and the Underlying Portfolio.

---

| | | |
|:---|:---|:---|
| **Name** | **Adviser** | &nbsp;&nbsp; **Positions Over Past**<br> **Five Years**<br>|
| Jennifer Hsui, CFA | BlackRock Fund Advisors | &nbsp;&nbsp; Portfolio Manager of the Underlying Portfolio <br> since 2016; Managing Director of BlackRock, Inc. <br> since 2011<br>|
| Peter Sietsema, CFA | BlackRock Fund Advisors | &nbsp;&nbsp; Portfolio Manager of the Underlying Portfolio <br> since 2025; Managing Director of BlackRock, Inc. <br> since 2013<br>|
| Matt Waldron, CFA | BlackRock Fund Advisors | &nbsp;&nbsp; Portfolio Manager of the Underlying Portfolio <br> since 2025; Managing Director of BlackRock, Inc. <br> since 2024; Director of BlackRock, Inc. from 2010 <br> to 2024<br>|
| Steven White | BlackRock Fund Advisors | &nbsp;&nbsp; Portfolio Manager of the Underlying Portfolio <br> since 2025; Managing Director of BlackRock, Inc. <br> since 2020<br>|

---

**Disclosure of Portfolio Holdings** 

A detailed description of the fund's policies and procedures with respect to the disclosure of its portfolio holdings is available in the SAI.

**Fund Expenses** 

During times of market volatility or decline, assets of your fund and/or the underlying master fund may decline significantly, causing total annual fund operating expenses (as a percentage of the value of your investment) to become higher than the numbers shown in your fund's Annual Fund Operating Expenses table under "Fees and Expenses" in this prospectus. In addition, the total annual fund operating expenses shown in your fund's Annual Fund Operating Expenses table may not correlate to the ratios of expenses to average net assets shown in the Financial Highlights section of the prospectus, which reflect the operating expenses of your fund and do not include certain expenses such as acquired (i.e., underlying) funds' fees and expenses.

The "Other expenses" items in the Annual Fund Operating Expenses table for your fund include fees for custodial, legal, transfer agency, and, as applicable, sub-transfer agency services. "Other expenses" may include additional expenses such as interest expense (including borrowing costs and overdraft charges) as well as various other expenses applicable to each share class of your fund.

*Class R and Class R4* 

Class R and Class R4 shares do not pay sub-transfer agency fees directly, but, the transfer agent may use its available resources to pay for sub-transfer agency services for Class R and Class R4 shares.

**How To Contact the Fund**

Retirement plan participants in a retirement plan administered by Transamerica Retirement Solutions, TAM's affiliate, should contact 1-800-755-5801 for additional information. If you hold your account through an unaffiliated plan administrator, recordkeeper or financial intermediary, please contact them directly for account specific questions.

• Customer Service: 1-888-233-4339 – Monday through Friday; hours of operation as posted on the fund's website at www.transamerica.com/contact-us.

• Internet: www.transamerica.com

• Fax: 1-888-329-4339

------

---

| | |
|:---|:---|
| ***Mailing Address:*** | &nbsp;&nbsp;&nbsp; Transamerica Fund Services, Inc.<br> P.O. Box 219945<br> Kansas City, MO 64121-9945<br>|
| ***Overnight Address:*** | &nbsp;&nbsp;&nbsp; Transamerica Fund Services, Inc.<br> 801 Pennsylvania Avenue<br> Suite 219945<br> Kansas City, MO 64105-1307<br>|

---

**Availability**

Class R shares and Class R4 shares are available to individual and institutional investors through certain retirement plans. These plans include, but are not limited to, 401(k), 403(b) and 457 Plans, Money Purchase Plans, Profit Sharing Plans, Simplified Employee Pension Plans, Keogh Plans, defined benefit plans, nonqualified deferred compensation plans and IRAs. Shares may be purchased by these investors through a plan administrator, recordkeeper or authorized financial intermediary. If you are a participant in a plan, you should obtain the plan's conditions for participation from your plan administrator. A plan's record-keeper or financial service firm serving as an intermediary must have an agreement with Transamerica Funds or its agents to utilize Class R and Class R4 shares in certain investment products or programs.

A financial service firm serving as an intermediary can provide participants with detailed information on how to participate in the plan, elect a fund as an investment option, elect different investment options, alter the amounts contributed to the plan or change allocations among investment options. For questions about participant accounts or to obtain an application to participate in a plan, participants should contact their financial service firm serving as an intermediary, employee benefits office, the plan administrator, or the organization that provides recordkeeping services for the plan.

Financial service firms may provide some of the shareholder servicing and account maintenance services required by retirement plan accounts and their plan participants, including transfers of registration, dividend payee charges and generation of confirmation statements, and may arrange for plan administrators to provide other investment or administrative services. Financial service firms may charge retirement plans and plan participants transaction fees and/or other additional amounts for such services. Similarly, retirement plans may charge plan participants for certain expenses. These fees and additional amounts could reduce the return of investments in Class R and Class R4 shares of the fund.

Class R and Class R4 shares are also available to other investors, including endowment funds and foundations, any state, county or city, or its instrumentality, department, authority or agency, and accounts registered to insurance companies, trust companies and bank trust departments.

**Opening an Account and Purchasing Shares**

Federal regulations may require the fund to obtain, verify and record certain information from you and persons authorized to act on your behalf in order to establish an account. Required information includes name, date of birth (for an individual), permanent residential address or principal place of business and Social Security Number or Employer Identification Number. The fund may also ask to see other identifying documents. If you do not provide the information, the fund may not be able to open your account. Identifying information must be provided for each trader on an account. The fund may also place limits on account transactions while it is in the process of verifying your identity. If the fund is unable to verify your identity, or that of another person(s) authorized to act on your behalf, or if the fund believes it has identified potentially criminal activity, the fund reserves the right to take action it deems appropriate or as required by law, which may include redeeming your shares and closing your account.

The fund is offered for sale in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands and is not registered for sale outside the United States. If you are a Non-U.S. Person, you must provide a U.S. mailing address to establish an account, unless your broker-dealer firm submits your account through the National Securities Clearing Corporation, and an appropriate tax form (e.g., Form W-8BEN) and documentary evidence and letter of explanation. Your broker-dealer may be required to submit a foreign certification form and other information as instructed by the fund's distributor. Non-U.S. investors should be aware that U.S. withholding and estate taxes and certain U.S. tax reporting requirements may apply to any investment in a fund.

Eligible retirement plans generally may open an account and purchase Class R and Class R4 shares by contacting any broker, dealer or other financial service firm authorized to sell Class R and Class R4 shares of the fund. Additional shares may be purchased through a retirement plan's administrator, record-keeper or financial service firm serving as an intermediary. There is no minimum investment for eligible retirement plans investing in Class R shares. The minimum initial investment for Class R4 shares is $5,000. The fund is

------

currently waiving this minimum. There is no minimum for subsequent investments in Class R or Class R4 shares. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.

Shares are purchased at the NAV per share without a sales charge.

Transamerica Funds must receive payment for NSCC purchase orders within one business day of the order.

Transamerica Funds or its agents may reject a request for purchase of shares at any time, in whole or in part, including any purchase under the exchange privilege. The fund reserves the right to discontinue offering Class R or Class R4 shares at any time, to liquidate or merge into another class of shares, or to cease investment operations entirely.

Investors changing a mailing address to a non-U.S. address will be required to have a foreign certification form completed by their broker-dealer and returned to us and submit an appropriate tax form (e.g. Form W-8BEN) and documentary evidence and letter of explanation before future purchases can be accepted.

The fund reserves the right to make additional exceptions or otherwise to modify the foregoing policies at any time.

**Through an Authorized Dealer** 

• The dealer is responsible for opening your account and may need to provide Transamerica Funds with your taxpayer identification number.

**Selling Shares**

Shares may be sold (or "redeemed") on any day the New York Stock Exchange is open for business. Proceeds from the redemption of shares will normally be sent to redeeming shareholders within two business days after receipt of a redemption request in good order, but in any event within seven days, regardless of the method the fund uses to make such payment (e.g., check, wire or electronic funds transfer (ACH)). However, Transamerica Funds may postpone payment under certain circumstances, such as when the New York Stock Exchange is closed (other than on weekends or holidays) or trading is restricted, if an emergency exists, or otherwise as permitted by order of the SEC or authorized by law.

If you own Class R or Class R4, please refer to the retirement plan or other relevant documents for information on how to redeem Class R or Class R4 shares of the fund.

Shares are redeemed at NAV.

Shares will normally be redeemed for cash, although the fund retains the right to wholly or partly redeem its shares in kind, under unusual circumstances (such as adverse or unstable market, economic, or political conditions), in an effort to protect the interests of shareholders by the delivery of securities selected from its assets at its discretion. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. The disposal of the securities received in-kind may be subject to brokerage costs and, until sold, such securities remain at market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If the fund pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities. The fund may pay redemption proceeds with cash obtained through short-term borrowing arrangements, if available. Please see the SAI for more details.

Please see additional information relating to original signature guarantee later in this prospectus.

**Through an Authorized Dealer** 

• You may redeem your shares through an authorized dealer (they may impose a service charge). Contact your Registered Representative or call your plan administrator, recordkeeper or financial intermediary for assistance.

**Exchanging Shares**

For Class R and Class R4 shares, if authorized by your plan, you can request an exchange of your shares in one fund for corresponding shares of another fund. Please refer to your plan's documents for additional information. An exchange is treated as a redemption of a fund's shares followed by a purchase of the shares of the fund into which you exchanged. Prior to making exchanges into a fund you do not own, please read the prospectus of that fund.

An exchange of shares in one fund for shares of another fund is considered a redemption followed by a purchase and generally results in a capital gain or loss for federal income tax purposes, unless you are investing through an IRA, 401(k) or other tax-advantaged account. You should consult your tax advisor before making an exchange.

------

**Converting Shares** 

If you convert from one class of shares to another, the transaction will be based on the respective NAVs of the two classes on the trade date for the conversion. Consequently, a conversion may provide you with fewer shares or more shares than you originally owned, depending on that day's NAV. At the time of conversion, the total dollar value of your "old" shares will equal the total dollar value of your "new" shares. However, subsequent share price fluctuations may decrease or increase the total dollar value of your "new" shares compared with that of your "old" shares.

A conversion between share classes of the same fund is a nontaxable event.

**Choosing a Share Class**

**Class R Shares**

Class R shares are generally intended for purchase by smaller retirement plan clients of Transamerica Retirement Solutions, LLC. Class R shares of the fund may pay Transamerica Capital, LLC ("TCL"), the fund's principal underwriter, and/or financial intermediaries annual distribution and service fees of up to 0.50% of the average daily net assets of the fund's Class R shares. Class R shares are only offered through 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans (eligible retirement plans). Class R shares are available only to eligible retirement plans where Class R shares are held on the books of the fund through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

**Class R4 Shares**

Class R4 shares are generally intended for purchase by larger retirement plan clients of Transamerica Retirement Solutions, LLC. Class R4 shares of the fund may pay TCL and/or financial intermediaries annual distribution and service fees of up to 0.25% of the average daily net assets of the fund's Class R4 shares. Class R4 shares are intended for purchase by participants in certain retirement plans described below and under the following conditions:

°

401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans and non-qualified deferred compensation plans (eligible retirement plans).

°

Class R4 shares are available only to eligible retirement plans where Class R4 shares are held on the books of the fund through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

°

The plan's record-keeper or financial service firm serving as an intermediary must have an agreement with Transamerica Funds or its agents to utilize Class R4 shares in certain investment products or programs.

**Features and Policies**

**Customer Service** 

Please contact your retirement plan's administrator, recordkeeper or financial service firm acting as intermediary for account specific information.

**Minimum Account Balance** 

Due to the proportionately higher cost of maintaining customer fund accounts with balances below the stated minimums for each class of shares, Transamerica Funds reserves the right to close such accounts or assess an annual fee on such fund accounts to help offset the costs associated with maintaining the account. Transamerica Funds generally provides a 60-day notification to the address of record prior to assessing a minimum fund account fee, or closing any fund account. The following describes the fees assessed against fund accounts with balances below the stated minimum:

---

| | |
|:---|:---|
| **Account Balance (per fund account)** | **Fee Assessment (per fund account)** |
| &nbsp;&nbsp; If your balance is below $1,000 per fund account, <br> including solely due to declines in NAV<br>| $25 annual fee assessed, until balance reaches $1,000 |

---

No fees will be charged on:

• accounts opened within the preceding 12 months

• accounts with an active monthly Automatic Investment Plan or payroll deduction ($50 minimum per fund account)

• accounts owned by an individual that, when combined by Social Security Number, have a balance of $5,000 or more

• accounts owned by individuals in the same household (by address) that have a combined balance of $5,000 or more

• accounts for which Transamerica Funds in its discretion has waived the minimum account balance requirements

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• UTMA/UGMA accounts (held at Transamerica Funds)

• UMB Bank, N.A. Custodial Accounts (held at Transamerica Funds)

• Coverdell ESA accounts (held at Transamerica Funds)

• Omnibus and Network Level 3 accounts

While there is currently no minimum account size for maintaining a Class R share account, the fund reserves the right, without prior notice, to establish a minimum amount required to maintain an account.

**Professional Fees** 

Your financial professional may charge a fee for his or her services. This fee will be in addition to any fees charged by Transamerica Funds. Your financial professional will answer any questions that you may have regarding such fees.

**Signature Guarantee** 

An original signature guarantee assures that a signature is genuine so that you are protected from unauthorized account transactions. Acceptable guarantors only include participants in the Securities Transfer Agents Medallion Program ("STAMP2000"). Participants in STAMP2000 may include financial institutions such as banks, savings and loan associations, trust companies, credit unions, broker-dealers, and member firms of a national securities exchange. For certain requests, a notary may be accepted.

An original signature guarantee is typically required if any of the following is applicable:

• You request a redemption or distribution transaction totaling more than $100,000 or, in the case of an IRA with a market value in excess of $100,000, you request a custodian to custodian transfer.

• You would like a check made payable to anyone other than the shareholder(s) of record.

• You would like a check mailed to an address which has been changed within 10 days of the redemption request.

• You would like a check mailed to an address other than the address of record.

• You would like your redemption proceeds wired to a bank account other than a bank account of record.

• You are adding or removing a shareholder from an account.

• You are changing ownership of an account.

• When establishing an electronic bank link, if the Transamerica Funds' account holder's name does not appear on the check.

• Transactions requiring supporting legal documentation.

• Wire or ACH proceeds to a bank account changed within 10 days of the redemption request.

The fund reserves the right to require an original signature guarantee or a notary under other circumstances or to reject or delay a redemption on certain legal grounds.

An original signature guarantee or notary may be refused if any of the following is applicable:

• It does not appear valid or in good form.

• The transaction amount exceeds the surety bond limit of the signature guarantee.

• The guarantee stamp has been reported as stolen, missing or counterfeit.

Certain direct institutional accounts may utilize alternative methods in place of a signature guarantee with prior approval from Transamerica. Contact Transamerica for additional details.

**Note:** For certain maintenance and non-financial requests, Transamerica Funds may require a Signature Validation Program Stamp for your protection. When an institution provides a Signature Validation Program Stamp, it assures Transamerica Funds that the signature and instructions are yours and that you have the authority to provide the instruction(s) contained within the request.

**E-Mail Communication** 

As e-mail communications may not be secure, and because we are unable to take reasonable precautions to verify your shareholder and transaction information, we cannot respond to account-specific requests received via e-mail. For your protection, we ask that all account-specific requests be submitted only via online (required to be established in advance), telephone, mail or fax. Establishing an online account can be done by logging into the Transamerica Funds website at https://secureaccountview.com/BFWeb/clients/transamerica/index.

• The Account Login page will be displayed, underneath the Login screen, select the Red "New User" button.

• The Account Access: New User Setup screen will be displayed.

• Select a username, enter your social security number/EIN, account number and establish your password, following the instructions on the page.

You can also contact Transamerica at 1-888-233-4339, Monday through Friday between 8:00 a.m. and 7:00 p.m. (Eastern time) to establish an online account.

------

**Reinvestment Privilege** 

Within a 90-day period after you sell your shares, you have the right to "reinvest" your money in any fund, in shares of the same class as the shares that you sold. Any contingent deferred sales charge you paid on your shares will be credited to your account. To take advantage of the 90-day reinvestment privilege, a written request must accompany your investment check.

**Right to Terminate or Suspend Account Privileges** 

The fund may, in its discretion, limit or terminate trading activity by any person, group or account that it believes would be disruptive, even if the activity has not exceeded the policy described in this prospectus. As part of the fund's policy to detect and deter frequent purchases, redemptions and exchanges, the fund may review and consider the history of frequent trading activity in all accounts in the Transamerica Funds known to be under common ownership or control. The fund may send a written warning to a shareholder that it believes may be engaging in disruptive or excessive trading activity; however, the fund reserves the right to suspend or terminate the ability to purchase or exchange shares, with or without warning, for any account that the fund determines, in the exercise of its discretion, has engaged in such trading activity.

**Market Timing/Excessive Trading** 

Some investors try to profit from various short-term or frequent trading strategies known as market timing. Examples of market timing include switching money into funds when their share prices are expected to rise and taking money out when their share prices are expected to fall, and switching from one fund to another and then back again after a short period of time. As money is shifted in and out, a fund may incur expenses for buying and selling securities. Excessive purchases, redemptions or exchanges of fund shares may disrupt portfolio management, hurt fund performance and drive fund expenses higher. For example, a fund may be forced to liquidate investments as a result of short-term trading and incur increased brokerage costs or realize capital gains without attaining any investment advantage. These costs are generally borne by all shareholders, including long-term investors who do not generate these costs.

The Board of Trustees has approved policies and procedures that are designed to discourage market timing or excessive trading, which include limitations on the number of transactions in fund shares. If you intend to engage in such practices, we request that you do not purchase shares of the fund. The fund reserves the right to reject any request to purchase shares, including purchases in connection with an exchange transaction, which the fund reasonably believes to be in connection with market timing or excessive trading.

While the fund discourages market timing and excessive short-term trading, the fund cannot always recognize or detect such trading, particularly if it is facilitated by financial intermediaries or done through omnibus account arrangements.

The fund's distributor has entered into agreements with intermediaries requiring the intermediaries to provide certain information to help identify harmful trading activity and to prohibit further purchases or exchanges by a shareholder identified as having engaged in excessive trading. There is no guarantee that the procedures used by financial intermediaries will be able to curtail frequent, short-term trading activity. For example, shareholders who seek to engage in frequent, short-term trading activity may use a variety of strategies to avoid detection, and the financial intermediaries' ability to deter such activity may be limited by the capabilities of operational and information systems. Due to the risk that the fund and financial intermediaries may not detect all harmful trading activity, it is possible that shareholders may bear the risks associated with such activity.

Orders to purchase, redeem or exchange shares forwarded by certain omnibus accounts with Transamerica Funds will not be considered to be market timing or excessive trading for purposes of Transamerica Funds' policies. However, the market timing and excessive trading policies of these omnibus firms or plans may apply to transactions by the underlying shareholders.

Transamerica Funds' excessive trading policies do not apply to Transamerica Government Money Market, Transamerica Short-Term Bond and Transamerica UltraShort Bond.

**Additional Information** 

This prospectus and the SAI provide information concerning the fund that you should consider in determining whether to purchase shares of the fund. The fund may make changes to this information from time to time. The fund's investment strategies and policies may be changed from time to time without shareholder approval, unless specifically stated otherwise in this prospectus or in the SAI.

A fund that has a policy of investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the particular type of securities suggested by its name will provide its shareholders with at least 60 days' prior written notice before making changes to such policy. Such notice will comply with the conditions set forth in any applicable SEC rules then in effect.

Neither this prospectus nor the SAI is intended to give rise to any contract rights or other rights of any shareholder, other than rights conferred by federal or state securities laws.

The fund may enter into contractual arrangements with various parties, including the fund's investment manager, who provides services to the fund. Shareholders are not parties to, or intended (or "third party") beneficiaries of those contractual arrangements.

------

To the extent authorized by law, the fund reserves the right to discontinue offering shares at any time, to merge or liquidate a class of shares or to cease operations entirely.

**Abandoned or Unclaimed Property** 

Every state has unclaimed property laws that generally provide for escheatment to the state of unclaimed property under various circumstances. In addition to the state unclaimed property laws, we may be required to escheat property pursuant to regulatory demand, finding, agreement or settlement. To help prevent such escheatment, it is important that you keep your contact and other information on file with us up to date, including the names, contact information and identifying information for customers, beneficiaries and other payees. Such updates should be communicated in a form and manner satisfactory to us. Individual states may have their own requirements. For more information regarding escheatment and unclaimed property in your state, ask your salesperson or visit your financial intermediary's website.

**Sending Forms and Transaction Requests in Good Order** 

We cannot process your requests for transactions relating to the fund until they are received in good order. "Good order" means the actual receipt of the instructions relating to the requested transaction in writing (or, when appropriate, by telephone or electronically), along with all forms, information and supporting legal documentation necessary to effect the transaction. This information and documentation generally includes, to the extent applicable to the transaction: your completed application; the transaction amount (in dollars, shares or percentage terms); the names, fund and account number(s) and allocations to and/or from the fund accounts affected by the requested transaction; the signatures of all owners (exactly as registered on the account) if necessary; Social Security Number or Taxpayer I.D.; and any other information or supporting documentation that we may require, including any spousal or joint owner's consents and signature guarantees. With respect to purchase requests, "good order" also generally includes receipt of sufficient funds to effect any purchase. We may, in our sole discretion, determine whether any particular transaction request is in good order, and we reserve the right to change or waive any good order requirements at any time. "Received" or receipt in good order generally means that everything necessary must be received by the fund, at our mailing address specified in this prospectus. We reserve the right to reject electronic transactions that do not meet our requirements.

**Pricing of Shares**

**How Share Price Is Determined** 

The price at which shares are purchased or redeemed is the NAV, plus any applicable sales charge, that is next calculated following receipt and acceptance of a purchase order in good order or receipt of a redemption order in good order by the fund, an authorized intermediary, or the mail processing center located in Kansas City, Missouri.

**When Share Price Is Determined** 

The NAV of the fund (or class thereof) is determined on each day the NYSE is open for business as of the scheduled close of regular trading (normally 4:00 p.m. Eastern time). If the NYSE closes at another time, the fund will calculate a NAV for each class of shares as of the scheduled closing time. The NAV is not determined on days when the NYSE is closed (generally New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas). Foreign securities may trade in their primary markets on weekends or other days when a fund does not price its shares (therefore, the value of a fund's foreign securities may change on days when shareholders will not be able to buy or sell shares of the fund). These securities will be valued pursuant to the fund's Pricing and Valuation procedures for such securities.

Purchase orders received in good order and accepted, and redemption orders received in good order, as of the scheduled close of regular trading of the NYSE, usually 4:00 p.m. Eastern Time, receive the NAV determined as of the close of the NYSE that day. Purchase and redemption requests received after the NYSE is closed receive the NAV determined as of the close of the NYSE the next day the NYSE is open.

**How NAV Is Calculated** 

The NAV of the fund (or class thereof) is calculated by taking the value of its net assets (which may include realized and unrealized capital gain and income) and dividing by the number of shares of the fund (or class) that are then outstanding.

The value of the fund's securities and other assets for purposes of determining the fund's NAV is determined pursuant to valuation procedures of the fund and TAM. TAM has been designated as the fund's valuation designee with responsibility for fair valuation subject to oversight by the fund's Board. TAM has formed a valuation committee to assist with its designated responsibilities as valuation designee (the "Valuation Committee").

In general, securities and other investments are valued based on prices at the close of regular trading on the NYSE.

------

Equity securities, swaps, and options listed or traded on securities exchanges (except for the securities traded on NASDAQ/NMS), including ETFs, dollar-denominated foreign securities and ADRs, are normally valued at the closing price on the exchange or system where the security is principally traded. With respect to securities traded on the NASDAQ/NMS, such closing price will generally be the NASDAQ Official Closing Price ("NOCP").

The market price for debt obligations (except short-term obligations that will mature in 60 days or less) and for swaps that are not traded on a securities exchange is generally the price supplied by an independent third-party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies to identify the market value of the security or instrument.

Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment's fair value.

Foreign securities are generally priced as described above for the particular type of security (i.e., equity securities or debt securities). The prices for foreign securities are converted from the local currency into U.S. dollars using current exchange rates.

Market quotations for securities prices may be obtained from automated pricing services.

Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company.

ETF shares are normally valued at the most recent sale price or official closing price on the exchange on which they are traded.

When an authorized pricing service does not provide a price or the price provided is believed by the Valuation Committee to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. When such a price or quotation for a security is not readily available, or is believed by the Valuation Committee to be unreliable, then the Valuation Committee will fair value such fund investment, in good faith, in accordance with fair valuation procedures.

The types of securities for which such fair value pricing may be required include, but are not limited to: foreign securities, where a significant event occurs after the close of the foreign market on which such security principally trades that is likely to have changed the value of such security, or the closing value is otherwise deemed unreliable; securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed-income securities that have gone into default and for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The fund uses a fair value model developed by an independent third party pricing service to price foreign equity securities on days when there is a certain percentage change in the value of a domestic equity security index, as such percentage may be determined by TAM from time to time.

Valuing securities in accordance with fair valuation procedures involves greater reliance on judgment than valuing securities based on readily available market quotations. The Valuation Committee makes fair value determinations in good faith in accordance with the valuation procedures. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service. There can be no assurance that the fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the fund determines its NAV.

The prices that the fund uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility.

**Distribution of Shares**

**Distributor**

TCL, located at 1801 California Street, Suite 5200, Denver, CO 80202, underwrites and distributes all classes of fund shares and bears the expenses of offering these shares to the public. TCL is an affiliate of the investment manager and the fund.

The fund may pay TCL, or its agent, fees for its services. Of the distribution and service fees it usually receives for Class R or Class R4 shares, TCL, or its agent, may reallow or pay to brokers or dealers who sold them 0.50% and 0.25%, respectively, of the average daily net assets of those shares.

**Distribution Plan**

The fund has adopted a Rule 12b-1 Plan under the Investment Company Act of 1940 (the "Plan") for Class R and Class R4 shares.

The Plan permits the use of fund assets to pay distribution and service fees for the sale and distribution of its shares. These fees are used to pay TCL, broker-dealers, financial intermediaries and other professionals who sell fund shares and provide ongoing services to shareholders and to pay other marketing and advertising expenses.

Under the Plan, the fund pays the following distribution and service fees (as a percentage of the fund's average daily net assets):

• **Class R Shares** – Up to 0.50%

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **Class R4 Shares** – Up to 0.25%

Because these fees are paid out of the fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Other Distribution and Service Arrangements** 

TCL, TAM and their affiliates may enter into arrangements with affiliated entities that provide administrative, recordkeeping and other services with respect to the fund. Payment for these services is made by TCL, TAM and their affiliates out of past profits and other available sources and may take the form of internal credit, recognition or cash payments. TCL, TAM and their affiliates may also enter into similar arrangements with unaffiliated entities.

TCL engages in wholesaling activities designed to support, maintain, and increase the number of financial intermediaries who sell shares of the fund. Wholesaling activities include, but are not limited to, recommending and promoting, directly or through intermediaries but without ever engaging with a retail client, the fund to financial intermediaries and providing sales training, retail broker support and other services. Payment for these activities is made by TCL, TAM and their affiliates out of profits and other available sources, including revenue sharing payments from others.

TCL (in connection with, or in addition to, wholesaling services), TAM and the investment adviser, directly or through TCL, out of their past profits and other available sources, typically provide cash payments or non-cash compensation to unaffiliated brokers and other financial intermediaries who have sold shares of the fund, promote the distribution of the fund or render investor services to fund shareholders. Such payments and compensation are in addition to the sales charges, Rule 12b-1 Plan fees, service fees and other fees that may be paid, directly or indirectly, to such brokers and other financial intermediaries. These arrangements are sometimes referred to as "revenue sharing" arrangements. The amount of revenue sharing payments is substantial, may be substantial to any given recipient and may exceed the costs and expenses incurred by the recipient for any fund-related distribution or shareholder servicing activities. The presence of these payments and the basis on which an intermediary compensates its registered representatives or salespersons may create an incentive for a particular intermediary, registered representative or salesperson to highlight, feature or recommend the fund, at least in part, based on the level of compensation paid. Revenue sharing arrangements are separately negotiated. Revenue sharing payments are not an additional charge to the fund.

Such additional cash payments may be made to brokers and other financial intermediaries that provide services to the fund and/or fund shareholders, including (without limitation) shareholder servicing, marketing support and/or access to meetings and/or events, sales representatives and management representatives of the broker or other financial intermediaries. Cash compensation may also be paid to brokers and other financial intermediaries for inclusion of the fund on a sales list or mutual fund trading platform, including a preferred or select sales list or trading platform, in other sales programs, or as an expense reimbursement or compensation in cases where the broker or other financial intermediary provides services to fund shareholders. To the extent permitted by applicable law, TCL and other parties may pay or allow other incentives and compensation to brokers and other financial intermediaries. TCL, TAM and the other parties making these payments generally assess the advisability of continuing making these payments periodically. These cash payments may take a variety of forms, including (without limitation) annual flat fees, reimbursement of ticket charges, additional compensation based on sales, on-going fees for shareholder servicing and maintenance of investor accounts, and finder's fees that vary depending on the fund or share class and the dollar amount of shares sold. Revenue sharing payments can be calculated: (i) as a percentage of gross or net sales for a particular period; (ii) as a percentage of gross or net assets under management; (iii) as a fixed or negotiated flat fee dollar amount; or (iv) based on a combination of any of these methods. During 2025, in general, payments calculated as a percentage of sales ranged from 8 basis points (0.08%) to 50 basis points (0.50%), payments calculated as a percentage of assets under management ranged from 2 basis points (0.02%) to 16 basis points (0.16%), and flat annual fees ranged from $3,000.00 to $655,299.95 (calculated after revenue sharing offsets for sales), which included at times payments for a series of meetings and/or events of other broker-dealers and banks.

As of December 31, 2025, TCL had revenue sharing agreements with more than 71 broker dealers and other financial intermediaries including, without limitation: Ameriprise Financial Services, Inc.; Advisor Group, Inc./Osaic, Inc. (Osaic Wealth, Inc., SagePoint Financial, Inc., Securities America Advisors, Triad, American Portfolios, and Osaic Institutions, Inc.); Atria Wealth Solutions, Inc. (Cadaret Grant & Co., CUSO Financial Services, L.P., Grove Point Investments, Next Financial Group, Inc., SCF Securities, Inc., and Western International Securities, Inc.); Cambridge Investment Research, Inc.; Centaurus Financial, Inc.; Aretec Group, Inc./Cetera Financial Group, Inc. (Avantax Insurance Agency, Cetera Advisors, LLC, Cetera Advisor Networks, LLC, Cetera Financial Specialists, LLC, Cetera Investment Services, LLC and Cetera Wealth Services); CFD Investments Inc.; Charles Schwab & Co., Inc.; Citigroup Global Markets, Inc.; Clear Financial; Commonwealth Financial Network; Community America Financial Solutions LLC/Copper Financial; D.A. Davidson & Co., Inc.; Edward Jones; EF Legacy Securities; Equitable Advisors, LLC; Equity Services, Inc.; Financial Data Services, Inc.; First Trust Capital Management, L.P; Geneos Wealth Management, Inc.; Great West Financial; Hantz Financial Services, Inc.; Hornor Townsend & Kent Inc.; Independent Financial Group, LLC; Janney Montgomery Scott; J.P. Morgan Securities LLC; Kestra Investment Services; Lincoln Investment; Lion Street Financial, LLC; LPL Financial Corp.; Logan Group Securities; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley Smith Barney LLC; MML Investors Services, LLC; Mutual of Omaha Investor Services Inc.; National Financial Services, Inc.; Nations Financial Group Inc.; OneAmerica Securities Inc.;

------

Oppenheimer & Co. Inc.; Park Avenue Securities LLC; Pershing LLC; Principal Connectivity; PNC Investments; Raymond James and Associates, Inc.; Raymond James Financial Services, Inc.; RBC Capital Markets; Stifel Nicolaus & Company Inc.; Trinity Wealth Securities LLC; UBS Financial Services, Inc.; United Planners Financial Services of America; US Bancorp Investments, Inc.; Voya Financial Advisors, Inc.; and Wells Fargo Advisors, LLC. For the calendar year ended December 31, 2025, TCL paid approximately $41 million to these brokers and other financial intermediaries in connection with revenue sharing arrangements. TCL expects to have revenue sharing arrangements with a number of brokers and other financial intermediaries in 2026, including some or all of the foregoing brokers and financial intermediaries, among others, on terms similar to those discussed above.

For the calendar year ended December 31, 2025, TCL and its affiliates received revenue sharing payments from asset managers including Alliance Bernstein; BlackRock Investment Management, LLC; Fidelity; First Trust; Goldman Sachs Asset Management, L.P.; Great Lakes Advisors, LLC; Janus Henderson Investors US LLC; JP Morgan Asset Management Inc; Kayne Anderson Capital Advisors, L.P.; Madison Asset Management, LLC; Milliman Financial Risk Management LLC; Morgan Stanley Investment Management Inc.; NASDAQ; PGIM Quantitative Solutions LLC; PineBridge Investments LLC; Raymond James Investment Management/Clarivest Asset Management; Systematic Financial Management, L.P.; T. Rowe Price Associates, Inc.; Thompson, Siegel & Walmsley LLC; Wellington Management Company LLP; and Westfield Capital Management Company, L.P. in the amount of $690,000.00 to participate in TCL sponsored events.

As of December 31, 2025, TAM made revenue sharing payments to approximately 8 financial intermediaries with respect to the funds, the most sizeable of which were to TCL and Transamerica Life Insurance Company. For the same period, TAM did not receive any revenue sharing payments from financial services firms.

TAM also serves as investment manager to certain funds of funds that are underlying investment options for Transamerica insurance products. TCL and its affiliates make revenue sharing payments to, or receive revenue sharing payments from, affiliates of certain underlying unaffiliated funds within Transamerica insurance products for the provision of services to investors and distribution activities. These amounts are in addition to any revenue sharing programs described above with respect to mutual fund distributors. A financial intermediary may receive both mutual fund-related and insurance-related revenue sharing payments.

In addition, while TCL typically pays most of the sales charge applicable to the sale of fund shares to brokers and other financial intermediaries through which purchases are made, TCL may, on occasion, pay the entire sales charge. (Additional information about payments of sales charges to brokers is available in the section titled "Dealer Reallowances" of the SAI.)

From time to time, TCL, its affiliates and/or TAM and/or the investment adviser may also, to the extent permitted by applicable law, pay non-cash compensation or revenue sharing to brokers and other financial intermediaries and their sales representatives in the form of, for example: (i) occasional gifts or prizes; (ii) occasional meals, tickets or other entertainment; and/or (iii) ad hoc sponsorship support of broker marketing events, programs, sales contests, promotions or other activities. Such non-cash compensation may also include, in part, assistance with the costs and expenses associated with travel, lodging, and educational sales and promotional meetings, seminars, programs and conferences, entertainment and meals to the extent permitted by law. TCL and TAM may also make payments in connection with the sponsorship by Transamerica or its affiliates of special events which may be attended by brokers and other financial intermediaries. Such non-cash compensation is in addition to the overall revenue sharing arrangements described above.

The non-cash compensation to sales representatives and compensation or reimbursement received by brokers and other financial intermediaries through sales charges, other fees payable from the fund, and/or revenue sharing arrangements for selling shares of the fund may be more or less than the overall compensation or reimbursement on similar or other products and may influence your broker or other financial intermediary to present and recommend the fund over other investment options available in the marketplace. In addition, depending on the arrangements in place at any particular time, your broker or other financial intermediary may have a financial incentive for recommending a particular class of fund shares over other share classes.

Shareholders may obtain more information about these arrangements, including the conflicts of interests that such arrangements may create, from their brokers and other financial intermediaries, and should so inquire if they would like additional information. Intermediaries may categorize and disclose these arrangements to their clients and to members of the public in a manner different from the disclosures in this prospectus and the SAI. A shareholder should ask his/her broker or financial intermediary how he/she will be compensated for investments made in the fund. Revenue sharing payments, as well as payments under the shareholder services and distribution plan (where applicable), also benefit TAM, TCL and their affiliates and fund sub-advisers to the extent the payments result in more assets being invested in the fund on which fees are being charged.

Although the fund may use financial firms that sell fund shares to effect transactions for the fund's portfolio, the fund and its investment manager or investment adviser will not consider the sale of fund shares as a factor when choosing financial firms to effect those transactions.

------

**Distributions and Taxes**

**Dividends and Distributions** 

The fund intends to distribute all or substantially all of its net investment income and net capital gains, if any, to its shareholders each year. Dividends will be reinvested in additional shares unless you elect to take your dividends in cash. The fund generally pays any distributions of net capital gains annually.

The fund generally pays any dividends from net investment income quarterly. If necessary, the fund may make distributions at other times as well.

Notwithstanding the foregoing, the Board of Trustees of Transamerica Funds has delegated authority to TAM to change the frequency with which dividends are declared and paid by the fund, including if the fund does not have any income to distribute, and to declare and make payments of long-term capital gains with respect to the fund as permitted or required by law or in order to avoid tax penalties. Further, the fund reserves the right to change its dividend distribution policy at the discretion of the Board of Trustees.

**Taxes on Distributions in General**

A fund will not generally have to pay income tax on amounts it distributes to shareholders. Shareholders will generally be taxed on distributions (other than any distributions treated as a return of capital), whether such distributions are paid in cash or reinvested in additional shares.

The following are guidelines for how certain distributions by a fund are generally taxed to non-corporate shareholders under current federal income tax law:

• Distributions of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) will be taxed as long-term capital gains, generally at reduced rates, regardless of how long the shareholders have held their shares. Certain capital gain dividends attributable to dividends received from U.S. REITs may be taxable to noncorporate shareholders at a rate other than the generally applicable reduced rates.

• Distributions reported as paid from a fund's "qualified dividend income" may be taxable to shareholders as qualified dividend income at reduced rates. Qualified dividend income generally is income derived from certain dividends from U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that a fund receives in respect of stock of certain foreign corporations will be qualified dividend income if that stock is readily tradable on an established U.S. securities market. A shareholder (and the fund in which the shareholder invests) will have to satisfy certain holding period requirements in order for the shareholder to obtain the benefit of the tax rates applicable to qualified dividend income.

• Distributions in excess of a fund's earnings and profits will, as to each shareholder, be treated as a return of capital to the extent of the shareholder's basis in his or her fund shares, and as a capital gain thereafter (assuming the shareholder holds the shares as capital assets). A distribution treated as a return of capital will not be taxable currently but will reduce the shareholder's tax basis in his or her shares, which will generally increase the gain (or decrease the loss) that will be recognized on a subsequent sale or exchange of the shares.

• Other distributions generally will be taxed at ordinary income tax rates.

A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount. This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates or trusts. For these purposes, dividends, interest, and certain capital gains are generally taken into account in computing a shareholder's net investment income.

If a fund declares a dividend in October, November, or December, payable to shareholders of record in such a month, and pays it in the following January, shareholders will be taxed on the dividend as if they received it in the year in which it was declared.

The fund will send you a tax report annually summarizing the amount and tax aspects of your distributions. If you buy shares of a fund at a time when the fund has income or net capital gain that has not been declared before it makes a taxable distribution, the distribution will be generally taxable to you even though it may effectively represent a return of a portion of your investment. This is known as "buying a dividend."

Investors who invest through tax-deferred accounts, such as IRAs, 403(b) accounts, and qualified retirement plans, will ordinarily not be subject to tax until a distribution is made from the account, at which time such distribution is generally taxed as ordinary income. These accounts are subject to complex tax rules, and tax-deferred account investors should therefore consult their tax advisers regarding their investments in a tax-deferred account.

------

**Taxes on the Sale or Exchange of Shares** 

If you sell shares of the fund or exchange them for shares of another fund, you generally will have a capital gain or loss, which will generally be a long-term capital gain or loss if you held the shares for more than one year; otherwise it will generally be a short-term capital gain or loss.

Any loss recognized on shares held for six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions of long-term capital gain that were received with respect to the shares.

Any gain or loss on the sale or exchange of shares is computed by subtracting your tax basis in the shares from the redemption proceeds in the case of a sale or the value of the shares received in the case of an exchange. Because your tax basis depends on the original purchase price, on the price at which any dividends may have been reinvested, and on the amount of any distributions treated as returns of capital for federal income tax purposes, you should be sure to keep account statements so that you or your tax return preparer will be able to determine whether a sale will result in a taxable gain or loss.

**Withholding Taxes** 

The fund may be required to apply backup withholding of U.S. federal income tax on all distributions payable to you if you fail to provide the fund with your correct taxpayer identification number or to make required certifications, or if you have been notified by the Internal Revenue Service (the "IRS") that you are subject to backup withholding.

The backup withholding rate is currently 24%. Backup withholding is not an additional tax, but is a method by which the IRS ensures that it will collect taxes otherwise due. Any amounts withheld may be credited against your U.S. federal income tax liability. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax applicable to shareholders that are not U.S. persons.

**Non-Resident Alien Withholding** 

Dividends and certain other payments (but not distributions of net capital gains) to persons who are not citizens or residents of the United States or U.S. entities ("Non-U.S. Persons") are generally subject to U.S. tax withholding at the rate of 30%. The 30% withholding described in this paragraph will not be imposed on any dividends reported as interest-related dividends or as short-term capital gain dividends. The fund intends to withhold U.S. federal income tax at the rate of 30% on taxable distributions and other payments to Non-U.S. Persons that are subject to withholding, regardless of whether a lower rate may be permitted under an applicable treaty.

Non-U.S. Persons and investors changing a mailing address to a non-U.S. address will need to provide an appropriate tax form (e.g., FormW-8BEN) and documentary evidence and letter of explanation.

Unless certain non-U.S. entities that hold fund shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to fund distributions payable to such entities. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

**Other Tax Information** 

This tax discussion is for general information only. In addition to federal income taxes, you may be subject to state, local or foreign taxes on payments received from, and investments made in shares of, a fund. More information is provided in the SAI of the fund. You should also consult your own tax adviser for information regarding all tax consequences applicable to your investments in the fund.

------

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Financial Highlights tables are intended to help you understand the fund's performance for the past five years or since its inception if less than five years. Certain information reflects financial results for a single fund share. The total returns in the tables represent the rate an investor would have earned (or lost) on an investment in the fund for the period shown, assuming reinvestment of all dividends and distributions. Information has been derived from financial statements audited by Ernst & Young LLP, an Independent Registered Public Accounting firm, whose report, along with the fund's financial statements, is included in the December 31, 2025 report filed on Form N-CSR, which is available to you upon request. All references to the fund's Notes to Financial Statements within the Financial Highlights tables refer to the applicable section of the fund's report filed on Form N-CSR.

**Transamerica Stock Index** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **December 31,** <br>**2025**<br>| **December 31,** <br>**2024**<br>| **December 31,** <br>**2023**<br>| **December 31,** <br>**2022**<br>| **December 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $19.31 | $15.89 | $13.19 | $17.23 | $14.30 |
| **Investment operations:** <sup>(A)</sup> <br>|  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.12 | 0.13 | 0.15 | 0.14 | 0.13 |
| Net realized and unrealized gain (loss) | 3.16 | 3.71 | 3.18 | (3.33)<br>| 3.82 |
| Total investment operations | 3.28 | 3.84 | 3.33 | (3.19)<br>| 3.95 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.16)<br>| (0.14)<br>| (0.13)<br>| (0.14)<br>| (0.17)<br>|
| Net realized gains | (6.49)<br>| (0.28)<br>| (0.50)<br>| (0.71)<br>| (0.85)<br>|
| Total dividends and/or distributions to shareholders | (6.65)<br>| (0.42)<br>| (0.63)<br>| (0.85)<br>| (1.02)<br>|
| **Net asset value, end of year** | $15.94 | $19.31 | $15.89 | $13.19 | $17.23 |
| **Total return** | 17.12<br> %<br>| 24.24<br> %<br>| 25.44<br> %<br>| (18.57)%<br>| 27.84<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $104552 | $111100 | $171088 | $147069 | $208632 |
| Expenses to average net assets <sup>(A)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.64<br> %<br>| 0.62<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.61<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.64<br> %<sup>(C)</sup><br>| 0.62<br> %<br>| 0.63<br> %<sup>(C)</sup><br>| 0.63<br> %<sup>(C)</sup><br>| 0.61<br> %<br>|
| Net investment income (loss) to average net assets <sup>(A)</sup> | 0.62<br> %<br>| 0.75<br> %<br>| 1.01<br> %<br>| 0.97<br> %<br>| 0.79<br> %<br>|
| Portfolio turnover rate of Master Portfolio | 14<br> %<br>| 9<br> %<br>| 10<br> %<br>| 13<br> %<br>| 6<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *The per share amounts and percentages include the Fund's proportionate share of income and expenses of the Master Portfolio.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the years indicated:** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **December 31,** <br>**2025**<br>| **December 31,** <br>**2024**<br>| **December 31,** <br>**2023**<br>| **December 31,** <br>**2022**<br>| **December 31,** <br>**2021**<br>|
| **Net asset value, beginning of year** | $19.29 | $15.89 | $13.18 | $17.22 | $14.30 |
| **Investment operations:** <sup>(A)</sup> <br>|  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> | 0.19 | 0.19 | 0.20 | 0.19 | 0.18 |
| Net realized and unrealized gain (loss) | 3.15 | 3.71 | 3.19 | (3.33)<br>| 3.81 |
| Total investment operations | 3.34 | 3.90 | 3.39 | (3.14)<br>| 3.99 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
| Net investment income | (0.22)<br>| (0.22)<br>| (0.18)<br>| (0.19)<br>| (0.22)<br>|
| Net realized gains | (6.49)<br>| (0.28)<br>| (0.50)<br>| (0.71)<br>| (0.85)<br>|
| Total dividends and/or distributions to shareholders | (6.71)<br>| (0.50)<br>| (0.68)<br>| (0.90)<br>| (1.07)<br>|
| **Net asset value, end of year** | $15.92 | $19.29 | $15.89 | $13.18 | $17.22 |
| **Total return** | 17.48<br> %<br>| 24.61<br> %<br>| 25.95<br> %<br>| (18.35)%<br>| 28.23<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |
| Net assets end of year (000's) | $85919 | $182904 | $157653 | $138670 | $162195 |
| Expenses to average net assets<sup>(A)</sup> <br>|  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.40<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.37<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>|
| Net investment income (loss) to average net assets <sup>(A)</sup> | 0.96<br> %<br>| 1.07<br> %<br>| 1.34<br> %<br>| 1.30<br> %<br>| 1.11<br> %<br>|
| Portfolio turnover rate of Master Portfolio | 14<br> %<br>| 9<br> %<br>| 10<br> %<br>| 13<br> %<br>| 6<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(A)</sup> *The per share amounts and percentages include the Fund's proportionate share of income and expenses of the Master Portfolio.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[THIS PAGE INTENTIONALLY LEFT BLANK.]

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[THIS PAGE INTENTIONALLY LEFT BLANK.]

------

**Both the investment returns and principal value of mutual funds will fluctuate over time so that shares, when redeemed, may be worth more or less than their original cost.** 

Transamerica Funds

1801 California Street, Suite 5200

Denver, CO 80202

Customer Service: 1-888-233-4339

Shareholder inquiries and transaction requests should be mailed to:

Transamerica Fund Services, Inc.

P.O. Box 219945

Kansas City, MO 64121-9945

ADDITIONAL INFORMATION about the fund is contained in the Statement of Additional Information dated May 1, 2026, as may be further supplemented or revised from time to time, in the annual and semi-annual reports to shareholders and in Form N-CSR. The Statement of Additional Information is incorporated by reference into this prospectus.

Information about the fund (including the Statement of Additional Information) has been filed with and is available from the SEC. Copies of this information may be obtained after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. Reports and other information about the fund are also available on the SEC's Internet site at https://www.sec.gov.

To obtain a copy of the Statement of Additional Information or the annual and semi-annual reports, without charge, or to request other information or make other inquiries about the fund, call or write to Transamerica Funds at the phone number or address above or visit Transamerica Funds website at www.transamerica.com. In the Transamerica Funds annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the fund's performance during its last fiscal year. In Form N-CSR you will find the fund's annual and semi-annual financial statements.

The fund's most-recently calculated net asset value per share is available on our website at www.transamerica.com.

www.transamerica.com

Sales Support: 1-800-851-7555

Distributor: Transamerica Capital, LLC

The Investment Company Act File Number for Transamerica Funds is 811-04556.

------

Transamerica Funds

Statement of Additional Information

**May 1, 2026** 

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp; **Class R**<br> **Ticker**<br>| &nbsp;&nbsp;&nbsp; **Class R4**<br> **Ticker**<br>|
| Transamerica Stock Index | TSTRX | TSTFX |

---

The fund listed above is a series of Transamerica Funds.

This Statement of Additional Information ("SAI") is not a prospectus, and should be read in conjunction with the fund's prospectus dated May 1, 2026, as it may be supplemented or revised from time to time.

This SAI is incorporated by reference in its entirety into the prospectus. The prospectus and this SAI may be obtained free of charge by writing or calling the fund at the below address or toll-free telephone number. This SAI sets forth information that may be of interest to shareholders, but that is not necessarily included in the prospectus. Additional information about the fund's investments is available in the fund's Annual and Semi-Annual Reports to shareholders and in Form N-CSR, which may be obtained free of charge by writing or calling the fund at the below address or telephone number. The fund's [financial statements](https://www.sec.gov/ix?doc=/Archives/edgar/data/787623/000119312526090929/d783303dncsr.htm) are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Investment Manager: Transamerica Asset Management, Inc.** 

1801 California Street, Suite 5200

Denver, CO 80202

Customer Service (888) 233-4339 (toll free)

------

**TABLE OF CONTENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Page** |
| [General Description of the Trust and the Fund](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_1) | 1 |
| [Investment Objectives, Policies, Practices and Associated Risk Factors](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_1) | 1 |
| [Investment Policies](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_2) | 2 |
| [Additional Information Regarding Investment Practices](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_5) | 5 |
| [Portfolio Turnover](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_15) | 15 |
| [Disclosure of Portfolio Holdings](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_15) | 15 |
| [Management of the Trust](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_20) | 20 |
| [Board Members and Officers](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_20) | 20 |
| [Trustee Ownership of Equity Securities](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_27) | 27 |
| [Trustee Compensation](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_27) | 27 |
| [Shareholder Communication Procedures with the Board of Trustees](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_28) | 28 |
| [Code of Ethics](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_28) | 28 |
| [Proxy Voting Policies and Procedures](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_28) | 28 |
| [Investment Management and Other Services](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_28) | 28 |
| [The Investment Manager](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_28) | 28 |
| [Conflicts of Interest](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_31) | 31 |
| [Portfolio Manager Information](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_35) | 35 |
| [Transfer Agent](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_35) | 35 |
| [Custodian](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_35) | 35 |
| [Securities Lending Activities](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_35) | 35 |
| [Independent Registered Public Accounting Firm](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_35) | 35 |
| [Distributor and Distribution Plan](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_36) | 36 |
| [Purchase, Redemption and Pricing of Shares](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_37) | 37 |
| [Purchase of Shares](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_37) | 37 |
| [Redemption of Shares](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_37) | 37 |
| [Net Asset Valuation ("NAV") Determination](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_38) | 38 |
| [Brokerage](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_39) | 39 |
| [Principal Shareholders and Control Persons](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_41) | 41 |
| [Further Information About the Trust and the Fund](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_42) | 42 |
| [Dividends and Other Distributions](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_44) | 44 |
| [Taxes](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_45) | 45 |
| [Financial Statements](#xx_fc66a287-4472-4067-adc4-b7e3c50c8b59_50) | 50 |
| [Appendix A – Trustees and Officers of the Master Investment Portfolio](#xx_f954a5c7-5df2-4f3f-bb2d-08125a33f134_1) | A-1 |
| [Appendix B – Proxy Voting Policies](#xx_de010d3b-41a6-4439-ab16-9f5e885b7302_1) | B-1 |
| [Appendix C – Portfolio Managers](#xx_145cb6f6-9cbb-4db5-8576-032151a742c7_1) | C-1 |

---

------

**General Description of the Trust and the Fund** 

Transamerica Funds (the "Trust") is an open-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Shares of the Trust are currently divided into separate series (together, the "funds") described herein. Each of the funds offers one or more classes. The Trust may create additional series and classes from time to time.

The Trust was organized as a Delaware statutory trust on February 25, 2005. Prior to March 1, 2008, the Trust's name was Transamerica IDEX Mutual Funds. The Trust is the successor to a Massachusetts business trust named Transamerica IDEX Mutual Funds.

Transamerica Stock Index (the "fund"), a series of Transamerica Funds, is classified as diversified under the 1940 Act.

Transamerica Asset Management, Inc. ("TAM" or the "Investment Manager") is the investment manager for the fund.

The fund commenced operations on November 11, 2016.

**Underlying Portfolio of the Fund** 

The fund seeks its investment objective by investing substantially all of its investable assets in the S&P 500 Index Master Portfolio, an underlying master fund, sometimes referred to as the "Master Portfolio". The S&P 500 Index Master Portfolio is a series of Master Investment Portfolio.

Standard & Poor's does not sponsor the S&P 500 Index Master Portfolio, nor is it affiliated in any way with the portfolio, BlackRock Fund Advisors or the S&P 500 Index Master Portfolio. "Standard & Poor's<sup>®</sup>," "S&P<sup>®</sup>," "S&P 500<sup>®</sup>," and "Standard & Poor's 500<sup>®</sup>" are trademarks of Standard & Poor's Financial Services LLC, a division of S&P Global. The S&P 500 Index Master Portfolio is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation or warranty, express or implied, regarding the advisability of investing in the S&P 500 Index Master Portfolio.

BlackRock Fund Advisors ("BFA") is the investment adviser of the S&P 500 Index Master Portfolio. For ease of reference in this SAI, the term "sub-adviser" includes BFA, as the investment adviser to the S&P 500 Index Master Portfolio.

**Master/feeder structure** 

The master fund is a diversified, open-end management investment company. The master fund has the same investment objective and substantially the same policies and strategies as the fund.

If the fund were to withdraw its investment in the master fund, the fund could either invest directly in securities in accordance with the investment policies described below or invest in one or more other mutual funds or pooled investment vehicles having similar investment objectives and policies. If the fund were to withdraw, the fund could receive securities from the master fund instead of cash, causing the fund to incur brokerage, tax and other charges or leaving it with securities that may or may not be readily marketable or widely diversified.

The master fund may change its investment objective, investment strategies and certain of its investment policies and restrictions without approval by its investors, but it will notify the fund and its other investors before implementing any change in its investment objective. A change in the master fund's investment objective, investment strategies, policies or restrictions may cause the fund to withdraw its investment in the master fund.

The master fund is not required to hold and has no intention of holding annual meetings of investors. However, when the master fund is required to do so by law, or in the judgment of its Trustees it is necessary or desirable to do so, the master fund will submit matters to its investors for a vote. When the fund is asked to vote on matters concerning the master fund (other than a vote to continue the master fund following the withdrawal of an investor), the fund will either hold a shareholder meeting and vote in accordance with shareholder instructions, or otherwise act in accordance with applicable law. Of course, the fund could be outvoted, or otherwise adversely affected, by other investors in the master fund.

The master fund sells interests to other investors in addition to the fund. Other future investors in the master fund may offer shares to their shareholders with different costs and expenses than the fund. Therefore, the investment returns for all investors in funds investing in the master fund will likely not be the same. These differences in returns are also present in other mutual fund structures.

The master fund is open for business on each day that the fund is open for business as set forth in the prospectus. The portfolio determines its net asset value at the same time on each business day as the fund (typically 4:00 p.m. (Eastern time)), but subject to certain exceptions as set forth in the prospectus. The fund may add to or reduce its investment in the master fund on each business day. For more information, see the prospectus.

Information about other holders of interests in the master fund is available from BFA.

**Investment Objectives, Policies, Practices and Associated Risk Factors** 

The investment objective of the fund and the strategies the fund employs to achieve its objective are described in the fund's prospectus. There can be no assurance that the fund will achieve its objective.

------

As indicated in the prospectus in the sections entitled "More on the Fund's Strategies and Investments" and "Features and Policies - Additional Information," the fund's investment objective and, unless otherwise noted in the prospectus or in this SAI, its investment policies and techniques may be changed by the fund's Board of Trustees (the "Board") without approval of shareholders. A change in the investment objective or policies of the fund may result in the fund having an investment objective or policies different from those which a shareholder deemed appropriate at the time of investment.

**Investment Policies** 

**Fundamental Investment Policies** 

Fundamental investment policies of the fund may not be changed without the vote of a majority of the outstanding voting securities of the fund, defined under the 1940 Act as the lesser of (a) 67% or more of the voting securities of the fund present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities of the fund are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of the fund.

The fund has adopted the following fundamental policies:

**1. Borrowing** 

The fund may not borrow money, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction.

**2. Underwriting Securities** 

The fund may not engage in the business of underwriting the securities of other issuers except as permitted by the 1940 Act.

**3. Making Loans** 

The fund may make loans only as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.

**4. Senior Securities** 

The fund may not issue any senior security, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted from time to time by regulatory authority having jurisdiction.

**5. Real Estate** 

The fund may not purchase or sell real estate except as permitted by the 1940 Act.

**6. Commodities** 

The fund may not purchase physical commodities or contracts relating to physical commodities, except as permitted from time to time under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction.

**7. Concentration of Investments** 

The fund may not make any investment if, as a result, the fund's investments will be concentrated in any one industry, as the relevant terms are used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

Solely for purposes of the above fundamental investment policies, the "1940 Act" shall mean the Investment Company Act of 1940 and the rules and regulations thereunder, all as amended from time to time, or other successor law governing the regulation of investment companies, or interpretations or modifications thereof by the U.S. Securities and Exchange Commission (the "SEC"), SEC staff or other authority, or exemptive or other relief or permission from the SEC, SEC staff or other authority.

**Additional Information about Fundamental Investment Policies** 

The following provides additional information about the fund's fundamental investment policies. This information does not form part of the fund's fundamental investment policies.

With respect to the fundamental policy relating to borrowing money set forth in (1) above, the 1940 Act permits a fund to borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose, and to borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes (the fund's total assets include the amounts being borrowed). To limit the risks attendant to borrowing, the 1940 Act requires the fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the fund's total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. In accordance with Rule 18f-4 under the 1940 Act, when a fund engages in reverse repurchase agreements and similar financing transactions, the fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivative transactions" under Rule 18f-4 and comply with Rule 18f-4 with respect to such transactions.

With respect to the fundamental policy relating to underwriting set forth in (2) above, the 1940 Act does not prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers; in fact, the 1940 Act permits a fund to have underwriting commitments of up to 25% of its assets under certain circumstances. Those circumstances currently are that the amount of the fund's underwriting commitments, when added to the value of the fund's investments in issuers where the fund owns more than 10% of the

------

outstanding voting securities of those issuers, cannot exceed the 25% cap. A fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the Securities Act of 1933, as amended (the "1933 Act"). Under the 1933 Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus. Securities purchased from an issuer and not registered for sale under the 1933 Act are considered restricted securities. If these securities are registered under the 1933 Act, they may then be eligible for sale but participating in the sale may subject the seller to underwriter liability. Although it is not believed that the application of the 1933 Act provisions described above would cause a fund to be engaged in the business of underwriting, the policy in (2) above will be interpreted not to prevent the fund from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the fund may be considered to be an underwriter under the 1933 Act.

With respect to the fundamental policy relating to lending set forth in (3) above, the 1940 Act does not prohibit a fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets. The fund will be permitted by this policy to make loans of money, including to other funds, portfolio securities or other assets. The fund has obtained exemptive relief from the SEC to make short term loans to other Transamerica funds through a credit facility in order to satisfy redemption requests or to cover unanticipated cash shortfalls; as discussed below under "Additional Information - Interfund Lending". The conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending, however no lending activity is without risk.

With respect to the fundamental policy relating to issuing senior securities set forth in (4) above, "senior securities" are defined as fund obligations that have a priority over the fund's shares with respect to the payment of dividends or the distribution of fund assets. The 1940 Act prohibits a fund from issuing senior securities, except that the fund may borrow money in amounts of up to one-third of the fund's total assets from banks for any purpose. A fund also may borrow up to 5% of the fund's total assets from banks or other lenders for temporary purposes, and these borrowings are not considered senior securities. The issuance of senior securities by a fund can increase the speculative character of the fund's outstanding shares through leveraging.

With respect to the fundamental policy relating to real estate set forth in (5) above, the 1940 Act does not prohibit a fund from owning real estate; however, a fund is limited in the amount of illiquid assets it may purchase. To the extent that investments in real estate are considered illiquid, rules under the 1940 Act generally limit a fund's purchases of illiquid investments to 15% of net assets. The policy in (5) above will be interpreted not to prevent the fund from investing in real estate-related companies, companies whose businesses consist in whole or in part of investing in real estate, mortgage-backed securities ("MBS") instruments (like mortgages) that are secured by real estate or interests therein, or real estate investment trust securities. Investing in real estate may involve risks, including that real estate is generally considered illiquid and may be difficult to value and sell. In addition, owners of real estate may be subject to various liabilities, including environmental liabilities.

With respect to the fundamental policy relating to commodities set forth in (6) above, the 1940 Act does not prohibit a fund from owning commodities, whether physical commodities and contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities (such as currencies and, possibly, currency futures). However, a fund is limited in the amount of illiquid assets it may purchase. To the extent that investments in commodities are considered illiquid, rules under the 1940 Act generally limit a fund's purchases of illiquid investments to 15% of net assets.

With respect to the fundamental policy relating to concentration set forth in (7) above, the 1940 Act does not define what constitutes "concentration" in an industry. The SEC staff has taken the position that investment of 25% or more of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy in (7) above will be interpreted to refer to concentration as that term may be interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following: securities of the U.S. government and its agencies or instrumentalities; tax-exempt securities of state, territory, possession or municipal governments and their authorities, agencies, instrumentalities or political subdivisions (excluding private activity municipal securities backed principally by non-governmental issuers); and repurchase agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be considered to be members of any industry. There also will be no limit on investment in issuers based solely on their domicile in a single jurisdiction or country as an issuer's domicile will not be considered an industry for purposes of the policy. A type of investment (e.g., equity securities, fixed-income securities, investment companies, etc.) will not be considered to be an industry under the policy. The policy also will be interpreted to give broad authority to the fund as to how to reasonably classify issuers within or among industries. For purposes of determining compliance with its concentration policy, the fund will consider the holdings of any underlying Transamerica-sponsored mutual funds in which the fund invests. The fund intends to comply with the SEC staff's view that securities issued by a foreign government constitute a single industry for purposes of calculating applicable limits on concentration.

The fund's fundamental policies are written and will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and modifications of or relating to the 1940 Act by the SEC, its staff and others as they are given from time to time. When a policy provides that an investment practice may be conducted as permitted by the 1940 Act, the practice will be considered to be permitted if either the 1940 Act permits the practice or the 1940 Act does not prohibit the practice.

Except for the fundamental policy on borrowing set forth in (1) above, if any percentage restriction described above is complied with at the time of an investment, a later increase or decrease in the percentage resulting from a change in values or assets will not constitute a violation of such restriction.

------

The investment practices described above involve risks. Please see the fund's prospectus and this SAI for a description of certain of these risks.

**Non-Fundamental Policies** 

The fund has adopted the following non-fundamental policies, which may be changed by the Board of the Trust without shareholder approval.

**1. Illiquid investments** 

The fund may not purchase any investment if, as a result, more than 15% of its net assets would be invested in illiquid investments.

**2. Purchasing securities on margin** 

The fund may not purchase securities on margin except to obtain such short-term credits as are necessary for the clearance of transactions, provided that margin payments and other deposits made in connection with transactions in options, futures contracts, swaps, forward contracts and other derivative instruments shall not constitute purchasing securities on margin.

**S&P 500 Index Master Portfolio** 

**Fundamental Policies** 

As a matter of fundamental policy, the S&P 500 Index Master Portfolio may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Purchase the securities of issuers conducting their principal business activity in the same industry if, immediately after the purchase and as a result thereof, the value of the portfolio's investments in that industry would equal or exceed 25% of the current value of the portfolio's total assets, provided that this restriction does not limit the portfolio's: (i) investments in securities of other investment companies, (ii) investments in securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or (iii) investments in repurchase agreements collateralized by U.S. government securities, and provided further that the portfolio reserves the right to concentrate in any industry in which the index that the portfolio tracks becomes concentrated to approximately the same degree during the same period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Purchase the securities of any single issuer if, as a result, with respect to 75% of the portfolio's total assets, more than 5% of the value of its total assets would be invested in the securities of such issuer or the portfolio's ownership would be more than 10% of the outstanding voting securities of such issuer, provided that this restriction does not limit the portfolio's cash or cash items, investments in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, or investments in securities of other investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Borrow money or issue senior securities, except to the extent permitted under the 1940 Act, including the rules, regulations and any orders obtained thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Make loans to other parties, except to the extent permitted under the 1940 Act, including the rules, regulations and any orders obtained thereunder. For the purposes of this limitation, entering into repurchase agreements, lending securities and acquiring any debt securities are not deemed to be the making of loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Underwrite securities of other issuers, except to the extent that the purchase of permitted investments directly from the issuer thereof or from an underwriter for an issuer and the later disposition of such securities in accordance with the portfolio's investment program may be deemed to be an underwriting; and provided further, that the purchase by the portfolio of securities issued by an open-end management investment company, or a series thereof, with substantially the same investment objective, policies and restrictions as the portfolio shall not constitute an underwriting for purposes of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the portfolio from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Purchase or sell commodities, provided that (i) currency will not be deemed to be a commodity for purposes of this restriction, (ii) this restriction does not limit the purchase or sale of futures contracts, forward contracts or options, and (iii) this restriction does not limit the purchase or sale of securities or other instruments backed by commodities or the purchase or sale of commodities acquired as a result of ownership of securities or other instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Purchase securities on margin (except for short-term credit necessary for the clearance of transactions and except for margin payments in connection with options, futures and options on futures) or make short sales of securities.

*Notations Regarding the S&P 500 Index Master Portfolio's Fundamental Investment Restrictions* 

The following notations are not considered to be part of the S&P 500 Index Master Portfolio's fundamental investment restrictions and are subject to change without shareholder approval.

While certain swaps are now considered commodity interests for purposes of the Commodity Exchange Act and the rules thereunder, at the time of the S&P 500 Index Master Portfolio's adoption of fundamental investment restriction no. 7 above, many swaps were treated as securities for purposes of the S&P 500 Index Master Portfolio's compliance with applicable law. Accordingly, fundamental investment

------

restriction no. 7 above is being interpreted to permit the S&P 500 Index Master Portfolio to engage in transactions in swaps and options on swaps related to financial instruments, such as securities, securities indices and currencies, but not to engage in transactions in swaps or options on swaps related to physical commodities, such as oil or metals.

With respect to the fundamental policy relating to diversification set forth in (2) above, the S&P 500 Index Master Portfolio intends to be diversified in approximately the same proportion as its underlying index is diversified. The S&P 500 Index Master Portfolio is currently classified as a diversified fund under the 1940 Act. However, while the S&P 500 Index Master Portfolio is classified as "diversified," under applicable no-action relief from the SEC staff, the S&P 500 Index Master Portfolio may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index and such a change will not require shareholder approval.

With respect to fundamental investment restriction no. 3 above, the 1940 Act currently allows the S&P 500 Index Master Portfolio to borrow up to one-third of the value of its total assets (including the amount borrowed) valued at the lesser of cost or market, less liabilities (not including the amount borrowed) at the time the borrowing is made. In addition, the S&P 500 Index Master Portfolio has received an exemptive order from the SEC permitting it to borrow through an interfund lending program, subject to the conditions of the exemptive order. With respect to fundamental investment restriction no. 4 above, the 1940 Act and regulatory interpretations currently limit the percentage of the S&P 500 Index Master Portfolio's securities that may be loaned to one-third of the value of its total assets.

Whenever the fund is requested to vote on a change in the fundamental investment policies of the master fund, the fund will either call a meeting of its shareholders and will vote its shares in the master fund in accordance with instructions it receives from its shareholders, or vote its shares in the master fund in the same proportion as the vote of all other investors in the master fund.

**Non-Fundamental Policies** 

The S&P 500 Index Master Portfolio is subject to the following investment restrictions, all of which are non-fundamental:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The portfolio may invest in shares of other open-end management investment companies, subject to the limitations of Section 12(d)(1) of the 1940 Act, including the rules, regulations and exemptive orders obtained thereunder; provided, however, that the portfolio, if it has knowledge that its beneficial interests are purchased by another investment company investor pursuant to Section 12(d)(1)(G) of the 1940 Act, will not acquire any securities of registered open-end management investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act. Other investment companies in which the portfolio invests can be expected to charge fees for operating expenses, such as investment advisory and administration fees, that would be in addition to those charged by the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The portfolio may not invest more than 15% of its net assets in illiquid securities. For this purpose, illiquid securities include, among others, (a) securities that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale, (b) fixed time deposits that are subject to withdrawal penalties and that have maturities of more than seven days, and (c) repurchase agreements not terminable within seven days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The portfolio may lend securities from its portfolio to brokers, dealers and financial institutions, in amounts not to exceed (in the aggregate) one-third of the portfolio's total assets. Any such loans of portfolio securities will be fully collateralized based on values that are marked to market daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The portfolio may not purchase interests, leases, or limited partnerships interests in oil, gas, or other mineral exploration or development programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The portfolio may not write, purchase or sell puts, calls, straddles, spreads, warrants, options or any combination thereof, except that the portfolio may enter into futures and options contracts in accordance with its investment policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The portfolio will provide interest holders with at least 60 days' notice of any change to the portfolio's non-fundamental policy to invest at least 90% of the value of the portfolio's net assets plus the amount of any borrowing for investment purposes, in securities comprising the index that the portfolio tracks. The notice will be provided in plain English in a separate written document, and will contain the following prominent statement or similar statement in bold-face type: "Important Notice Regarding Change in Investment Policy." This statement will appear on both the notice and the envelope in which it is delivered, unless it is delivered separately from other communications to investors, in which case the statement will appear either on the notice or the envelope in which the notice is delivered.

The non-fundamental policies (1) through (6) may be changed by the Board of Trustees of the Master Investment Portfolio at any time without shareholder approval.

**Additional Information Regarding Investment Practices** 

The fund's principal investment strategies are set forth in its prospectus. This section further explains policies and strategies that may be utilized by the fund. Please refer to the fund's prospectus and investment restrictions for the policies and strategies pertinent to the fund.

Unless otherwise indicated, all limitations applicable to fund investments (as stated in the prospectus and elsewhere in this SAI) apply only at the time a transaction is entered into. If a percentage limitation is complied with at the time of an investment, any subsequent change in

------

percentage resulting from a change in values or assets, or a change in credit quality, will not constitute a violation of that limitation. There is no limit on the ability of the fund to make any type of investment or to invest in any type of security, except as expressly stated in the prospectus or in this SAI or as imposed by law.

While the fund is not prohibited from investing in the various types of securities described below or utilizing the investment techniques described below, it will invest primarily in the stocks that make up the Standard & Poor's 500 Stock Index (the "S&P 500 Index"), money market and other short-term instruments and S&P 500 Index futures.

**Repurchase Agreements** 

In a repurchase agreement, a fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date within a number of days (usually not more than seven) from the date of purchase. The resale price reflects the purchase price plus an agreed-upon incremental amount which typically is unrelated to the coupon rate or maturity of the purchased security and represents compensation to the seller for use of the purchased security. A repurchase agreement involves the obligation of the seller to pay the agreed-upon price, which obligation is in effect secured by the value (at least equal to the amount of the agreed-upon resale price and marked-to-market daily) of the underlying security or collateral. All repurchase agreements entered into by a fund are fully collateralized at all times during the period of the agreement.

Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, a fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. Repurchase agreements involve risks in the event of default or insolvency of the other party, including possible delays or restrictions upon a fund's ability to dispose of the underlying securities, the risk of a possible decline in the value of the underlying securities during the period in which the fund seeks to assert its right to them, the risk of incurring expenses associated with asserting those rights and the risk of losing all or part of the income from the agreement.

A fund may, together with other registered investment companies managed by the fund's investment manager, investment adviser or sub-adviser, as applicable, or their affiliates, transfer uninvested cash balances into a single joint account, the daily aggregate balance of which will be invested in one or more repurchase agreements, including tri-party subcustody repurchase arrangements.

**U.S. Government Securities** 

U.S. government obligations generally include direct obligations of the U.S. Treasury (such as U.S. Treasury bills, notes, and bonds) and obligations issued or guaranteed by U.S. government agencies or instrumentalities. Examples of the types of U.S. government securities that a fund may hold include the Federal Housing Administration, Small Business Administration, General Services Administration, Federal Farm Credit Banks, Federal Intermediate Credit Banks, and Maritime Administration. U.S. government securities may be supported by the full faith and credit of the U.S. government (such as securities of the Small Business Administration); by the right of the issuer to borrow from the U.S. Treasury (such as securities of the Federal Home Loan Bank); by the discretionary authority of the U.S. government to purchase the agency's obligations (such as securities of Fannie Mae); or only by the credit of the issuing agency.

Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities. Such an event could lead to significant disruptions in U.S. and global markets. In recent years, government shutdowns and debt ceiling tensions and changes to sovereign credit outlooks have contributed to increased market volatility in U.S. government obligations.

Examples of agencies and instrumentalities which may not always receive financial support from the U.S. government are: Federal Land Banks; Central Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Home Loan Banks; Farmers Home Administration; Freddie Mac; and Fannie Mae.

Obligations guaranteed by U.S. government agencies or government-sponsored entities include issues by non-government-sponsored entities (like financial institutions) that carry direct guarantees from U.S. government agencies. In the case of obligations not backed by the full faith and credit of the U.S., a fund must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the U.S. government itself in the event the agency or instrumentality does not meet its commitments. Neither the U.S. government nor any of its agencies or instrumentalities guarantees the market value of the securities they issue. Therefore, the market value of such securities will fluctuate in response to changes in interest rates.

**Equity Securities and Related Investments** 

Equity securities, such as common stock, generally represent an ownership interest in a company. While equity securities have historically generated higher average returns than fixed-income securities, equity securities have also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular equity security held by a fund. Also, the prices of equity securities, particularly common stocks, are sensitive to general movements in the stock market. A drop in the stock market may depress the price of equity securities held by a fund.

Holders of equity securities are not creditors of the issuer. As such, if an issuer liquidates, holders of equity securities are entitled to their pro rata share of the issuer's assets, if any, after creditors (including the holders of fixed-income securities and senior equity securities) are paid.

------

There may be little trading in the secondary market for particular equity securities, which may adversely affect a fund's ability to value accurately or dispose of such equity securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of equity securities.

**Common Stocks:** Common stocks are the most prevalent type of equity security. Common stockholders receive the residual value of the issuer's earnings and assets after the issuer pays its creditors and any preferred stockholders. As a result, changes in an issuer's earnings directly influence the value of its common stock.

**Preferred Stocks:** A fund may purchase preferred stock. Preferred stock pays dividends at a specified rate and has preference over common stock in the payment of dividends and the liquidation of an issuer's assets but is junior to the debt securities of the issuer in those same respects. Preferred stock generally pays quarterly dividends. Preferred stocks may differ in many of their provisions. Among the features that differentiate preferred stocks from one another are the dividend rights, which may be cumulative or non-cumulative and participating or non-participating, redemption provisions, and voting rights. Such features will establish the income return and may affect the prospects for capital appreciation or risks of capital loss.

The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in an issuer's creditworthiness than are the prices of debt securities. Shareholders of preferred stock may suffer a loss of value if dividends are not paid. Under ordinary circumstances, preferred stock does not carry voting rights.

**Investments in Initial Public Offerings:** A fund may invest in initial public offerings of equity securities. The market for such securities may be more volatile and entail greater risk of loss than investments in more established companies. Investments in initial public offerings may represent a significant portion of a fund's investment performance. A fund cannot assure that investments in initial public offerings will continue to be available to the fund or, if available, will result in positive investment performance. In addition, as a fund's portfolio grows in size, the impact of investments in initial public offerings on the overall performance of the fund is likely to decrease.

**Warrants and Rights** 

A fund may invest in warrants and rights. A warrant is a type of security that entitles the holder to buy a given number of common stock at a specified price, usually higher than the market price at the time of issuance, for a period of years or to perpetuity. The purchaser of a warrant expects the market price of the security will exceed the purchase price of the warrant plus the exercise price of the warrant, thus resulting in a profit. Of course, because the market price may never exceed the exercise price before the expiration date of the warrant, the purchaser of the warrant risks the loss of the entire purchase price of the warrant. In contrast, rights, which also represent the right to buy common shares, normally have a subscription price lower than the current market value of the common stock and are offered during a set subscription period.

Warrants and rights are subject to the same market risks as common stocks, but may be more volatile in price. An investment in warrants or rights may be considered speculative. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities and a warrant or right ceases to have value if it is not exercised prior to its expiration date.

**Derivatives** 

The following investments are subject to limitations as set forth in the fund's investment restrictions and policies.

A fund may utilize options, futures contracts (sometimes referred to as "futures"), options on futures contracts, forward contracts, swaps (including total return swaps, some of which may be known as contracts for difference), swaps on futures contracts, caps, floors, collars, indexed securities, various mortgage-related obligations, structured or synthetic financial instruments and other derivative instruments (collectively, "Financial Instruments"). A fund may use Financial Instruments for any purpose, including as a substitute for other investments, to attempt to enhance its portfolio's return or yield and to alter the investment characteristics of its portfolio (including to attempt to mitigate risk of loss in some fashion, or "hedge"). A fund may choose not to make use of derivatives for a variety of reasons, and no assurance can be given that any derivatives strategy employed will be successful.

The U.S. government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. Rule 18f-4 under the 1940 Act governs a fund's use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the fund. Rule 18f-4 under the 1940 Act permits a fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the fund, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

------

Rule 18f-4 requires a fund that invests in Derivatives Transactions above a specified amount to adopt and implement a derivatives risk management program administered by a derivatives risk manager that is appointed by and overseen by the fund's Board, and comply with an outer limit on fund leverage risk based on value at risk. A fund that uses Derivative Transactions in a limited amount is considered a "limited derivatives user," as defined by Rule 18f-4, and is not subject to the full requirements of Rule 18f-4, but must adopt and implement policies and procedures reasonably designed to manage the fund's derivatives risk. Funds are subject to reporting and recordkeeping requirements regarding their derivatives use.

The requirements of Rule 18f-4 may limit a fund's ability to engage in derivatives transactions as part of its investment strategies. These requirements may also increase the cost of a fund's investments and cost of doing business, which could adversely affect the value of a fund's investments and/or the performance of a fund. The rule also may not be effective to limit a fund's risk of loss. In particular, measurements of value at risk rely on historical data and may not accurately measure the degree of risk reflected in a fund's derivatives or other investments. There may be additional regulation of the use of derivatives by registered investment companies, such as the funds, which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation and coverage framework arising from prior SEC guidance for covering derivatives and similar instruments. A fund may still segregate cash or other liquid or other assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties.

The use of Financial Instruments may be limited by applicable law and any applicable regulations of the SEC, the Commodity Futures Trading Commission (the "CFTC"), or the exchanges on which some Financial Instruments may be traded. (Note, however, that some Financial Instruments that a fund may use may not be listed on any exchange and may not be regulated by the SEC or the CFTC.) In addition, a fund's ability to use Financial Instruments may be limited by tax considerations.

In addition to the instruments and strategies discussed in this section, a sub-adviser may discover additional opportunities in connection with Financial Instruments and other similar or related techniques. These opportunities may become available as a sub-adviser develops new techniques, as regulatory authorities broaden the range of permitted transactions and as new Financial Instruments or other techniques are developed. A sub-adviser may utilize these opportunities and techniques to the extent that they are consistent with a fund's investment objective and permitted by its investment limitations and applicable regulatory authorities. These opportunities and techniques may involve risks different from or in addition to those summarized herein.

This discussion is not intended to limit a fund's investment flexibility, unless such a limitation is expressly stated, and therefore will be construed by a fund as broadly as possible. Statements concerning what a fund may do are not intended to limit any other activity. Also, as with any investment or investment technique, even when the prospectus or this discussion indicates that a fund may engage in an activity, it may not actually do so for a variety of reasons, including cost considerations.

The use of Financial Instruments involves special considerations and risks, certain of which are summarized below, and may result in losses to a fund. In general, the use of Financial Instruments may increase the volatility of a fund and may involve a small investment of cash relative to the magnitude of the risk or exposure assumed. Even a small investment in derivatives may magnify or otherwise increase investment losses to a fund. As noted above, there can be no assurance that any derivatives strategy will succeed.

• Financial Instruments are subject to the risk that the market value of the derivative itself or the market value of underlying instruments will change in a way adverse to a fund's interest. Many Financial Instruments are complex, and successful use of them depends in part upon the sub-adviser's ability to forecast correctly future market trends and other financial or economic factors or the value of the underlying security, index, interest rate, currency or other instrument or measure. Even if a sub-adviser's forecasts are correct, other factors may cause distortions or dislocations in the markets that result in unsuccessful transactions. Financial Instruments may behave in unexpected ways, especially in abnormal or volatile market conditions.

• A fund may segregate cash or other liquid assets to cover the funding of its obligations under Financial Instruments or make margin payments when it takes positions in Financial Instruments involving obligations to third parties. Assets that are segregated or used as cover, margin or collateral may be required to be in the form of cash or liquid securities, and typically may not be sold while the position in the Financial Instrument is open unless they are replaced with other appropriate assets. If markets move against a fund's position, the fund may be required to maintain or post additional assets and may have to dispose of existing investments to obtain assets acceptable as collateral or margin. This may prevent it from pursuing its investment objective. Assets that are segregated or used as cover, margin or collateral typically are invested, and these investments are subject to risk and may result in losses to a fund. These losses may be substantial, and may be in addition to losses incurred by using the Financial Instrument in question. If a fund is unable to close out its positions, it may be required to continue to maintain such assets or accounts or make such payments until the positions expire or mature, and the fund will continue to be subject to investment risk on the assets. In addition, a fund may not be able to recover the full amount of its margin from an intermediary if that intermediary were to experience financial difficulty. Segregation, cover, margin and collateral requirements may impair a fund's ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or require the fund to sell a portfolio security or close out a derivatives position at a disadvantageous time or price.

• A fund's ability to close out or unwind a position in a Financial Instrument prior to expiration or maturity depends on the existence of a liquid market or, in the absence of such a market, the ability and willingness of the other party to the transaction (the "counterparty") to

------

enter into a transaction closing out the position. If there is no market or a fund is not successful in its negotiations, a fund may not be able to sell or unwind the derivative position at a particular time or at an anticipated price. This may also be the case if the counterparty to the Financial Instrument becomes insolvent. A fund may be required to make delivery of portfolio securities or other assets underlying a Financial Instrument in order to close out a position or to sell portfolio securities or assets at a disadvantageous time or price in order to obtain cash to close out the position. While the position remains open, a fund continues to be subject to investment risk on the Financial Instrument. A fund may or may not be able to take other actions or enter into other transactions, including hedging transactions, to limit or reduce its exposure to the Financial Instrument.

• Certain Financial Instruments transactions may have a leveraging effect on a fund, and adverse changes in the value of the underlying security, index, interest rate, currency or other instrument or measure can result in losses substantially greater than the amount invested in the Financial Instrument itself. When a fund engages in transactions that have a leveraging effect, the value of the fund is likely to be more volatile and all other risks also are likely to be compounded. This is because leverage generally magnifies the effect of any increase or decrease in the value of an asset and creates investment risk with respect to a larger pool of assets than a fund would otherwise have. Certain Financial Instruments have the potential for unlimited loss, regardless of the size of the initial investment.

• Many Financial Instruments may be difficult to value, which may result in increased payment requirements to counterparties or a loss of value to a fund.

• Liquidity risk exists when a particular Financial Instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid, a fund may be unable to initiate a transaction or liquidate a position at an advantageous time or price. Certain Financial Instruments, including certain over-the-counter (or "OTC") options and swaps, may be considered illiquid and therefore subject to a fund's limitation on illiquid investments.

• In a hedging transaction there may be imperfect correlation, or even no correlation, between the identity, price or price movements of a Financial Instrument and the identity, price or price movements of the investments being hedged. This lack of correlation may cause the hedge to be unsuccessful and may result in a fund incurring substantial losses and/or not achieving anticipated gains. Even if the strategy works as intended, a fund might have been in a better position had it not attempted to hedge at all.

• Financial Instruments used for non-hedging purposes may result in losses which would not be offset by increases in the value of portfolio holdings or declines in the cost of securities or other assets to be acquired. In the event that a fund uses a Financial Instrument as an alternative to purchasing or selling other investments or in order to obtain desired exposure to an index or market, the fund will be exposed to the same risks as are incurred in purchasing or selling the other investments directly, as well as the risks of the transaction itself.

• Certain Financial Instruments involve the risk of loss resulting from the insolvency or bankruptcy of the counterparty or the failure by the counterparty to make required payments or otherwise comply with the terms of the contract. In the event of default by a counterparty, a fund may have contractual remedies pursuant to the agreements related to the transaction, which may be limited by applicable law in the case of the counterparty's bankruptcy.

• Financial Instruments involve operational risk. There may be incomplete or erroneous documentation or inadequate collateral or margin, or transactions may fail to settle. For Financial Instruments not guaranteed by an exchange or clearinghouse, a fund may have only contractual remedies in the event of a counterparty default, and there may be delays, costs or disagreements as to the meaning of contractual terms and litigation, in enforcing those remedies.

• Certain Financial Instruments transactions, including certain options, swaps, forward contracts, and certain options on foreign currencies, are entered into directly by the counterparties and/or through financial institutions acting as market makers ("OTC derivatives"), rather than being traded on exchanges or in markets registered with the CFTC or the SEC. Many of the protections afforded to exchange participants will not be available to participants in OTC derivatives transactions. For example, OTC derivatives transactions are not subject to the guarantee of an exchange, and only OTC derivatives that are either required to be cleared or submitted voluntarily for clearing to a clearinghouse will enjoy the protections that central clearing provides against default by the original counterparty to the trade. In an OTC derivatives transaction that is not cleared, the fund bears the risk of default by its counterparty. In a cleared derivatives transaction, the fund is instead exposed to the risk of default of the clearinghouse and the risk of default of the broker through which it has entered into the transaction. Information available on counterparty creditworthiness may be incomplete or outdated, thus reducing the ability to anticipate counterparty defaults.

• Swap contracts involve special risks. Swaps may in some cases be illiquid. In the absence of a central exchange or market for swap transactions, they may be difficult to trade or value, especially in the event of market disruptions. The Dodd-Frank Act established a comprehensive new regulatory framework for swaps. Under this framework, regulation of the swap market is divided between the SEC and the CFTC. The SEC and CFTC have approved a number of rules and interpretations as part of the establishment of this regulatory regime. It is possible that developments in the swap market, including additional regulations, could adversely affect a fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Credit default swaps involve additional risks. For example, credit default swaps increase credit risk since a fund has exposure to both the issuer of the referenced obligation (typically a debt obligation) and the counterparty to the credit default swap.

• Certain derivatives, such as interest rate swaps and credit default swaps that are based on an index, are required under applicable law to be cleared by a regulated clearinghouse. Swaps subject to this requirement are typically submitted for clearing through brokerage firms

------

that are members of the clearinghouse. A fund would establish an account with a brokerage firm to facilitate clearing such a swap, and the clearinghouse would become the fund's counterparty. A brokerage firm would guarantee the fund's performance on the swap to the clearinghouse. The fund would be exposed to the credit risk of the clearinghouse and the brokerage firm that holds the cleared swap. The brokerage firm also would impose margin requirements with respect to open cleared swap positions held by the fund, and the brokerage firm would be able to require termination of those positions in certain circumstances. These margin requirements and termination provisions may adversely affect the fund's ability to trade cleared swaps. In addition, the fund may not be able to recover the full amount of its margin from a brokerage firm if the firm were to go into bankruptcy. It is also possible that the fund would not be able to enter into a swap transaction that is required to be cleared if no clearinghouse will accept the swap for clearing.

• Swaps that are required to be cleared must be traded on a regulated execution facility or contract market that makes them available for trading. The transition from trading swaps bilaterally to trading them on such a facility or market may not result in swaps being easier to trade or value and may present certain execution risks if these facilities and markets do not operate properly. On-facility trading of swaps is also expected to lead to greater standardization of their terms. It is possible that a fund may not be able to enter into swaps that fully meet its investment needs, or that the costs of entering into customized swaps, including any applicable margin requirements, will be significant.

• Financial Instruments transactions conducted outside the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Many of the risks of Financial Instruments transactions are also applicable to Financial Instruments used outside the U.S. Financial Instruments used outside the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments.

• Financial Instruments involving currency are subject to additional risks. Currency related transactions may be negatively affected by government exchange controls, blockages, and manipulations. Exchange rates may be influenced by factors extrinsic to a country's economy. Also, there is no systematic reporting of last sale information with respect to foreign currencies. As a result, the information on which trading in currency derivatives is based may not be as complete as, and may be delayed beyond, comparable data for other transactions.

• Use of Financial Instruments involves transaction costs, which may be significant. Use of Financial Instruments also may increase the amount of taxable income to shareholders.

**Hedging:** As stated above, the term "hedging" often is used to describe a transaction or strategy that is intended to mitigate risk of loss in some fashion. Hedging strategies can be broadly categorized as "short hedges" and "long hedges." A short hedge is a purchase or sale of a Financial Instrument intended partially or fully to offset potential declines in the value of one or more investments held in a fund's portfolio. In a short hedge, a fund takes a position in a Financial Instrument whose price is expected to move in the opposite direction of the price of the investment being hedged.

Conversely, a long hedge is a purchase or sale of a Financial Instrument intended partially or fully to offset potential increases in the acquisition cost of one or more investments that a fund intends to acquire. Thus, in a long hedge, a fund takes a position in a Financial Instrument whose price is expected to move in the same direction as the price of the prospective investment being hedged. A long hedge is sometimes referred to as an anticipatory hedge. In an anticipatory hedge transaction, a fund does not own a corresponding security and, therefore, the transaction does not relate to the portfolio security that a fund owns. Rather, it relates to a security that a fund intends to acquire. If a fund does not complete the hedge by purchasing the security it anticipated purchasing, the effect on the fund's portfolio is the same as if the transaction were entered into for speculative purposes.

In hedging transactions, Financial Instruments on securities (such as options and/or futures) generally are used to attempt to hedge against price movements in one or more particular securities positions that a fund owns or intends to acquire. Financial Instruments on indices, in contrast, generally are used to attempt to hedge against price movements in market sectors in which a fund has invested or expects to invest. Financial Instruments on debt securities generally are used to hedge either individual securities or broad debt market sectors.

**Futures Contracts and Options on Futures Contracts:** A financial futures contract sale creates an obligation by the seller to deliver the type of Financial Instrument or, in the case of index and similar futures, cash, called for in the contract in a specified delivery month for a stated price. A financial futures contract purchase creates an obligation by the purchaser to take delivery of the asset called for in the contract in a specified delivery month at a stated price. Options on futures give the purchaser the right to assume a position in a futures contract at the specified option exercise price at any time during the period of the option.

Futures strategies can be used to change the duration of a fund's portfolio. If a sub-adviser wishes to shorten the duration of the fund's portfolio, a fund may sell a debt futures contract or a call option thereon, or purchase a put option on that futures contract. If a sub-adviser wishes to lengthen the duration of a fund's portfolio, the fund may buy a debt futures contract or a call option thereon, or sell a put option thereon.

Futures contracts may also be used for other purposes, such as to simulate full investment in underlying securities while retaining a cash balance for portfolio management purposes, as a substitute for direct investment in a security, to facilitate trading, to reduce transaction costs, or to seek higher investment returns when a futures contract or option is priced more attractively than the underlying security or index.

------

No price is paid upon entering into a futures contract. Instead, at the inception of a futures contract a fund is required to deposit "initial margin." Margin must also be deposited when writing a call or put option on a futures contract, in accordance with applicable exchange rules. Under certain circumstances, such as periods of high volatility, a fund may be required by an exchange to increase the level of its initial margin payment, and initial margin requirements might be increased generally in the future by regulatory action.

Subsequent "variation margin" payments are made to and from the futures broker daily as the value of the futures position varies, a process known as "marking-to-market." Daily variation margin calls could be substantial in the event of adverse price movements. If a fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a disadvantageous time or price.

Although some futures and options on futures call for making or taking delivery of the underlying securities, currencies or cash, generally those contracts are closed out prior to delivery by offsetting purchases or sales of matching futures or options (involving the same index, currency or underlying security and delivery month). If an offsetting purchase price is less than the original sale price, a fund realizes a gain, or if it is more, a fund realizes a loss. If an offsetting sale price is more than the original purchase price, a fund realizes a gain, or if it is less, a fund realizes a loss. A fund will also bear transaction costs for each contract, which will be included in these calculations. Positions in futures and options on futures may be closed only on an exchange or board of trade that provides a secondary market. However, there can be no assurance that a liquid secondary market will exist for a particular contract at a particular time. In such event, it may not be possible to close a futures contract or options position.

Under certain circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract or an option on a futures contract can vary from the previous day's settlement price; once that limit is reached, no trades may be made that day at a price beyond the limit. Daily price limits do not limit potential losses because prices could move to the daily limit for several consecutive days with little or no trading, thereby preventing liquidation of unfavorable positions.

If a fund were unable to liquidate a futures contract or an option on a futures position due to the absence of a liquid secondary market, the imposition of price limits or otherwise, it could incur substantial losses. A fund would continue to be subject to market risk with respect to the position. In addition, except in the case of purchased options, a fund would continue to be required to make daily variation margin payments and might be required to maintain the position being hedged by the future or option or to maintain cash or securities in a segregated account.

If an index future is used for hedging purposes the risk of imperfect correlation between movements in the price of index futures and movements in the price of the securities that are the subject of the hedge increases as the composition of a fund's portfolio diverges from the securities included in the applicable index. The price of the index futures may move more than or less than the price of the securities being hedged. To compensate for the imperfect correlation of movements in the price of the securities being hedged and movements in the price of the index futures, a fund may buy or sell index futures in a greater dollar amount than the dollar amount of the securities being hedged if the historical volatility of the prices of such securities being hedged is more than the historical volatility of the prices of the securities included in the index. It is also possible that, where a fund has sold index futures contracts to hedge against a decline in the market, the market may advance and the value of the securities held in the fund may decline. If this occurred, a fund would lose money on the futures contract and also experience a decline in value of its portfolio securities.

Where index futures are purchased to hedge against a possible increase in the price of securities before a fund is able to invest in them in an orderly fashion, it is possible that the market may decline instead. If a sub-adviser then concludes not to invest in them at that time because of concern as to possible further market decline or for other reasons, a fund will realize a loss on the futures contract that is not offset by a reduction in the price of the securities it had anticipated purchasing.

**Contracts for Difference:** A fund may enter into contracts for difference ("CFDs"). A CFD is a contract between two parties, typically described as "buyer" and "seller," stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value in the future. (If the difference is negative, then the buyer instead pays the seller.) In effect, CFDs are Financial Instruments that allow a fund to take synthetic long or synthetic short positions on underlying assets.

CFDs are subject to liquidity risk because the liquidity of the CFD is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its ﬁnancial obligations under the terms of the contract. To the extent that there is an imperfect correlation between the return on the fund's obligation to its counterparty under the CFD and the return on related assets in its portfolio, the CFD transaction may increase the fund's ﬁnancial risk. CFDs, like many other Financial Instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the fund to deposit additional sums to cover this, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which the fund is liable. CFDs are not registered with the SEC or any U.S. regulator.

**Turnover:** A fund's derivatives activities may affect its turnover rate and brokerage commission payments. The exercise of calls or puts written by a fund, and the sale or purchase of futures contracts, may cause it to sell or purchase related investments, thus increasing its turnover rate. Once a fund has received an exercise notice on an option it has written, it cannot effect a closing transaction in order to terminate its obligation under the option and must deliver or receive the underlying securities at the exercise price. The exercise of puts purchased by a fund may also cause the sale of related investments, also increasing turnover; although such exercise is within a fund's control, holding a protective put might cause it to sell the related investments for reasons that would not exist in the absence of the put. A fund will

------

pay a brokerage commission each time it buys or sells a put or call or purchases or sells a futures contract. Such commissions may be higher than those that would apply to direct purchases or sales. High turnover can result in increased transaction costs and tax liability for investors and may affect a fund's performance.

**Foreign Securities**

The following investments are subject to limitations as set forth in the fund's investment restrictions and policies. A fund may invest in foreign securities through the purchase of securities of foreign issuers or of American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and Fiduciary Depositary Receipts ("FDRs") or other securities representing underlying shares of foreign companies.

**ADRs, EDRs and GDRs:** A fund may purchase ADRs, American Depositary Debentures, American Depositary Notes, American Depositary Bonds, EDRs, GDRs and FDRs, or other securities representing underlying shares of foreign companies. ADRs are publicly traded on exchanges or OTC in the U.S. and are issued through "sponsored" or "unsponsored" arrangements. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository's transaction fees, whereas under an unsponsored arrangement, the foreign issuer assumes no obligation and the depository's transaction fees are paid by the ADR holders. In addition, less information is available in the U.S. about an unsponsored ADR than about a sponsored ADR, and the financial information about a company may not be as reliable for an unsponsored ADR as it is for a sponsored ADR. A fund may invest in ADRs through both sponsored and unsponsored arrangements. EDRs and GDRs are securities that are typically issued by foreign banks or foreign trust companies, although U.S. banks or U.S. trust companies may issue them. EDRs and GDRs are structured similarly to the arrangements of ADRs. EDRs, in bearer form, are designed for use in European securities markets.

**Other Investments**

**Other Investment Companies** 

Subject to applicable statutory and regulatory limitations and any applicable non-fundamental investment policies, a fund may invest in shares of other investment companies, including shares of other mutual funds, closed-end funds, and unregistered investment companies. Pursuant to a statutory exemption or an exemptive rule adopted by the SEC, a fund may invest in other investment companies beyond the statutory limits prescribed by the 1940 Act. Rule 12d1-4 under the 1940 Act permits registered investment companies to invest in other registered investment companies beyond the limits in Section 12(d)(1), subject to certain conditions, including that the fund enter into a fund of funds investment agreement.

Investments in other investment companies are subject to the risk of the securities in which those investment companies invest. In addition, to the extent a fund invests in securities of other investment companies, fund shareholders would indirectly pay a portion of the operating costs of such companies in addition to the expenses of a fund's own operation. These costs include management, brokerage, shareholder servicing and other operational expenses.

Transamerica Stock Index seeks to achieve its investment objective by investing all of its assets in an underlying portfolio having the same investment objectives and policies as the fund. Certain of the Trust's sub-advisers have received an exemptive order from the SEC permitting funds that are sub-advised by the sub-adviser to invest in affiliated registered money market funds and ETFs, and in an affiliated private investment company; provided however, that, among other limitations, in all cases the fund's aggregate investment of cash in shares of such investment companies shall not exceed 25% of its total assets at any time.

**Exchange-Traded Funds ("ETFs")** 

ETFs are typically registered investment companies whose securities are traded over an exchange at their market price. ETFs generally represent a portfolio of securities designed to track a particular market index or other group of securities. Other ETFs are actively managed and seek to achieve a stated objective by investing in a portfolio of securities and other assets. A fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market pending the purchase of individual securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although the potential lack of liquidity of an ETF could result in it being more volatile. There is also a risk that the general level of securities prices may decline, thereby adversely affecting the value of ETFs invested in by a fund. Moreover, a fund's investments in index-based ETFs may not exactly match the performance of a direct investment in the respective indices or portfolios of securities to which they are intended to correspond due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Additionally, ETFs have management fees which increase their costs.

Unlike shares of typical mutual funds or unit investment trusts, shares of ETFs are designed to be traded throughout a trading day, bought and sold based on an exchange based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value. However, the investments held by most ETFs are publicly disclosed on each trading day, and an approximation of actual net asset value is typically disseminated throughout the trading day. Due in part to this transparency, the trading prices of ETFs tend to closely track the actual net asset value of the underlying holdings and a fund will generally gain or lose value depending on the performance of the holdings. A fund may invest in ETFs that are index-based ("passively managed") or actively managed. A sub-set of actively managed ETFs known as "semi-transparent ETFs" do not publicly disclose their holdings on each trading day. Actively managed ETFs, including semi-transparent ETFs, typically trade at larger discounts or premiums to actual net asset values than index-based ETFs. Gains or losses on a fund's investment in an ETF, however, will ultimately depend on the purchase and sale price of the ETF.

------

**When-Issued, Delayed Settlement and Forward Delivery Securities** 

Securities may be purchased and sold on a "when-issued," "delayed settlement" or "forward (delayed) delivery" basis. "When-issued" or "forward delivery" refers to securities whose terms are available, and for which a market exists, but which are not available for immediate delivery. When-issued or forward delivery transactions may be expected to occur a month or more before delivery is due.

A fund may engage in when-issued or forward delivery transactions to obtain what is considered to be an advantageous price and yield at the time of the transaction. When a fund engages in when-issued or forward delivery transactions, it will do so consistent with its investment objective and policies and not for the purpose of investment leverage (although leverage may result).

"Delayed settlement" is a term used to describe settlement of a securities transaction in the secondary market that will occur sometime in the future. No payment or delivery is made by a fund until it receives payment or delivery from the other party to any of the above transactions.

New issues of stocks and bonds, private placements and U.S. government securities may be sold in this manner.

At the time of settlement, the market value and/or the yield of the security may be more or less than the purchase price. A fund bears the risk of such market value fluctuations. These transactions also involve the risk that the other party to the transaction may default on its obligation to make payment or delivery. As a result, a fund may be delayed or prevented from completing the transaction and may incur additional costs as a consequence of the delay.

**Additional Information** 

**Temporary Defensive Position** 

At times a fund's investment manager or investment adviser may judge that conditions in the securities markets make pursuing the fund's typical investment strategy inconsistent with the best interest of its shareholders. At such times, an investment manager or investment adviser may temporarily use alternative strategies, primarily designed to reduce fluctuations in the value of the fund's assets. In implementing these defensive strategies, a fund may invest without limit in securities that an investment manager or investment adviser believes present less risk to a fund, including equity securities, debt and fixed-income securities, preferred stocks, U.S. government and agency obligations, cash or money market instruments, CDs, demand and time deposits, bankers' acceptance or other securities a sub-adviser considers consistent with such defensive strategies, such as, but not limited to, options, futures, warrants or swaps. During periods in which such strategies are used, the duration of a fund may diverge from the duration range for that fund disclosed in its prospectus (if applicable). It is impossible to predict when, or for how long, a fund will use these alternative strategies. As a result of using these alternative strategies, a fund may not achieve its investment objective.

**Borrowings** 

Certain funds participate in a syndicated, committed line of credit provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

When a fund invests borrowing proceeds in other securities, the fund will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to repay borrowed proceeds. Like other leveraging risks, this makes the value of an investment in a fund more volatile and increases the fund's overall investment exposure. In addition, if a fund's return on its investment of the borrowing proceeds does not equal or exceed the interest that a fund is obligated to pay under the terms of a borrowing, engaging in these transactions will lower the fund's return.

A fund may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to its borrowing obligations. This could adversely affect the portfolio managers' strategy and result in lower fund returns. Interest on any borrowings will be a fund expense and will reduce the value of a fund's shares.

A fund may borrow on a secured or on an unsecured basis. If a fund enters into a secured borrowing arrangement, a portion of the fund's assets will be used as collateral. During the term of the borrowing, the fund will remain at risk for any fluctuations in the market value of these assets in addition to any securities purchased with the proceeds of the loan. In addition, a fund may be unable to sell the collateral at a time when it would be advantageous to do so, which could adversely affect the portfolio managers' strategy and result in lower fund returns. The fund would also be subject to the risk that the lender may file for bankruptcy, become insolvent, or otherwise default on its obligations to return the collateral to the fund. In the event of a default by the lender, there may be delays, costs and risks of loss involved in a fund's exercising its rights with respect to the collateral or those rights may be limited by other contractual agreements or obligations or by applicable law.

The 1940 Act requires a fund to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this guideline would have the effect of limiting the amount that the fund may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund Lending** 

To satisfy redemption requests or to cover unanticipated cash shortfalls, a fund may enter into lending agreements ("Interfund Lending Agreements") under which the fund would lend money and borrow money for temporary purposes directly to and from another Transamerica

------

fund through a credit facility ("Interfund Loan"), subject to meeting the conditions of an SEC exemptive order granted to TAM and the Trust permitting such interfund lending. All Interfund Loans will consist only of uninvested cash reserves that the fund otherwise would invest in repurchase agreements or other short-term instruments.

If a fund has outstanding borrowings, any Interfund Loans to the fund (a) will be at an interest rate equal to or lower than any outstanding bank loan, (b) will be secured at least on an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding bank loan that requires collateral, (c) will have a maturity no longer than any outstanding bank loan (and in any event not over seven days), and (d) will provide that, if an event of default occurs under any agreement evidencing an outstanding bank loan to the fund, the event of default will automatically (without need for action or notice by the lending fund) constitute an immediate event of default under the Interfund Lending Agreement entitling the lending fund to call the Interfund Loan (and exercise all rights with respect to any collateral) and that such call will be made if the lending bank exercises its right to call its loan under its agreement with the borrowing fund.

A fund may make an unsecured borrowing through the credit facility if its outstanding borrowings from all sources immediately after the interfund borrowing total 10% or less of its total assets; provided, that if the fund has a secured loan outstanding from any other lender, including but not limited to another Transamerica fund, the fund's interfund borrowing will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral. If a fund's total outstanding borrowings immediately after an interfund borrowing would be greater than 10% of its total assets, the fund may borrow through the credit facility on a secured basis only. A fund may not borrow through the credit facility nor from any other source if its total outstanding borrowings immediately after the interfund borrowing would be more than 33 <sup>1</sup>∕3% of its total assets.

No fund may lend to another fund through the interfund lending credit facility if the loan would cause its aggregate outstanding loans through the credit facility to exceed 15% of the lending fund's net assets at the time of the loan. A fund's Interfund Loans to any one fund shall not exceed 5% of the lending fund's net assets. The duration of Interfund Loans is limited to the time required to receive payment for securities sold, but in no event more than seven days. Loans effected within seven days of each other will be treated as separate loan transactions for purposes of this condition. Each Interfund Loan may be called on one business day's notice by a lending fund and may be repaid on any day by a borrowing fund.

The limitations detailed above and the other conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the fund may have to borrow from a bank at higher rates (if such borrowing is available) or sell securities at a loss if an Interfund Loan were not available from another fund. A delay in repayment to a lending fund could result in a lost opportunity or additional lending costs.

**Lending** 

Consistent with applicable regulatory requirements and the limitations as set forth in its investment restrictions and policies, a fund may lend portfolio securities to brokers, dealers and other financial organizations meeting capital and other credit requirements or other criteria established by the Board. Loans of securities will be secured continuously by collateral in cash or U.S. government or agency securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received by a fund will be invested in high quality short-term instruments, or in one or more funds maintained by the lending agent for the purpose of investing cash collateral. During the term of the loan, a fund will continue to have investment risk with respect to the security loaned, as well as risk with respect to the investment of the cash collateral. Either party has the right to terminate a loan at any time on customary industry settlement notice (which will not usually exceed three business days). During the existence of a loan, a fund will continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and, with respect to cash collateral, will receive any income generated by the fund's investment of the collateral (subject to a rebate payable to the borrower and a percentage of the income payable to the lending agent). Where the borrower provides a fund with collateral other than cash, the borrower is also obligated to pay the fund a fee for use of the borrowed securities. A fund does not have the right to vote any securities having voting rights during the existence of the loan, but would retain the right to call the loan in anticipation of an important vote to be taken among holders of the securities or of the giving or withholding of their consent on a material matter affecting the investment. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in the collateral should the borrower fail financially. In addition, a fund could suffer loss if the loan terminates and the fund is forced to liquidate investments at a loss in order to return the cash collateral to the buyer.

**Voluntary Actions** 

From time to time, a fund may voluntarily participate in actions (for example, rights offerings, conversion privileges, exchange offers, credit event settlements, etc.) where the issuer or counterparty offers securities or instruments to holders or counterparties, such as a fund, and the acquisition is determined to be beneficial to fund shareholders ("Voluntary Action"). Notwithstanding any percentage investment limitation listed under this section or any percentage investment limitation of the 1940 Act or rules thereunder, if a fund has the opportunity to acquire a permitted security or instrument through a Voluntary Action, and the fund will exceed a percentage investment limitation following the acquisition, it will not constitute a violation if, after announcement of the offering, but prior to the receipt of the securities or instruments, the fund sells an offsetting amount of assets that are subject to the investment limitation in question at least equal to the value of the securities or instruments to be acquired.

------

**Cybersecurity** 

With the increased use of technologies to conduct business, a fund is susceptible to operational, information security and related risks through breaches in cybersecurity. In general, a breach in cybersecurity can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Geopolitical tensions may increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the fund's systems. Cyber incidents affecting a fund's investment manager, sub-adviser and other service providers (including, but not limited to, fund accountants, custodians, transfer agents and financial intermediaries) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with a fund's ability to calculate its NAV, impediments to trading, the inability of fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, litigation costs, reputational damage, reimbursement or other compensation or remediation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which a fund invests, counterparties with which a fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers for fund shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While a fund's service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been adequately identified or prepared for and that an attack may not be detected. Furthermore, a fund cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect the fund or its shareholders. Cybersecurity risks may also impact issuers of securities in which the fund invests, which may cause the fund's investments in such issuers to lose value. A fund and its shareholders could be negatively impacted as a result.

**Portfolio Turnover** 

Portfolio turnover rate is, in general, the percentage calculated by taking the lesser of purchases or sales of portfolio securities (excluding short-term securities) for a year and dividing it by the monthly average of the market value of such securities held during the year.

Changes in security holdings are made by a fund's investment manager or investment adviser when it is deemed necessary. Such changes may result from: a rebalancing or reconstitution of the underlying index; liquidity needs; securities having reached a price or yield objective; anticipated changes in interest rates or the credit standing of an issuer; or developments not foreseen at the time of the investment decision.

The investment manager or investment adviser may engage in a significant number of short-term transactions if such investing serves the fund's objective. The rate of portfolio turnover will not be a limiting factor when such short-term investing is considered appropriate. Increased turnover results in higher brokerage costs or mark-up charges for a fund, these charges are ultimately borne by the shareholders.

In computing the portfolio turnover rate, securities whose maturities or expiration dates at the time of acquisition are one year or less are excluded. Subject to this exclusion, the turnover rate for the fund is calculated by dividing (a) the lesser of purchases or sales of portfolio securities for the fiscal year by (b) the monthly average of portfolio securities owned by the fund during the fiscal year.

There are no fixed limitations regarding the portfolio turnover rates of the fund. Portfolio turnover rates are expected to fluctuate under constantly changing economic conditions and market circumstances. Higher turnover rates tend to result in higher brokerage fees. Securities initially satisfying the basic policies and objective of a fund may be disposed of when they are no longer deemed suitable.

Historical turnover rates are included in the Financial Highlights tables in the prospectus.

**Disclosure of Portfolio Holdings** 

It is the policy of the fund to protect the confidentiality of its portfolio holdings and prevent the selective disclosure of non-public information about portfolio holdings. The fund's service providers are required to comply with this policy. No non-public information concerning the portfolio holdings of the fund may be disclosed to any unaffiliated third party, except as provided below. The Board has adopted formal procedures governing compliance with these policies.

The fund believes the policy is in the best interests of the fund and its shareholders and that it strikes an appropriate balance between the desire of investors for information about the fund's portfolio holdings and the need to protect the funds from potentially harmful disclosures. Any conflicts of interest between the interests of fund shareholders and those of TAM or its affiliates are addressed in a manner that places the interests of fund shareholders first.

Information concerning the fund's holdings is available via the Transamerica website at: www.transamerica.com/investments/mutual-funds. The fund generally makes publicly available its complete portfolio holdings no sooner than 15 days after month-end. Such information generally remains on the website for 6 months, or as otherwise consistent with applicable regulations.

The fund's semi-annual report and annual report contain a complete listing of the fund's holdings as of the end of the fund's second and fourth fiscal quarters. This information is also available in reports filed with the SEC at the SEC's website at https://www.sec.gov. Each fiscal

------

quarter, the fund will file with the SEC a complete schedule of its monthly portfolio holdings on "Form N-PORT", with quarter-end disclosures being made public 60 days after the end of each fiscal quarter. The Form N-PORT is also available, free of charge, on the EDGAR database on the SEC's website at https://www.sec.gov.

TAM serves as investment adviser to TAM-sponsored ETFs that have investment objectives, strategies and portfolio holdings that are substantially similar to or overlap with those of certain funds offered in a separate Transamerica prospectus, and those ETFs are required to publicly disclose portfolio holdings each business day. As a result, it is possible that other market participants may use such information for their own benefit, which could negatively impact the fund's execution of purchase and sale transactions.

In addition, the fund may release via the fund's website at https://www.transamerica.com/individual/investments/mutual-funds-overview the following information concerning the fund before disclosure of the fund's full portfolio holdings is made publicly available:

• **Top Ten Holdings –** A fund's top ten holdings and the total percentage of the fund such aggregate holdings represent.

• **Sector Holdings –** A fund's sector information and the total percentage of the fund held in each sector.

• **Other Portfolio Characteristic Data –** Any other analytical data with respect to a fund that does not identify any specific portfolio holdings.

• **Funds of ETFs and Funds of Funds –** For any fund whose investments (other than cash alternatives) consist solely of shares of ETFs and/or other funds, no sooner than 10 days after the end of a month the names of the ETFs or funds held as of the end of that month and the percentage of the fund's net assets held in each ETF or fund as of the end of that month.

Mutual fund rating and ranking organizations such as FactSet, Lipper, Inc. and Morningstar, Inc., or consultants and/or other financial industry institutions such as Bloomberg L.P., and eVestment may request a complete list of non-public portfolio holdings in order to rank or rate a fund or to assess the risks of a fund or otherwise and/or to produce related performance attribution statistics. Similarly, an intermediary may be provided with non-public portfolio holdings in order to allow the intermediary to prepare the portfolio holdings information for shareholders on a timely basis. Portfolio holdings information released to these parties is the same portfolio holdings posted to the fund's website each month and is subject to the guidelines discussed below. Pursuant to the policy, TAM may disclose a complete list of the fund's holdings to any person on a monthly basis after the holdings are posted to the fund's website, usually 15 days after month-end.

The fund may also from time to time provide or make available to third parties upon request specific fund level performance attribution information and statistics. Third parties may include fund shareholders or prospective fund shareholders, members of the press, consultants, and ratings and ranking organizations. Nonexclusive examples of performance attribution information and statistics may include (i) the allocation of the fund's holdings and other investment positions among various asset classes, sectors, industries, and countries, (ii) the characteristics of the stock and bond components of the fund's holdings and other investment positions, (iii) the attribution of fund returns by asset class, sector, industry, and country, (iv) performance attribution and other summary and statistical information that does not include identification of specific portfolio holdings (prior to such holdings becoming public), and (v) the volatility characteristics of the fund.

TAM's Operational Risk Committee may approve a request for fund level performance attribution and statistics as long as (i) such disclosure does not enable the receiving party to recreate the complete or partial portfolio holdings of any fund prior to such fund's public disclosure of its portfolio holdings and (ii) TAM has made a good faith determination that the requested information is not material given the particular facts and circumstances. TAM may deny any request for performance attribution information and other statistical information about a fund made by any person, and may do so for any reason or for no reason.

Disclosure of non-public portfolio holdings information for a fund may only be provided pursuant to the guidelines below.

- Non-public portfolio holdings information may be provided at any time (and as frequently as daily) to the fund's service providers, counterparties, and others who generally need access to such information in the performance of their contractual duties and responsibilities providing services to a fund for a legitimate business purpose, where such vendor or service provider is subject to a duty of confidentiality, including a duty to prohibit the vendor from sharing non-public information with an unauthorized source or trading upon any non-public information provided by TAM on behalf of a fund. These entities, parties, and persons include, but are not limited to: TAM, the sub-advisers, custodian, administrator, sub-administrator, transfer agent, sub-transfer agent, executing broker-dealers/counterparties in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities (including transition managers), research and analytics providers, securities lending agent, financial printer, banks, proxy voting services, pricing service vendors, regulatory authorities, independent public accountants, attorneys, and the fund's officers and trustees, subject to a duty of confidentiality with respect to any portfolio holdings information. In addition, certain sub-advisers utilize middle- and back-office providers to fulfill their contractual duties and responsibilities to a fund. The disclosure of non-public portfolio holdings information to such third parties generally will be subject to a requirement, by explicit agreement or by virtue of their respective duties to a fund, that those third parties maintain the confidentiality of such information.

- A fund may provide non-public portfolio holdings information to (i) third parties that calculate information derived from portfolio holdings for use by TAM, a sub-adviser, or their affiliates, and (ii) an investment adviser or sub-adviser, trustee, or their agents, or a potential replacement sub-adviser for a fund to whom portfolio holdings are disclosed for proposal or due diligence purposes prior to Board approval and implementation. Each individual request is reviewed by TAM's Operational Risk Committee which must find, in its sole discretion that, based on the specific facts and circumstances, the disclosure appears unlikely to be harmful to the fund. Entities receiving this information must have in place control mechanisms to reasonably ensure or otherwise agree that (a) the portfolio holdings information will be kept

------

confidential, (b) no employee shall use the information to effect trading or for their personal benefit, and (c) the nature and type of information that they, in turn, may disclose to third parties is limited. TAM relies primarily on the existence of non-disclosure agreements and/or control mechanisms when determining that disclosure is not likely to be harmful to a fund. Nothing in this section should be construed as requiring TAM's Operational Risk Committee's review of the disclosure of material, non-public holdings information, as described above, once Board approval of a proposed fund merger, acquisition, or sub-adviser change has been received.

- In addition to those set out above, as of December 31, 2025, the following entities receive information about the fund's securities holdings pursuant to an ongoing arrangement with the portfolios in connection with services provided to the fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| <u>Recipient</u> | <u>Purpose</u> | <u>Frequency</u> |
| Bloomberg LP | &nbsp;&nbsp; Statistical ranking, rating, and/or performance <br> attribution analysis and pricing<br>| Daily |
| Broadridge | &nbsp;&nbsp; Print vendor for shareholder documents, proxy <br> solicitor/tabulator, 15(c) analysis<br>| Daily |
| CAPIS | Trade execution analysis | Daily |
| ComplySci | Code of Ethics monitoring | Daily |
| eVestment Alliance, LLC | Institutional sales and RFP opportunities | Quarterly |
| FXTransparency | Trade execution analysis | Quarterly |
| ICE Data Services | Pricing | Daily |
| &nbsp;&nbsp; Institutional Shareholder <br> Services Inc.<br>| Proxy voting services | Quarterly |
| &nbsp;&nbsp; Investment Company <br> Institute<br>| Holdings Information on Form N-PORT | Quarterly |
| JPMorgan Pricing Direct | Pricing | Daily |
| KPMG Taiwan | Provide tax services for market in Taiwan | As necessary |
| Lipper, Inc. | Statistical ranking and rating | Monthly |
| &nbsp;&nbsp; London Stock Exchange <br> Group<br>| Pricing | Daily |
| Morningstar LLC | &nbsp;&nbsp; Statistical ranking, rating, and/or performance <br> attribution analysis<br>| Daily |
| &nbsp;&nbsp; PricewaterhouseCoopers <br> Private Limited<br>| Provide tax services for market in India | As necessary |
| R.R. Donnelly | Financial reporting | Monthly |
| S&P Global | Pricing | Daily |
| truView | Risk and liquidity management analytics | Daily |
| WTax | Foreign tax reclaim services | As necessary |

---

TAM, its affiliates, the fund, any of the funds' sub-advisers and the fund's other service providers will not enter into any arrangements from which they derive compensation for the disclosure of non-public portfolio holdings information.

Subject to such departures as TAM believes reasonable and consistent with reasonably protecting the confidentiality of the portfolio holdings information, each confidentiality agreement should provide that, among other things: the portfolio holdings information is the confidential property of the fund (and its service providers, if applicable) and may not be shared or used directly or indirectly for any purpose except as expressly provided in the confidentiality agreement. The recipient of the portfolio holdings information agrees to limit access to the portfolio holdings information to its employees (and agents) who, on a need to know basis, are (1) authorized to have access to the portfolio holdings information and (2) subject to a duty of confidentiality, including duties not to share the non-public information with an unauthorized source and not to trade on non-public information. Upon written request, the recipient agrees to promptly return or destroy, as directed, the portfolio holdings information.

The fund (or its authorized service providers) may disclose portfolio holdings information before its public disclosure based on the criteria described above. The frequency with which such information may be disclosed, and the length of the lag, if any, between the disclosure date of the information and the date on which the information is publicly disclosed, varies based on the terms of the applicable confidentiality agreement. The fund currently provides portfolio holdings information to the third parties listed herein at the stated frequency as part of ongoing arrangements that include the release of portfolio holdings information in accordance with the policy.

The Trust's Chief Compliance Officer ("CCO") or his/her delegate may, on a case-by-case basis, impose additional restrictions on the dissemination of portfolio holdings information or waive certain requirements. Any exceptions to the policy must be consistent with the purposes of the policy. The CCO reports to the Board material compliance violations of the fund's policies and procedures on disclosure of portfolio holdings.

------

In addition, separate account and unregistered product clients of TAM, the sub-advisers of the funds, or their respective affiliates generally have access to information regarding the portfolio holdings of their own accounts. Prospective clients may also have access to representative portfolio holdings. These clients and prospective clients are not subject to the portfolio holdings disclosure policies described above. Some of these separate accounts and unregistered product clients have substantially similar or identical investment objectives and strategies to certain funds, and therefore may have substantially similar or nearly identical portfolio holdings as those funds.

Certain information in the above section may not apply to all of the funds managed by TAM.

There can be no assurance that the fund's policy with respect to disclosure of portfolio holdings will prevent the misuse of such information by individuals and firms that receive such information.

**BlackRock Fund Advisors** 

The Master Investment Portfolio ("MIP") Board and the Board of Directors of BFA have each approved Portfolio Information Distribution Guidelines (the "Policy") regarding the disclosure of portfolio securities, as applicable, and other portfolio information. The purpose of the Policy is to ensure that (i) shareholders and prospective shareholders of MIP have equal access to portfolio holdings and characteristics and (ii) third parties (such as consultants, intermediaries and third-party data providers) have access to such information no earlier or more frequently than shareholders and prospective shareholders.

Pursuant to the Policy, MIP and BFA may, under certain circumstances as set forth below, make selective disclosure with respect to MIP's Portfolio Characteristics (as defined below) and Portfolio Holdings (as defined below). The MIP and BFA Boards have approved the adoption by MIP of the Policy, and employees of BFA are responsible for adherence to the Policy. The MIP Board provides ongoing oversight of MIP's and BFA's compliance with the Policy.

Disclosure of material non-public information ("Confidential Information") about MIP's Portfolio Holdings and/or Portfolio Characteristics is prohibited, except as provided in the Policy.

Confidential Information relating to MIP may not be distributed to persons not employed by BlackRock unless the fund has a legitimate business purpose for doing so and appropriate confidentiality obligations are in effect, as appropriate.

*Portfolio Holdings: "Portfolio Holdings" are a fund's portfolio securities and other instruments, and include, but are not limited to*:

• for equity securities, information such as issuer name, CUSIP, ticker symbol, total shares and market value;

• for fixed-income securities, information such as issuer name, CUSIP, ticker symbol, coupon, maturity, current face value, market value, yield, WAL, duration and convexity;

• for all securities, information such as quantity, SEDOL and market price as of a specific date;

• for derivatives, indicative data including, but not limited to, pay leg, receive leg, notional amount, reset frequency and trade counterparty; and

• for trading strategies, specific portfolio holdings, including the number of shares held, weightings of particular holdings, trading details, pending or recent transactions and portfolio management plans to purchase or sell particular securities or allocation within particular sectors.

*Portfolio Characteristics (excluding Liquidity Metrics)*: "Portfolio Characteristics" include, but are not limited to, sector allocation, credit quality breakdown, maturity distribution, duration and convexity measures, average credit quality, average maturity, average coupon, top 10 holdings with percent of MIP held, average market capitalization, capitalization range, risk related information (*e.g.,* value at risk, standard deviation), ROE, P/E, P/B, P/CF, P/S and EPS.

• Additional characteristics specific to money market funds include, but are not limited to, historical daily and weekly liquid assets (as defined under Rule 2a-7) and historical fund net inflows and outflows.

*Portfolio Characteristics — Liquidity Metrics:* 

• "Liquidity Metrics" which seek to ascertain a fund's liquidity profile under BlackRock's global liquidity risk methodology which include but are not limited to: (a) disclosure regarding the number of days needed to liquidate a portfolio or the portfolio's underlying investments; and (b) the percentage of a fund's NAV invested in a particular liquidity tier under BlackRock's global liquidity risk methodology.

• The dissemination of position-level liquidity metrics data and any non-public regulatory data pursuant to SEC Rule 22e-4 (including SEC liquidity tiering) is not permitted unless pre-approved.

• Disclosure of Liquidity Metrics pursuant to Section 3 of the Policy should be reviewed by BlackRock's Risk and Quantitative Analysis Group and the relevant portfolio management team prior to dissemination.

------

Information that is non-material or that may be obtained from public sources (i.e., information that has been publicly disclosed via a filing with the SEC (e.g., a fund's annual report), through a press release or placement on a publicly-available internet website), or information derived or calculated from such public sources shall not be deemed Confidential Information.

Generally, month-end portfolio holdings may be made available to fund shareholders, prospective shareholders, intermediaries, consultants and third party data providers (*e.g.*, Lipper, Morningstar and Bloomberg) on the 20th calendar day after the end of each month, except for certain BlackRock-advised funds, whose holdings may be made available on the 40<sup>th</sup> calendar day after the end of the quarter, or on the 60<sup>th</sup> calendar day after the end of the month, as applicable, (based on each BlackRock-advised fund's fiscal year end).

*Guidelines for Confidential and Non-Material Information.* Confidential Information may be disclosed to MIP's Board of Directors and its counsel, outside counsel for MIP, MIP's auditors and to certain third-party service providers (i.e., fund administrator, custodian, proxy voting service) for which a non-disclosure or confidentiality agreement is in place with such service providers. With respect to Confidential Information, MIP's CCO or his or her designee may authorize the following, subject in the case of (ii) and (iii) to a confidentiality or non- disclosure arrangement:

• &nbsp;&nbsp;&nbsp;&nbsp;(i) the preparation and posting of MIP's Portfolio Holdings and/or Portfolio Characteristics to its website on a more frequent basis than authorized above;

• &nbsp;&nbsp;&nbsp;&nbsp;(ii) the disclosure of MIP's Portfolio Holdings to third-party service providers not noted above; and

• &nbsp;&nbsp;&nbsp;&nbsp;(iii) the disclosure of MIP's Portfolio Holdings and/or Portfolio Characteristics to other parties for legitimate business purposes.

*Fact Sheets and Reports* 

• Fund Fact Sheets are available to shareholders, prospective shareholders, intermediaries and consultants on a monthly or quarterly basis no earlier than the fifth calendar day after the end of a month or quarter.

• Money Market Performance Reports are typically available to shareholders, prospective shareholders, intermediaries and consultants by the tenth calendar day of the month (and on a one day lag for certain institutional funds). They contain monthly money market fund performance, rolling 12-month average and benchmark performance.

*Other Information.* The Policy shall also apply to other Confidential Information of a fund such as performance attribution analyses or security-specific information (*e.g.,* information about fund holdings where an issuer has been downgraded, been acquired or declared bankruptcy).

Data on NAVs, asset levels (by total fund and share class), accruals, yields, capital gains, dividends and fund returns (net of fees by share class) are generally available to shareholders, prospective shareholders, consultants, and third-party data providers upon request, as soon as such data is available.

*Compensation.* Neither a fund, a service provider nor any of their affiliated persons (as that term is defined in the Investment Company Act) shall receive compensation in any form in connection with the disclosure of information about such fund's Portfolio Holdings or Portfolio Characteristics.

*Ongoing Arrangements.* BFA has entered into ongoing agreements to provide selective disclosure of Portfolio Holdings to the following persons or entities:

• MIP Board and, if necessary, MIP Independent Trustees' counsel and MIP counsel.

• MIP's Transfer Agent.

• MIP's Custodian.

• MIP's Administrator, if applicable.

• MIP's independent registered public accounting firm.

• MIP's accounting services provider.

• Independent rating agencies — Morningstar, Inc., Lipper Inc., S&P, Moody's, Fitch.

• Information aggregators — Markit on Demand, Thomson Financial and Bloomberg, eVestments Alliance, Informa/PSN Investment Solutions, Crane Data, and iMoneyNet.

• Pricing Vendors — Refinitiv, ICE Data Services, Bloomberg, IHS Markit, JP Morgan Pricing-Direct, Loan Pricing Corporation, Valuation Research Corporation, Murray, Devine & Co., Inc. and WM Company PLC.

• Portfolio Compliance Consultants — Oracle Financial Services.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Third-party feeder funds — Stock Index Fund, a series of Homestead Funds, Inc.; Transamerica Stock Index, a series of Transamerica Funds; and Alight Money Market Fund, a series of Alight Series Trust and their respective boards, sponsors, administrators and other service providers.

• Affiliated feeder funds — Treasury Money Market Fund (Cayman) and its board, sponsor, administrator and other service providers.

• Other — Investment Company Institute, Goldman Sachs Asset Management, L.P., Mizuho Asset Management Co., Ltd., Nationwide Fund Advisors, State Street Bank and Trust Company, Donnelley Financial Solutions, Inc., Silicon Valley Bank and BNY Mellon Markets.

With respect to each such arrangement, a fund has a legitimate business purpose for the release of information. The release of the information is subject to confidential treatment to prohibit the entity from sharing with an unauthorized source or trading upon the information provided. MIP, BlackRock and their affiliates do not receive any compensation or other consideration in connection with such arrangements.

MIP and BFA monitor, to the extent possible, the use of Confidential Information by the individuals or firms to which it has been disclosed. To do so, in addition to the requirements of any applicable confidentiality agreement and/or the terms and conditions of MIP's and BFA's Codes of Ethics — all of which require persons or entities in possession of Confidential Information to keep such information confidential and not to trade on such information for their own benefit — BFA's compliance personnel under the supervision of MIP's CCO, monitor BFA's securities trading desks to determine whether individuals or firms who have received Confidential Information have made any trades on the basis of that information. In addition, BFA maintains an internal restricted list to prevent trading by the personnel of BFA or its affiliates in securities — including securities held by MIP — about which BFA has Confidential Information. There can be no assurance, however, that MIP's policies and procedures with respect to the selective disclosure of Portfolio Holdings will prevent the misuse of such information by individuals or firms that receive such information.

**Commodity Exchange Act Registration** 

The fund is operated by the Investment Manager pursuant to an exclusion from registration as a "commodity pool operator" with respect to the fund under the Commodity Exchange Act ("CEA"), and therefore, is not subject to registration or regulation with respect to the fund under the CEA. The fund is limited in its ability to enter into commodity interests positions subject to the jurisdiction of the Commodity Futures Trading Commission.

**Management of the Trust** 

The fund is supervised by the Board. The S&P 500 Index Master Portfolio is supervised by the Board of Trustees of the Master Investment Portfolio. Additional information regarding the Board of Trustees and executive officers of the Master Investment Portfolio is provided in Appendix A of this SAI.

**Board Members and Officers** 

The members of the Board ("Board Members") and executive officers of the Trust are listed below.

"Interested Board Member" means a Board Member who may be deemed an "interested person" (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as "Interested Trustees." "Independent Board Member" means a Board Member who is not an "interested person" (as defined under the 1940 Act) of the Trust and may also be referred to herein as an "Independent Trustee."

The Board is responsible for overseeing the management and operations of the fund. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of the fund and the operation of the fund by its officers. The Board also reviews the management of the fund's assets by the investment manager.

The fund is among the funds managed and sponsored by TAM (collectively, "Transamerica Fund Family"). The Transamerica Fund Family consists of (i) Transamerica Funds ("TF") and (ii) Transamerica Series Trust ("TST"). The Transamerica Fund Family consists of 95 funds as of the date of this SAI.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202.

The Board Members, their year of birth, their positions with the Trust, and their principal occupations for at least the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** |
| &nbsp;&nbsp; Marijn P. Smit<br> (1973)<br>| Chairman of<br> the Board, <br> President and<br> Chief Executive<br> Officer<br>| Since 2014 | Chairman of the Board, President and Chief <br> Executive Officer, TF and TST (2014 – <br> present);<br> President and Chief Executive Officer, <br> Transamerica Asset Allocation Variable <br> Funds ("TAAVF") (2014 – 2023);<br> Chairman of the Board, Transamerica ETF <br> Trust ("TET") (2017 – 2022), President and <br> Chief Executive Officer, TET (2017 – <br> 2024);<br> Chairman of the Board, President and Chief <br> Executive Officer, Transamerica Partners <br> Portfolio ("TPP"), Transamerica Partners <br> Funds Group ("TPFG") and Transamerica <br> Partners Funds Group II ("TPFG II") (2014 <br> – 2018);<br> Director, Chairman of the Board, President <br> and Chief Executive Officer, Transamerica <br> Asset Management, Inc. ("TAM") (2014 - <br> present) and Transamerica Fund Services, <br> Inc. ("TFS") (2014 – 2023); Director, <br> Chairman of the Board and Executive Vice <br> President, TFS (2023 – present);<br> Senior Vice President, Transamerica <br> Retirement Solutions LLC (2012 - 2020); <br> Trust Officer, Transamerica Trust Company <br> (formerly, Massachusetts Fidelity Trust <br> Company) (2014 - 2021);<br> President, Investment Solutions, <br> Transamerica Investments & Retirement <br> (2014 – 2016);<br> Vice President, Transamerica Life Insurance <br> Company (2010 – 2016);<br> Vice President, Transamerica Premier Life <br> Insurance Company (2010 – 2016);<br> Senior Vice President, Transamerica <br> Financial Life Insurance Company (2013 – <br> 2016);<br> Senior Vice President, Transamerica <br> Retirement Advisors, Inc. (2013 – 2016);<br> President and Director, Transamerica Stable <br> Value Solutions, Inc. (2010 – 2016).<br>| 95 | Director, Transamerica <br> Trust Company <br> (formerly, Massachusetts <br> Fidelity Trust Company) <br> (2014 - 2021); <br> Director, Aegon Global <br> Funds (2016 - 2022); <br> Director, Transamerica <br> Stable Value Solutions, <br> Inc. (October 2023 – <br> present)<br>|
| &nbsp;&nbsp; Kent Callahan<br> (1960)<br>| Board Member | Since 2023 | Board Member, TF and TST (September <br> 2023 - present); <br> Founder and Chief Executive Officer, <br> Shamrock Solutions, LLC (May 2023 - <br> present); <br> Vice Chairman, Transamerica Workplace <br> Solutions (June 2022 - December 2022); <br> President and Chief Executive Officer, <br> Transamerica Workplace Solutions (2020 – <br> 2022); and Senior Managing Director, <br> Transamerica Workplace Solutions (2019 – <br> 2020); <br> President and Chief Executive Officer, <br> Transamerica Latin America Operations <br> (2016 – 2019).<br>| 95 | N/A |
| **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** |
| &nbsp;&nbsp; Sandra N. Bane<br> (1952)<br>| Board Member | Since 2008 | Retired (1999 – present);<br> Board Member, TF and TST (2008 – <br> present);<br> Board Member, TAAVF (2008 – 2023);<br> Board Member, TPP, TPFG and TPFG II<br>| 95 | Big 5 Sporting Goods <br> (2002 – 2021); <br> Southern Company Gas <br> (energy services holding <br> company) (2008 – <br>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** |
| &nbsp;&nbsp; Sandra N. Bane <br> *(continued)*<br>|  |  | (2008 – 2018);<br> Partner, KPMG (1975 – 1999).<br>|  | present) |
| &nbsp;&nbsp; Leo J. Hill<br> (1956)<br>| Lead Independent<br> Board Member<br>| Since 2002 | Principal, Advisor Network Solutions, LLC <br> (business consulting) (2006 – present);<br> Board Member, TST (2001 – present);<br> Board Member, TF (2002 – present);<br> Board Member, TAAVF (2007 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2007 – 2018);<br> Market President, Nations Bank of Sun <br> Coast Florida (1998 – 1999);<br> Chairman, President and Chief Executive <br> Officer, Barnett Banks of Treasure Coast <br> Florida (1994 – 1998);<br> Executive Vice President and Senior Credit <br> Officer, Barnett Banks of Jacksonville, <br> Florida (1991 – 1994);<br> Senior Vice President and Senior Loan <br> Administration Officer, Wachovia Bank of <br> Georgia (1976 – 1991).<br>| 95 | Ameris Bancorp (2013 – <br> present);<br> Ameris Bank (2013 – <br> present)<br>|
| &nbsp;&nbsp; Kathleen T. Ives<br> (1965)<br>| Board Member | Since 2021 | Board Member, TF and TST (2021 – <br> present);<br> Board Member, TAAVF (2021 – 2023);<br> Senior Vice President & Director of Internal <br> Audit (2011-2019), Senior Vice President & <br> Deputy General Counsel (2008 – 2011), OFI <br> Global Asset Management, Inc.<br>| 95 | Junior Achievement <br> Rocky Mountain <br> (non-profit organization) <br> (2013 – present); <br> Institute of Internal <br> Auditors, Denver <br> Chapter (audit <br> organization) (2017 – <br> 2021)<br>|
| &nbsp;&nbsp; Lauriann C. Kloppenburg<br> (1960)<br>| Board Member | Since 2021 | Board Member, TF and TST (2021 – <br> present);<br> Board Member, TAAVF (2021 – 2023); <br> Investment Committee Member, 1911 <br> Office, LLC (family office) (2017 – <br> Present);<br> Student Fund Advisory Board Member, <br> Champlain College (2016 – present);<br> Executive in Residence, Champlain College <br> (2016 – 2024);<br> Executive in Residence, Bentley University <br> (2015 – 2017); <br> Chief Strategy Officer (2012 – 2013), Chief <br> Investment Officer – Equity Group (2004 – <br> 2012), Loomis Sayles & Company, L.P.<br>| 95 | Trustees of Donations to <br> the Protestant Episcopal <br> Church (non-profit <br> organization) (2010 – <br> 2022); <br> Forte Foundation <br> (non-profit organization) <br> (2016 – present); <br> Board Member, Adams <br> Funds (investment <br> companies) (2017 – <br> present)<br>|
| &nbsp;&nbsp; Fredric A. Nelson III<br> (1957)<br>| Board Member | Since 2017 | Board Member, TF and TST (2017 – <br> present);<br> Co-Owner, Annapolis Sailing School (2014 <br> – present);<br> Board Member, TAAVF (2017 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2017 – 2018);<br> Chief Investment Officer ("CIO"), <br> Commonfund (2011 – 2015);<br> Vice Chairman, CIO, ING Investment <br> Management Americas (2003 – 2009);<br> Managing Director, Head of U.S. Equity, JP <br> Morgan Investment Management (1994 – <br> 2003);<br> Managing Director, Head of Global <br> Quantitative Investments Group, Bankers <br> Trust Global Investment Management (1981<br>| 95 | Annapolis Sailing <br> School (2014 – present); <br> Global Index Group <br> ("GIG") (2016 – 2023) <br>|

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** |
| &nbsp;&nbsp; Fredric A. Nelson III <br> *(continued)*<br>|  |  | – 1994). |  |  |
| &nbsp;&nbsp; John E. Pelletier<br> (1964)<br>| Board Member | Since 2017 | Board Member, TF and TST (2017 – <br> present);<br> Board Member, TAAVF (2017 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2017 – 2018);<br> Director, Center for Financial Literacy, <br> Champlain College (2010 – present);<br> Co-Chair, Vermont Financial Literacy <br> Commission with Vermont State Treasurer <br> (2015 – 2018);<br> Chairman, Vermont Universal Children's <br> Higher Education Savings Account Program <br> Advisory Committee (2015 – 2021);<br> Founder and Principal, Sterling Valley <br> Consulting LLC (a financial services <br> consulting firm) (2009 – 2017);<br> Chief Legal Officer, Eaton Vance Corp. <br> (2007 – 2008);<br> Executive Vice President and Chief <br> Operating Officer (2004 - 2007), General <br> Counsel (1997 – 2004), Natixis Global <br> Associates.<br>| 95 | Independent Director, <br> The Sentinel Funds and <br> Sentinel Variable <br> Products Trust (2013 – <br> 2017)<br>|
| &nbsp;&nbsp; Kevin A. Simonoff<br> (1973)<br>| Board Member | Since 2026 | Board Member, TF and TST (January 2026 <br> – present);<br> Founder & Chief Executive Officer, <br> ThreeTree Advisory LLC (January 2026 – <br> present); <br> President & Chief Executive Officer, Voya <br> Funds (2023-2024);<br> Chief Strategy & Transformation Officer <br> (2022-2024),<br> Head of Business Management (2019-2022), <br> Voya Investment Management; Board <br> Member, Voya Investment Management <br> (UK) and Voya Investment Management <br> Services (UK) Ltd (2018-2023).<br>| 95 | Sound Point Alternative <br> Income Fund Board <br> Director (2025 – <br> present); <br> McIntire Alumni <br> Advisory Board Member <br> (2024 – present), UVA <br> McIntire School of <br> Commerce<br>|
| &nbsp;&nbsp; John W. Waechter<br> (1952)<br>| Board Member | Since 2005 | Partner, Englander Fischer (2016 – present) <br> (law firm);<br> Board Member, TST (2004 – present);<br> Board Member, TF (2005 – present);<br> Board Member, TAAVF (2007 – 2023);<br> Board Member, TPP, TPFG and TPFG II <br> (2007 – 2018).<br>| 95 | Board Member, <br> Operation PAR, Inc. <br> (non-profit organization) <br> (2008 – present); <br> Board Member, Boley <br> PAR, Inc. (non-profit <br> organization) (2016 - <br> present) <br> Board Member, <br> Remember Honor <br> Support, Inc. (non-profit <br> organization)<br> (2013 - 2020);<br> Board Member, WRH <br> Income Properties, Inc. <br> and WRH Properties, <br> Inc. and affiliates (real <br> estate) (2014 - present)<br>|

---

\*

Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust's Declaration of Trust.

------

**Officers** 

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position** | **Term of Office**<br> **and Length of**<br> **Time Served\***<br>| **Principal Occupation(s) or Employment**<br> **During Past Five Years**<br>|
| &nbsp;&nbsp; Marijn P. Smit<br> (1973)<br>| Chairman of the Board, President <br> and Chief Executive Officer<br>| Since 2014 | See Interested Board Members Table Above. |
| &nbsp;&nbsp; Joshua Durham<br> (1973)<br>| Vice President and Chief <br> Operating Officer<br>| Since 2022 | Vice President and Chief Operating Officer, TF and TST (2022 – <br> present); <br> Interim Treasurer, TF and TST (2024 – 2025);<br> Vice President and Chief Operating Officer, TAAVF (2022 – <br> 2023);<br> Director, Senior Vice President, and Chief Operating Officer, TAM <br> (2022 - present) and TFS (2022 – 2023); <br> Director, President and Chief Executive Officer, TFS (2023 – <br> present);<br> Vice President, Transamerica Casualty Insurance Company (2016 <br> – 2022);<br> Vice President (2004 – 2007 and 2012 – 2022) and Responsible <br> Officer (2017 – 2022), Transamerica Financial Life Insurance <br> Company;<br> Vice President (2004 – 2007 and 2010 – 2022) and Responsible <br> Officer (2016 – 2022), Transamerica Life Insurance Company;<br> Chief Administrative Officer (2014 – 2016) and Senior Vice <br> President (2009 – 2020), Transamerica Stable Value Solutions Inc.;<br> Vice President, Transamerica Premier Life Insurance Company <br> (2010 – 2020);<br> Vice President, Transamerica Advisors Life Insurance Company <br> (2016 – 2019); <br> Vice President, TAG Resources, LLC (2022); <br> Vice President, Transamerica Retirement Solutions, LLC (2017 – <br> 2022).<br>|
| &nbsp;&nbsp; Dennis P. Gallagher<br> (1970)<br>| Chief Legal Officer and <br> Secretary<br>| Since 2021; <br> 2006 – 2014<br>| Chief Legal Officer and Secretary, TF and TST (2021 – present <br> and 2006 - 2014); <br> Chief Legal Officer and Secretary, TAAVF (2021 – 2023 and 2006 <br> - 2014); <br> Chief Legal Officer and Assistant Secretary, TAM (2022 – <br> present); <br> Lead Attorney, TAM (2017 – 2021); <br> Chief Legal Officer, Latin American Operations and International <br> Funds (2014 – 2022); <br> Director, Senior Vice President, General Counsel, Operations and <br> Secretary, TAM (2006 – 2014); <br> Director, Senior Vice President, General Counsel, Chief <br> Administrative Officer and Secretary, TFS (2006 – 2014);<br> Chairman of the Board, Aegon Global Funds (2013 – 2022); <br> Board Member, Mongeral Aegon Seguros e Previdencia SA (2017 <br> – 2022); <br> Assistant Secretary, TF, TST, TET and TAAVF (2019); <br> Vice President, General Counsel and Secretary, TPP, TPFG and <br> TPFG II (2007 – 2014); <br> Assistant Vice President, Transamerica Capital, LLC ("TCL") <br> (2007 – 2014); <br> Lead Attorney, Transamerica Stable Value Solutions. Inc. (2024 - <br> 2025).<br>|
| &nbsp;&nbsp; James E. Goundrey<br> (1977)<br>| Assistant Secretary | Since 2024 | Assistant Secretary, TF and TST (2024 – present); <br> Assistant General Counsel, TAM (2022 – present); <br> Associate General Counsel, Edward D. Jones & Co. (2019 – 2022); <br> Vice President and Senior Counsel, State Street Investment <br> Management (formerly, State Street Global Advisors) (2015-2019).<br>|
| &nbsp;&nbsp; Byron D. Hittle<br> (1974)<br>| Chief Compliance Officer | Since 2025 | Chief Compliance Officer, TF and TST (2025 – present);<br> Executive Director (2025) and Managing Counsel (2017 – 2025), <br> Assistant Vice President, Senior Legal Counsel (2012 – 2016), <br> Legal Counsel (2008 – 2011), Janus Henderson Investors.<br>|
| Molly Possehl | Anti-Money Laundering Officer | Since 2019 | Anti-Money Laundering Officer, TF and TST (2019 – present);  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position** | **Term of Office**<br> **and Length of**<br> **Time Served\***<br>| **Principal Occupation(s) or Employment**<br> **During Past Five Years**<br>|
| &nbsp;&nbsp; Molly Possehl <br> *(continued)(1978)*<br>|  |  | Anti-Money Laundering Officer, TET (2019-2024);<br> Anti-Money Laundering Officer, TAAVF (2019 – 2023);<br> Anti-Money Laundering Compliance Officer and Fraud Officer, <br> Transamerica Life Insurance Company/Aegon USA (2015 – <br> present); <br> Senior Director, Compliance, Transamerica Life Insurance <br> Company (2021 – present);<br> Assistant General Counsel, Transamerica Life Insurance <br> Company/Aegon USA (2013 – 2021).<br>|
| &nbsp;&nbsp; John L. Reifsnider<br> (1964)<br>| Vice President and Chief <br> Investment Officer<br>| Since 2026 | Senior Vice President and Chief Investment Officer, TAM (2026 - <br> present); Chief Executive Officer and President (2015 – 2023), <br> Strategic Advisor (2023-2024), Thompson, Siegel & Walmsley <br> LLC.<br>|
| &nbsp;&nbsp; Kari Seabrands<br> (1969)<br>| Treasurer | Since 2025 | Treasurer, TF and TST (2025 – present); <br> Senior Director, Fund Administration, TAM (2025 – present);<br> Senior Director, Head of Global Fund Services, Russell <br> Investments (2023 – 2025); <br> Treasurer, Chief Accounting Officer and Chief Financial Officer, <br> Russell Investment Company ("RIC"), Russell Investment Funds <br> ("RIF"), Russell Investments Exchange Traded Funds, Russell <br> Investments Strategic Credit Fund and Russell Investment New <br> Economy Infrastructure Fund (2023 – 2025);<br> Director, Russell Investments Financial Services, LLC and Russell <br> Investments Fund Services, LLC (2023 – 2025); <br> Director, Fund Administration, Russell Investments (2012 – 2023) <br> Assistant Treasurer, RIC and RIF (2012 – 2023).<br>|

---

\*

Elected and serves at the pleasure of the Board of the Trust.

If an officer has held offices for different funds for different periods of time, the earliest applicable date is shown. No officer of the Trust, except for the Chief Compliance Officer, receives any compensation from the Trust.

The Board believes that each Board Member's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Board Members lead to the conclusion that the Board possesses the requisite skills and attributes. The Board believes that the Board Members' ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with TAM, the sub-advisers, other services providers, counsel and independent auditors, and to exercise effective business judgment in the performance of their duties, support this conclusion. The following sets forth information about each Board Member's specific experience, qualifications, attributes and/or skills that serve as the basis for the person's continued service in that capacity: Ms. Bane has experience as a certified public accountant and as a board member of multiple organizations; Mr. Callahan has financial services industry experience as an executive and consultant with various TAM affiliates and other entities; Mr. Hill has financial and entrepreneurial experience as an executive, owner and consultant as well as experience as a board member of multiple organizations; Ms. Ives has audit, securities industry, compliance and legal experience, including as a fund executive; Ms. Kloppenburg has investment management experience as an executive and experience as a board member of multiple organizations; Mr. Nelson has investment management experience as well as other business, securities industry and fund executive experience; Mr. Pelletier has securities industry and fund legal and operations experience, entrepreneurial experience as an executive, owner and consultant, and board experience; Mr. Simonoff has securities industry and investment management experience, including as a fund executive; Mr. Smit has investment management and insurance experience as an executive and in leadership roles with TAM and affiliated entities; and Mr. Waechter has experience as a certified public accountant and a board member of multiple organizations as well as securities industry, compliance and legal experience. References to the qualifications, attributes and skills of Board Members does not constitute an assertion by the Board or any individual Board Member that a Board Member has any special expertise or experience that would impose any greater responsibility or liability on such Board Member than would exist otherwise.

Mr. Smit, an Interested Board Member, serves as Chairman of the Board. Independent Board Members constitute more than 75% of the Board. The Board currently believes that its leadership structure, including an interested Chairman and a Lead Independent Board Member, is appropriate and is in the best interests of the funds and their shareholders, and that its committees, as further described below, help ensure that the funds have effective and independent governance and oversight. The Board believes that an interested Chairman has a professional interest in the quality of the services provided to the funds and that the Chairman is best equipped to provide oversight of such services on a day-to-day basis because of TAM's sponsorship of the funds and TAM's ongoing monitoring of the investment sub-advisers that manage the assets of each fund.

The Independent Board Members determined that it was appropriate to appoint a Lead Independent Board Member to facilitate communication among the Independent Board Members and with management. Accordingly, the Independent Board Members have appointed Mr. Hill to serve as Lead Independent Board Member. Among other responsibilities, the Lead Independent Board Member coordinates with management, the committee chairs, and the other Independent Board Members regarding review of agendas for board and

------

committee meetings; serves as chair of meetings of the Independent Board Members; and, in consultation with the other Independent Board Members and as requested or appropriate, communicates with management, counsel, third party service providers and others on behalf of the Independent Board Members.

The Board believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Board Members from management. The Independent Board Members also believe that they can effectively act independently without having an Independent Board Member act as Chairman. Among other reasons, this belief is based on the fact that they have appointed a Lead Independent Board Member, the Independent Board Members represent over 75% of the Board, and as further described below, Independent Board Members chair and comprise both of the Board's committees.

**Board Committees** 

The Board has two standing committees: the Audit Committee and Nominating Committee. Both the Audit Committee and Nominating Committee are chaired by an Independent Board Member and composed of all of the Independent Board Members. Ms. Bane serves as the Audit Committee Chairperson and Ms. Ives serves as the Nominating Committee Chairperson. Through the funds' board committees, the Independent Board Members consider and address important matters involving the funds, including those presenting conflicts or potential conflicts of interest for management, and they believe they can act independently and effectively.

The Audit Committee, among other things, oversees the accounting and reporting policies and practices and internal controls of the Trust, oversees the quality and integrity of the financial statements of the Trust, approves, prior to appointment, the engagement of the Trust's independent registered public accounting firm, reviews and evaluates the independent registered public accounting firm's qualifications, independence and performance, and approves the compensation of the independent registered public accounting firm.

The Audit Committee also approves all audit and permissible non-audit services provided to each fund by the independent registered public accounting firm and all permissible non-audit services provided by each fund's independent registered public accounting firm to TAM and any affiliated service providers if the engagement relates directly to each fund's operations and financial reporting.

The Nominating Committee is a forum for identifying, considering, selecting and nominating, or recommending for nomination by the Board, candidates to fill vacancies on the Board. In assessing the qualifications of a potential candidate for membership on the Board, the Nominating Committee may consider the candidate's potential contribution to the operation of the Board and its committees, and such other factors as it may deem relevant. The Nominating Committee will consider diversity in identifying potential candidates, including race, gender, differences of viewpoint, professional experience and skill, as well as such other individual qualities and attributes as it may deem relevant.

When addressing vacancies, the Nominating Committee sets any standards or qualifications for service on the Board and may consider nominees recommended by any source it deems appropriate, including from management or shareholders. Shareholders who wish to recommend a nominee should send recommendations to the Trust's Secretary that include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board Members. A recommendation must be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders or appointed. The Nominating Committee will consider all submissions meeting the applicable requirements stated herein that are received by December 31 of the most recently completed calendar year. The Nominating Committee also identifies potential nominees through its network of contacts and may also engage, if it deems appropriate, a professional search firm.

**Risk Oversight** 

Through its oversight of the management and operations of the funds, the Board also has a risk oversight function, which includes (without limitation) the following: (i) requesting and reviewing reports on the operations of the funds; (ii) reviewing compliance reports and approving compliance policies and procedures of the funds and their service providers; (iii) meeting with management to consider areas of risk and to seek assurances that adequate resources are available to address risks; (iv) meeting with service providers, including fund auditors, to review fund activities; and (v) meeting with the Chief Compliance Officer and other officers of the funds and their service providers to receive information about compliance, and risk assessment and management matters. Such oversight is exercised primarily through the Board and its Audit Committee but, on an ad hoc basis, also can be exercised by the Independent Board Members during executive sessions.

The Board recognizes that not all risks that may affect the funds can be identified in advance, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the funds' goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. The funds' day-to-day investment management and business affairs are carried out by or through TAM, its affiliates, the sub-advisers and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the funds' and each other in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's risk management oversight is inherently subject to limitations. Some risks may be beyond the reasonable control of the Board, the funds, TAM, its affiliates, the sub-advisers or other service providers.

**Additional Information about the Committees of the Board** 

Both the Audit Committee and Nominating Committee are composed of all of the Independent Board Members. For the fiscal year ended December 31, 2025, the Audit Committee met 3 times and the Nominating Committee met 3 times.

------

**Trustee Ownership of Equity Securities** 

As of December 31, 2025, none of the Board Members owned equity securities in the fund or the S&P 500 Index Master Portfolio.

---

| | |
|:---|:---|
| **Transamerica Fund Family** | **Transamerica Fund Family** |
| **Trustee** | &nbsp;&nbsp; **Aggregate Dollar** <br> **Range of Equity** <br> **Securities**<br>|
| Interested Trustees |  |
| Marijn P. Smit | $1 - $10000 |
| Kent Callahan | Over $100,000 |
| Independent Trustees |  |
| Sandra N. Bane | Over $100,000 |
| Leo J. Hill | Over $100,000 |
| Kathleen T. Ives | Over $100,000 |
| Lauriann C. Kloppenburg | Over $100,000 |
| Fredric A. Nelson III | Over $100,000 |
| John E. Pelletier | Over $100,000 |
| Kevin A. Simonoff\* | $50001 - $100000 |
| John W. Waechter | Over $100,000 |

---

\* As of January 1, 2026

As of December 31, 2025, none of the Independent Board Members or their immediate family members owned beneficially or of record any securities of the Investment Manager, sub-advisers or Distributor of the fund, or in a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Investment Manager, sub-advisers or Distributor of the fund.

**Trustee Compensation** 

As of January 1, 2026, the Independent Board Members receive a base retainer of $395,000 from the funds/portfolios of Transamerica Funds and TST.

The Trust pays a pro rata share of these fees allocable to each series of the Trust based on the relative assets of the series.

As of January 1, 2026, the Lead Independent Trustee of the Board receives an additional retainer of $88,000 per year; and the Audit Committee Chairperson receives an additional retainer of $38,000 per year. The Trust also pays a pro rata share allocable to each series of Transamerica Funds based on the relative assets of the series for the Lead Independent Trustee and Audit Committee Chairperson retainers.

Any fees and expenses paid to an Interested Board Member and officers are paid by TAM or an affiliate and not by the Trust or any series, except that the compensation of the Chief Compliance Officer is paid as provided in the next sentence. A portion of the compensation of the Chief Compliance Officer is paid by TAM or an affiliate; the remaining portion is allocated ratably, based on relative net assets, among the mutual funds sponsored by TAM, including the series of the Trust.

**Compensation Table**

The following table provides compensation amounts paid by the funds to the Independent Trustees for the fiscal year ended December 31, 2025. Interested Trustees are not compensated by the funds. Messrs. Callahan and Smit are compensated for their Board service by TAM or an affiliate of TAM.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate** <br> **Compensation from** <br> **the Trust**<br>| **Pension or Retirement** <br> **Benefits Accrued as** <br> **Part of Funds** <br> **Expenses**<sup>(a)</sup> <br>| **Estimated Annual** <br> **Benefits Upon** <br> **Retirement**<sup>(a)</sup> <br>| **Total Compensation** <br> **from the Transamerica** <br> **Fund Family** <br> **(including the Trust)**<sup>(b)</sup> <br>|
| Sandra N. Bane, Trustee | $169010.63 | N/A | N/A | $421000.00 |
| Leo J. Hill, Trustee | $187477.36 | N/A | N/A | $467000.00 |
| Kathleen T. Ives, Trustee | $154558.42 | N/A | N/A | $385000.00 |
| Lauriann C. Kloppenburg, Trustee | $154558.42 | N/A | N/A | $385000.00 |
| Fredric A. Nelson III, Trustee | $154558.42 | N/A | N/A | $385000.00 |
| John E. Pelletier, Trustee | $154558.42 | N/A | N/A | $385000.00 |
| Patricia L. Sawyer, Trustee<sup>(c)</sup> | $166601.95 | N/A | N/A | $415000.00 |
| Kevin A. Simonoff, Trustee<sup>(d)</sup> | N/A | N/A | N/A | N/A |
| John W. Waechter, Trustee | $154558.42 | N/A | N/A | $385000.00 |

---

(a) The Trust has no plan or other arrangement pursuant to which the Trustees receive pension or retirement benefits.

(b) Compensation expenses are allocated pro rata based on the relative net assets of each fund included in the Transamerica Fund Family.

(c) Effective as of December 31, 2025, Ms. Sawyer retired as a Board Member.

(d) Information is not shown for Mr. Simonoff as he became a Board Member on January 1, 2026.

------

**Shareholder Communication Procedures with the Board of Trustees** 

The Board of the Trust has adopted these procedures by which shareholders of the Trust may send written communications to the Board. Shareholders may mail written communications to the Board, addressed to the care of the Secretary of the Trust ("Secretary"), as follows:

Board of Trustees

Transamerica Funds

c/o Secretary

1801 California Street, Suite 5200

Denver, CO 80202

Each shareholder communication must (i) be in writing and be signed by the shareholder, (ii) identify the underlying series of the Trust to which it relates, and (iii) identify the class (if applicable) held by the shareholder. The Secretary is responsible for collecting, reviewing and organizing all properly submitted shareholder communications. Usually, with respect to each properly submitted shareholder communication, the Secretary shall either (i) provide a copy of the communication to the Board at the next regularly scheduled Board meeting or (ii) if the Secretary determines that the communication requires more immediate attention, forward the communication to the Board promptly after receipt. The Secretary may, in good faith, determine that a shareholder communication should not be provided to the Board because the communication (i) does not reasonably relate to a series of the Trust or its operation, management, activities, policies, service providers, Board, officers, shareholders or other matters relating to an investment in the Trust, or (ii) is ministerial in nature (such as a request for Trust literature, share data or financial information). These Procedures shall not apply to (i) any communication from an officer or Trustee of the Trust, (ii) any communication from an employee or agent of the Trust, unless such communication is made solely in such employee's or agent's capacity as a shareholder, (iii) any shareholder proposal submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 ("Exchange Act") or any communication made in connection with such a proposal, or (iv) any communication that reasonably may be considered to be a complaint regarding the Trust or shareholder services, which complaint shall instead be promptly forwarded to the Trust's Chief Compliance Officer. The Trustees are not required to attend the Trust's shareholder meetings, if any, or to otherwise make themselves available to shareholders for communications, other than pursuant to these Procedures.

**Code of Ethics** 

The Trust, TAM and TCL have each adopted a Code of Ethics as required by applicable law, which is designed to prevent affiliated persons of the Trust, TAM and TCL from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the fund (which may also be held by persons subject to a code of ethics). There can be no assurance that the codes of ethics will be effective in preventing such activities.

Pursuant to Rule 17j-1 under the 1940 Act, the fund, TAM and the distributor each have adopted a code of ethics that permits their personnel to invest in securities for their own accounts, including securities that may be purchased or held by a fund. All personnel must place the interests of clients first, must not act upon non-public information, must not take inappropriate advantage of their positions, and are required to fulfill their fiduciary obligations. All personal securities transactions by employees must adhere to the requirements of the codes of ethics and must be conducted in such a manner as to avoid any actual or potential conflict of interest, the appearance of such a conflict, or the abuse of an employee's position of trust and responsibility.

**Proxy Voting Policies and Procedures** 

TAM exercises voting discretion for the fund and BFA exercises voting discretion for the S&P 500 Index Master Portfolio. The proxy voting policies and procedures of the fund, TAM and BFA are attached hereto as Appendix B.

TAM's proxy voting policy and procedures address material conflicts of interest that may arise between TAM or its affiliates and the fund by: (i) providing for voting in accordance with the recommendation of an independent third party or the Board; (ii) voting shares in the same proportion as the vote of all of the other holders of the fund's shares; or (iii) obtaining the consent of the Board (or a Board Committee) with full disclosure of the conflict.

The Trust files SEC Form N-PX, with the complete proxy voting records of the fund for the 12 months ended June 30th, no later than August 31st of each year. The information regarding how the Trust voted proxies relating to the portfolio securities during the most recent 12-month period ended June 30, 2025 is available upon request, without charge: (1) on the following website at https://www.transamerica.com/financial-pro/investments/prospectus; and (2) on the SEC's website at https://www.sec.gov.

**Investment Management and Other Services** 

**The Investment Manager** 

TAM serves as the investment manager for the fund. The Trust, on behalf of the fund, has entered into an Investment Management Agreement ("Management Agreement") with TAM. TAM, located at 1801 California Street, Suite 5200, Denver, CO 80202, provides continuous and regular investment management services to the fund. TAM supervises the fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the fund.

------

TAM is responsible for all aspects of the day-to-day management of the fund. TAM may, in the future, invest the fund's assets directly in securities and hire a sub-adviser to furnish day-to-day investment advice and recommendations.

TAM's investment management services also include the provision of supervisory and administrative services to the fund. These services include performing certain administrative services for the fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the fund by State Street, to whom TAM has outsourced the provision of certain services as described below; to the extent agreed upon by TAM and the fund from time to time, monitoring and verifying the custodian's daily calculation of net asset values; shareholder relations functions; compliance services; valuation services; assisting in due diligence and in oversight and monitoring of certain aspects of fund investments; assisting with fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the fund's custodian and dividend disbursing agent and monitoring their services to the fund; assisting the fund in preparing reports to shareholders; acting as liaison with the fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of Trustees and committees of Trustees; assisting in the preparation of regular communications with the Trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the fund.

TAM is directly owned by Transamerica Life Insurance Company (77%) ("TLIC") and AUSA Holding, LLC (23%) ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation (DE) is owned by Aegon International B.V., which is owned by Aegon Ltd, a Bermuda exempted company with liability limited by shares (formerly, Aegon N.V., a Netherlands corporation) and a publicly traded international insurance group.

With respect to a number of the other funds for which TAM serves as investment manager, TAM currently acts as a "manager of managers" and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of any such fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the fund and its investment strategy and the ongoing review and evaluation of that investment strategy including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for a fund employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the funds' investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a fund; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the funds' Board, participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the funds; oversight of other service providers to the funds, such as the custodian, the transfer agent, the funds' independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the funds; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services.

**Management Agreement** 

TAM has agreed, under the fund's Management Agreement, to regularly provide the fund with investment management services, including management, supervision and investment research and advice, and to furnish a continuous investment program for the fund's portfolio of securities and other investments consistent with the fund's investment objectives, policies and restrictions, as stated in the fund's prospectus and SAI. TAM also provides supervisory and administrative services to the fund, as well as services incidental to the foregoing services. TAM is permitted to enter into contracts with sub-advisers, subject to the Board's approval.

As compensation for services performed, the fund pays TAM a fee computed daily at an annual rate of the fund's average daily net assets as described below. TAM bears all expenses incurred by it in the performance of its duties under the fund's Management Agreement. The fund bears all expenses not expressly assumed by TAM incurred in the operation of the fund and the offering of its shares.

The Management Agreement for the fund will terminate, unless sooner terminated as set forth therein, two years from its effective date, and will continue in effect from year to year thereafter, if continuance is specifically approved at least annually by (i) the vote of a majority of the Board Members who are not parties thereto or interested persons of any party thereto, cast in person at a meeting called for the purpose of voting on the approval of the terms of renewal, and by (ii) either the Board or the affirmative vote of a majority of the outstanding voting securities of the fund.

------

The Management Agreement provides that TAM may render services to others. Under the fund's Management Agreement, TAM assumes no responsibility other than to render the services called for by the Management Agreement in good faith, and TAM and its affiliates will not be liable for any error of judgment or mistake of law, or for any loss arising out of any investment or for any act or omission in the execution of securities transactions for the fund or in the performance of its other services thereunder. TAM and its affiliates are not protected, however, against any liability to the fund to which TAM or an affiliate would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the Management Agreement.

The Management Agreement provides that it may be terminated with respect to the fund at any time, without the payment of any penalty, upon 60 days' written notice to TAM, or by TAM upon 60 days' written notice to the fund. The fund may effect termination by action of the Board or by vote of a majority of the outstanding voting securities of the fund, accompanied by appropriate notice. The Management Agreement terminates automatically in the event of its "assignment" (as defined in the 1940 Act).

TAM has outsourced the provision of certain specific administrative services to State Street. State Street performs back office services to support TAM, including furnishing financial and performance information about the fund for inclusion in regulatory filings and Trustee and shareholder reports; preparing drafts of regulatory filings, Trustee materials, tax returns, and reports and budgets; tax testing; and maintaining books and records. TAM pays certain fees and expenses for sub-administration services to State Street. The fund pays certain fees and expenses to State Street for sub-administration services which are not covered by the Management Agreement with TAM or management fees payable thereunder. State Street's address is One Congress Street, Boston, MA 02114.

**Investment Adviser of the Underlying Portfolio** 

BlackRock Fund Advisors ("BFA"), a wholly-owned subsidiary of BlackRock, Inc., manages the assets of the S&P 500 Index Master Portfolio pursuant to an Investment Advisory Agreement with Master Investment Portfolio ("BFA Advisory Agreement"). Subject to such further policies as the Boards of Trustees of the Trust may determine, TAM provides general supervision of Transamerica Stock Index's investment in the S&P 500 Index Master Portfolio.

BFA provides investment guidance and policy direction in connection with the management of the S&P 500 Index Master Portfolio's assets. As of December 31, 2025, BlackRock, Inc. had approximately $11.6 trillion in assets under management.

The BFA Advisory Agreement may be terminated without penalty on 60 days written notice by either party.

**Investment Manager Compensation** 

TAM receives compensation calculated daily and paid monthly from the fund, at the annual rate indicated below.

---

| | |
|:---|:---|
| **Fund Name** | **Percentage of Average Daily Net Assets** |
| Transamerica Stock Index | 0.07% |

---

Effective February 24, 2026, the S&P 500 Index Master Portfolio pays an advisory fee to BFA, which is accrued daily and payable monthly, at an annual rate of 0.007% of the Master Portfolio's daily net assets. Prior to February 24, 2026, BFA received as compensation for its services to S&P 500 Index Master Portfolio an advisory fee equal to 0.01% of S&P 500 Index Master Portfolios average daily net assets.

The following tables set forth the total amounts the fund paid to TAM (after waivers/expense reimbursements and recapture), Fees Waived/Expenses Reimbursed by TAM to the fund, and Amounts Recaptured by TAM from the fund, if any, for the last three fiscal years.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Management Fees (after** <br> **waivers/expense reimbursements and recapture)\*** | **Management Fees (after** <br> **waivers/expense reimbursements and recapture)\*** | **Management Fees (after** <br> **waivers/expense reimbursements and recapture)\*** | **Fees** <br> **Waived/Expenses Reimbursed** | **Fees** <br> **Waived/Expenses Reimbursed** | **Fees** <br> **Waived/Expenses Reimbursed** |
| **Fund Name** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Transamerica Stock Index | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $62837 | &nbsp;&nbsp; $57275 | &nbsp;&nbsp; $188227 | &nbsp;&nbsp; $142836 | &nbsp;&nbsp; $129356 |

---

\*

Management Fees shown reflect only amounts the fund paid to TAM and do not include the fund's allocated share of the advisory fee and other expenses of the S&P 500 Index Master Portfolio.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Amounts Recaptured** | **Amounts Recaptured** | **Amounts Recaptured** |
| **Fund Name** | **2025** | **2024** | **2023** |
| Transamerica Stock Index | &nbsp;&nbsp; $12634 | &nbsp;&nbsp; $75 | &nbsp;&nbsp; $1847 |

---

**Administrator Services** 

BlackRock Advisors, LLC ("BAL"), located at 400 Howard Street, San Francisco, CA 94105, serves as the S&P 500 Index Master Portfolio's administrator pursuant to an Administration Agreement with the portfolio. Under the Administration Agreement, BAL provides general supervision of the operations of the portfolio, other than the provision of investment advice. The administrative services provided to the portfolio also include coordination of the other services provided to the portfolio, compilation of information for reports to the SEC and state securities commissions, preparation of proxy statements and interest holder reports and general supervision of data compilation in connection with preparing periodic reports to the MIP Board and MIP Officers. BAL has delegated certain of its administrative duties to State Street. In addition, BAL has agreed to bear all costs of the portfolio's operations, except for extraordinary expenses, brokerage and other expenses

------

connected with the execution of portfolio transactions and certain other expenses that are borne by the portfolio such as advisory fees payable to BAL. BAL is not entitled to compensation for providing administration services to the portfolio for so long as BAL is entitled to compensation for providing administration services to a corresponding feeder fund that invests substantially all of its assets in the portfolio, or either BAL or an affiliate receives advisory fees from the portfolio.

**Expense Limitation**

TAM has entered into an expense limitation agreement with the Trust on behalf of the fund, pursuant to which TAM has agreed to implement an expense cap to limit the ordinary operating expenses of one or more share classes of the fund. The expense caps and waived fees and/or reimbursed expenses exclude, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, and other expenses not incurred in the ordinary course of the fund's business. TAM is permitted to recapture amounts waived and/or reimbursed to a class of the fund during the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class, but only if, after such recapture, the class's expense ratio does not exceed the current expense cap or any other lower limit then in effect for the class. These recapture arrangements may be limited or terminated under certain circumstances. The expense limitation agreement continues automatically for one-year terms unless TAM provides written notice to the Trust prior to the end of the then-current term. In addition, the agreement will terminate automatically upon termination of the Management Agreement.

The current expense caps for the applicable share classes of the fund are listed in the table set forth below. The expense limitation arrangement cannot be terminated prior to its stated expiration date without the Board of Trustees' consent.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Expense Cap Class R** | **Expense Cap Class** <br> **R4**<br>| &nbsp;&nbsp; **Expiration Date of** <br> **Expense Cap**<br>|
| Transamerica Stock Index | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.30% | May 1, 2027 |

---

In addition, TAM has voluntarily agreed to waive its management fee in an amount equal to the Master Portfolio's advisory fee allocated to the fund of 0.01%. This waiver may be discontinued by TAM at any time. Amounts waived by TAM under this arrangement are not subject to recapture by TAM.

**Conflicts of Interest** 

TAM, an indirect wholly owned subsidiary of Aegon Ltd. and part of Aegon Asset Management ("AAM"), and its affiliates, directors, officers, employees and personnel (collectively, for purposes of this section, "Transamerica"), including the entities and personnel who may be involved in the management, operations or distribution of the fund, are engaged in a variety of businesses and have interests other than those related to managing a fund. Transamerica is a diversified global financial services company with many lines of business providing a wide range of financial services to a sizeable and diversified client base. The broad range of activities and interests of Transamerica gives rise to actual and potential conflicts of interest that could affect the funds and their shareholders.

Certain actual and potential conflicts of interest are described below. This is not, and is not intended to be, a complete enumeration or description of all the actual and potential conflicts that Transamerica has now or may have in the future. Additional or unanticipated conflicts of interest may arise from time to time in the ordinary course of Transamerica's various businesses.

TAM and the funds have adopted practices, policies and procedures that are intended to identify, manage and, where possible, mitigate conflicts of interest. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures may limit or restrict the fund's investment activities and adversely affect its performance.

***Activities on Behalf of Other Funds and Accounts*** 

Transamerica manages or advises other funds and products in addition to the fund, including Transamerica's own accounts, accounts in which Transamerica or its personnel have an interest, and other investment vehicles (collectively, the "Other Accounts"). In some cases, Transamerica oversees sub-advisers who provide day-to-day investment advice and recommendations with respect to the Other Accounts, and in other cases Transamerica itself performs all aspects of the day-to-day management. Certain Other Accounts have investment objectives similar to, the same as or opposite to those of the fund and/or engage in transactions in the same types of securities or other instruments, sectors or strategies as the fund. This creates potential conflicts and could affect the prices and availability of the securities and instruments in which the fund seeks to invest, particularly in circumstances where the availability or liquidity of such investment opportunities is limited, and could have an adverse impact on the fund's performance. Other Accounts may buy or sell positions while a fund is undertaking the same or a differing, including potentially opposite, strategy, which could disadvantage the fund. A position taken by Transamerica, on behalf of one or more Other Accounts, may be contrary to a position taken on behalf of the fund or may be adverse to a company or issuer in which the fund has invested. The fund on the one hand, and Transamerica or Other Accounts, on the other hand, may vote differently on matters affecting, or take or refrain from taking different actions with respect to, the same security, which are disadvantageous to the fund. The results of the investment activities of the fund may differ significantly from the results achieved for other funds and Other Accounts. Transamerica may give advice, and take action, with respect to any current or future funds or Other Accounts that may compete or conflict with advice TAM may give to, or actions TAM may take for, a particular fund. Transamerica may receive more compensation with respect to certain other

------

funds and Other Accounts than that received with respect to the fund. TAM does not receive performance-based compensation in respect of its investment management services rendered to the fund, but Transamerica may receive compensation based on the performance of certain Other Accounts. The simultaneous management of funds or Other Accounts that pay greater fees or other compensation than a fund creates a conflict of interest as Transamerica has an incentive to favor those funds or Other Accounts with the potential to receive greater fees when allocating resources, services, functions or investment opportunities among the funds and Other Accounts. Transamerica personnel may have greater economic and other interests in certain other funds or Other Accounts promoted or managed by such personnel as compared to a particular fund. TAM has developed allocation policies and procedures that provide that TAM's personnel making portfolio decisions for the funds and Other Accounts will make investment decisions for, and allocate investment opportunities among, such funds and Other Accounts consistent with TAM's fiduciary obligations.

***Selection of Service Providers*** 

TAM and certain of its affiliates provide services including investment management, administration, investment sub-advisory, shareholder servicing, distribution, and transfer agency services to the funds and Other Accounts and earn fees from these relationships. TAM and its affiliates face conflicts of interest when the funds and Other Accounts select affiliated service providers because TAM and/or its affiliates receive greater compensation when they are used. Although these fees are generally based on asset levels, the fees are not directly contingent on fund performance and TAM and its affiliates as service providers will still receive significant compensation from the funds and Other Accounts even if shareholders lose money. The service providers recommended by TAM may charge different rates to different recipients based on the specific services provided, the personnel providing the services, the complexity of the services provided or other factors. As a result, the rates paid with respect to these service providers by a fund, on the one hand, may be more or less favorable than the rates paid by Transamerica or Other Accounts, on the other hand.

As part of AAM, TAM is aligned under AAM. The affiliated sub-advisers to certain funds are also part of AAM and report to AAM. This reporting structure presents actual and potential conflicts of interest and may influence TAM's selection and retention of affiliated sub-advisers for the funds, and incentivize TAM personnel to recommend that an affiliated sub-adviser be selected or retained for a fund.

The funds expect to engage unaffiliated service providers (including attorneys and consultants) that in certain cases also provide services to Transamerica or Other Accounts or that hire Transamerica to provide services to the service providers' clients. These service providers may have business, financial or other relationships with Transamerica (including its personnel), which may influence TAM's recommendation of these service providers for the funds.

***Sales Incentives and Relationships*** 

Transamerica and other financial service providers have conflicts associated with their promotion of the funds or other dealings with the funds that would create incentives for them to promote the funds. Transamerica will directly or indirectly receive a portion of the fees and/or commissions charged to the funds or their shareholders. Transamerica will also benefit from increased amounts of assets under management. These compensation matters create a financial incentive on the part of Transamerica to highlight, feature or recommend the funds over Other Accounts or other products or to effect transactions differently in the funds as compared to Other Accounts or other products. Transamerica has an interest in increasing fund assets, including in circumstances when that may not be in the funds' or their shareholders' interests.

Transamerica and its personnel have relationships (both involving and not involving the funds) with distributors, consultants and others who sell or recommend the funds or Other Accounts. Such distributors, consultants and other parties may receive compensation from Transamerica and/or the funds or Other Accounts in connection with such relationships. Those parties (or their affiliates) in certain cases act as sub-adviser or other service provider to the funds or Other Accounts. As a result of these relationships, distributors, consultants and other parties have conflicts that create incentives for them to promote the funds or Other Accounts, and TAM has a disincentive to recommend the termination of applicable sub-advisers and other service providers.

Transamerica and/or the funds' sub-advisers (or their affiliates), out of their past profits and other available sources, provide cash payments or non-cash compensation to brokers and other financial intermediaries to promote the distribution of the funds and Other Accounts or the variable insurance contracts that invest in certain Other Accounts. These arrangements are sometimes referred to as "revenue sharing" arrangements. The amount of revenue sharing payments is substantial and may be substantial to any given recipient. The presence of these payments and the basis on which an intermediary compensates its registered representatives or salespersons may create an incentive for a particular intermediary, registered representative or salesperson to highlight, feature or recommend the funds, the Other Accounts or variable insurance contracts that invest in the Other Accounts, at least in part, based on the level of compensation paid. Revenue sharing payments benefit Transamerica to the extent the payments result in more assets being invested in the funds, Other Accounts or the variable insurance contracts that invest in the Other Accounts on which fees are being charged. Certain fund sub-advisers (or their affiliates) make revenue sharing payments to Transamerica in connection with investments by holders of variable insurance contracts and other retirement products in funds advised by the sub-adviser (or its affiliates) that are offered in Transamerica insurance and retirement products. Certain sub-advisers (or their affiliates) have funds that are offered in these products which make Rule 12b-1 and/or other payments to Transamerica. Certain fund sub-advisers (or their affiliates) also make other revenue sharing payments to Transamerica, including for their participation in functions, events and meetings sponsored by Transamerica. These payments present certain conflicts of interest and provide a disincentive for TAM to recommend the termination of such sub-advisers.

------

***Transamerica Insurance Companies*** 

Certain Other Accounts are offered as investment options through variable insurance contracts offered and sold by Transamerica insurance companies, and some of these Other Accounts are structured as funds of funds which invest in certain of the funds. The performance of applicable funds and Other Accounts impacts Transamerica's financial exposure under guarantees that the Transamerica insurance companies provide as issuers of the variable insurance contracts. TAM's investment decisions and the design of these funds and Other Accounts, including the strategies the funds and Other Accounts utilize, may be influenced by these factors. For example, a fund or Other Account being managed or designed in a more conservative fashion may help reduce potential losses and/or mitigate financial risks to the Transamerica insurance companies that provide the guarantees, and facilitate the provision of those guaranteed benefits, including by making more predictable the costs of the guarantees, by reducing the capital needed to provide them and/or by making it easier for the Transamerica insurance companies to hedge their obligations under the variable insurance contracts.

Certain non-public portfolio holdings and certain analytical information and algorithm and trade data concerning certain funds and Other Accounts is disclosed to the Transamerica insurance companies solely to allow them to hedge their obligations under the variable insurance contracts. This information may only be provided in accordance with procedures approved by the funds' Board of Trustees governing the sharing of such information with the Transamerica insurance companies.

***Transamerica Asset Allocation Funds*** 

TAM serves as investment manager to Transamerica funds of funds and is subject to conflicts of interest concerning these funds. TAM is responsible for all aspects of the day-to-day investment advice and management for certain funds and Other Accounts that operate as funds of funds. For certain other funds and Other Accounts that operate as funds of funds, TAM has hired a sub-adviser and benefits when the sub-adviser allocates the fund of funds' or Other Accounts' assets to an affiliated fund or Other Account. TAM has established an investment program for certain funds and Other Accounts that operate as funds of funds whereby all or a substantial portion of the fund of funds' assets are invested in affiliated funds and/or Other Accounts. This means that TAM does not consider unaffiliated funds as underlying investment options for these funds and Other Accounts, even if unaffiliated funds have better investment performance or lower total expenses. TAM will receive more revenue when it or a sub-adviser selects an affiliated fund rather than an unaffiliated fund for inclusion in a fund of funds. This conflict provides an incentive for TAM to include affiliated funds as investment options for funds of funds and, when making the underlying fund selections, to cause investments by funds of funds in affiliated funds that may perform less well or have higher total expenses than unaffiliated funds. The inclusion of affiliated funds will also permit TAM and/or the sub-adviser to make increased revenue sharing payments, including to Transamerica. TAM has an incentive for a fund or Other Account's assets to be allocated to those underlying funds or Other Accounts for which the net management fees payable to TAM are higher than the fees payable by other underlying funds or Other Accounts or to those underlying funds or Other Accounts for which an affiliate of TAM serves as the sub-adviser. TAM also has an incentive for a fund or Other Account's assets to be allocated to subscale underlying funds or Other Accounts to provide scale and reduce amounts waived and/or reimbursed by TAM to maintain applicable expense caps. Sub-advisers to certain funds of funds also have conflicts of interest in allocating the funds of funds' assets among underlying funds and/or Other Accounts, including where the sub-adviser (or its affiliate) acts as investment adviser or sub-adviser to available underlying funds and/or Other Accounts. TAM Compliance monitors allocation changes by the funds of funds.

***Investments in Transamerica Funds*** 

TAM manages or advises funds and Other Accounts which may, individually or in the aggregate, own a substantial amount of a fund. Further, TAM and/or its affiliates may invest in a fund at or near the establishment of the fund, which may facilitate the fund achieving a specified size or scale. Seed investors may contribute all or a majority of the assets in a fund. There is a risk that such seed investors may redeem their investments in a fund, and such redemptions could have a significant negative impact on the fund, including on its liquidity and expenses.

***Fund Structuring and Changes*** 

TAM may have a financial incentive to implement certain changes to the funds or Other Accounts. For example, TAM may, from time to time, recommend a change in sub-adviser or the combination of two or more funds. Transamerica will benefit to the extent that an affiliated sub-adviser replaces an unaffiliated sub-adviser or additional assets are combined into a fund or Other Account having a higher net management fee payable to TAM and/or that is sub-advised by an affiliate of TAM. TAM will also benefit to the extent that it replaces a sub-adviser with a new sub-adviser with a lower sub-advisory fee, or where the change reduces amounts waived and/or reimbursed by TAM to maintain applicable expense caps, or where the change facilitates hedging of Transamerica insurance companies' obligations under guarantees relating to variable insurance contracts. TAM personnel may also be incentivized to recommend changes to the funds that result in additional assets being sub-advised by an affiliated sub-adviser. Any recommendation to the fund's Board of Trustees concerning the appointment of or continued service of an affiliated sub-adviser for a fund, or a fund combination, is subject to TAM's fiduciary duty to act in the best interests of a fund and its shareholders. Moreover, TAM's "manager of managers" exemptive order from the SEC requires fund shareholder approval of any sub-advisory agreement appointing an affiliated sub-adviser as the sub-adviser to a fund (in the case of a new fund, the initial sole shareholder of the fund, typically an affiliate of Transamerica, may provide this approval).

***Sub-Advisory Fee Discount Arrangements*** 

------

The aggregation of assets of multiple funds and/or Other Accounts for purposes of calculating breakpoints or discounts in sub-advisory fees based on the level of assets allocated to a sub-adviser across funds and/or Other Accounts or otherwise, as applicable, give rise to actual and/or potential conflicts of interest that could disadvantage the funds and their shareholders. The aggregation of assets or other discounts creates an incentive for TAM to select and retain sub-advisers, or allocate additional assets to a sub-adviser, where the selection or allocation may serve to lower a sub-advisory fee and possibly increase the management fee retained by TAM on a fund. It also provides a disincentive for TAM to recommend the termination of a sub-adviser from a fund if the termination will cause the sub-advisory fee payable by TAM to increase on a fund and/or Other Account that aggregates its assets with the fund or if the assets of the fund are counted as part of a sub-advisory fee discount arrangement.

***Valuation of Investments*** 

TAM has been designated as the fund's valuation designee with responsibility for fair valuation subject to oversight by the fund's Board of Trustees. TAM's service as valuation designee is expressly permitted by applicable regulations. TAM performs such valuation services in accordance with joint valuation policies and procedures of the fund and TAM. TAM may value an identical asset differently than a Transamerica affiliate. This is particularly the case in respect of difficult-to-value assets. TAM faces a conflict with respect to valuations generally because of their effect on TAM's fees and other compensation. Valuation decisions by TAM may also result in improved performance of the funds or Other Accounts.

***Allocation of Fund Expenses*** 

From time to time, TAM will be required to decide whether certain fees, costs and expenses should be borne by a fund, on the one hand, or TAM on the other hand, and/or whether certain fees, costs and expenses should be allocated between or among funds and/or other parties. TAM is faced with a conflict when allocating fees, costs and expenses. Typically, certain expenses will be the obligation of one particular fund and will be borne by that fund; however, in some instances, expenses will be allocated among multiple funds and/or entities. TAM will make allocation determinations in a fair and reasonable manner using its good faith judgment, notwithstanding its interest (if any) in the allocation.

***Potential Limitations and Restrictions on Investment Transactions*** 

TAM may restrict or limit investment decisions and activities on behalf of the funds in various circumstances. These circumstances include instances where TAM is in receipt of confidential or material non-public information, or where a fund, individually or together with other Transamerica funds or accounts, exceeds certain ownership, voting or control thresholds. Restrictions or limitations on the ability to execute investment transactions could have an adverse impact on a fund.

***Other Relationships and Benefits*** 

Transamerica has existing and may have potential future other business dealings or relationships with current or proposed sub-advisers or other fund service providers (or their affiliates) recommended by TAM. Such other business dealings or relationships present conflicts of interest that could influence TAM's selection and retention or termination of sub-advisers or service providers. For example, TAM has an incentive to hire as a sub-adviser or other service provider an entity with which TAM or one or more of its affiliates have, or would like to have, significant or other business dealings or arrangements, and TAM has a disincentive to recommend the termination of such a sub-adviser or service provider when doing so could be adverse to Transamerica's relationships or other business dealings with such parties.

TAM and/or its affiliates also derive ancillary benefits from providing investment management, administration, investment sub-advisory, shareholder servicing, distribution, and transfer agency services to the funds and Other Accounts. Providing such services to the funds and Other Accounts may enhance TAM's and/or its affiliates' relationships with various parties, facilitate additional business development, and enable TAM and/or its affiliates to obtain additional business and generate additional revenue.

***Sub-Advisers*** 

The range of activities, services and interests of a sub-adviser gives rise to actual and/or potential conflicts of interest that could disadvantage a fund and its shareholders. Such conflicts of interest are in some cases similar to and in other cases different from or supplement those described above relating to Transamerica. Among other things, a sub-adviser's portfolio managers may manage multiple funds and accounts for multiple clients. In addition to one or more funds, these funds and accounts may include, for example, other mutual funds, separate accounts, collective trusts and offshore funds. Managing multiple funds and accounts gives rise to actual or potential conflicts of interest, including, for example, conflicts among investment strategies, conflicts in the allocation of limited investment opportunities, and conflicts in the aggregation and allocation of securities trades. A sub-adviser's portfolio managers may also manage funds or accounts with different fee rates and/or fee structures, including performance-based fee arrangements. Differences in fee arrangements create an incentive for a portfolio manager to favor higher-fee funds or accounts. A sub-adviser may limit or restrict its investment decisions and activities on behalf of a fund in various circumstances, including as a result of information held by the sub-adviser or applicable regulatory requirements. A sub-adviser and/or their respective affiliates also may derive ancillary benefits from providing investment sub-advisory services to a fund and providing

------

such services to a fund may enhance the sub-adviser's and/or applicable affiliate(s)' relationships with various parties, facilitate additional business development, and enable the sub-adviser and/or affiliate to obtain additional business and generate additional revenue. Please see Appendix C for a further discussion of portfolio manager conflicts of interest.

**Portfolio Manager Information** 

Information regarding other accounts for which any portfolio manager is primarily responsible for the day-to-day investment advice and management or recommendations, a description of any material conflict of interest that may arise in connection with the portfolio manager's management of the fund's investments, the structure of, and method used to determine, the compensation of each portfolio manager and the dollar range of equity securities in the fund beneficially owned by each portfolio manager are provided in Appendix C of this SAI.

**Transfer Agent**

TFS serves as the transfer agent, withholding agent and dividend disbursing agent for the fund. As transfer agent, TFS maintains an account for each shareholder of the fund and performs other transfer agency functions. TFS has outsourced the provision of certain transfer agency services to SS&C Global Investor & Distribution Solutions, Inc., located at 2000 Crown Colony Drive, Quincy, MA 02169.

Class R and R4 shares do not pay sub-transfer agency fees directly, but TFS may use its available resources to pay for sub-transfer agency services for any share class, including those that pay sub-transfer agency fees directly.

Each share class pays the following transfer agency fees and, as applicable, sub-transfer agency fees:

---

| | |
|:---|:---|
| **Class R\*** |  |
| Open Account\*\* | $27.00 per account |
| **Class R4\*** |  |
| Asset Fee to TFS | 0.75 bps |

---

\*Applicable out-of-pocket expenses including, but not limited to, quarterly shareholder statements and postage, will be charged directly to the fund.

\*\*Open accounts include direct accounts and underlying beneficial owner accounts maintained by third parties.

Transaction requests should be mailed to Transamerica Funds, P.O. Box 219945, Kansas City, MO 64121-9945 or Transamerica Funds, 801 Pennsylvania Avenue, Suite 219945, Kansas City, MO 64105-1307 (for overnight mail).

**Custodian** 

State Street, located at One Congress Street, Boston, MA 02114, serves as the Trust's custodian.

State Street, among other things, maintains a custody account or accounts in the name of the fund, receives and delivers all assets for the fund upon purchase and upon sale or maturity, collects and receives all income and other payments and distributions on account of the assets of the fund and makes disbursements on behalf of the fund. State Street neither determines the fund's investment policies nor decides which securities the fund will buy or sell. For its services, State Street receives a monthly fee based upon the daily average market value of securities held in custody and also receives securities transaction charges, including out-of-pocket expenses. The fund may also periodically enter into arrangements with other qualified custodians with respect to certain types of securities or other transactions such as repurchase agreements or derivatives transactions. State Street also acts as the fund's securities lending agent and receives a share of the income generated by such activities.

**Securities Lending Activities** 

To the extent the fund engages in securities lending activities, the services provided by State Street as securities lending agent would include: selection of securities to be loaned; locating borrowers and establishing a schedule of borrowers with whom the fund may engage in securities lending transactions; negotiation of loan terms; monitoring daily the value of the loaned securities and collateral; requiring additional collateral as necessary; investing cash collateral in accordance with the fund's instructions; marking to market non-cash collateral; maintaining custody of non-cash collateral; recordkeeping and account servicing; monitoring dividend activity and material proxy votes relating to loaned securities; transferring loaned securities; recalling loaned securities in accordance with the fund's instructions; and arranging for return of loaned securities to the fund at loan termination. Transamerica Stock Index does not currently participate in securities lending.

**Independent Registered Public Accounting Firm** 

Ernst & Young LLP, located at 200 Clarendon Street, Boston, MA 02116, serves as the Trust's independent registered public accounting firm, and provides audit services and tax return review services.

------

**Distributor and Distribution Plan** 

**Distributor** 

Under the Underwriting Agreement, TCL (or the "Distributor"), located at 1801 California Street, Suite 5200, Denver, CO 80202, is appointed as principal underwriter and distributor in connection with the offering and sale of shares of the fund. TCL is an affiliate of TAM. TCL offers the shares on an agency or "best efforts" basis under which the fund issues only the number of shares actually sold. Shares of the fund are continuously offered by TCL.

The Underwriting Agreement is renewable from year to year with respect to the fund if approved (a) by the Board or by a vote of a majority of the fund's outstanding voting securities, and (b) by the affirmative vote of a majority of Trustees who are not parties to such agreement or interested persons of any party by votes cast in person at a meeting called for such purpose.

The Underwriting Agreement is terminable with respect to the fund without penalty by the Board or by vote of a majority of the outstanding voting securities of the fund, or by TCL, on not less than 60 days' written notice to the other party (unless the notice period is waived by mutual consent). The Underwriting Agreement will automatically and immediately terminate in the event of its assignment.

Class R and Class R4 shares of the fund do not charge an initial sales charge or a contingent deferred sales charge, accordingly, no information is shown.

**Distribution Plan** 

The Trust has adopted a distribution plan ("12b-1 Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act applicable to Class R and Class R4 shares of the fund.

The 12b-1 Distribution Plan permits each applicable class of the fund to pay fees to TCL and others as compensation for their services, not as reimbursement for specific expenses incurred. The fees paid under the 12b-1 Distribution Plan are not tied directly to expenses incurred by TCL (or others) so the amount of the fees paid by a class during any year may be more or less than actual expenses incurred by TCL (or others). This type of distribution fee arrangement is characterized by the staff of the SEC as a "compensation" plan (in contrast to "reimbursement" arrangements by which a distributor's payments are directly linked to its expenses). Thus, even if the expenses incurred by TCL (or others) exceed the fees provided for by the 12b-1 Distribution Plan, the class would not be obligated to pay more than those fees and, if the expenses incurred by TCL (or others) are less than the fees paid to them, they will retain those fees and realize a profit. Under the 12b-1 Distribution Plan, a class may pay the fees to the Distributor and others until the 12b-1 Distribution Plan with respect to that class is terminated or not renewed.

The 12b-1 Distribution Plan will remain in effect for successive one year periods, so long as such continuance is approved annually by vote of the Board, including a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the 12b-1 Distribution Plan or in any agreements related to the 12b-1 Distribution Plan, cast in person at a meeting called for the purpose of voting on such continuance.

The 12b-1 Distribution Plan may be amended by vote of the Trustees, including a majority of the Independent Trustees of the fund that have no direct or indirect financial interest in the operation of the 12b-1 Distribution Plan or any agreement relating thereto, cast in person at a meeting called for that purpose. Any amendment of the 12b-1 Distribution Plan that would materially increase the costs to a class requires approval by a majority of the outstanding voting securities of that class.

The 12b-1 Distribution Plan may be terminated as to a class at any time by vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the 12b-1 Distribution Plan or in any agreements related to the 12b-1 Distribution Plan, or by vote of a majority of the outstanding voting securities of the applicable class.

Under the 12b-1 Distribution Plan for Class R shares, a fund may pay TCL and/or financial intermediaries annual distribution and service fees of up to 0.50% of the average daily net assets of the fund's Class R shares. For Class R4 shares, the fund may pay TCL and/or financial intermediaries annual distribution and service fees of up to 0.25% of the average daily net assets of the fund's Class R4 shares.

Because the applicable classes pay these fees out of their assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Financial intermediaries that receive distribution and/or service fees may in turn pay and/or reimburse all or a portion of these fees to their customers. The prospectus contains a description of distribution and service fees payable under the 12b-1 Distribution Plan with respect to the shares offered in that prospectus.

TCL may use the fees payable under the 12b-1 Distribution Plan as it deems appropriate to pay for activities or expenses primarily intended to result in the sale of Class R or Class R4 shares, or in personal service to and/or maintenance of these shareholder accounts.

More specifically, these fees may be used by TCL or a financial intermediary for expenses related to a fund, including: costs of printing and distributing the fund prospectuses, statements of additional information and reports to prospective investors in the fund; advertising expenses and costs involved in preparing, printing and distributing sales literature pertaining to the fund and reports for persons other than existing shareholders; an allocation of overhead and other branch office distribution-related expenses of TCL or a financial intermediary; payments made to, and expenses of, TCL or a financial intermediary and other persons who provide support or personal services to shareholders in connection with the distribution of the fund's shares; and interest-related expenses, or the cost of capital associated with, the financing of any of the foregoing. In the case of funds or classes of shares that are closed to new investors or investments, TCL also may use the fees payable

------

under the 12b-1 Distribution Plan to make payments to financial intermediaries for services to and for maintenance of existing shareholder accounts and/or as compensation for past sales and distribution efforts. Fees paid pursuant to the 12b-1 Distribution Plan are intended to benefit an applicable fund by contributing to the growth of the fund's assets, which may reduce the fund's expense ratio by spreading fixed costs over a larger asset base and allow the fund to achieve lower portfolio transaction costs and better prices by purchasing larger blocks of securities.

**Distribution Fees Paid Under the 12b-1 Distribution Plan** 

The table below shows the total dollar amounts paid by Class R and Class R4 shares to the Distributor for the last fiscal year.

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp; **Fiscal Year Ended** <br> **December 31, 2025**<br>|
| Transamerica Stock Index | $969105 |

---

**Purchase, Redemption and Pricing of Shares**

**Shareholder Accounts** 

Detailed information about general procedures for Shareholder Accounts and specific types of accounts is set forth in the fund's prospectus.

**Purchase of Shares** 

**Class R and Class R4 Shares** 

As stated in the prospectus, the fund currently offers investors a choice of two classes of shares: Class R and Class R4 shares.

Class R shares are intended for purchase by participants in certain retirement plans as described in the prospectus. Class R shares are generally intended for purchase by smaller retirement plan clients of Transamerica Retirement Solutions, LLC. Class R shares are only offered through 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans (eligible retirement plans). Class R shares are available only to eligible retirement plans where Class R shares are held on the books of the fund through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

Class R4 shares are generally intended for purchase by larger retirement plan clients of Transamerica Retirement Solutions, LLC. As stated in the prospectus, Class R4 shares of the fund are intended for purchase by participants in certain retirement plans described below and under the following conditions:

• 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans and non-qualified deferred compensation plans (eligible retirement plans).

• Class R4 shares are available only to eligible retirement plans where Class R4 shares are held on the books of the fund through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary).

The plan's record-keeper or financial service firm serving as an intermediary must have an agreement with Transamerica Funds or its agents to utilize Class R4 shares in certain investment products or programs.

Shareholders whose investments are transferred from one class of shares of a Transamerica fund to another class of shares of the same Transamerica fund for administrative or eligibility reasons also may qualify for a waiver or reduction of sales charges and/or redemption charges in connection with the exchange.

The fund reserves the right to make additional exceptions or otherwise to modify the foregoing policies at any time.

Information regarding sales charges can be found (free of charge) on the Transamerica Funds website at https:www.transamerica.com/resource-center?rc_primary_topics=investing. Select "Guide to Choosing a Share Class."

**Redemption of Shares** 

Shareholders may redeem their shares at any time at a price equal to the net asset value per share next determined following receipt of a valid redemption order by the transfer agent, in proper form. Payment will normally be sent within two business days of the receipt of a redemption request in good order, but in any event within seven days, regardless of the method the fund uses to make such payment (e.g., check, wire or electronic funds transfer (ACH)). However, redemption payments may be delayed up to ten calendar days if the shares being redeemed were recently purchased by check or electronic funds transfer. The value of shares on redemption may be more or less than the shareholder's cost, depending upon the market value of the fund's net assets at the time of redemption.

Shares will normally be redeemed for cash, although the fund retains the right to wholly or partly redeem its shares in kind, under unusual circumstances (such as adverse or unstable market, economic, or political conditions), in an effort to protect the interests of the remaining

------

shareholders by the delivery of securities selected from its assets at its discretion. Transamerica Funds has, however, elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which a fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net asset value of a fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, the fund will have the option of redeeming the excess in cash or in kind. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. The disposal of the securities received in-kind by redeeming shareholders may be subject to brokerage costs and, until sold, such securities remain subject to market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If the fund pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities. The method of valuing securities used to make redemptions in kind will be the same as the method of valuing portfolio securities described under "Net Asset Value Determination," and such valuation will be made as of the same time the redemption price is determined. The fund may pay redemption proceeds with cash obtained through short-term borrowing arrangements, if available.

Redemption of shares may be suspended, or the date of payment may be postponed, whenever: (1) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); (2) the SEC permits such suspension and so orders; or (3) an emergency exists as determined by the SEC so that disposal of securities and determination of net asset value is not reasonably practicable.

**Net Asset Valuation ("NAV") Determination** 

**How Share Price Is Determined** 

The price at which shares are purchased or redeemed is the NAV, plus any applicable sales charge, that is next calculated following receipt and acceptance of a purchase order in good order or receipt of a redemption order in good order by the fund, an authorized intermediary, or the mail processing center located in Kansas City, Missouri.

**When Share Price Is Determined** 

The NAV of the fund (or class thereof) is determined on each day the NYSE is open for business as of the scheduled close of regular trading (normally 4:00 p.m. Eastern time). If the NYSE closes at another time, the fund will calculate a NAV for each class of shares as of the scheduled closing time. The NAV is not determined on days when the NYSE is closed (generally New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas). Foreign securities may trade in their primary markets on weekends or other days when a fund does not price its shares (therefore, the value of a fund's foreign securities may change on days when shareholders will not be able to buy or sell shares of the fund). These securities will be valued pursuant to the fund's Pricing and Valuation procedures for such securities.

Purchase orders received in good order and accepted, and redemption orders received in good order, as of the scheduled close of regular trading of the NYSE, usually 4:00 p.m. Eastern Time, receive the NAV determined as of the close of the NYSE that day. Purchase and redemption requests received after the NYSE is closed receive the NAV determined as of the close of the NYSE the next day the NYSE is open.

**How NAV Is Calculated** 

The NAV of the fund (or class thereof) is calculated by taking the value of its net assets (which may include realized and unrealized capital gain and income) and dividing by the number of shares of the fund (or class) that are then outstanding.

The value of a fund's securities and other assets for purposes of determining the fund's NAV is determined pursuant to valuation procedures of the fund and TAM. TAM has been designated as the fund's valuation designee with responsibility for fair valuation subject to oversight by the fund's Board. TAM has formed a valuation committee to assist with its designated responsibilities as valuation designee (the "Valuation Committee").

In general, securities and other investments are valued based on prices at the close of regular trading on the NYSE.

Equity securities, swaps, and options listed or traded on securities exchanges (except for the securities traded on NASDAQ/NMS), including ETFs, dollar-denominated foreign securities and ADRs, are normally valued at the closing price on the exchange or system where the security is principally traded. With respect to securities traded on the NASDAQ/NMS, such closing price will generally be the NASDAQ Official Closing Price ("NOCP").

The market price for debt obligations (except short-term obligations that will mature in 60 days or less) and for swaps that are not traded on a securities exchange is generally the price supplied by an independent third-party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies to identify the market value of the security or instrument.

Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment's fair value.

------

Foreign securities are generally priced as described above for the particular type of security (*i.e.*, equity securities or debt securities). The prices for foreign securities are converted from the local currency into U.S. dollars using current exchange rates.

Market quotations for securities prices may be obtained from automated pricing services.

Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company.

ETF shares are normally valued at the most recent sale price or official closing price on the exchange on which they are traded.

When an authorized pricing service does not provide a price or the price provided is believed by the Valuation Committee to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. When such a price or quotation for a security is not readily available, or is believed by the Valuation Committee to be unreliable, then the Valuation Committee will fair value such fund investment, in good faith, in accordance with fair valuation procedures.

The types of securities for which such fair value pricing may be required include, but are not limited to: foreign securities, where a significant event occurs after the close of the foreign market on which such security principally trades that is likely to have changed the value of such security, or the closing value is otherwise deemed unreliable; securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed-income securities that have gone into default and for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The fund uses a fair value model developed by an independent third party pricing service to price foreign equity securities on days when there is a certain percentage change in the value of a domestic equity security index, as such percentage may be determined by TAM from time to time.

Valuing securities in accordance with fair valuation procedures involves greater reliance on judgment than valuing securities based on readily available market quotations. The Valuation Committee makes fair value determinations in good faith in accordance with the valuation procedures. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service. There can be no assurance that a fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the fund determines its NAV.

The prices that a fund uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility.

**Brokerage** 

Subject to policies established by the Board, TAM or a sub-adviser, as applicable, is responsible for placement of a fund's securities transactions. In placing orders, it is the policy of a fund to seek to obtain the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions as described below. In seeking the most favorable price and execution, TAM or the sub-adviser, as applicable, having in mind the fund's best interests, considers all factors it deems relevant, including: the size of the transaction; the nature of the market for the security; the amount of the commission; the timing of the transaction taking into account market prices and trends; the reputation, experience and financial stability of the broker-dealer involved and the quality of service rendered by the broker-dealer in that or other transactions; trade confidentiality including anonymity; and research products and services provided, which include: (i) furnishing advice, either directly or through publications or writings, as to the value of securities, the advisability of purchasing or selling specific securities and the availability of securities or purchasers or sellers of securities and (ii) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends and portfolio strategy and products and other services (such as third party publications, reports and analyses, and computer and electronic access, equipment, software, information and accessories) that assist TAM or a sub-adviser, as applicable, in carrying out its responsibilities.

Decisions as to the selection of broker-dealers and the assignment of fund brokerage business for a fund and negotiation of its commission rates are made by TAM or the sub-adviser, as applicable, whose policy is to seek to obtain "best execution" (prompt and reliable execution at the most favorable security price) of all fund transactions. In doing so, a fund may pay higher commission rates than the lowest available when its sub-adviser believes it is reasonable to do so in light of the value of the brokerage and research services provided by the broker effecting the transaction, as discussed below.

There is generally no stated commission in the case of fixed-income securities and other securities traded on a principal basis in the over-the-counter markets, but the price paid by a fund usually includes an undisclosed dealer commission or mark-up. In underwritten offerings, the price paid by a fund includes a disclosed, fixed commission or discount retained by the underwriter or dealer. Transactions on U.S. stock exchanges and other agency transactions involve the payment by a fund of negotiated brokerage commissions. Such commissions vary among different brokers. Also, a particular broker may charge different commissions according to such factors as the difficulty and size of the transaction. Transactions in foreign securities generally involve the payment of fixed brokerage commissions, which are generally higher than those in the U.S.

------

It has for many years been a common practice in the investment advisory business for advisers of investment companies and other institutional investors to receive research and brokerage products and services (together, "services") from broker-dealers that execute portfolio transactions for the clients of such advisers. Consistent with this practice, TAM or a sub-adviser, as applicable, may receive services from many broker-dealers with which TAM or a sub-adviser, as applicable, places a fund's portfolio transactions. These services, which in some cases may also be purchased for cash, may include, among other things, such items as general economic and security market reviews, industry and company reviews, evaluations of securities, recommendations as to the purchase and sale of securities, and services related to the execution of securities transactions. The services obtained through brokers or dealers will be in addition to, and not in lieu of, the services required to be performed by TAM or a sub-adviser, as applicable. The expenses of TAM or a sub-adviser, as applicable, will not necessarily be reduced as a result of the receipt of such supplemental information. TAM or a sub-adviser, as applicable, may use such services in servicing other accounts in addition to the respective fund. Conversely, services provided to TAM or a sub-adviser, as applicable, by broker-dealers in connection with trades executed on behalf of other clients of TAM or a sub-adviser, as applicable, may be useful to TAM or a sub-adviser, as applicable, in managing the fund, although not all of these services may be necessarily useful and of value to TAM or a sub-adviser, as applicable, in managing such other clients. The receipt of such services enables TAM or a sub-adviser, as applicable, to avoid the additional expenses that might otherwise be incurred if it were to attempt to develop comparable information through its own staff.

In reliance on the "safe harbor" provided by Section 28(e) of the Exchange Act and the SEC's interpretive guidance thereunder, TAM or a sub-adviser, as applicable, may cause a fund to pay a broker-dealer that provides "brokerage and research services" (as defined for purposes of Section 28(e)) to TAM or a sub-adviser, as applicable, an amount of commission for effecting a securities transaction for the fund in excess of the commission that another broker-dealer would have charged for effecting that transaction if TAM or a sub-adviser, as applicable, determines in good faith that the commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer. If TAM or a sub-adviser, as applicable, determines that any research product or service has a mixed use, such that it also serves functions that do not assist in the investment decision-making process, TAM or a sub-adviser, as applicable, will allocate the costs of such service or product accordingly. The portion of the product or service that TAM or a sub-adviser, as applicable, determines will assist it in the investment decision-making process may be paid for in brokerage commission dollars. Such allocation may create a conflict of interest for TAM or a sub-adviser, as applicable. Conversely, such supplemental information obtained by the placement of business for TAM or a sub-adviser, as applicable, will be considered by and may be useful to TAM or a sub-adviser, as applicable, in carrying out its obligations to a fund.

Under the Markets in Financial Instruments Directive II ("EU MiFID II"), investment firms in the European Union ("EU") and under EU MiFID II as it forms part of the domestic law of the United Kingdom ("UK") ("UK MiFID II"), investment firms in the UK or subject to such law, including certain sub-advisers to the funds, may only pay for research from brokers and dealers directly out of their own resources or by establishing "research payment accounts" for each client, rather than through client commissions. Such payments for research must be unbundled from payments for execution. EU MiFID II and UK MiFID II limit the use of soft dollars by sub-advisers located in the EU and UK, respectively, and in certain circumstances may result in sub-advisers reducing the use of soft dollars as to certain groups of clients or as to all clients.

TAM or a sub-adviser, as applicable, may place transactions for the purchase or sale of portfolio securities with affiliates of TAM or the sub-adviser. A sub-adviser may place transactions with a broker-dealer that is an affiliate of TAM or the sub-adviser where, in the judgment of the sub-adviser, such firm will be able to obtain a price and execution at least as favorable as other qualified broker-dealers. Pursuant to rules of the SEC, a broker-dealer that is an affiliate of TAM or the sub-adviser may receive and retain compensation for effecting portfolio transactions for the fund on a securities exchange if the commissions paid to such an affiliated broker-dealer by the fund do not exceed "usual and customary brokerage commissions." The rules define "usual and customary" commissions to include amounts that are "reasonable and fair compared to the commission, fee or other remuneration received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time."

TAM or a sub-adviser to a fund, as applicable, to the extent consistent with the best execution and with TAM's usual commission rate policies and practices, may place security transactions with broker/dealers with which the Trust has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the fund. In no event will commissions paid by a fund be used to pay expenses that would otherwise be borne by any other fund in the Trust, or by any other party. These commissions are not used for promoting or selling fund shares or otherwise related to the distribution of fund shares.

Securities held by a fund may also be held by other separate accounts, mutual funds or other accounts for which TAM or a sub-adviser, as applicable, serves as an adviser, or held by TAM or a sub-adviser for their own accounts. Because of different investment objectives or other factors, a particular security may be bought by TAM or a sub-adviser for one or more clients when one or more clients are selling the same security. If purchases or sales of securities for a fund or other entities for which they act as investment adviser or for their advisory clients arise for consideration at or about the same time, transactions in such securities will be made, insofar as feasible, for the respective entities and clients in a manner deemed equitable to all. To the extent that transactions on behalf of more than one client of TAM or a sub-adviser during the same period may increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price.

------

On occasions when TAM or a sub-adviser, as applicable, deems the purchase or sale of a security to be in the best interests of a fund as well as other accounts or companies, it may to the extent permitted by applicable laws and regulations, but will not be obligated to, aggregate the securities to be sold or purchased for the fund with those to be sold or purchased for such other accounts or companies in order to obtain favorable execution. In that event, allocation of the securities purchased or sold, as well as the expenses incurred in the transaction, will be made by TAM or the sub-adviser in the manner it considers to be most equitable and consistent with its fiduciary obligations to the fund and to such other accounts or companies. In some cases this procedure may adversely affect the size of the position obtainable for a fund and/or could have a detrimental effect on the price or volume of a security so far as a fund is concerned.

The Board of the Trust reviews on a quarterly basis the brokerage placement practices of TAM or a sub-adviser, as applicable, on behalf of a fund, and reviews the prices and commissions, if any, paid by the fund to determine if they were reasonable.

**Brokerage Commissions Paid** 

The fund paid the aggregate brokerage commissions indicated for the last three fiscal years:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Brokerage Commissions Paid**<br> **(including affiliated commissions)** | **Brokerage Commissions Paid**<br> **(including affiliated commissions)** | **Brokerage Commissions Paid**<br> **(including affiliated commissions)** | **Brokerage Commissions Paid**<br> **(including affiliated commissions)** | **Brokerage Commissions Paid**<br> **(including affiliated commissions)** | **Brokerage Commissions Paid**<br> **(including affiliated commissions)** | **Affiliated Brokerage** <br> **Commissions Paid** | **Affiliated Brokerage** <br> **Commissions Paid** | **Affiliated Brokerage** <br> **Commissions Paid** | **Affiliated Brokerage** <br> **Commissions Paid** | **Affiliated Brokerage** <br> **Commissions Paid** | **Affiliated Brokerage** <br> **Commissions Paid** |
| **Fund Name** | **2025($)** | **2025(%)^** | **2024($)** | **2024(%)^** | **2023($)** | **2023(%)^** | **2025($)** | **2025(%)\*** | **2024($)** | **2024(%)\*** | **2023($)** | **2023(%)\*** |
| Transamerica Stock Index | $0 | 0% | $0 | 0% | $0 | 0% | $0 | 0% | $0 | 0% | $0 | 0% |

---

^ Brokerage Commissions Paid by the fund as a percentage of overall Brokerage Commissions Paid by all Transamerica Funds.

\* Affiliated Brokerage Commissions Paid by the fund as a percentage of total Brokerage Commissions Paid by the fund.

**Brokerage Commissions Paid for Research** 

The following table provides an estimate of brokerage commissions that were directed to brokers for brokerage and research services provided during the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| **Fund Name** | **Paid as of December** <br> **31, 2025**<br>|
| Transamerica Stock Index | &nbsp;&nbsp; $0 |

---

The estimates above are based upon custody data provided to CAPIS and were calculated using the following methodology: Total Commissions minus transactions executed at discounted rates and/or directed to the fund's commission recapture program equals total research commissions. USD transactions executed at commission rates below $.02 per share, non-USD developed market transactions executed at 8 basis points and below, and non-USD emerging market transactions executed at 12 basis points and below are considered to be executed at discounted rates. For example, Commission paid on USD transactions at rates at or above $.02 per share and not directed for commission recapture are assumed to be paid to brokers that provide research and brokerage services within the scope of Section 28(e) of the Exchange Act. Commissions paid on fixed price offerings and transactions in futures and options are not included in this analysis.

**Securities of Regular Broker Dealers** 

During the fiscal year ended December 31, 2025, the fund did not purchase securities issued by regular broker-dealers of Transamerica Funds.

**Principal Shareholders and Control Persons** 

**Principal Shareholders**

To the knowledge of the Trust, as of April 1, 2026, the following persons owned beneficially or of record 5% or more of the outstanding shares of a class of the fund indicated.

---

| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Stock Index | &nbsp;&nbsp; R | &nbsp;&nbsp; 80.00% |
| &nbsp;&nbsp; Charles Schwab & Co<br> 211 Main St<br> San Francisco CA 94105-1901<br>| Transamerica Stock Index | &nbsp;&nbsp; R | &nbsp;&nbsp; 16.57%  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Class** | **Percent** |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Stock Index | &nbsp;&nbsp; R4 | &nbsp;&nbsp; 99.72% |

---

Unless otherwise noted, the address of each investor is c/o TAM, 1801 California Street, Suite 5200, Denver, CO 80202.

**Control Persons** 

Any shareholder who holds beneficially 25% or more of the fund may be deemed to control the fund until such time as it holds beneficially less than 25% of the outstanding common shares of the fund. Any shareholder controlling the fund may be able to determine the outcome of issues that are submitted to shareholders for vote, and may be able to take action regarding the fund without the consent or approval of the other shareholders.

To the knowledge of the Trust, as of April 1, 2026, the shareholders who held beneficially 25% or more of the fund were as follows:

---

| | | |
|:---|:---|:---|
| **Name & Address** | **Fund Name** | **Percentage of Fund** <br> **Owned**<br>|
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R4 Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Stock Index | &nbsp;&nbsp; 46.82% |
| &nbsp;&nbsp; State Street Bank & Trust Co Ttee<br> Various Retirement Plans<br> Trs Class R Series<br> 440 Mamaroneck Ave<br> Harrison NY 10528-2418<br>| Transamerica Stock Index | &nbsp;&nbsp; 42.44% |

---

Unless otherwise noted, the address of each investor is c/o TAM, 1801 California Street, Suite 5200, Denver, CO 80202.

**Management Ownership** 

To the knowledge of the Trust, as of April 1, 2026, the Trustees and officers as a group owned less than 1% of any class of the fund's outstanding shares.

**Further Information About the Trust and the Fund**

The Trust is organized as a Delaware statutory trust. Delaware law provides a statutory framework for the powers, duties, rights and obligations of the Trustees and shareholders of the Trust, while the more specific powers, duties, rights and obligations of the Trustees and the shareholders are determined by the Trustees as set forth in the Trust's Amended and Restated Declaration of Trust ("Declaration") dated as of December 10, 2015, and the Trust's Bylaws, as may be amended from time to time. Every shareholder, by virtue of purchasing shares and becoming a shareholder, agrees to be bound by the terms of the Declaration. Some of the more significant provisions of the Declaration are described below.

The master fund in which the fund invests is also governed by a declaration of trust similar to the Declaration. Whenever a vote is submitted to the master fund's investors, the fund will generally call a meeting of its own shareholders. To the extent it does not receive instructions from its shareholders, the fund will vote its shares in the master fund in the same proportion as the vote of shareholders who do give voting instructions. Alternatively, without seeking instructions from its shareholders, the fund could vote its shares in the master fund in proportion to the vote of all the other investors in the master fund.

*Shareholder Voting*. The Declaration provides for shareholder voting as required by the 1940 Act or other applicable laws but otherwise permits, consistent with Delaware law, actions by the Trustees without seeking the consent of shareholders. A fund is not required to hold an annual meeting of shareholders, but a fund will call special meetings of shareholders whenever required by the 1940 Act or by the terms of the Declaration. The Declaration provides for "dollar-weighted voting" which means that a shareholder's voting power is determined, not by the number of shares he or she owns, but by the net asset value, in U.S. dollars, of those shares determined at the close of business on the record date. All shareholders of record of all series and classes of the Trust vote together, except where required by the 1940 Act to vote separately by series or by class, or when the Trustees have determined that a matter affects only the interests of one or more series or classes of shares. There is no cumulative voting on any matter submitted to a vote of the shareholders.

*Election and Removal of Trustees*. The Declaration provides that the Trustees may establish the number of Trustees and that vacancies on the Board may be filled by a vote or consent of the remaining Trustees, except when election of Trustees by the shareholders is required under the 1940 Act. Trustees are then elected by a plurality of votes cast by shareholders at a meeting at which a quorum is present. The Declaration

------

also provides that a mandatory retirement age may be set by action of two-thirds of the Trustees and that any Trustee may be removed by a vote of shareholders holding two-thirds of the voting power of the Trust, or by a vote of two-thirds of the remaining Trustees. The provisions of the Declaration relating to the election and removal of Trustees may not be amended without the approval of two-thirds of the Trustees.

*Amendments to the Declaration*. The Trustees are authorized to amend the Declaration without the vote of shareholders, but no amendment may be made that impairs the exemption from personal liability granted in the Declaration to persons who are or have been shareholders, Trustees, officers or employees of the Trust, that limits the rights to indemnification, advancement of expenses or insurance provided in the Declaration with respect to actions or omissions of persons entitled to indemnification, advancement of expenses or insurance under the Declaration prior to the amendment.

*Issuance and Redemption of Shares*. A fund may issue an unlimited number of shares for such consideration and on such terms as the Trustees may determine. All shares offered pursuant to the prospectus of a fund, when issued, will be fully paid and non-assessable. Shareholders are not entitled to any appraisal, preemptive, conversion, exchange or similar rights, except as the Trustees may determine. A fund may involuntarily redeem a shareholder's shares upon certain conditions as may be determined by the Trustees, including, for example, if the shareholder fails to provide a fund with identification required by law, or if a fund is unable to verify the information received from the shareholder or the shareholder fails to provide the required information. In addition, as discussed below, shares may be redeemed in connection with the closing of small accounts.

*Disclosure of Shareholder Holdings*. The Declaration specifically requires shareholders, upon demand, to disclose in writing to a fund information with respect to the direct and indirect ownership of shares in order to comply with various laws or regulations, and a fund may disclose such ownership if required by law or regulation, or as the Trustees otherwise decide.

*Small Accounts*. The Declaration provides that a fund may close out a shareholder's account by redeeming all of the shares in the account if the account falls below a minimum account size (which may vary by class) that may be set by the Trustees from time to time. Alternately, the Declaration permits a fund to assess a fee for small accounts (which may vary by class) and redeem shares in the account to cover such fees, or convert the shares into another share class that is geared to smaller accounts.

*Shareholder, Trustee and Officer Liability*. The Declaration provides that shareholders are not personally liable for the obligations of a fund and requires the fund to indemnify a shareholder against any loss or expense arising from any such liability. A fund will assume the defense of any claim against a shareholder for personal liability at the request of the shareholder.

The Declaration provides that a Trustee acting in his or her capacity as a Trustee is not personally liable to any person, other than the Trust or any series, in connection with the affairs of the Trust. The Declaration also provides that no Trustee, officer or employee of the Trust owes any duty to any person (including without limitation any shareholder), other than the Trust or any series. Each Trustee is required to perform his or her duties in good faith and in a manner he or she believes to be in the best interests of the Trust. All actions and omissions of Trustees are presumed to be in accordance with the foregoing standard of performance, and any person alleging the contrary has the burden of proving that allegation.

The Declaration requires the Trust to indemnify any persons who are or who have been Trustees, officers or employees of the Trust to the fullest extent permitted by law against liability and expenses in connection with any claim or proceeding in which he or she is involved by virtue of having been a Trustee, officer or employee. In making any determination as to whether any person is entitled to the advancement of expenses in connection with a claim for which indemnification is sought, such person is entitled to a rebuttable presumption that he or she did not engage in conduct for which indemnification is not available.

The Declaration provides that any Trustee who serves as chair of the Board, a member or chair of a committee of the Board, lead independent Trustee, audit committee financial expert, or in any other similar capacity will not be subject to any greater standard of care or liability because of such position.

*Derivative and Direct Actions*. The Declaration provides a detailed process for the bringing of derivative or direct actions by shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to a fund or its shareholders as a result of spurious shareholder claims, demands and derivative actions.

Prior to bringing a derivative action, the Declaration requires that a demand by no fewer than three unrelated shareholders must be made on the Trustees. The Declaration details information, certifications, undertakings and acknowledgements that must be included in the demand. The Trustees are not required to consider a demand that is not submitted in accordance with the requirements contained in the Declaration. The Declaration also requires that, in order to bring a derivative action, the complaining shareholders must be joined in the action by shareholders owning, at the time of the alleged wrongdoing, at the time of demand, and at the time the action is commenced, shares representing at least 5% of the voting power of the affected funds. The Trustees have a period of 90 days, which may be extended by up to an additional 60 days, to consider the demand. If a majority of the Trustees who are considered independent for the purposes of considering the demand (or a committee comprised of some or all of such Trustees), with the assistance of counsel who may be retained by such Trustees on behalf and at the expense of the Trust, determine that a suit should be maintained, then the Trust will commence the suit and the suit generally will proceed directly and not derivatively. If a majority of the independent Trustees determines that maintaining the suit would not be in the best interests of the funds, the Trustees are required to reject the demand and the complaining shareholders may not proceed with the

------

derivative action unless the shareholders are able to sustain the burden of proof to a court that the decision of the Trustees not to pursue the requested action was not consistent with the standard of performance required of the Trustees in performing their duties. If a demand is rejected, each complaining shareholder will be responsible, jointly and severally with any and all other complaining shareholders, for the costs and expenses (including attorneys' fees) incurred by the Trust in connection with the consideration of the demand, if, in the judgment of the independent Trustees, the demand was made without reasonable cause or for an improper purpose.

The Declaration provides that no Shareholder may bring a direct action claiming injury as a shareholder of the Trust, or any series or class thereof, where the matters alleged (if true) would give rise to a claim by the Trust or by the Trust on behalf of a series or class, unless the shareholder has suffered an injury distinct from that suffered by the shareholders of the Trust, or the series or class, generally. Under the Declaration, a shareholder bringing a direct claim must be a shareholder of the series or class with respect to which the direct action is brought at the time of the injury complained of, or have acquired the shares afterwards by operation of law from a person who was a shareholder at that time.

If a derivative or direct action is brought in violation of the Declaration, each shareholder who commences or maintains such action will be required. jointly and severally, to reimburse the Trust for the costs and expenses (including attorneys' fees) incurred by the Trust in connection with the action if the action is dismissed on the basis of the failure to comply with the Declaration. In addition, if a court determines that any derivative action has been brought without reasonable cause or for an improper purpose, the costs and expenses (including attorneys' fees) incurred by the Trust in connection with the action will be borne, jointly and severally, by each shareholder who commenced the action.

The Declaration further provides that a fund shall be responsible for payment of attorneys' fees and legal expenses incurred by a complaining shareholder bring a derivative or direct claim only if required by law, and any attorneys' fees that the fund is obligated to pay shall be calculated using reasonable hourly rates. The Declaration also requires that actions by shareholders against the Trust or a fund be brought only in the U.S. District Court for the Southern District of New York, or if not permitted to be brought in federal court, then in the New York Supreme Court sitting in New York County with assignment to the Commercial Division to the extent such assignment is permitted under the applicable court rules, and that the right to jury trial be waived to the fullest extent permitted by law.

*Series and Classes*. The Declaration provides that the Trustees may establish series and classes in addition to those currently established and that the Trustees may determine the rights and preferences, limitations and restrictions, including qualifications for ownership, conversion and exchange features, minimum purchase and account size, expenses and charges, and other features of the series and classes. The Trustees may change any of those features, terminate any series or class, combine series with other series in the Trust, combine one or more classes of a series with another class in that series or convert the shares of one class into shares of another class. Each share of a fund, as a series of the Trust, represents an interest in the fund only and not in the assets of any other series of the Trust.

The shares of beneficial interest of the Trust are divided into ten classes: Class A, Class C, Class I, Class I2, Class I3, Class R, Class R2, Class R3, Class R4 and Class R6. Not all funds offer all classes of shares. See a fund's prospectus for a discussion of which classes of shares of that fund are available for purchase and who is eligible to purchase shares of each class. Class A, Class C, Class I, Class I2, Class R3 and Class R6 are discussed in separate SAIs. Each class represents interests in the same assets of the fund and differ as follows: each class of shares has exclusive voting rights on matters pertaining to its plan of distribution or any other matter appropriately limited to that class; the classes are subject to differing sales charges as described in the prospectus; Class A, Class C, Class R, Class R2, Class R3 and Class R4 shares are subject to ongoing distribution and service fees. Class I, Class I2, Class I3 and Class R6 shares have no annual distribution and service fees. Each class may bear differing amounts of certain class-specific expenses, and each class has a separate exchange privilege. On November 30, 2009, all shares previously designated as Class I shares were re-designated as Class I2 shares. On February 10, 2012, all shares previously designated as Class P shares were converted into Class I shares. On October 13, 2017, Class R shares of Transamerica Government Money Market were renamed Class R2 shares. On May 26, 2026, all shares previously designated as Class T shares will be re-designated as Class R6 shares. On March 31, 2021, Transamerica Government Money Market was closed to most new investors. The following investors may continue to purchase shares of the fund: existing fund investors, investors exchanging shares of another Transamerica fund for shares in the same class of the fund, asset allocation funds and other investment products in which the fund is currently an underlying investment option, retirement plans in which the fund is a plan option, and any plan that is or becomes a part of a multiple plan exchange recordkeeping platform that includes the fund as a plan option. Transamerica Government Money Market will remain closed until further notice. The fund reserves the right to modify the foregoing terms of the closure at any time and to accept or reject any investment for any reason.

The Trust does not anticipate that there will be any conflicts between the interests of holders of the different classes of shares of the same fund by virtue of these classes. On an ongoing basis, the Board will consider whether any such conflict exists and, if so, take appropriate action.

**Dividends and Other Distributions** 

An investor may choose among several options with respect to dividends and capital gains distributions payable to the investor. Dividends or other distributions will be paid in full and fractional shares at the net asset value determined as of the ex-dividend date unless the shareholder

------

has elected another distribution option as described in the prospectus. Transaction confirmations and checks for payments designated to be made in cash generally will be mailed on the payable date. The per share income dividends on Class R shares of the fund are anticipated to be lower than the per share income dividends on Class R4 shares of the fund as a result of higher distribution and service fees applicable to Class R shares.

**Taxes** 

The fund has qualified, and expects to continue to qualify, for treatment as a regulated investment company (a "RIC") under the Code. In order to qualify for that treatment, the fund must distribute to its shareholders for each taxable year at least the sum of 90% of its investment company taxable income, computed without regard to the dividends-paid deduction, and 90% of its net exempt-interest income, if any (the "Distribution Requirement"). The fund must also meet several other requirements. These requirements include the following: (1) the fund must derive at least 90% of its gross income each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from interests in qualified publicly traded partnerships; (2) at the close of each quarter of the fund's taxable year, at least 50% of the value of its total assets must be represented by cash and cash items, U.S. government securities, securities of other RICs and other securities (limited in respect of any one issuer of such other securities to an amount not greater than 5% of the value of the fund's total assets and to not more than 10% of the outstanding voting securities of the issuer); and (3) at the close of each quarter of the fund's taxable year, not more than 25% of the value of its total assets may be invested in securities (other than U.S. government securities or the securities of other RICs) of any one issuer, in securities (other than securities of other RICs) of two or more issuers that the fund controls and that are engaged in the same, similar or related trades or businesses, or in securities of one or more qualified publicly traded partnerships.

If the fund qualifies as a RIC and timely distributes to its shareholders substantially all of its net income and net capital gains, then the fund should have little or no income taxable to it under the Code. If the fund meets the Distribution Requirement but retains some portion of its taxable income or gains, it generally will be subject to U.S. federal income tax at the applicable corporate rate on the amounts retained. The fund may designate certain amounts retained as undistributed net capital gain in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the income tax paid by the fund on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed those liabilities and (iii) will be entitled to increase their tax basis, for federal income tax purposes, in their shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits.

For U.S. federal income tax purposes, the fund is permitted to carry forward indefinitely a net capital loss from any taxable year to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the fund and may not be distributed as such to shareholders. Generally, the fund may not carry forward any losses other than net capital losses. Under certain circumstances, the fund may elect to treat certain losses as though they were incurred on the first day of the taxable year immediately following the taxable year in which they were actually incurred.

Assuming the fund has sufficient earnings and profits, its shareholders generally are required to include distributions from the fund (whether paid in cash or reinvested in additional shares) as (1) ordinary income, to the extent the distributions are attributable to the fund's investment income (except for qualified dividend income as discussed below), net short-term capital gain and certain net realized foreign exchange gains or (2) capital gains, to the extent of the fund's net capital gain (i.e., the fund's net long-term capital gains over net short-term capital losses).

If the fund fails to qualify for treatment as a RIC, the fund will be subject to U.S. federal, and possibly state, corporate taxes on its taxable income and gains, and distributions to its shareholders (including distributions that would otherwise qualify as capital gain dividends) will constitute ordinary dividend income to the extent of the fund's available earnings and profits. Under certain circumstances, the fund may be able to cure a failure to qualify as a regulated investment company, but in order to do so, the fund may incur significant fund-level taxes and may be forced to dispose of certain assets.

Distributions by the fund in excess of its current and accumulated earnings and profits will be treated as a return of capital to the extent of (and in reduction of) each shareholder's tax basis in its shares, and any distributions in excess of that basis will be treated as gain from the sale of shares, as discussed below.

The fund will be subject to a nondeductible 4% excise tax to the extent it fails to distribute by the end of any calendar year substantially all of its ordinary income (for that calendar year) and capital gain net income (for the one-year period generally ending on October 31 of that year), increased or decreased by certain other amounts. The fund intends to distribute annually a sufficient amount of any taxable income and capital gains so as to avoid liability for this excise tax.

Although dividends generally will be treated as distributed when paid, any dividend declared by the fund in October, November or December, payable to shareholders of record during such a month, and paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared. In addition, certain distributions made

------

after the close of a taxable year of the fund may be "spilled back" and treated for certain purposes as paid by the fund during such taxable year. In such case, shareholders generally will be treated as having received such dividends in the taxable year in which the distributions were actually made. For purposes of calculating the amount of a RIC's undistributed income and gain subject to the 4% excise tax described above, such "spilled back" dividends are treated as paid by the RIC when they are actually paid.

Distributions from the fund's net capital gain, if any, that are properly reported as capital gain dividends by the fund are taxable to shareholders as long-term capital gain for U.S. federal income tax purposes without regard to the length of time the shareholders have held shares of the fund.

U.S. federal income tax law generally taxes noncorporate taxpayers on long-term capital gains and on "qualified dividend income" at reduced rates. Certain capital gain dividends attributable to dividends received from U.S. REITs may be taxable to noncorporate shareholders at a rate other than the reduced rates generally applicable to long-term capital gains.

Other distributions, including distributions of earnings from, in general, dividends paid to the fund that are not themselves qualified dividend income to the fund, interest income, other types of ordinary income and short-term capital gains, will generally be taxed at the ordinary income tax rate applicable to the taxpayer.

Qualified dividend income generally means dividend income received from a fund's investments in common and preferred stock of U.S. companies and stock of certain "qualified foreign corporations," provided that certain holding period and other requirements are met by both the fund and the shareholder receiving a distribution of the dividend income. If 95% or more of the fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, that fund may report all distributions of such income as qualified dividend income.

A foreign corporation is treated as a qualified foreign corporation for this purpose if it is incorporated in a possession of the U.S. or it is eligible for the benefits of certain income tax treaties with the U.S. and meets certain additional requirements. Certain foreign corporations that are not otherwise qualified foreign corporations will be treated as qualified foreign corporations with respect to dividends paid by them if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the U.S. Passive foreign investment companies are not qualified foreign corporations for this purpose.

A dividend that is attributable to qualified dividend income of the fund and that is paid by the fund to a shareholder will not be taxable as qualified dividend income to such shareholder (1) if the dividend is received with respect to any share of the fund held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share became "ex-dividend" with respect to such dividend, (2) to the extent that the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, or (3) if the shareholder elects to have the dividend treated as investment income for purposes of the limitation on deductibility of investment interest. The "ex-dividend" date is the date on which the owner of the share at the commencement of such date is entitled to receive the next issued dividend payment for such share even if the share is sold by the owner on that date or thereafter. Dividends received by the fund from real estate investment trusts ("REITs") generally do not qualify for treatment as qualified dividend income.

Certain dividends received by the fund, or attributable to dividends received by the portfolio, from U.S. corporations (generally, dividends received by the fund or the portfolio in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately reported by the fund may be eligible for the 50% dividends-received deduction generally available to corporations under the Code. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend in order to be eligible. Capital gain dividends distributed to the fund from other RICs are not eligible for the dividends-received deduction. In order to qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their fund shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their fund shares, and, if they borrow to acquire or otherwise incur debt attributable to fund shares, they may be denied a portion of the dividends-received deduction with respect to those shares. The applicable holding period requirements must also be satisfied by the fund and the portfolio. Any corporate shareholder should consult its tax advisor regarding the possibility that its tax basis in its shares may be reduced, for U.S. federal income tax purposes, by reason of "extraordinary dividends" received with respect to the shares and, to the extent such basis would be reduced below zero, current recognition of income may be required.

Any fund distribution (other than a dividend that is declared on a daily basis) will have the effect of reducing the per share net asset value of shares in the fund by the amount of the distribution. Shareholders purchasing shares shortly before the record date of any dividend distribution that is not declared daily may thus pay the full price for the shares then effectively receive a portion of the purchase price back as a taxable distribution.

Redemptions of fund shares may indirectly result in taxable distributions to non-redeeming shareholders. Redemptions may directly or indirectly result from actions taken (or not taken) by the Trust, a fund, TAM or its affiliates, or a sub-adviser. Those actions may include changes to investment strategies, sub-adviser changes, liquidations or combination of funds, terminations or additions of share classes,

------

changes to share class eligibility requirements, launches of new funds, and reallocations by asset allocation funds. To generate cash to pay redeeming shareholders, the fund may dispose of its underlying investments, which may result in the recognition of taxable income or gain, which generally needs to be distributed to avoid fund-level taxation.

The fund may use so-called "equalization accounting" in determining whether it satisfies its distribution requirements. A fund that uses equalization accounting in a year will allocate a portion of its income and gain to redemptions of its shares, and that portion will be deemed distributed by the fund for purposes of the distribution requirements under the Code. Use of equalization accounting may reduce the amount of income or gain that the fund is otherwise required to distribute to non-redeeming shareholders. Equalization accounting does not affect the treatment of redeeming shareholders. The IRS has not published guidance on the method by which a fund should allocate income and gain to redemptions for purposes of equalization accounting. If the IRS were to determine that the fund is using an improper method of allocation when using equalization accounting, the fund could be liable for additional federal income or excise tax and could potentially lose its eligibility for treatment as a RIC. The use of equalization accounting is generally not required, and the fund might determine not to use equalization accounting.

The U.S. federal income tax status of all distributions will be reported to shareholders annually.

Under Section 163(j) of the Code, a taxpayer's business interest expense is generally deductible to the extent of its business interest income plus certain other amounts. If a fund earns business interest income, it may report a portion of its dividends as "Section 163(j) interest dividends," which its shareholders may be able to treat as business interest income for purposes of Section 163(j) of the Code. The fund's "Section 163(j) interest dividend" for a tax year will be limited to the excess of its business interest income over the sum of its business interest expense and other deductions properly allocable to its business interest income. In general, the fund's shareholders may treat a distribution reported as a Section 163(j) interest dividend as interest income only to the extent the distribution exceeds the sum of the portions of the distribution reported as other types of tax-favored income. To be eligible to treat a Section 163(j) interest dividend as interest income, a shareholder may need to meet certain holding period requirements in respect of the shares and must not have hedged its position in the shares in certain ways.

A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates or trusts. For these purposes, interest, dividends and certain capital gains are generally taken into account in computing a shareholder's net investment income.

Certain tax-exempt educational institutions will be subject to an excise tax on net investment income. For these purposes, certain dividends and capital gain distributions, and certain gains from the disposition of fund shares (among other categories of income), are generally taken into account in computing a shareholder's net investment income.

If the fund is the holder of record of any stock on the record date for any dividends payable with respect to such stock, such dividends will be included in the fund's gross income not as of the date received, but as of the later of (a) the date such stock became ex-dividend with respect to such dividends or (b) the date the fund acquired such stock. Accordingly, in order to satisfy its income distribution requirements, the fund may be required to pay dividends based on anticipated earnings, and shareholders may receive dividends in an earlier year than would otherwise be the case.

Redemptions, sales and exchanges generally are taxable events for shareholders that are subject to tax. This capital gain or loss may be long-term or short-term, generally depending upon the shareholder's holding period for the shares. For tax purposes, a loss will be disallowed on the redemption, sale or exchange of shares if the disposed of shares are replaced (including replacement by shares acquired pursuant to a dividend reinvestment plan) within a 61-day period beginning 30 days before and ending 30 days after the date of the redemption, sale or exchange of such shares. Should the replacement of such shares fall within this 61-day period, the basis of the acquired shares will be adjusted to reflect the disallowed loss. Any loss realized by the shareholder on its disposition of fund shares held by the shareholder for six months or less may be disallowed to the extent of any exempt-interest dividends paid with respect to such shares, and any portion of such loss that exceeds the amount disallowed will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the shareholder of long-term capital gain with respect to such shares (including any amounts credited to the shareholder as undistributed capital gains).

Under Treasury regulations, if a shareholder recognizes a loss with respect to fund shares of $2 million or more for an individual shareholder, or $10 million or more for a corporate shareholder, in any single taxable year (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Shareholders who own portfolio securities directly are in many cases excepted from this reporting requirement but, under current guidance, shareholders of RICs are not excepted. A shareholder who fails to make the required disclosure to the IRS may be subject to substantial penalties. The fact that a loss is reportable under these regulations does not affect the legal determination of whether or not the taxpayer's treatment of the loss is proper. Shareholders should consult with their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

------

The fund and the portfolio may be subject to withholding and other taxes imposed by foreign countries, including taxes on interest, dividends and capital gains with respect to investments in those countries. Any such taxes would, if imposed, reduce the yield on or return from those investments. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes in some cases. If more than 50% of the fund's total assets at the close of any taxable year consist of stock or securities of foreign corporations, the fund may elect to pass through to its shareholders their pro rata shares of qualified foreign taxes paid by the fund for that taxable year. If at least 50% of the fund's total assets at the close of each quarter of a taxable year consist of interests in other RICs, the fund may make the same election and pass through to its shareholders their pro rata shares of qualified foreign taxes paid by those other RICs and passed through to the fund for that taxable year. If the fund so elects, its shareholders would be required to include the passed-through taxes in their gross incomes (in addition to the dividends and distributions they actually receive), would treat such taxes as foreign taxes paid by them, and as described below may be entitled to a tax deduction for such taxes or a tax credit, subject to a holding period requirement and other limitations under the Code.

Qualified foreign taxes generally include taxes that would be treated as income taxes under U.S. tax regulations but do not include most other taxes, such as stamp taxes, securities transaction taxes, and similar taxes. If the fund qualifies to make, and makes, the election described above, shareholders may deduct their pro rata portion of qualified foreign taxes paid by the fund or those other RICs for that taxable year in computing their income subject to U.S. federal income taxation or, alternatively, claim them as credits, subject to applicable limitations under the Code, against their U.S. federal income taxes. Shareholders who do not itemize deductions for U.S. federal income tax purposes will not, however, be able to deduct their pro rata portion of qualified foreign taxes paid by the fund or those other RICs, although such shareholders will be required to include their shares of such taxes in gross income if the fund makes the election described above. No deduction for such taxes will be permitted to individuals in computing their federal alternative minimum tax liability.

If the fund makes this election and a shareholder chooses to take a credit for the foreign taxes deemed paid by such shareholder, the amount of the credit that may be claimed in any year may not exceed the same proportion of the U.S. tax against which such credit is taken that the shareholder's taxable income from foreign sources (but not in excess of the shareholder's entire taxable income) bears to his entire taxable income. For this purpose, long-term and short-term capital gains the fund realizes and distributes to shareholders will generally not be treated as income from foreign sources in their hands, nor will distributions of certain foreign currency gains subject to Section 988 of the Code or of any other income realized by the fund that is deemed, under the Code, to be U.S.-source income in the hands of the fund. This foreign tax credit limitation may also be applied separately to certain specific categories of foreign-source income and the related foreign taxes. As a result of these rules, which may have different effects depending upon each shareholder's particular tax situation, certain shareholders may not be able to claim a credit for the full amount of their proportionate share of the foreign taxes paid by the fund or other RICs in which the fund invests. Shareholders who are not liable for U.S. federal income taxes, including tax-exempt shareholders, will ordinarily not benefit from this election. If the fund does make the election, it will provide required tax information to shareholders. RICs generally may deduct any foreign taxes that are not passed through to its shareholders in computing its income available for distribution to shareholders to satisfy applicable tax distribution requirements. Under certain circumstances, if the fund or the portfolio receives a refund of foreign taxes paid in respect of a prior year, the value of the fund's and the portfolio's shares could be affected, or any foreign tax credits or deductions passed through to shareholders in respect of the foreign taxes for the current year could be reduced.

The following paragraphs are intended to disclose risks of investments that the fund may make through the portfolio. Thus, references in the following paragraphs to the fund should also be read to include references to the portfolio.

**Options, Futures and Forward Contracts and Swap Agreements:** Certain options, futures contracts, and forward contracts in which the fund may invest may be "Section 1256 contracts." Gains or losses on Section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses; however, foreign currency gains or losses arising from certain Section 1256 contracts may be treated as ordinary income or loss. Also, Section 1256 contracts held by the fund at the end of each taxable year are "marked to market" with the result that unrealized gains or losses are treated as though they were realized. In order to distribute any such gains, satisfy the distribution requirements applicable to RICs and avoid taxation, the fund may be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss to the fund.

Generally, the hedging transactions undertaken by the fund may result in "straddles" for U.S. federal income tax purposes. The straddle rules may affect the character of gains (or losses) realized by the fund. In addition, losses realized by the fund on positions that are part of a straddle may be deferred under the straddle rules, rather than being taken into account in calculating the taxable income for the taxable year in which such losses are realized. Because only a few regulations implementing the straddle rules have been promulgated, the tax consequences of transactions in options, futures, forward contracts, swap agreements and other financial contracts to the fund are not entirely clear. The transactions may increase the amount of short-term capital gain realized by the fund, which is taxed as ordinary income when distributed to shareholders.

The fund may make one or more of the elections available under the Code which are applicable to straddles. If the fund makes any of the elections, the amount, character and timing of the recognition of gains or losses from the affected straddle positions will be determined under rules that vary according to the election(s) made. The rules applicable under certain of the elections may operate to accelerate the recognition of gains or losses from the affected straddle positions.

------

Because application of the straddle rules may affect the character of gains or losses, defer losses and/or accelerate the recognition of gains or losses from the affected straddle positions, the amount which must be distributed to shareholders, and which will be taxed to shareholders as ordinary income or long-term capital gain, may be increased or decreased as compared to a fund that did not engage in such hedging transactions.

Because only a few regulations regarding the treatment of swap agreements, and related caps, floors and collars, have been promulgated, the tax consequences of such transactions are not entirely clear. The fund intends to account for such transactions in a manner deemed by it to be appropriate, but the IRS might not accept such treatment. If it did not, the status of the fund as a RIC might be affected.

The requirements applicable to the fund's qualification as a RIC may limit the extent to which the fund will be able to engage in transactions in options, futures contracts, forward contracts, swap agreements and other financial contracts.

Certain hedging activities may cause a dividend that would otherwise be subject to the lower tax rate applicable to qualified dividend income to instead be taxed at the rate of tax applicable to ordinary income.

**Original Issue Discount:** If the fund invests in certain pay-in-kind securities, zero coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market discount if the fund elects to include market discount in income currently), the fund generally must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, the fund must distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid) and net tax-exempt income, including any such accrued income, to qualify for treatment as a RIC under the Code and avoid U.S. federal income and excise taxes. Therefore, the fund may have to dispose of its portfolio securities to generate cash, or may have to borrow the cash, to satisfy distribution requirements. Such a disposition of securities may potentially result in additional taxable gain or loss to the fund.

**Constructive Sales:** The constructive sale rules may affect timing and character of gain if the fund engages in transactions that reduce or eliminate its risk of loss with respect to appreciated financial positions. If the fund enters into certain transactions in property while holding substantially identical property, the fund will be treated as if it had sold and immediately repurchased the property and will be taxed on any gain (but not loss) from the constructive sale. The character of any gain from a constructive sale will depend upon the fund's holding period in the property. Any loss from a constructive sale will be recognized when the property is subsequently disposed of, and the character of such loss will depend on the fund's holding period and the application of various loss deferral provisions of the Code.

**Real Estate Investment Trusts (REITs):** A noncorporate taxpayer is generally eligible for a deduction of up to 20% of the taxpayer's "qualified REIT dividends." If a fund receives dividends (other than capital gain dividends) in respect of U.S. REIT shares, the fund may report its own dividends as eligible for the 20% deduction, to the extent the fund's income is derived from such qualified REIT dividends, as reduced by allocable Fund expenses. In order for the fund's dividends to be eligible for this deduction when received by a noncorporate shareholder, the fund must meet certain holding period requirements with respect to the U.S. REIT shares on which the fund received the eligible dividends, and the noncorporate shareholder must meet certain holding period requirements with respect to the fund shares.

**Foreign Currency Transactions:** Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time the fund accrues income or expenses denominated in a foreign currency (or determined by reference to the value of one or more foreign currencies) and the time that the fund actually receives or makes payment of such income or expenses, generally are treated as ordinary income or ordinary loss. Similarly, on disposition of debt securities denominated in a foreign currency and on disposition of certain futures contracts, forward contracts and options, gains or losses attributable to fluctuations in the value of foreign currency between the date of acquisition of the security or contract and the date of disposition generally are also treated as ordinary gain or loss. The fund may elect to treat this foreign currency income as capital gain or capital loss.

**Backup Withholding:** The fund is required to withhold (as "backup withholding") a portion of reportable payments, including dividends, capital gain distributions and the proceeds of redemptions and exchanges or repurchases of fund shares, paid to shareholders who have not complied with certain IRS regulations. The backup withholding rate is currently 24%. In order to avoid this withholding requirement, shareholders, other than certain exempt entities, must certify that the Social Security Number or other Taxpayer Identification Number they provide is correct and that they are not currently subject to backup withholding, or that they are exempt from backup withholding. The fund may nevertheless be required to backup withhold if it receives notice from the IRS or a broker that the number provided is incorrect or backup withholding is applicable as a result of previous underreporting of interest or dividend income.

**Cost Basis:** The fund will report to the IRS the amount of sale proceeds that a shareholder receives from a sale or exchange of fund shares. For sales or exchanges of shares acquired on or after January 1, 2012, the fund will also report basis and acquisition date information in those shares and the character of any gain or loss that the shareholder realizes on the sale or exchange (i.e., short-term or long-term). If a shareholder has a different basis for different shares of the fund in the same account (e.g., if a shareholder purchased fund shares in the same account when the shares were at different prices), the fund or the shareholder's Service Agent (banks, broker-dealers, insurance companies, investment advisers, financial consultants or advisers, mutual fund supermarkets and other financial intermediaries that have entered into an agreement with the fund's distributor to sell shares of the fund), as applicable, will calculate the basis of the shares sold using its default method unless the shareholder has properly elected to use a different method. The fund's default method for calculating basis will be the

------

average cost method. A shareholder may elect, on an account-by-account basis, to use a method other than average cost by following procedures established by the fund or the shareholder's Service Agent, as applicable. For purposes of calculating and reporting basis, shares acquired prior to January 1, 2012 and shares acquired on or after January 1, 2012 will generally be treated as held in separate accounts. If a shareholder elects to use a different method of basis calculation, the application of that method will depend on whether shares in an account have already been sold or exchanged. For information regarding available methods for calculating cost basis and procedures for electing a method other than the average cost method, shareholders who hold their shares directly with a fund may call the fund at 1-888-233-4339 Monday through Friday during the hours of operation as posted on the funds' web site at www.transamerica.com/contact-us. Shareholders who hold shares through a Service Agent should contact the Service Agent for information concerning the Service Agent's default method for calculating basis and procedures for electing to use an alternative method. Shareholders should consult their tax advisers concerning the tax consequences of applying the average cost method or electing another method of basis calculation.

**Taxation of Non-U.S. Shareholders:** Dividends from net investment income that are paid to a shareholder who, as to the U.S., is a nonresident alien individual, a foreign corporation or a foreign estate or foreign trust (each, a "foreign shareholder") may be subject to a withholding tax at a rate of 30% or any lower applicable tax rate established in a treaty between the U.S. and the shareholder's country of residence. Dividends that are derived from "qualified net interest income" and dividends that are derived from "qualified short-term gain" may be exempt from the 30% withholding tax, provided that the distributing fund chooses to follow certain procedures. The fund may choose to not follow such procedures and there can be no assurance as to the amount, if any, of dividends that would not be subject to withholding. Qualified net interest income is a fund's net income derived from U.S.-source interest and original issue discount, subject to certain exceptions and limitations. Qualified short-term gain generally means the excess of the net short-term capital gain of a fund for the taxable year over its net long-term capital loss, if any. The withholding rules described in this paragraph do not apply to a dividend paid to a foreign shareholder if the dividend income is "effectively connected with the shareholder's conduct of a trade or business within the U.S." and the shareholder provides appropriate tax forms and documentation. Backup withholding (described above) will not be imposed on foreign shareholders who are subject to the 30% withholding tax described in this paragraph.

Unless certain non-U.S. entities that hold fund shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to fund distributions payable to such entities. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

Foreign shareholders are subject to U.S. tax on disposition of a "United States real property interest" (a "USRPI"). Gain on such a disposition is sometimes referred to as "FIRPTA gain." The Code provides a look-through rule for distributions of "FIRPTA gain" if certain requirements are met. If the look-through rule applies, certain distributions attributable to income received by the fund, e.g., from REITs, may be treated as gain from the disposition of a USRPI, causing distributions to be subject to U.S. withholding tax and requiring non-U.S. shareholders to file nonresident U.S. income tax returns.

The treatment of dividends and other distributions by the fund to shareholders under the various state income tax laws may not parallel that under U.S. federal income tax law. Qualification as a RIC does not involve supervision of the fund's management or of its investment policies and practices by any governmental authority.

Shareholders are urged to consult their own tax advisors with specific reference to their own tax situations, including any federal, state, local or foreign tax liabilities.

**Financial Statements**

The audited [financial statements](https://www.sec.gov/ix?doc=/Archives/edgar/data/787623/000119312526090929/d783303dncsr.htm) and financial highlights for the fund as of December 31, 2025 have been filed with the SEC as part of the fund's Form N-CSR filing on March 4, 2026 (SEC Accession # 0001193125-26-090929), and are hereby incorporated by reference into this SAI.

The audited [<u>financial statements and financial highlights for the S&P 500 Index Master Portfolio</u>](https://www.sec.gov/Archives/edgar/data/915092/000119312526093673/0001193125-26-093673-index.htm), a portfolio of the Master Investment Portfolio, as of December 31, 2025 have been filed with the SEC as part of the Master Investment Portfolio's Form N-CSR filing on March 6, 2026 (SEC Accession #0001193125-26-093673), and are hereby incorporated by reference into this SAI.

------

**Appendix A – Trustees and Officers of the Master Investment Portfolio**

**Trustees of Master Investment Portfolio** 

The Board consists of thirteen individuals (each, a "Trustee"), eleven of whom are not "interested persons" of the Master Investment Portfolio ("MIP") as defined in the 1940 Act (the "Independent Trustees"). The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (the "BlackRock Fixed-Income Complex") and one complex of exchange-traded funds (each, a "BlackRock Fund Complex"). The MIP is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex. The Trustees also oversee as board members the operations of the other open-end registered investment companies included in the BlackRock Multi-Asset Complex.

The Board has overall responsibility for the oversight of the MIP and each Master Portfolio. The Chair of the Board is an Independent Trustee, and the Chair of each Board committee (each, a "Committee") is an Independent Trustee. The Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other Trustees generally between meetings. The Chair of each Committee performs a similar role with respect to the Committee. The Chair of the Board or the Chair of a Committee may also perform such other functions as may be delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the presence of Master Portfolio management, in executive session or with other service providers to each Master Portfolio. The Board has regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and reports its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that the Board's leadership structure is appropriate because it allows the Board to exercise independent judgment over management and to allocate areas of responsibility among Committees and the full Board to enhance effective oversight.

The Board has engaged BFA to manage each Master Portfolio on a day-to-day basis. The Board is responsible for overseeing BFA, other service providers, the operations of each Master Portfolio and associated risks in accordance with the provisions of the 1940 Act, state law, other applicable laws, the MIP's charter, and each Master Portfolio's investment objective and strategies. The Board reviews, on an ongoing basis, each Master Portfolio's performance, operations and investment strategies and techniques. The Board also conducts reviews of BFA and its role in running the operations of each Master Portfolio.

Day-to-day risk management with respect to each Master Portfolio is the responsibility of BFA or of sub-advisers or other service providers (depending on the nature of the risk), subject to the supervision of BFA. Each Master Portfolio is subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While there are a number of risk management functions performed by BFA and the sub-advisers or other service providers, as applicable, it is not possible to eliminate all of the risks applicable to the Master Portfolio. Risk oversight forms part of the Board's general oversight of each Master Portfolio and is addressed as part of various Board and Committee activities. The Board, directly or through a Committee, also reviews reports from, among others, management, the independent registered public accounting firm for each Master Portfolio, sub-advisers and internal auditors for the investment adviser or its affiliates, as appropriate, regarding risks faced by each Master Portfolio and management's or the service provider's risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees, and facilitates effective oversight of compliance with legal and regulatory requirements and of each Master Portfolio's activities and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and testing of the MIP's compliance program and reports to the Board regarding compliance matters for the Master Portfolio and their service providers. The Board has retained two former independent directors of certain BlackRock-advised Funds to serve as consultants to the Independent Trustees in the performance of their duties to the Master Portfolio. The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight responsibilities.

*Audit Committee.* The members of the Audit Committee (the "Audit Committee") are Henry R. Keizer (Chair), Neil A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection, retention, termination and compensation of each Master Portfolio's independent registered public accounting firm (the "Independent Registered Public Accounting Firm") and to oversee the Independent Registered Public Accounting Firm's work. The Audit Committee's responsibilities include, without limitation, to (l) evaluate the qualifications and independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and fees for each Master Portfolio; (3) review the conduct and results of each independent audit of each Master Portfolio's annual financial statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Master Portfolio management regarding the accounting or financial reporting policies and practices of each Master Portfolio and the internal controls of each Master Portfolio and certain service providers; (5) oversee the performance of each Master Portfolio's Independent Registered Public Accounting Firm; (6) review and discuss with management and each Master Portfolio's Independent Registered Public Accounting Firm the performance and findings of each Master Portfolio's internal auditors; (7) discuss with Master Portfolio management its policies regarding risk assessment and risk management as such matters relate to each Master Portfolio's financial reporting and controls; (8) resolve any disagreements between Master Portfolio management and the Independent Registered Public Accounting Firm regarding financial reporting; and (9) undertake such other duties and responsibilities as may from time to time be delegated by the Board to the Audit Committee. The Board has adopted a written charter for the Audit Committee. During the fiscal year ended December 31, 2025, the Audit Committee met four times.

------

*Governance and Nominating Committee.* The members of the Governance and Nominating Committee (the "Governance Committee") are Cynthia A. Montgomery (Chair), Christopher Ailman, Susan J. Carter, Collette Chilton and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance Committee are to (1) identify individuals qualified to serve as Independent Trustees of the MIP and recommend Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as they relate to Independent Trustees; and (7) undertake such other duties and responsibilities as may from time to time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations for the office of Trustee made by Master Portfolio shareholders as it deems appropriate. Master Portfolio shareholders who wish to recommend a nominee should send nominations to the Secretary of the MIP that include biographical information and set forth the qualifications of the proposed nominee. The Board has adopted a written charter for the Governance Committee. During the fiscal year ended December 31, 2025, the Governance Committee met six times.

*Compliance Committee.* The members of the Compliance Committee (the "Compliance Committee") are Claire A. Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are Independent Trustees. The Compliance Committee's purpose is to assist the Board in fulfilling its responsibility to oversee regulatory and fiduciary compliance matters involving the MIP, the fund-related activities of BFA and any sub-adviser and the MIP's third-party service providers. The Compliance Committee's responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the MIP and its service providers and recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate, recommend policies concerning the MIP's compliance with applicable law; (3) review reports from, oversee the annual performance review of, and make certain recommendations and determinations regarding the MIP's Chief Compliance Officer (the "CCO"), including determining the amount and structure of the CCO's compensation and recommending such amount and structure to the full Board for approval and ratification; and (4) undertake such other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee. The Board has adopted a written charter for the Compliance Committee. During the fiscal year ended December 31, 2025, the Compliance Committee met four times.

*Performance Oversight Committee.* The members of the Performance Oversight Committee (the "Performance Oversight Committee") are Donald C. Opatrny (Chair), Christopher Ailman, Susan J. Carter, Collette Chilton and Neil A. Cotty, all of whom are Independent Trustees. The Performance Oversight Committee's purpose is to assist the Board in fulfilling its responsibility to oversee each Master Portfolio's investment performance relative to its agreed-upon performance objectives and to assist the Independent Trustees in their consideration of investment advisory agreements. The Performance Oversight Committee's responsibilities include, without limitation, to (1) review information on, and make recommendations to the full Board in respect of, each Master Portfolio's investment objective, policies and practices; (2) review information on each Master Portfolio's investment performance; (3) review information on appropriate benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and other resources devoted to management of each Master Portfolio and evaluate the nature and quality of information furnished to the Performance Oversight Committee; (5) recommend any required action regarding changes in fundamental and non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to the Board concerning the approval or renewal of investment advisory agreements; and (8) undertake such other duties and responsibilities as may from time to time be delegated by the Board to the Performance Oversight Committee. The Board has adopted a written charter for the Performance Oversight Committee. During the fiscal year ended December 31, 2025, the Performance Oversight Committee met eight times.

*Ad Hoc Topics Committee.* The members of the Ad Hoc Topics Committee (the "Ad Hoc Topics Committee") are Mark Stalnecker (Chair), an Independent Trustee, and John M. Perlowski, who serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on routine matters between meetings of the Board; (2) act on such matters as may require urgent action between meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc Topics Committee by the Board. The Board has adopted a written charter for the Ad Hoc Topics Committee. During the fiscal year ended December 31, 2025, the Ad Hoc Topics Committee did not meet.

The Governance Committee has adopted a statement of policy that describes the experience, qualifications, skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the "Statement of Policy"). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Furthermore, in determining that a particular Independent Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications, which allow the Board to operate effectively in governing the MIP and protecting the interests of shareholders. Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with each Master Portfolio's investment adviser, sub-advisers, other service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective business judgment in the performance of their duties as Trustees.

------

Each Trustee's ability to perform his or her duties effectively is evidenced by his or her educational background or professional training; business, consulting, public service or academic positions; experience from service as a board member of the MIP and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and participation in Board and Committee meetings, as well as his or her leadership of standing and ad hoc committees throughout the years; or other relevant life experiences.

The table below discusses some of the experiences, qualifications and skills of each of the Trustees that support the conclusion that each Trustee should serve on the Board.

---

| | |
|:---|:---|
| **Trustees** | **Experience, Qualifications and Skills** |
| Independent Trustees | Independent Trustees |
| Christopher Ailman | &nbsp;&nbsp; Christopher Ailman has more than 30 years of experience in the financial services <br> industry, including most recently serving as Chief Investment Officer of the <br> California State Teachers Retirement System (CalSTRS) from 2000 to June 2024 <br> where he led its investment program. Mr. Ailman currently is a principal at Ailman <br> Advisers. In addition, he has held various roles in the industry, including as member <br> and chair of the asset owner committee of the Kroner Center for Financial Research, <br> chairman of the North American Chapter of the 300 Club of Global CIOs, and <br> co-chair of the Milken Global Capital Markets Advisory Council. These positions <br> have provided Mr. Ailman with considerable investment expertise across asset <br> classes and strategies, and insight and perspective on the markets and the economy. <br> In addition, Mr. Ailman serves as a member of the Governance and Nominating <br> Committee and the Performance Oversight Committee.<br>|
| Susan J. Carter | &nbsp;&nbsp; Susan J. Carter has over 35 years of experience in investment management. She has <br> served as President & Chief Executive Officer of Commonfund Capital, Inc. <br> ("CCI"), a registered investment adviser focused on non-profit investors, from 1997 <br> to 2013, Chief Executive Officer of CCI from 2013 to 2014 and Senior Advisor to <br> CCI in 2015. Ms. Carter also served as trustee to the Pacific Pension Institute from <br> 2014 to 2018. She currently serves as trustee to the Financial Accounting <br> Foundation, Advisory Board Member for the Center for Private Equity and <br> Entrepreneurship at Tuck School of Business, Board Member for Girls Who Invest, <br> Advisory Board Member for Bridges Fund Management and Practitioner Advisory <br> Board Member for Private Capital Research Institute ("PCRI"). These positions <br> have provided her with insight and perspective on the markets and the economy.<br>|
| Collette Chilton | &nbsp;&nbsp; Collette Chilton has over 20 years of experience in investment management. She has <br> held the position of Chief Investment Officer of Williams College since October <br> 2006. Prior to that she was President and Chief Investment Officer of Lucent Asset <br> Management Corporation, where she oversaw approximately $40 billion in pension <br> and retirement savings assets for the company. These positions have provided her <br> with insight and perspective on the markets and the economy.<br>|
| Neil A. Cotty | &nbsp;&nbsp; Neil A. Cotty has more than 30 years of experience in the financial services <br> industry, including 19 years at Bank of America Corporation and its affiliates, where <br> he served, at different times, as the Chief Financial Officer of various businesses <br> including Investment Banking, Global Markets, Wealth Management and Consumer <br> and also served ten years as the Chief Accounting Officer for Bank of America <br> Corporation. Mr. Cotty has been determined by the Audit Committee to be an audit <br> committee financial expert, as such term is defined in the applicable Commission <br> rules.<br>|
| Henry R. Keizer | &nbsp;&nbsp; Henry R. Keizer brings over 40 years of executive, financial, operational, strategic <br> and global expertise gained through his 35 year career at KPMG, a global <br> professional services organization and by his service as a director to both publicly <br> and privately held organizations. He has extensive experience with issues facing <br> complex, global companies and expertise in financial reporting, accounting, <br> auditing, risk management, and regulatory affairs for such companies. Mr. Keizer's <br> experience also includes service as an audit committee chair to both publicly and <br> privately held organizations across numerous industries including professional <br> services, property and casualty reinsurance, insurance, diversified financial <br> services, banking, direct to consumer, business to business and technology. <br> Mr. Keizer is a certified public accountant and also served on the board of the <br> American Institute of Certified Public Accountants. Mr. Keizer has been determined <br> by the Audit Committee to be an audit committee financial expert, as such term is <br> defined in the applicable Commission rules. <br>|

---

------

---

| | |
|:---|:---|
| **Trustees** | **Experience, Qualifications and Skills** |
| Cynthia A. Montgomery | &nbsp;&nbsp; Cynthia A. Montgomery has served for over 20 years on the boards of registered <br> investment companies, most recently as a member of the boards of certain <br> BlackRock-advised Funds and predecessor funds, including the legacy Merrill <br> Lynch Investment Managers, L.P. ("MLIM") funds. The Board benefits from <br> Ms. Montgomery's more than 20 years of academic experience as a professor at <br> Harvard Business School where she taught courses on corporate strategy and <br> corporate governance. Ms. Montgomery also has business management and <br> corporate governance experience through her service on the corporate boards of a <br> variety of public companies. She has also authored numerous articles and books on <br> these topics.<br>|
| Donald C. Opatrny | &nbsp;&nbsp; Donald C. Opatrny has more than 40 years of business, oversight and executive <br> experience, including through his service as president, director and investment <br> committee chair for academic and not-for-profit organizations, and his experience as <br> a partner, managing director and advisory director at Goldman Sachs for 32 years. <br> He also has investment management experience as a board member of Athena <br> Capital Advisors LLC.<br>|
| Lori Richards | &nbsp;&nbsp; Lori Richards has more than 30 years of experience in the financial services <br> industry, most notably as the first Director of the Office of Compliance Inspections <br> and Examinations ("OCIE") of the Securities and Exchanges Commission ("SEC") <br> from 1995 to 2009. In her most recent executive role, Ms. Richards served as Chief <br> Compliance Officer for Asset & Wealth Management at JPMorgan Chase. In that <br> capacity, she was a member of the Asset & Wealth Management Operating <br> Committee and of the Global Compliance Leadership Team.<br>|
| Mark Stalnecker | &nbsp;&nbsp; Mark Stalnecker has gained a wealth of experience in investing and asset <br> management from his over 13 years of service as the Chief Investment Officer of the <br> University of Delaware as well as from his various positions with First Union <br> Corporation, including Senior Vice President and State Investment Director of First <br> Investment Advisors. The Board benefits from his experience and perspective as the <br> Chief Investment Officer of a university endowment and from the oversight <br> experience he gained from service on various private and non-profit boards.<br>|
| Kenneth L. Urish | &nbsp;&nbsp; Kenneth L. Urish has served for over 15 years on the boards of registered investment <br> companies, most recently as a member of the boards of certain BlackRock-advised <br> Funds and predecessor funds, including the legacy BlackRock funds. He has over 30 <br> years of experience in public accounting. Mr. Urish has served as a managing <br> member of an accounting and consulting firm. Mr. Urish has been determined by <br> the Audit Committee to be an audit committee financial expert, as such term is <br> defined in the applicable Commission rules.<br>|
| Claire A. Walton | &nbsp;&nbsp; Claire A. Walton has over 25 years of experience in investment management. She <br> has served as the Chief Operating Officer and Chief Financial Officer of Liberty <br> Square Asset Management, LP from 1998 to 2015, an investment manager that <br> specialized in long/short non-U.S. equity investments, and has been an owner and <br> General Partner of Neon Liberty Capital Management, LLC since 2003, a firm <br> focusing on long/short equities in global emerging and frontier markets. These <br> positions have provided her with insight and perspective on the markets and the <br> economy.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **Trustees** |
| Interested Trustees |
| Robert Fairbairn<br> &nbsp;&nbsp; Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and <br> over 30 years of experience in finance and asset management. In particular, Mr. <br> Fairbairn's positions as Vice Chairman of BlackRock, Inc., Member of BlackRock's <br> Global Executive and Global Operating Committees and Co-Chair of BlackRock's <br> Human Capital Committee provide the Board with a wealth of practical business <br> knowledge and leadership. In addition, Mr. Fairbairn has global investment <br> management and oversight experience through his former positions as Global Head <br> of BlackRock's Retail and iShares<sup>®</sup> businesses, Head of BlackRock's Global Client <br> Group, Chairman of BlackRock's international businesses and his previous oversight <br> over BlackRock's Strategic Partner Program and Strategic Product Management <br> Group. Mr. Fairbairn also serves as a board member for the funds in the BlackRock <br> Fixed-Income Complex. <br>|

---

------

---

| | |
|:---|:---|
| **Trustees** | **Experience, Qualifications and Skills** |
| John M. Perlowski | &nbsp;&nbsp; John M. Perlowski's experience as Managing Director of BlackRock, Inc. since <br> 2009, as the Head of BlackRock Global Accounting and Product Services since <br> 2009, and as President and Chief Executive Officer of the BlackRock-advised Funds <br> provides him with a strong understanding of the BlackRock-advised Funds, their <br> operations, and the business and regulatory issues facing the BlackRock-advised <br> Funds. Mr. Perlowski's prior position as Managing Director and Chief Operating <br> Officer of the Global Product Group at Goldman Sachs Asset Management, and his <br> former service as Treasurer and Senior Vice President of the Goldman Sachs Mutual <br> Funds and as Director of the Goldman Sachs Offshore Funds provides the Board <br> with the benefit of his experience with the management practices of other financial <br> companies. Mr. Perlowski also serves as a board member for the funds in the <br> BlackRock Fixed-Income Complex.<br>|

---

**Biographical Information** 

Certain biographical and other information relating to the Trustees of MIP is set forth below, including their address and year of birth, principal occupations for at least the last five years, length of time served, total number of registered investment companies and investment portfolios overseen in the BlackRock-advised Funds and any currently held public company and other investment company directorships.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and**<br> **Year of Birth**<sup>1,2</sup><br>| **Position(s)**<br> **Held (Length of**<br> **Service)**<sup>3</sup><br>| **Number of**<br> **BlackRock-**<br> **Advised**<br> **Registered**<br> **Investment**<br> **Companies**<br> **("RICs")**<br> **Consisting** <br> **of**<br> **Investment**<br> **Portfolios**<br> **("Portfolios")**<br> **Overseen**<br>| **Principal Occupation(s) During Past** <br> **Five Years**<br>| **Public**<br> **Company and**<br> **Other**<br> **Investment**<br> **Company**<br> **Directorships**<br> **Held During**<br> **Past Five**<br> **Years**<br>|
| Independent Trustees | Independent Trustees | Independent Trustees | Independent Trustees | Independent Trustees |
| &nbsp;&nbsp; Mark Stalnecker <br> 1951<br>| Chair of the Board<br> (Since 2019) and<br> Trustee<br> (Since 2015)<br>| 30 RICs <br> consisting <br> of 164 <br> Portfolios<br>| Chief Investment Officer, University of <br> Delaware from 1999 to 2013; Trustee and <br> Chair of the Finance and Investment <br> Committees, Winterthur Museum and <br> Country Estate from 2005 to 2016; Member <br> of the Investment Committee, Delaware <br> Public Employees' Retirement System since <br> 2002; Member of the Investment <br> Committee, Christiana Care Health System <br> from 2009 to 2017; Member of the <br> Investment Committee, Delaware <br> Community Foundation from 2013 to 2014; <br> Director and Chair of the Audit Committee, <br> SEI Private Trust Co. from 2001 to 2014.<br>|  |
| &nbsp;&nbsp; Christopher Ailman<sup>4</sup> 1958<br>| Trustee (Since <br> 2024)<br>| 30 RICs <br> consisting <br> of 164 <br> Portfolios<br>| Principal, Ailman Advisers; Chief <br> Investment Officer, California State <br> Teachers Retirement System from 2000 to <br> 2024.<br>|  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and**<br> **Year of Birth**<sup>1,2</sup><br>| **Position(s)**<br> **Held (Length of**<br> **Service)**<sup>3</sup><br>| **Number of**<br> **BlackRock-**<br> **Advised**<br> **Registered**<br> **Investment**<br> **Companies**<br> **("RICs")**<br> **Consisting** <br> **of**<br> **Investment**<br> **Portfolios**<br> **("Portfolios")**<br> **Overseen**<br>| **Principal Occupation(s) During Past** <br> **Five Years**<br>| **Public**<br> **Company and**<br> **Other**<br> **Investment**<br> **Company**<br> **Directorships**<br> **Held During**<br> **Past Five**<br> **Years**<br>|
| &nbsp;&nbsp; Susan J. Carter <br> 1956<br>| Trustee (Since <br> 2016)<br>| 30 RICs <br> consisting <br> of 164 <br> Portfolios<br>| Trustee, Financial Accounting Foundation <br> from 2017 to 2021; Advisory Board <br> Member, Center for Private Equity and <br> Entrepreneurship at Tuck School of Business <br> from 1997 to 2021; Director, Pacific Pension <br> Institute from 2014 to 2018; Senior Advisor, <br> CCI (investment adviser) in 2015; Chief <br> Executive Officer, CCI from 2013 to 2014; <br> President & Chief Executive Officer, CCI <br> from 1997 to 2013; Advisory Board <br> Member, Girls Who Invest from 2015 to <br> 2018 and Board Member thereof since 2018; <br> Advisory Board Member, Bridges Fund <br> Management since 2016; Practitioner <br> Advisory Board Member, PCRI since 2017; <br> Lecturer in the Practice of Management, <br> Yale School of Management since 2019; <br> Advisor to Finance Committee, Altman <br> Foundation since 2020; Investment <br> Committee Member, Tostan since 2021.<br>|  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and**<br> **Year of Birth**<sup>1,2</sup><br>| **Position(s)**<br> **Held (Length of**<br> **Service)**<sup>3</sup><br>| **Number of**<br> **BlackRock-**<br> **Advised**<br> **Registered**<br> **Investment**<br> **Companies**<br> **("RICs")**<br> **Consisting** <br> **of**<br> **Investment**<br> **Portfolios**<br> **("Portfolios")**<br> **Overseen**<br>| **Principal Occupation(s) During Past** <br> **Five Years**<br>| **Public**<br> **Company and**<br> **Other**<br> **Investment**<br> **Company**<br> **Directorships**<br> **Held During**<br> **Past Five**<br> **Years**<br>|
| &nbsp;&nbsp; Collette Chilton <br> 1958<br>| Trustee (Since <br> 2015)<br>| 30 RICs <br> consisting <br> of 164 <br> Portfolios<br>| Chief Investment Officer, Williams College <br> since 2006; Chief Investment Officer, <br> Lucent Asset Management Corporation from <br> 1998 to 2006; Director, Boys and Girls Club <br> of Boston since 2017; Director, B1 Capital <br> since 2018; Director, David and Lucile <br> Packard Foundation since 2020.<br>|  |
| &nbsp;&nbsp; Neil A. Cotty <br> 1954<br>| Trustee (Since <br> 2016)<br>| 30 RICs <br> consisting <br> of 164 <br> Portfolios<br>| Bank of America Corporation from 1996 to <br> 2015, serving in various senior finance <br> leadership roles, including Chief Accounting <br> Officer from 2009 to 2015, Chief Financial <br> Officer of Global Banking, Markets and <br> Wealth Management from 2008 to 2009, <br> Chief Accounting Officer from 2004 to <br> 2008, Chief Financial Officer of Consumer <br> Bank from 2003 to 2004, Chief Financial <br> Officer of Global Corporate Investment <br> Bank from 1999 to 2002.<br>|  |
| &nbsp;&nbsp; Henry R. Keizer <br> 1956<br>| Trustee (Since <br> 2019)<br>| 30 RICs <br> consisting <br> of 164 <br> Portfolios<br>| Director, Park Indemnity Ltd. (captive <br> insurer) since 2010; Director, MUFG <br> Americas Holdings Corporation and MUFG <br> Union Bank, N.A. (financial and bank <br> holding company) from 2014 to 2016; <br> Director, American Institute of Certified <br> Public Accountants from 2009 to 2011; <br> Director, KPMG LLP (audit, tax and <br> advisory services) from 2004 to 2005 and <br> 2010 to 2012; Director, KPMG International <br> in 2012, Deputy Chairman and Chief <br> Operating Officer thereof from 2010 to 2012 <br> and U.S. Vice Chairman of Audit thereof <br> from 2005 to 2010; Global Head of Audit, <br> KPMGI (consortium of KPMG firms) from <br> 2006 to 2010; Director, YMCA of Greater <br> New York from 2006 to 2010.<br>| Hertz Global Holdings <br> (car rental); GrafTech <br> International Ltd. <br> (materials <br> manufacturing); <br> Montpelier Re Holdings, <br> Ltd. (publicly held <br> property and casualty <br> reinsurance) from 2013 to <br> 2015; WABCO <br> (commercial vehicle <br> safety systems) from <br> 2015 to 2020; Sealed Air <br> Corp. (packaging) from <br> 2015 to 2021.<br>|
| &nbsp;&nbsp; Cynthia A. Montgomery <br> 1952<br>| Trustee (Since <br> 2009)<br>| 30 RICs <br> consisting <br> of 164 <br> Portfolios<br>| Professor, Harvard Business School since <br> 1989.<br>| Newell Rubbermaid, Inc. <br> (manufacturing) from <br> 1995 to 2016 <br>|

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and**<br> **Year of Birth**<sup>1,2</sup><br>| **Position(s)**<br> **Held (Length of**<br> **Service)**<sup>3</sup><br>| **Number of**<br> **BlackRock-**<br> **Advised**<br> **Registered**<br> **Investment**<br> **Companies**<br> **("RICs")**<br> **Consisting** <br> **of**<br> **Investment**<br> **Portfolios**<br> **("Portfolios")**<br> **Overseen**<br>| **Principal Occupation(s) During Past** <br> **Five Years**<br>| **Public**<br> **Company and**<br> **Other**<br> **Investment**<br> **Company**<br> **Directorships**<br> **Held During**<br> **Past Five**<br> **Years**<br>|
| &nbsp;&nbsp; Donald C. Opatrny <br> 1952<br>| Trustee (Since <br> 2019)<br>| 30 RICs <br> consisting <br> of 164 <br> Portfolios<br>| Director, Athena Capital Advisors LLC <br> (investment management firm) from 2013 to <br> 2020; Trustee, Vice Chair, Member of the <br> Executive Committee and Chair of the <br> Investment Committee, Cornell University <br> from 2004 to 2019; President and Trustee, <br> the Center for the Arts, Jackson Hole from <br> 2011 to 2018; Member of the Board and <br> Investment Committee, University School <br> from 2007 to 2018; Trustee, Artsor (a <br> Mellon Foundation affiliate) from 2010 to <br> 2015; Member of the Investment <br> Committee, Mellon Foundation from 2009 <br> to 2015; President, Trustee and Member of <br> the Investment Committee, The Aldrich <br> Contemporary Art Museum from 2007 to <br> 2014; Trustee and Chair of the Investment <br> Committee, Community Foundation of <br> Jackson Hole since 2014; Member of <br> Affordable Housing Supply Board of <br> Jackson, Wyoming since 2017; Member, <br> Investment Funds Committee, State of <br> Wyoming since 2017; Trustee, Phoenix Art <br> Museum since 2018; Trustee, Arizona <br> Community Foundation and Member of <br> Investment Committee since 2020.<br>|  |
| &nbsp;&nbsp; Lori Richards<sup>5</sup> 1960<br>| Trustee (Since <br> 2024)<br>| 30 RICs <br> consisting <br> of 164 <br> Portfolios<br>| Member, National Adjudicatory Council of <br> the Financial Industry Regulatory Authority <br> (FINRA) from 2019 to 2022; Chief <br> Compliance Officer for Asset & Wealth <br> Management at JPMorgan Chase from 2013 <br> to 2018.<br>|  |
| &nbsp;&nbsp; Kenneth L. Urish <br> 1951<br>| Trustee (Since <br> 2009)<br>| 30 RICs <br> consisting <br> of 164 <br> Portfolios<br>| Managing Partner, Urish Popeck & Co., <br> LLC (certified public accountants and <br> consultants) since 1976; Past-Chairman of <br> the Professional Ethics Committee of the <br> Pennsylvania Institute of Certified Public <br> Accountants and Committee Member <br> thereof since 2007; Member of External <br> Advisory Board, The Pennsylvania State <br> University Accounting Department since <br> founding in 2001; Principal, UP Strategic <br> Wealth Investment Advisors, LLC since <br> 2013; Trustee, The Holy Family Institute <br> from 2001 to 2010; President and Trustee, <br> Pittsburgh Catholic Publishing Associates <br> from 2003 to 2008; Director, Inter-Tel from <br> 2006 to 2007; Member, Advisory Board, <br> ESG Competent Boards since 2020.<br>|  |
| &nbsp;&nbsp; Claire A. Walton<sup>6</sup> 1957<br>| Trustee (Since <br> 2016)<br>| 30 RICs <br> consisting <br> of 164 <br> Portfolios<br>| Chief Operating Officer and Chief Financial <br> Officer of Liberty Square Asset <br> Management, LP from 1998 to 2015; <br> General Partner of Neon Liberty Capital <br> Management, LLC since 2003; Director, <br> Boston Hedge Fund Group from 2009 to <br> 2018; Director, Woodstock Ski Runners <br> since 2013; Director, Massachusetts Council <br> on Economic Education from 2013 to 2015.<br>|  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and**<br> **Year of Birth**<sup>1,2</sup><br>| **Position(s)**<br> **Held (Length of**<br> **Service)**<sup>3</sup><br>| **Number of**<br> **BlackRock-**<br> **Advised**<br> **Registered**<br> **Investment**<br> **Companies**<br> **("RICs")**<br> **Consisting** <br> **of**<br> **Investment**<br> **Portfolios**<br> **("Portfolios")**<br> **Overseen**<br>| **Principal Occupation(s) During Past** <br> **Five Years**<br>| **Public**<br> **Company and**<br> **Other**<br> **Investment**<br> **Company**<br> **Directorships**<br> **Held During**<br> **Past Five**<br> **Years**<br>|
| Interested Trustees<sup>7</sup>  | Interested Trustees<sup>7</sup>  | Interested Trustees<sup>7</sup>  | Interested Trustees<sup>7</sup>  | Interested Trustees<sup>7</sup>  |
| &nbsp;&nbsp; Robert Fairbairn <br> 1965<br>| Trustee (Since <br> 2018)<br>| 103 RICs <br> consisting <br> of 266 <br> Portfolios<br>| Vice Chairman of BlackRock, Inc. since <br> 2019; Member of BlackRock's Global <br> Executive and Global Operating <br> Committees; Co-Chair of BlackRock's <br> Human Capital Committee; Senior <br> Managing Director of BlackRock, Inc. from <br> 2010 to 2019; oversaw BlackRock's <br> Strategic Partner Program and Strategic <br> Product Management Group from 2012 to <br> 2019; Member of the Board of Managers of <br> BlackRock Investments, LLC from 2011 to <br> 2018; Global Head of BlackRock's Retail <br> and iShares<sup>®</sup> businesses from 2012 to 2016.<br>|  |
| &nbsp;&nbsp; John M. Perlowski <br> 1964<br>| Trustee (Since <br> 2015)<br> President and <br> Chief<br> Executive Officer<br> (Since 2010)<br>| 105 RICs <br> consisting <br> of 268 <br> Portfolios<br>| Managing Director of BlackRock, Inc. since <br> 2009; Head of BlackRock Global <br> Accounting and Product Services since <br> 2009; Advisory Director of Family Resource <br> Network (charitable foundation) since 2009.<br>|  |

---

<sup>1</sup> The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001.

<sup>2</sup> Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.

<sup>3</sup> In connection with the acquisition of Barclays Global Investors by BlackRock, Inc. in December 2009, certain Independent Trustees were elected to the Board. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds as follows: Cynthia A. Montgomery, 1994; Kenneth L. Urish, 1999; Henry R. Keizer, 2016; Donald C. Opatrny, 2015.

<sup>4</sup> Mr. Ailman was appointed to serve as Trustee of MIP effective September 1, 2024.

<sup>5</sup> Ms. Richards was appointed to serve as Trustee of MIP effective June 1, 2024.

<sup>6</sup> Ms. Walton was named Compliance Chair and Audit Committee member effective January 1, 2025.

<sup>7</sup> Mr. Fairbairn and Mr. Perlowski are both "interested persons," as defined in the 1940 Act, of MIP based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.

Certain biographical and other information relating to the officers of MIP who are not Trustees is set forth below, including their address and year of birth, principal occupations for at least the last five years and length of time served.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name and**<br> **Year of Birth**<sup>1,2</sup><br>| &nbsp;&nbsp; **Position(s)**<br> **Held (Length of**<br> **Service)**<br>| **Principal Occupation(s) During Past Five Years** |
| Officers Who Are Not Trustees | Officers Who Are Not Trustees | Officers Who Are Not Trustees |
| &nbsp;&nbsp; Thomas Callahan <br> 1968<br>| Vice President (Since 2016) | &nbsp;&nbsp; Managing Director of BlackRock, Inc. since 2013; <br> Member of the Board of Managers of BlackRock <br> Investments, LLC (principal underwriter) since 2019 and <br> Managing Director thereof since 2017; Head of <br> BlackRock's Global Cash Management Business <br> since 2016; Co-Head of the Global Cash Management <br> Business from 2014 to 2016; Deputy Head of the Global <br> Cash Management Business from 2013 to 2014; Member <br> of the Cash Management Group Executive Committee <br> since 2013; Chief Executive Officer of NYSE Life U.S. <br> from 2008 to 2013.<br>|
| &nbsp;&nbsp; Jennifer McGovern <br> 1977<br>| Vice President (Since 2014) | &nbsp;&nbsp; Managing Director of BlackRock, Inc. since 2016; <br> Director of BlackRock, Inc. from 2011 to 2015; Head of <br> Product Development and Oversight for BlackRock's <br> Strategic Product Management Group since 2019; Head <br> of Product Structure and Oversight for BlackRock's U.S. <br> Wealth Advisory Group from 2013 to 2019. <br>|

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name and**<br> **Year of Birth**<sup>1,2</sup><br>| &nbsp;&nbsp; **Position(s)**<br> **Held (Length of**<br> **Service)**<br>| **Principal Occupation(s) During Past Five Years** |
| &nbsp;&nbsp; Trent Walker <br> 1974<br>| Chief Financial Officer (Since 2021) | &nbsp;&nbsp; Managing Director of BlackRock, Inc. since September <br> 2019; Executive Vice President of PIMCO from 2016 to <br> 2019; Senior Vice President of PIMCO from 2008 to <br> 2015; Treasurer from 2013 to 2019 and Assistant <br> Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO <br> Variable Insurance Trust, PIMCO ETF Trust, PIMCO <br> Equity Series, PIMCO Equity Series VIT, PIMCO <br> Managed Accounts Trust, 2 PIMCO-sponsored interval <br> funds and 21 PIMCO-sponsored closed-end funds.<br>|
| &nbsp;&nbsp; Jay M. Fife <br> 1970<br>| Treasurer (Since 2009) | Managing Director of BlackRock, Inc. since 2007. |
| &nbsp;&nbsp; Charles Park <br> 1967<br>| Chief Compliance Officer (Since 2014) | &nbsp;&nbsp; Anti-Money Laundering Compliance Officer for certain <br> BlackRock-advised Funds from 2014 to 2015; Chief <br> Compliance Officer of BlackRock Advisors, LLC and the <br> BlackRock-advised Funds in the BlackRock Multi-Asset <br> Complex and the BlackRock Fixed-Income Complex <br> since 2014; Principal of and Chief Compliance Officer <br> for iShares<sup>®</sup> Delaware Trust Sponsor LLC since 2012 and <br> BlackRock Fund Advisors ("BFA") since 2006; Chief <br> Compliance Officer for the BFA-advised iShares<sup>®</sup> <br>exchange traded funds since 2006; Chief Compliance <br> Officer for BlackRock Asset Management International <br> Inc. since 2012.<br>|
| &nbsp;&nbsp; Lisa Belle <br> 1968<br>| &nbsp;&nbsp; Anti-Money Laundering Compliance Officer (Since <br> 2019)<br>| &nbsp;&nbsp; Managing Director of BlackRock, Inc. since 2019; Global <br> Financial Crime Head for Asset and Wealth Management <br> of JP Morgan from 2013 to 2019; Managing Director of <br> RBS Securities from 2012 to 2013; Head of Financial <br> Crimes for Barclays Wealth Americas from 2010 to 2012.<br>|
| &nbsp;&nbsp; Janey Ahn <br> 1975<br>| Secretary (Since 2019) | &nbsp;&nbsp; Managing Director of BlackRock, Inc. since 2018; <br> Director of BlackRock, Inc. from 2009 to 2017.<br>|

---

<sup>1</sup> The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001.

<sup>2</sup> Officers of MIP serve at the pleasure of the Board.

**Share Ownership** 

Information relating to each Trustee's share ownership in all BlackRock-advised Funds that are currently overseen by the respective Trustee ("Supervised Funds") as of December 31, 2025 is set forth in the chart below.

---

| | |
|:---|:---|
| **Name** | &nbsp;&nbsp; **Aggregate Dollar**<br> **Range of Equity**<br> **Securities in**<br> **Supervised Funds**<br>|
| Independent Trustees: | Independent Trustees: |
| Christopher Ailman | N/A |
| Susan J. Carter | Over $100,000 |
| Collette Chilton | Over $100,000 |
| Neil A. Cotty | Over $100,000 |
| Henry R. Keizer | Over $100,000 |
| Cynthia A. Montgomery | Over $100,000 |
| Donald C. Opatrny | Over $100,000 |
| Lori Richards | N/A |
| Mark Stalnecker | Over $100,000 |
| Kenneth L. Urish | Over $100,000 |
| Claire A. Walton | Over $100,000 |
| Interested Trustees: | Interested Trustees: |
| Robert Fairbairn | Over $100,000 |
| John M. Perlowski | Over $100,000 |

---

As of December 31, 2025, the Trustees and officers of MIP as a group owned an aggregate of less than 1% of any class of the outstanding shares of the Master Portfolio. As of December 31, 2025, none of the Independent Trustees of MIP or their immediate family members owned beneficially or of record any securities of the Master Portfolio's investment adviser, principal underwriter, or any person directly or indirectly controlling, controlled by, or under common control with such entities.

------

**Compensation of Trustees** 

Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $375,000 per year for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex, including MIP, and a $20,000 board meeting fee to be paid for each in-person board meeting attended (and may receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings held in a calendar year (compensation for meetings in excess of this number to be determined on a case-by-case basis), together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses relating to attendance at meetings. The Chairs of the Audit Committee, Compliance Committee, Governance Committee and Performance Committee are paid as compensation an additional annual retainer of $45,000, respectively. The Chair of the Boards is paid an additional annual retainer of $150,000.

The following table sets forth the compensation MIP paid to the Trustees on behalf of the Master Portfolio for the fiscal year ended December 31, 2025 and the aggregate compensation paid to them by all BlackRock-advised Funds for the calendar year ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Compensation**<br> **from the**<br> **Master Portfolio**<br>| **Estimated Annual**<br> **Benefits upon**<br> **Retirement**<br>| **Aggregate**<br> **Compensation from**<br> **the Master**<br> **Portfolio and**<br> **Other BlackRock-**<br> **Advised Funds**<sup>1</sup> <br>|
| Independent Trustees: | Independent Trustees: | Independent Trustees: | Independent Trustees: |
| Christopher Ailman | &nbsp;&nbsp; $20706 |  | &nbsp;&nbsp; $445000 |
| Susan J. Carter | &nbsp;&nbsp; $20706 |  | &nbsp;&nbsp; $445000 |
| Collette Chilton | &nbsp;&nbsp; $20706 |  | &nbsp;&nbsp; $445000 |
| Neil A. Cotty | &nbsp;&nbsp; $21791 |  | &nbsp;&nbsp; $467500 |
| Henry R. Keizer<sup>2</sup> | &nbsp;&nbsp; $23325 |  | &nbsp;&nbsp; $490000 |
| Cynthia A. Montgomery<sup>3</sup> | &nbsp;&nbsp; $23325 |  | &nbsp;&nbsp; $490000 |
| Donald C. Opatrny<sup>4</sup> | &nbsp;&nbsp; $23325 |  | &nbsp;&nbsp; $490000 |
| Lori Richards | &nbsp;&nbsp; $20706 |  | &nbsp;&nbsp; $445000 |
| Mark Stalnecker<sup>5</sup> | &nbsp;&nbsp; $29434 |  | &nbsp;&nbsp; $595000 |
| Kenneth L. Urish | &nbsp;&nbsp; $20706 |  | &nbsp;&nbsp; $445000 |
| Claire A. Walton<sup>6</sup> | &nbsp;&nbsp; $23325 |  | &nbsp;&nbsp; $490000 |
| Interested Trustees: | Interested Trustees: | Interested Trustees: | Interested Trustees: |
| Robert Fairbairn |  |  |  |
| John M. Perlowski |  |  |  |

---

<sup>1</sup> For the number of BlackRock-advised Funds from which each Trustee receives compensation, see the Biographical Information chart above.

<sup>2</sup> Chair of the Audit Committee.

<sup>3</sup> Chair of the Governance Committee.

<sup>4</sup> Chair of the Performance Oversight Committee.

<sup>5</sup> Chair of the Board and Chair of the Ad Hoc Topics Committee.

<sup>6</sup> Chair of the Compliance Committee and Audit Committee member effective January 1, 2025.

------

**Appendix B – Proxy Voting Policies** 

**BlackRock Fund Advisors, BlackRock Financial Management, Inc., BlackRock Investment Management, LLC, BlackRock International Limited and BlackRock (Singapore) Limited** 

**BlackRock Investment Stewardship** 

**Global Principles for Benchmark Policies** 

**Effective as of January 2026**

**Introduction to BlackRock Investment Stewardship** 

At BlackRock, investment stewardship serves as a link between our clients and the companies they invest in and is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their behalf. BlackRock offers a range of proxy voting policies to reflect clients' individual investment choices and goals.

BlackRock Investment Stewardship (BIS) is responsible for stewardship activities in relation to clients' assets invested in index equity strategies. BIS takes a long-term approach in our stewardship efforts, reflecting the investment horizons of the majority of our clients. BIS does this through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Engaging with the boards and management of companies** in which clients are invested to deepen our understanding of a company's business model, including how they are overseeing material business risks and opportunities over time, and to help inform our voting on behalf of clients.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Voting at shareholder meetings** on management and shareholder proposals for clients who have authorized BIS to vote on their behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Contributing to industry dialogue on stewardship** to share our perspectives on matters that may impact our clients' investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Reporting on our activities to inform clients** about our stewardship efforts on their behalf through a range of publications on our website and direct client communications.

This document provides an overarching explanation of the principles that guide our approach to engaging and voting on corporate governance matters and other material risks and opportunities under BIS' Benchmark Policies. The BIS Benchmark Policies – which are comprised of the BIS Global Principles, regional voting guidelines, and Engagement Priorities – apply to clients' assets invested through index equity strategies, take a financial materiality-based approach, and are focused solely on advancing clients' long-term financial interests.<sup>2</sup>

**Philosophy on Investment Stewardship** 

Sound governance is critical to a company's ability to create long-term financial value. We maintain global principles on corporate governance, which guide our approach to stewardship across jurisdictions, while recognizing the unique characteristics of the different markets where companies operate.

Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many minority shareholders in public companies, BlackRock does not direct a company's strategy or its implementation, nor how they should manage material business risks. Our role, on behalf of clients as long-term investors, is to better understand how corporate leadership is managing material risks and capitalizing on opportunities to help protect and enhance the company's ability to deliver long-term financial returns.

<sup>1</sup> On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act. We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect, of changing or influencing control of any company.

<sup>2</sup> Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the five themes on which we most frequently engage companies, where they are relevant, as these can be a source of material business risk or opportunity.

**Stewardship in Practice** 

The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers, official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial value to serve our clients, many of whom are saving for long-term goals, such as retirement. Our stewardship program - including when engaging with companies and voting at shareholder meetings on behalf of clients - is conducted from a long-term investor perspective and takes a financial materiality-based approach, focused solely on advancing clients' long-term financial interests.

BIS engages with the boards and management of companies in which clients are invested to deepen our understanding of a company's business model, including how they are overseeing material business risks and opportunities over time, and to help inform our voting on behalf of clients. Engagements provide companies with the opportunity to share their perspectives on topics that, in BIS' experience, impact the long-term financial returns BlackRock's clients depend on to meet their financial goals.

------

Voting at a company's shareholder meeting is a right of share ownership and a core principle of corporate governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is consistent with the investment objectives of clients who have delegated voting authority to us. BIS' Benchmark Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent judgment of what is in the long-term financial interests of clients. Our vote decisions are often informed by several factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-party research, and, where appropriate, engagement with companies.

Generally, BIS supports the vote recommendations of the board of directors and management at companies which have sound corporate governance and deliver strong financial returns over time. When we determine it is in our clients' financial interests to convey concern to companies through voting, we may do so in two forms: we might not support the election of directors or other management proposals, or we might not support management's voting recommendation on a shareholder proposal.

**Shareholder Rights** 

BlackRock's global approach as a shareholder on behalf of our clients is underpinned by certain rights attached to shareholding in most markets, as established by corporate laws, regulations, and listing rules.<sup>3</sup> For example, in most markets, shareholders have the right to:

• Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter or bylaws.

• Vote on key board decisions that are material to the protection of their investment, including but not limited to, changes to the purpose of the business, dilution levels, and pre-emptive rights.

• Access sufficient and timely information on governance, strategic, and business matters — where such matters are material — to make informed decisions.

**Key governance topics** 

In our experience, there are certain globally applicable elements of corporate governance that contribute to a company's ability to create long-term financial value for shareholders. These are topics that shareholders may have the ability to vote on at shareholder meetings. These areas include:

• Boards and directors

• Auditors and audit-related issues

• Capital structure, mergers, asset sales, and other special situations

• Executive compensation

• Shareholder protections and other significant corporate governance matters

• Shareholder proposals

The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into consideration a number of company-specific factors, including the sector, market, and business environment within which companies operate.

At the regional level, it is our view that companies should observe the accepted corporate governance standards in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better supports durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.<sup>4</sup>

<sup>3</sup> Examples include: Government of Canada, "Canada Business Corporations Act," amended 2024; European Union, "Shareholder Rights Directive II," 2017; and the China Securities Regulatory Commission, "Code of Corporate Governance for Listed Companies in China," 2001. Websites accessed in December 2025.

<sup>4</sup> Our regional voting guidelines reflect these different market standards and norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives, amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting guidelines.

**Boards and Directors** 

**Oversight role of the board** 

Companies whose boards are comprised of appropriately qualified, engaged directors with professional characteristics relevant to a company's business enhance the board's ability to add long-term financial value and serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive advantage, providing valuable oversight and contributing to the most important management decisions that support long-term financial performance.

For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors. We engage, as necessary, with members of the board's nominating and/or governance committee to assess whether governance practices and board composition are effective given a company's business model, sector, market, and the business environment in which a company is operating.

We consider it good practice when the board establishes and maintains a framework of robust and effective governance mechanisms that supports its oversight of the company's strategy and operations, consistent with the long-term financial interests of investors. This includes

------

having clear descriptions of the role of the board and the committees of the board and how directors engage with and oversee management, as well as disclosure of material risks that may affect a company's long-term strategy and how management is effectively identifying, managing, and mitigating such risks.

Understanding management's long-term strategy and the milestones against which investors should assess its implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the board's role in reviewing the revised targets. We look to the board to articulate the effectiveness of these mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company's strategy.

Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate governance and risk oversight responsibilities, we may consider not supporting the election of directors who, in our assessment, have particular responsibility for the issues.

When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to the board's effectiveness as a group include the relevance of individual directors' qualifications and skillsets, as well as directors' capacity and other time commitments, and how these factors may contribute to the company's financial performance. We look to boards to establish formal and transparent processes for nominating directors that reflect the company's long-term strategy and business model.

In the section titled "Board quality and effectiveness" below, we provide more detail about our approach to board composition and how it underpins board effectiveness and long-term financial value creation.

**Regular accountability through director elections** 

The election of directors to the board is a right of shareholders and an important signal of support for, or concern about, the performance of the board in overseeing and advising management. To ensure accountability for their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.<sup>5</sup> Annual director elections allow shareholders to reaffirm their support for, or concerns about, board members' decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed, with a proportion of directors being put forward for election at each shareholder meeting.

**Board quality and effectiveness** 

Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect developments in the company's strategy and the market environment. In our view, it is beneficial for new directors to be brought onto the board periodically to refresh the group's thinking, while supporting both continuity and appropriate succession planning. We consider the average overall tenure of the board and seek a balance between the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more recently.

We appreciate when companies regularly review and assess how directors nominated for election contribute to the effectiveness of the board. In our view, the company's assessment should consider a number of factors, including each director's independence and time commitments, as well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the board's effectiveness in advising and overseeing management in delivering long-term financial returns

**Director independence** 

Director independence — from management, significant shareholders, or other related parties — is a central tenet of sound corporate governance across markets.<sup>6</sup> We look to boards to have a sufficient number of independent directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board and its ability to oversee management. We generally consider it good practice for independent directors to make a majority of the board, or in the case of controlled companies, at least one-third.

Common impediments to independence may include but are not limited to:

• Current or recent employment at the company or a subsidiary

• Being, or representing, a shareholder with a substantial shareholding in the company

• Interlocking directorships

• Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director's ability to act in the best interests of the company and shareholders

<sup>5</sup> In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law, market regulation or voluntary best practice.

<sup>6</sup> For example, please see: Tokyo Stock Exchange, "Japan's Corporate Governance Code," June 11, 2021; Financial Reporting Council, "UK Corporate Governance Code," January 2024, accessed in December 2025.

In our experience, boards are most effective at overseeing and advising management when there is a senior, independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not independent), be designated as a lead independent director. The role of this director is to support independent board members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information is provided to the board, and encouraging independent director participation in board deliberations. We appreciate when the lead independent director or another appropriate director is available to meet with shareholders to explain and contextualize a company's approach as a situation warrants.

------

Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms committees with a majority of independent directors, depending on market norms and a company's ownership structure. In many markets, these committees of the board specialize in audit, director nominations, and compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction, particularly one involving a related party, or to investigate a significant adverse event.

**Sufficient Capacity** 

As the role and expectations of a director are increasingly demanding, directors must be able to commit an appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best practice when they don't take on an excessive number of roles that would impair their ability to fulfill their duties.

**Board composition** 

In assessing board composition, we take into account a company's board size, business model, strategy, market capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when companies explain how their approach to board composition supports the company's governance practices.

When nominating directors to the board, we look to companies to provide sufficient information on the individual candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit within overall board composition. These disclosures should explain how the collective experience and expertise of the board, as well as the particular skillsets of individual directors, aligns with the company's long-term strategy. Highly qualified, engaged directors with professional characteristics relevant to a company's business and strategy enhance the ability of the board to add value and be the voice of shareholders in board discussions.

It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board room. We see it as a means of avoiding "group think" in the board's exercise of its responsibilities to advise and oversee management. We note that in many markets, policymakers have set board gender diversity goals which we may discuss with companies, particularly if there is a risk their board composition may be misaligned.

**Auditors and audit-related issues** 

BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a company's financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the auditor in preparing the financial statements, to be reasonable and justified.

We view the audit committee, or its equivalent, as responsible for overseeing the management of the independent auditor and the internal audit function at a company. The committee plays an important role in a company's financial reporting system by providing independent oversight of the accounts, material financial, and, where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management systems.<sup>7</sup> In our view, effective audit committee oversight strengthens the quality and reliability of a company's financial statements and provides an important level of reassurance to shareholders.

We look to audit committees, or their equivalent, to have clearly articulated charters that set out their responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant expertise to monitor and oversee the audit process and related activities.

We take particular note of unexplained changes in reporting methodology, cases involving significant financial restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor or internal audit function.

The integrity of financial statements depends on the auditor being free of any impediments that could compromise its ability to serve as an effective check on management. To that end, it is important that auditors are, and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for assessing the independence of the auditor and the quality of the external audit process on an annual basis.

Comprehensive disclosure provides investors with an understanding of the company's long-term operational risk management practices and, more broadly, the quality of the board's oversight. We look to the audit or risk committee to periodically review the company's risk assessment and risk management policies and the significant risks and exposures identified by management, the internal auditors or the independent auditors, and management's steps to address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing risk.

<sup>7</sup> Enterprise Risk Management is a process, effected by the entity's board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO), "Enterprise Risk Management," 2023, accessed in December 2025.

**Capital structure, mergers, acquisitions, asset sales, and other special situations** 

------

The capital structure of a company is critical to shareholders as it impacts the value of their investment and the priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key protection for shareholders against the dilution of their interests.

In principle, we have concerns with the creation of a share class with equivalent economic exposure and differentiated voting rights. As a result, BIS generally supports bylaw amendments that introduce the adoption of "one share, one vote" for registered shareholders.

However, we recognize that in certain markets, at least for a period of time, companies may have a valid reason for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these share class structures on a regular basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital structure on a periodic basis via a management proposal at the company's shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.

In assessing mergers, asset sales, or other special situations, BIS' primary consideration is the long-term financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective in mind. Typically, we review factors such as whether the proposed transaction has the unanimous support of the board and has been negotiated at arm's length, and whether the board or management has clearly explained its economic and strategic rationale. We may also seek reassurance from the board that the financial interests of executives and/or board members in a given transaction have not adversely affected their ability to place shareholders' interests before their own. Where the transaction involves related parties, the recommendation to support should come from the independent directors, a best practice in most markets, and ideally, the terms should have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted parties.

As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders' ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to shareholder approval upon introduction and periodically thereafter.

**Executive Compensation and benefits** 

Executive compensation is an important tool used by companies to support long-term financial value creation. A well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals; encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity ownership.<sup>8</sup>

We look for a clear link between variable pay and operational and financial performance that support sustained financial value creation for our clients as shareholders. We appreciate when performance targets incorporate ambitious objectives, and the corresponding metrics are aligned with the company's strategy and business model. BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a period of years.

We consider it best practice when board members responsible for designing and approving executive compensation carefully consider the company's specific circumstances. Factors to consider may include the company's risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We look to the compensation committees to guard against contractual arrangements that would entitle executives to material compensation for early termination of their employment. Finally, we look for pension contributions and other deferred compensation arrangements to be reasonable in light of market practices or the company's business and executive compensation strategies.

We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded performance rather than solely base increases in total compensation on peer benchmarking.

We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions could require executives to forgo awards when compensation was based on faulty financial statements or deceptive business practices, or when their behavior caused material financial harm to shareholders, material reputational risk to the company, or resulted in a criminal investigation.

In our view, non-executive directors should be compensated in a manner that is commensurate with the time and effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk compromising directors' independence or aligning their interests too closely with those of the management, whom they are charged with overseeing.

When assessing compensation proposals, BIS reviews companies' disclosures to determine whether the board's approach to executive compensation is rigorous in light of the company's stated long-term corporate strategy and specific circumstances, as well as local market and policy developments.

------

When our analysis indicates that executive compensation is misaligned with company performance, BIS may not support management's proposals to approve compensation, where they are on the agenda. We may also not support members of the compensation committee or equivalent board members for poor compensation practices or structures

<sup>8</sup> The terms "compensation," "remuneration," and "pay" are used interchangeably to describe the same concept in different markets.

**Shareholder protections and other corporate governance matters** 

**Corporate form** 

In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given the company's purpose and business model.<sup>9</sup> We look to companies proposing to change their corporate form to a public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under applicable law. We appreciate when supporting documentation from companies or shareholders proposing to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally support management proposals if our analysis indicates that shareholders' financial interests are adequately protected. Corporate form shareholder proposals are evaluated on a case-by-case basis.

**Shareholder proposals** 

In most markets, shareholders can submit proposals to be voted on at a company's shareholder meeting, as long as certain requirements are met. Shareholder proposals span a wide range of topics, including governance reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These proposals have a varying degree of relevance for companies across sectors, locations, and business models.

BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the proposal's implications for long-term financial value creation for shareholders. Our analysis considers whether a shareholder proposal addresses a material risk that may impact a company's long-term financial performance. BIS may support shareholder proposals that request disclosures that help us, as long-term investors on behalf of our clients, better understand the material risks and opportunities companies face and how they are managing them, especially where this information is additive given the company's existing disclosures. We look for consistency between the specific request formally made in the proposal, the supporting documentation, and the proponents' other communications on the issues. We also assess the company's practices and disclosures and the costs and benefits to the company of meeting the request made in the proposal. We take into consideration a company's governance practices and disclosures against those of their peers.

BIS does not support shareholder proposals that we view as inconsistent with long-term financial value or that seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that would be deemed illegal in a given jurisdiction.

In our experience, it is helpful when companies disclose the names of the proponent or organization that has submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent's supporting statement may refer to topics that are not directly related to the request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by the proponent. Therefore, when we vote in support of a proposal, we are not necessarily endorsing every element of the proposal or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for different reasons than those put forth by the proponent, when we believe that overall it may advance our clients' long-term financial interests.

BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies. Non-compliance with these requirements could adversely affect BlackRock's ability to serve its clients' interests.

<sup>9</sup> Corporate form refers to the legal structure by which a business is organized.

**Material sustainability-related risks and opportunities** 

Appropriate oversight of material risks and opportunities, including material sustainability-related risks and opportunities, is an important component of having an effective governance framework that supports durable, long-term financial value creation.<sup>10</sup>

We look to companies to provide robust disclosure that allows investors to effectively evaluate companies' strategy and business practices related to material sustainability-related risks and opportunities. We find it helpful when companies' disclosures demonstrate that they have a resilient business model that integrates material sustainability-related risks and opportunities into their strategy, risk management, and metrics and targets, including industry-specific metrics.

Standardized disclosure of sustainability-related data supports investors in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to standardization that we find useful in our analysis.<sup>11</sup> However, we do not mandate any specific disclosure framework companies should use, and recognize that companies may report using different standards, some of which may be required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company-specific.

We also recognize that companies may be phasing in reporting over several years. We do not prescribe timelines regarding when companies should make sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of their shareholder

------

meeting, to the best of their abilities, to provide investors with time to assess the data and make informed voting decisions.

Industry initiatives on managing specific operational risks may also provide useful guidance to companies on best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their approach to sustainable and responsible business practices.

<sup>10</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators.

<sup>11</sup> The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1 "General Requirements for Disclosure of Sustainability-related Financial Information" and S2 "Climate-related Disclosures." Websites accessed in December 2025.

**Climate and nature-related risk** 

Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose, consistent with their business model and sector, how they intend to deliver long-term financial performance through the low-carbon transition, including where available, their transition plan.<sup>12, 13</sup> From company disclosures and engagement, we seek to understand the strategies companies have in place to manage material risks to, and opportunities for, their long-term business model associated with a range of climate-related scenarios.

Recognizing the value of these disclosures, certain markets such as the European Union mandate large companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are viewed as best practice in the market.

The ISSB standards provide one such framework that can assist investors in assessing company-specific climate-related risks and opportunities, and informing investment decisions. Such disclosures also provide investors with insights into how companies are managing the risks associated with a transition to a low-carbon economy by managing their own carbon emissions or emissions intensities to the extent financially practicable.

The ISSB standards, for example, contemplate disclosures on how companies are setting short-, medium- and long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.

While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage, we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a good-faith basis as methodology develops.

In addition to climate-related risks and opportunities, for companies whose strategies, operations or supply chains are materially reliant on natural capital, nature-related risks and opportunities may affect their ability to generate long-term financial returns.<sup>14</sup> For these companies, we rely on disclosures to understand how their strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.<sup>15</sup>

<sup>12</sup> We have observed that more companies are developing such plans, and public policymakers in certain markets are signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union (please see the International Transition Plan Network for information). We view transition plans as a method for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across the landscape there remains divergence on the objectives of such plans and the details they should contain. While transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned actions and resource implications. Website accessed in December 2025.

<sup>13</sup> For more information, please see our commentary "Climate-related risks and a low-carbon transition," December 2025.

<sup>14</sup> For more information, please see our commentary "Our approach to engagement on natural capital," December 2025.

<sup>15</sup> Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a company's natural capital dependencies and impacts would aid investors' understanding. The recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that some companies may report using different standards, which may be required by regulation, or one of a number of other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.

**Companies' impact on their workforce, supply chains, and communities** 

Companies determine their key stakeholders based on what is material to their business and long-term financial performance. For many companies, key stakeholders include employees, business supply chains, clients and consumers, regulators, and the communities in which they operate.

In our experience, companies that invest in the relationships that are critical to their strategic objectives are more likely to deliver durable, long-term financial performance. By contrast, we have found that poor relationships may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks. This is particularly relevant to a company's workforce, which is central to long-term financial value creation.<sup>16</sup>

As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have identified their key stakeholders and considered their interests in business decision-making. In addition to understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the needs of their workforce today, and the skills required for their future business

------

strategy. We are also interested in understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the approach taken by management is informed by and aligns with the company's strategy. BIS does not direct a company's policies or practices, which are the responsibility of management and the board.

In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts that could arise from their business practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material impacts.

We look to boards to oversee management's approach to addressing material risks related to key stakeholders and may convey concerns about board oversight in our voting on director elections or supporting a business relevant shareholder proposal when, in our assessment, the board is not acting in shareholders' long-term financial interests.

<sup>16</sup> For more information, please see our commentary "Our approach to engagement on human capital management," December 2025.

**BlackRock's oversight of its investment stewardship activities**

BIS' governance structure supports oversight and accountability of stewardship-related activities on behalf of clients at the global and regional level.

At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee) supports BIS' regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global Principles and regional voting guidelines. The Committee also reviews periodic reports regarding the votes cast by BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who are independent from the investment stewardship function.

The Global Heads have primary oversight of BIS' activities globally, including voting in accordance with the Global Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and EMEA oversee BIS' activities for their specific markets.

**Vote execution** 

BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund, the Fund's affiliates (if any), BlackRock or BlackRock's affiliates, or BlackRock employees (see "Conflicts management policies and procedures," below).

In certain markets, proxy voting involves logistical issues which can affect BIS' ability to vote, as well as the cost of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of shareholder meetings; 2) restrictions on a foreigner's ability to exercise votes; 3) requirements to vote proxies in person; 4) "share-blocking" (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.

BIS votes proxies in these situations on a "best-efforts" basis. In addition, BIS may determine that it is generally in the interests of BlackRock's clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the proposal.

**Conflicts management policies and procedures**

BIS is a dedicated function whose responsibilities are separate from BlackRock's sales, business partnership or enterprise-level vendor management activities.

BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS' proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock's affiliates, a Fund or a Fund's affiliates, or BlackRock employees.

For information on how BIS manages conflicts of interest, please see our disclosure.

**Securities lending** 

When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities enables BlackRock to increase the returns in clients' portfolios, and BlackRock's lending agreements allow it to recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities out on loan. Entitlements associated with the lent securities (dividends, coupons,

------

etc.), while on loan are paid back to the lender of the security as stipulated in industry standard legal agreements.

With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan as part of BlackRock's securities lending program in order to vote is based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to clients of voting those securities (based on the information available at the time of recall consideration).<sup>17</sup> BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis teams to evaluate the costs and benefits to clients of recalling shares on loan.

In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would be less than the potential revenue the loan may provide clients. However, in certain instances, BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is important to note that the majority of lendable assets in the market at any given time are not out on loan.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

<sup>17</sup> Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent business judgement as a fiduciary, the benefit to a fund's shareholders of recalling loaned shares in advance of an estimated record date without knowing whether there will be a vote on matters which have a material impact on the fund (thereby forgoing potential securities lending revenue for the fund's shareholders) or leaving shares on loan to potentially earn revenue for the fund (thereby forgoing the opportunity to vote).

**Voting Choice** 

BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy voting process, where legally and operationally viable.<sup>18</sup>

Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in certain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity (SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice regardless of their investment strategies.<sup>19</sup> Voting Choice is also available for eligible U.S. retail shareholder accounts invested in BlackRock's largest U.S. exchange-traded fund.<sup>20</sup>

As a result, the shares attributed to BlackRock portfolios in company share registers may be voted differently depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of Voting Choice.<sup>21</sup>

<sup>18</sup> BlackRock will determine eligibility criteria under this program based upon, among other things, local market regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations, including the decision to lend securities.

<sup>19</sup> With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and preferences from a set of voting policies from third-party proxy advisers. BlackRock can then use its proxy voting infrastructure to cast votes for the SMA based on the client's selected voting policy.

<sup>20</sup> Read more about BlackRock Voting Choice on our website.

<sup>21</sup> BlackRock does not disclose client information, including a client's selection of proxy policy, without client consent.

**Reporting and vote transparency** 

We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and through disclosure on our website. We make public our regional voting guidelines for the benefit of clients and the companies in which we invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement priorities, as well as quarterly reports detailing our proxy voting and engagement activities.

**Want to know more?** 

blackrock.com/stewardship \| contactstewardship@blackrock.com

This document is provided for information and educational purposes only. Investing involves risk, including the loss of principal.

Prepared by BlackRock, Inc.©2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

------

**Transamerica Asset Management, Inc.** 

**Proxy Voting Policies and Procedures** 

**1. Background** 

Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended ("Advisers Act") requires advisers to adopt and implement policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interest of its clients. These policies and procedures must be in writing and must describe how the adviser addresses material conflicts between its interests and those of its clients with respect to proxy voting.

Rule 206(4)-6 also requires each investment adviser to (1) disclose to clients how they may obtain information from the adviser about how it voted with respect to their respective securities; and (2) describe to clients its proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures to the requesting client.

Accordingly, Transamerica Asset Management, Inc. ("TAM") has adopted and implements written procedures designed to enable it to identify, address and monitor potential conflicts of interest.

**2. Policy** 

TAM recognizes that proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion in order to secure the best long-term interests of the advisory clients of TAM. TAM's proxy voting policies and procedures are designed to implement TAM's duty to vote proxies in clients' best interests.

**3. Sub-Advised Registered Investment Companies** 

TAM has delegated the responsibility to exercise voting authority with respect to securities held in the portfolios of the registered investment companies for which one or more sub-advisers has been retained by TAM as sub-adviser(s) for each such portfolio. The proxy voting policies and procedures of the respective sub-advisers are used to determine how to vote proxies relating to securities held by each such portfolio.

**4. Asset Allocation Registered Investment Companies** 

TAM exercises voting discretion for the Horizon Asset Allocation Funds and the Transamerica 60/40 Allocation VP of the Transamerica Series Trust ("Asset Allocation Funds"), or if specifically designated to TAM by its sub-advisory agreement.

TAM manages portfolios for the Transamerica Funds, the Transamerica Series Trust, and Transamerica Asset Allocation Funds (collectively, the "Funds"). TAM may invest an Asset Allocation Fund in shares of the Funds. If a Fund solicits a proxy for which an Asset Allocation Fund is entitled to vote, TAM's interests as manager of the Fund might appear to conflict with the interests of the shareholders of the Asset Allocation Fund. In these cases, TAM's proxy voting policy and procedures address material conflicts of interest that may arise between TAM, and/ or its affiliates and the Funds by either: (i) providing for voting in accordance with the recommendation of an independent third party or the Funds' Board; (ii) voting shares in the same proportion as the vote of all of the other holders of a Fund's shares; or (iii) obtaining the consent of the Funds' Board (or a Board Committee) with full disclosure of the conflict.

**Revision History** 

April 30, 2020, November 17, 2020, September 1, 2022, August 1, 2023, October 31, 2025

**Transamerica Funds** 

**Transamerica Series Trust** 

**PROXY VOTING POLICIES AND PROCEDURES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Statement of Principle** 

Proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion to secure the long-term interests of the shareholders of the Transamerica Funds and Transamerica Series Trust, (collectively, the "Funds"). The Funds seek to assure that proxies received by the Funds are voted in the best interests of the Funds' shareholders and have accordingly adopted these procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II. Delegation of Proxy Voting/Adoption of Adviser and Sub-Adviser Policies** 

Each Fund delegates the authority to vote proxies related to portfolio securities to Transamerica Asset Management, Inc. (the "Manager"), as investment adviser to each Fund, which in turn delegates proxy voting authority for most portfolios of the Funds to the Sub-Adviser retained to provide day-to-day portfolio management for that portfolio. For each Fund, the Manager and/or the Sub-Adviser make voting decisions pursuant to their own proxy voting policies and procedures, which have been adopted by the applicable Fund and approved by the applicable Fund's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III. Proxy Voting Requirements Under Rule 12d1-4 (Fund of Funds)** 

Any Fund that participates in fund of funds arrangements as either Acquiring Fund or Acquired Fund in reliance on Rule 12d1-4 under the Investment Company Act of 1940 may have additional proxy voting requirements. The concept of an Advisory Group also comes into play and means either: (i) the Acquiring Fund's Manager, and any person controlling, controlled by, or under common control with such Manager,

------

or (ii) the Acquiring Fund's Sub-Adviser and any person controlling, controlled by, or under common control with such Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Voting Requirements. An Acquiring Fund and its Advisory Group are required to use mirror voting when the Acquiring Fund and its Advisory Group, beneficially own, individually or in the aggregate, more than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 25% of the outstanding voting securities of an Acquired Fund that is an open-end fund or unit investment trust (i.e., as a result of a decrease in the outstanding voting securities of the Acquired Fund and not as a result of a prohibited acquisition of voting securities of the Acquired Fund); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 10% of the outstanding voting securities of an Acquired Fund that is a closed-end fund or BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pass Through Voting Requirement. In circumstances where all holders of the outstanding voting securities of the Acquired Fund are required by Rule 12d1-4 or otherwise under Section 12(d)(1) to use mirror voting (e.g., Section 12(d)(1)(E)), the Acquiring Fund will seek instructions from its security holders with regard to the voting of all proxies with respect to such Acquired Fund securities and vote such proxies only in accordance with such instructions (i.e., pass through voting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exceptions to Voting Requirements. The requirements outlined in Sections III.1 and III.2 above do not apply where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Acquiring Fund and an Acquired Fund are both within the Transamerica Funds Complex; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquiring Fund's Sub-Adviser, or any person controlling, controlled by, or under common control with that Sub-Adviser, acts as the Acquired Fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV. Securities on Loan** 

The Boards of Trustees/Directors of the Funds have authorized the Manager, in conjunction with State Street Bank and Trust Company ("State Street"), to lend portfolio securities on behalf of the Funds. Securities on loan generally are voted by the borrower of such securities. Should a Sub-Adviser to the Fund wish to exercise its vote for a particular proxy, the Manager will promptly contact State Street and terminate the loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V. Conflicts of Interest** 

The Board of Trustees/Directors seeks to ensure that proxies are voted in the best interests of Fund shareholders. For certain proxy proposals, the Manager's interests, the interests of the Sub-Adviser and/or their affiliates may differ from Fund shareholders' interests. To avoid the appearance of impropriety and to fulfill their fiduciary responsibility to shareholders in these circumstances, the Manager and the Sub-Advisers are required to establish procedures that are reasonably designed to address material conflicts between their interests and those of the Funds.

When a Sub-Adviser deems that it is conflicted with respect to a voting matter, its policy may call for it to seek voting instructions from the client. The Manager is authorized by the Board of Trustees/Directors to consider any such matters and provide voting instructions to the Sub-Adviser, unless the Manager has determined that its interests are conflicted with Fund shareholders with respect to the voting matter. In those instances, the Manager will instruct the Sub-Adviser to vote in accordance with the recommendation of a third-party proxy voting advisory service.

If a material conflict arises between the Manager or its affiliates and the Funds, in every case where the Manager exercises voting discretion, the Manager will (i) vote in accordance with the recommendation of a third-party (such as Glass Lewis) or Board(s); (ii) vote the shares in the same proportion as the vote of all of the other holders of the Fund's shares; or (iii) obtain the consent of the Board (or a Board Committee) with full disclosure of the conflict.

If the methods for addressing conflicts of interest, as described above, are deemed by the Manager to be unreasonable due to cost, timing or other factors, then the Manager may decline to vote in those instances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI. Recordkeeping** 

The Manager and the Sub-Advisers shall maintain records of all votes cast on behalf of the Funds. Such documentation will include the firm's proxy voting policies and procedures, company reports provided by proxy voting advisory services, additional information gathered by the Manager or the Sub-Adviser that was material to reaching a voting decision, and communications to the Manager regarding any identified conflicts. The Manager and the Sub-Advisers shall maintain voting records in a manner to facilitate the Funds' production of the Form N-PX filing on an annual basis.

All books and records required to be maintained under this Section V will be maintained in an easily accessible place for a period of not less than five years from the end of the fiscal years during which the last entry was made on the record, the first two years in an appropriate location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII. Disclosure** 

The Manager will coordinate the compilation of the Funds' proxy voting record for the most recent 12 months ended June 30 and file the required information with the SEC via Form N-PX by August 31 of each year. The Manager will include a copy of or a summary of this policy and the proxy voting policies and procedures of the Manager and the Sub-Advisers, as applicable, in each Fund's Statement of Additional Information ("SAI"). In each Fund's annual and semi-annual reports to shareholders, the Manager will disclose that a description

------

of this policy and the proxy voting policies and procedures of the Manager and the Sub-Advisers, as applicable, are (a) available upon request, without charge, by toll-free telephone request, (b) on the Funds' website (if applicable), and (c) on the SEC's website in the SAI. The SAI and shareholder reports will also disclose that the Funds' proxy voting record is available on the Funds' website and on the SEC's website by way of the Form N-PX. Within three business days of receiving a request, the Manager will send a copy of the policy description by first-class mail or other means designed to ensure prompt delivery, such as email.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII. Manager Oversight** 

The Manager shall review a Sub-Adviser's proxy voting policies and procedures for compliance with this Policy and applicable laws and regulations prior to initial delegation of proxy voting authority. The Manager will request each Sub-Adviser to provide a current copy of its Proxy Voting Policy or certify that there have been no material changes to its Proxy Voting Policy or that all material changes have been previously provided for review, and verify that such Proxy Voting Policy is consistent with those of the Funds and Adviser.

Revised: July 2015, March 2020, January 2022, April 2022, August 2023

------

**Appendix C – Portfolio Managers** 

In addition to managing the assets of the fund, a portfolio manager may have responsibility for managing other client accounts of the applicable adviser or its affiliates. The tables below show, per portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than the fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by a portfolio manager. Total assets attributed to a portfolio manager in the tables below include total assets of each account managed, although a portfolio manager may only manage a portion of such account's assets. The tables also show the number of performance based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account. This information is provided as of the fund's most recent fiscal year end, except as otherwise noted.

***BlackRock Fund Advisors ("BlackRock")*** 

**S&P 500 Index Master Portfolio** 

As of December 31, 2025, the individuals named as portfolio managers in the Prospectus were also primarily responsible for the day-to-day management of certain types of other portfolios and/or accounts in addition to the S&P 500 Index Master Portfolio (the underlying portfolio in which Transamerica Stock Index invests), as indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Jennifer Hsui, CFA | 371 | $3.18 trillion | 93 | $104.6 billion | 0 | $0 |
| Peter Sietsema, CFA | 370 | $3.19 trillion | 214 | $1.29 trillion | 136 | $891.1 billion |
| Matt Waldron, CFA | 364 | $3.18 trillion | 3 | $4.80 billion | 9 | $8.63 billion |
| Steven White | 366 | $3.18 trillion | 110 | $106.8 billion | 0 | $0 |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Jennifer Hsui, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Peter Sietsema, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Matt Waldron, CFA | 0 | $0 | 0 | $0 | 0 | $0 |
| Steven White | 0 | $0 | 0 | $0 | 0 | $0 |

---

**Portfolio Manager Compensation Overview** 

The discussion below describes the portfolio managers' compensation as of December 31, 2025.

BlackRock's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

**Base Compensation.** Generally, portfolio managers receive base compensation based on their position with the firm.

**Discretionary Incentive Compensation** 

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the portfolios or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the portfolios and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed-income and multi-asset class funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5-year periods, as applicable. Performance of index funds is based on the performance of such funds relative to pre-determined tolerance bands around a benchmark, as applicable. The performance of Messrs. Sietsema, Waldron and White and Ms. Hsui are not measured against a specific benchmark.

**Distribution of Discretionary Incentive Compensation.** Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary

------

incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

**Other Compensation Benefits.** In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans —* BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

**Portfolio Manager Potential Material Conflicts of Interest** 

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock's (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio managers of this Fund are not entitled to receive a portion of incentive fees of other accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

**Ownership of Securities** 

As of December 31, 2025, the portfolio managers did not beneficially own shares of the fund or the S&P 500 Index Master Portfolio.

------

**TRANSAMERICA FUNDS** 

**OTHER INFORMATION**

**PART C**

**<u>Item 28 Exhibits</u>**

**List all exhibits filed as part of the Registration Statement.** 

---

| | |
|:---|:---|
| (a) | [<u>Amended and Restated Declaration of Trust, filed with PEA 212 on December 23, 2015.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312515412711/d104081dex99a.htm) |
| (a)(1) | [<u>Amendment No. 1 dated March 11, 2021 to Amended and Restated Declaration of Trust, filed with PEA 297 on April 30, 2021.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521144693/d97546dex99a1.htm) |
| (a)(2) | &nbsp;&nbsp; [<u>Schedule A and Schedule B dated September 18, 2025 to the Amended and Restated Declaration of Trust, filed with PEA 326 on</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99a2.htm)<br> [<u>February 12, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99a2.htm)<br>|
| (b) | [<u>By-laws, filed with PEA 89 on February 28, 2008.</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014408001494/g11245bexv23wxby.txt) |
| (c) | n/a |
| (d)(1) | &nbsp;&nbsp; [<u>Management Agreement between Registrant and Transamerica Asset Management, Inc. ("TAM"), filed with PEA 213 on</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516478301/d55097dex99d1.htm)<br> [<u>February 25, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516478301/d55097dex99d1.htm)<br>|
| (d)(1)(a) | &nbsp;&nbsp; [<u>Amended Schedule A dated October 10, 2025 to Management Agreement between Registrant and TAM, filed with PEA 327 on</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526082604/d93604dex99d1a.htm)<br> [<u>February 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526082604/d93604dex99d1a.htm)<br>|
| (e)(1) | &nbsp;&nbsp; [<u>Underwriting Agreement dated November 1, 2007 between Registrant and Transamerica Capital, LLC ("TCL"), filed with PEA</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014408001494/g11245bexv23wxeyx1y.txt)<br> [<u>89 on February 28, 2008.</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014408001494/g11245bexv23wxeyx1y.txt)<br>|
| (e)(1)(i) | &nbsp;&nbsp; Amended [<u>Schedule I dated February 13, 2026 to Underwriting Agreement between Registrant and TCI, filed with PEA 326 filed</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99e1i.htm)<br> [<u>on February 12, 2026</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99e1i.htm).<br>|
| (e)(2) | [<u>Dealer's Sales Agreement (form of) between TCL and dealer, dated November 2019, filed with PEA 308 on February 28, 2023.</u>](http://www.sec.gov/Archives/edgar/data/787623/000095012309066922/g20660bexv99w23xeyx2y.htm) |
| (e)(3) | &nbsp;&nbsp; [<u>Service Agreement form between TCL and prospective Servicer, filed with PEA 31 to Registration Statement filed on</u>](http://www.sec.gov/Archives/edgar/data/787623/000101684399000905/0001016843-99-000905.txt)<br> [<u>September 2, 1999.</u>](http://www.sec.gov/Archives/edgar/data/787623/000101684399000905/0001016843-99-000905.txt)<br>|
| (e)(4) | [<u>Wholesaler's Agreement, filed with PEA 20 on November 17, 1995.</u>](https://www.sec.gov/Archives/edgar/data/787623/0000950170-95-000242.txt) |
| (f) | n/a |
| (g)(1) | &nbsp;&nbsp; [<u>Custody Agreement between Registrant and State Street Bank and Trust Company dated January 1, 2011, filed with PEA 126 on</u>](http://www.sec.gov/Archives/edgar/data/787623/000093041311003368/c65436_ex99g-1.htm)<br> [<u>April 29, 2011.</u>](http://www.sec.gov/Archives/edgar/data/787623/000093041311003368/c65436_ex99g-1.htm)<br>|
| (g)(1)(i) | [<u>Amendment to Custody Agreement dated December 17, 2012, filed with PEA 170 on February 12, 2013.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312513051628/d483712dex99g1ii.htm) |
| (g)(1)(ii) | [<u>Amendment dated December 18, 2023 (effective January 1, 2024) to Custody Agreement, filed PEA 322 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99g1ii.htm) |
| (g)(1)(iii) | &nbsp;&nbsp; [<u>Amended Appendix A-1 (Mutual Funds) dated February 13, 2026 to Custody Agreement, filed with PEA 326 on February 12,</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99g1iii.htm)<br> [<u>2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99g1iii.htm)<br>|
| (h)(1) | &nbsp;&nbsp; [<u>Amended and Restated Transfer Agency Agreement between Registrant and Transamerica Fund Services, Inc. ("TFS") dated</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99h1.htm)<br> [<u>December 17, 2020, filed with PEA 295 on February 26, 2021.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312521059609/d47353dex99h1.htm)<br>|
| (h)(1)(i) | &nbsp;&nbsp; [<u>Amendment dated February 13, 2026 to Amended and Restated Transfer Agency Agreement, filed with PEA 326 on February</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99h1i.htm)<br> [<u>12, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99h1i.htm)<br>|
| (h)(2) | &nbsp;&nbsp; [<u>Amended and Restated Expense Limitation Agreement, dated March 1, 2005 and amended and restated as of March 1, 2024,</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524052681/d688812dex99h2.htm)<br> [<u>filed with PEA 316 on February 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524052681/d688812dex99h2.htm)<br>|
| (h)(2)(i) | &nbsp;&nbsp; [<u>Schedules A and B dated March 1, 2026 to the Amended and Restated Expense Limitation Agreement, filed with PEA 327 on</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526082604/d93604dex99h2i.htm)<br> [<u>February 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526082604/d93604dex99h2i.htm)<br>|
| (h)(3) | &nbsp;&nbsp; [<u>Master Sub-Administration Agreement between TFS and State Street Bank and Trust Company dated December 17, 2012, filed</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312513051628/d483712dex99h4.htm)<br> [<u>with PEA 170 on February 12, 2013.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312513051628/d483712dex99h4.htm)<br>|
| (h)(3)(i) | &nbsp;&nbsp; [<u>Amendment 1 dated July 1, 2013 and Amendment 2 dated July 14, 2015 to the Master Sub-Administration Agreement, filed</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524052681/d688812dex99h3i.htm)<br> [<u>with PEA 316 on February 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312524052681/d688812dex99h3i.htm)<br>|
| (h)(3)(ii) | &nbsp;&nbsp; [<u>Novation Agreement dated April 7, 2016 on behalf of Master Sub-Administration Agreement between Registrant and State Street</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516725868/d214922dex99h3ii.htm)<br> [<u>Bank and Trust Company, filed with PEA 230 on September 29, 2016.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312516725868/d214922dex99h3ii.htm)<br>|
| (h)(3)(iii) | [<u>Amendment dated December 19, 2017 to Master Sub-Administration Agreement, filed with PEA 322 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99h3iii.htm) |
| (h)(3)(iv) | &nbsp;&nbsp; [<u>Amendment dated December 18, 2023 (effective January 1, 2024) to Master Sub-Administration Agreement, filed with PEA 322</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99h3iv.htm)<br> [<u>on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99h3iv.htm)<br>|
| (h)(3)(v) | &nbsp;&nbsp; [<u>Amendment dated June 24, 2024 (effective July 1, 2024) to Master Sub-Administration Agreement, filed with PEA 322 on April</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99h3v.htm)<br> [<u>30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99h3v.htm)<br>|
| (h)(3)(vi) | &nbsp;&nbsp; [<u>Amended Appendix A dated February 13, 2026 to Master Sub-Administration Agreement, filed with PEA 326 on February 12,</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99h3vi.htm)<br> [<u>2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526048310/d176241dex99h3vi.htm)<br>|
| (i) | [<u>Legal Opinion, filed herein</u>](d145914dex99i.htm). |
| (j)(1) | [<u>Consent of Independent Registered Public Accounting Firm - Ernst & Young LLP, filed herein.</u>](d145914dex99j1.htm) |
| (j)(2) | [<u>Consent of Independent Registered Public Accounting Firm - PricewaterhouseCoopers, filed herein.</u>](d145914dex99j2.htm) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (k) | n/a |
| (l) | [<u>Investment Letter from Sole Shareholder, filed with PEA 24, filed on November 15, 1996.</u>](http://www.sec.gov/Archives/edgar/data/787623/0000787623-96-000046.txt) |
| (m)(1) | [<u>Amended and Restated Plan of Distribution under Rule 12b-1 dated March 1, 2015, filed with PEA 197 on February 27, 2015.</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312515066473/d875351dex99m1.htm) |
| (m)(1)(i) | [<u>Amended Schedule A to 12b-1 Plan dated October 10, 2025, filed with PEA 327 on February 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526082604/d93604dex99m1i.htm) |
| (n)(1) | &nbsp;&nbsp; [<u>Amended and Restated Plan for Multiple Classes of Shares dated October 10, 2025 (including Schedule A dated October 10,</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525283180/d17668dex99n1.htm)<br> [<u>2025), filed with PEA 324 on November 14, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525283180/d17668dex99n1.htm)<br>|
| (o) | Reserved |
| (p)(1) | &nbsp;&nbsp; [<u>Joint Code of Ethics for Transamerica Funds, Transamerica Series Transamerica Asset Management, Inc. and Transamerica</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99p1.htm)<br> [<u>Capital, LLC dated as of February 21, 2025, filed with PEA 322 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99p1.htm)<br>|
|  | SUB-ADVISERS CODE OF ETHICS |
| (p)(2) | [<u>BlackRock Investment Management, LLC, filed with PEA 327 on February 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526082604/d93604dex99p3.htm) |
| (q)(1) | [<u>Power of Attorney dated January 1, 2026, filed with PEA 325 on January 27, 2026.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312526024821/d176241d485bxt.htm) |
| (q)(2) | &nbsp;&nbsp; [<u>Power of Attorney (updated as of September 2024), Board of BlackRock Fund Advisors, Inc. on behalf of S&P 500 Stock</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99q2.htm)<br> [<u>Master Portfolio, a series of the Master Investment Portfolio, filed with PEA 322 on April 30, 2025.</u>](https://www.sec.gov/Archives/edgar/data/787623/000119312525106705/d862886dex99q2.htm)<br>|

---

EX-101.INS XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

EX-101.SCH XBRL Taxonomy Extension Schema Document

EX-101.CAL XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase

**<u>Item 29 Persons Controlled by or under Common Control with the Fund</u>**

To the knowledge of the Registrant, neither the Registrant nor any Series thereof is controlled by or under common control with any other person. The Registrant has no subsidiaries.

**<u>Item 30 Indemnification</u>**

Provisions relating to indemnification of the Registrant's Trustees and employees are included in Registrant's [<u>Amended and Restated</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312515412711/d104081dex99a.htm)[<u>Declaration of Trust</u>](http://www.sec.gov/Archives/edgar/data/787623/000119312515412711/d104081dex99a.htm) and [<u>Bylaws</u>](http://www.sec.gov/Archives/edgar/data/787623/000095014408001494/g11245bexv23wxby.txt) which are incorporated herein by reference.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to Trustees, officers and controlling persons, or otherwise, Registrant has been advised that in the opinion of the Commission such indemnification may be against public policy as expressed in the Act and may be, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a Trustee, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**<u>Item 31 Business and Other Connections of Investment Advisers</u>** 

See "Shareholder Information — Investment Manager" in the Prospectus and "Investment Management and Other Services — The Investment Manager" in the Statement of Additional Information for information regarding Transamerica Asset Management, Inc. ("TAM"). For information as to the business, profession, vocation or employment of a substantial nature of each of the officers and directors of TAM, reference is made to TAM's current Form ADV filed under the Investment Advisers Act of 1940, incorporated herein by reference (File No. 801-53319; CRD No. 107376).

**<u>Item 32 Principal Underwriter</u>** 

(a) The Registrant has entered into an Underwriting Agreement with Transamerica Capital, LLC ("TCL"), whose address is 1801 California St., Suite 5200, Denver, Colorado 80202 to act as the principal underwriter of Fund shares.

(b) Directors and Officers of TCL:

------

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices with Underwriter** | **Positions and Offices with Registrant** |
| Timothy Ackerman | &nbsp;&nbsp; Manager, President, Asset Management <br> Distribution <br>| N/A |
| Brian Beitzel | Manager, Chief Financial Officer, Treasurer | N/A |
| David Cheung | Assistant Secretary  | N/A |
| Jonathan Cressman | President, Annuity Distribution  | N/A |
| Daniel Goodman | Secretary | N/A |
| Mark Halloran | Manager, Vice President | N/A |
| Doug Hellerman | Chief Compliance Officer, Vice President | N/A |
| Jennifer Pearce | Vice President | N/A |

---

------

**<u>Item 33 Location of Accounts and Records</u>**

The accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the rules promulgated thereunder are maintained as follows:

(a) Shareholder records are maintained by the Registrant's transfer agent, Transamerica Fund Services, Inc., 1801 California St., Suite 5200, Denver, Colorado 80202.

(b) All other accounting records of the Registrant are maintained at the offices of the Registrant at 1801 California St., Suite 5200, Denver, Colorado 80202 under the physical possession of the officers of the Fund, or at the offices of the Custodian: State Street Bank and Trust Company, One Congress Street, Boston, MA 02114.

**<u>Item 34 Management Services</u>**

The Registrant has no management-related service contract that is not discussed in Part I of this form. See "Shareholder Information — Investment Manager" in the Prospectus and "Investment Management and Other Services — The Investment Manager" in the Statement of Additional Information for a discussion of the management and advisory services furnished by TAM pursuant to the Investment Management Agreement and the Underwriting Agreement.

**<u>Item 35 Undertakings</u>**

Not applicable

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, and has duly caused this Post-Effective Amendment No. 328 to its Registration Statement to be signed on its behalf by the undersigned, thereunder duly authorized, in the City of Denver, State of Colorado, on the 30th day of April, 2026.

---

| | |
|:---|:---|
| **TRANSAMERICA FUNDS** | **TRANSAMERICA FUNDS** |
| By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit<br> Trustee, President and Chief Executive Officer<br>|

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Marijn P. Smit<br>Marijn P. Smit<br>| Trustee, President and Chief Executive Officer | April 30. 2026 |
| /s/ Sandra N. Bane<br>Sandra N. Bane\*<br>| Trustee | April 30. 2026 |
| /s/ Kent Callahan<br>Kent Callahan\*<br>| Trustee | April 30. 2026 |
| /s/ Leo J. Hill<br>Leo J. Hill\*<br>| Trustee | April 30. 2026 |
| /s/ Kathleen T. Ives<br>Kathleen T. Ives\*<br>| Trustee | April 30. 2026 |
| /s/ Lauriann C. Kloppenburg<br>Lauriann C. Kloppenburg\*<br>| Trustee | April 30. 2026 |
| /s/ Fredric A. Nelson III<br>Fredric A. Nelson III\*<br>| Trustee | April 30. 2026 |
| /s/ John E. Pelletier<br>John E. Pelletier\*<br>| Trustee | April 30. 2026 |
| /s/ Kevin A. Simonoff<br>Kevin A. Simonoff \*<br>| Trustee | April 30. 2026 |
| /s/ John W. Waechter<br>John W. Waechter\*<br>| Trustee | April 30. 2026 |
| /s/ Kari Seabrands<br>Kari Seabrands<br>| &nbsp;&nbsp;&nbsp;&nbsp; Treasurer (Principal Financial Officer and <br> Principal Accounting Officer)<br>| April 30. 2026 |
| \* By:/s/ Dennis P. Gallagher\*\*<br>Dennis P. Gallagher\*\* Attorney-in-fact pursuant <br> to power of attorney as previously filed.<br>| Chief Legal Officer and Secretary | April 30. 2026 |

---

------

**SIGNATURES**

This Registration Statement contains certain disclosures regarding the S&P 500 Index Master Portfolio (the "Portfolio"), a series of the Master Investment Portfolio (the "Trust"). The Trust has, subject to the next sentence, duly caused this Registration Statement on Form N-1A of Transamerica Funds (the "Registrant") to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and the State of New York on April 28, 2026. The Trust is executing this Registration Statement only in respect of the disclosures contained herein specifically describing the Trust and the Portfolio and hereby disclaims any responsibility or liability as to any other disclosures in this Registration Statement.

---

| | |
|:---|:---|
| **MASTER INVESTMENT PORTFOLIO** <br> **S&P 500 INDEX MASTER PORTFOLIO** | **MASTER INVESTMENT PORTFOLIO** <br> **S&P 500 INDEX MASTER PORTFOLIO** |
| By: | /s/ John M. Perlowski |
|  | John M. Perlowski<br> President and Chief Executive Officer<br>|

---

This Registration Statement on Form N-1A of the Registrant has been signed below by the following persons, solely in the capacities indicated and subject to the next sentence on April 28, 2026. Each of the following persons is signing this Registration Statement only in respect of the disclosures contained herein specifically describing the Trust and the Portfolio and hereby disclaims any responsibility or liability as to any other disclosures in this Registration Statement.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ John M. Perlowski<br>John M. Perlowski<br>| &nbsp;&nbsp;&nbsp;&nbsp; Trustee, President and Chief Executive Officer<br> (Principal Executive Officer)<br>| April 28, 2026 |
| /s/ Trent Walker<br>Trent Walker<br>| &nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer<br> (Principal Financial and Accounting Officer)<br>| April 28, 2026 |
| /s/ Christopher Ailman\*<br>Christopher Ailman<br>| Trustee | April 28, 2026 |
| /s/ Susan J. Carter\*<br>Susan J. Carter<br>| Trustee | April 28, 2026 |
| /s/ Collette Chilton\*<br>Collette Chilton<br>| Trustee | April 28, 2026 |
| /s/ Neil A. Cotty\*<br>Neil A. Cotty<br>| Trustee | April 28, 2026 |
| /s/ Henry R. Keizer\*<br>Henry R. Keizer<br>| Trustee | April 28, 2026 |
| /s/ Cynthia A. Montgomery\*<br>Cynthia A. Montgomery<br>| Trustee | April 28, 2026 |
| /s/ Donald C. Opatrny\*<br>Donald C. Opatrny<br>| Trustee | April 28, 2026 |
| /s/ Lori Richards\*<br>Lori Richards<br>| Trustee | April 28, 2026 |
| /s/ Mark Stalnecker\*<br>Mark Stalnecker<br>| Trustee | April 28, 2026 |

---

------

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Kenneth L. Urish\*<br>Kenneth L. Urish<br>| Trustee | April 28, 2026 |
| /s/ Claire A. Walton\*<br>Claire A. Walton<br>| Trustee | April 28, 2026 |
| /s/ Robert Fairbairn\*<br>Robert Fairbairn<br>| Trustee | April 28, 2026 |
| \*By:/s/ Janey Ahn<br>Janey Ahn (Attorney-in-Fact)\*\*<br>|  |  |

---

\*\* Attorney-in-fact pursuant to power of attorney previously filed.

------

**Exhibits Filed With** 

**Post-Effective Amendment No. 328**

**to**

**Registration Statement on**

**Form N-1A**

**Transamerica Funds**

**Registration No. 033-02659**

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| (i) | Legal Opinion |
| (j)(1) | Consent of Independent Registered Public Accounting Firm-Ernst & Young LLP |
| (j)(2) | Consent of Independent Registered Public Accounting Firm-PricewaterhouseCoopers |

---

------

## Ex-99.(I)

---

| | |
|:---|:---|
| ![LOGO](g145914logo.jpg)  | Transamerica Asset Management<br> 801 California St, Suite 5200<br> Denver, CO 80202 |

---

April 30, 2026

Transamerica Funds

1801 California Street

Suite 5200

Denver, CO 80202

Re: Transamerica Funds (the "Trust")

Transamerica Stock Index

Offering of Shares of Beneficial Interest

Post-Effective Amendment No. 328

File Nos.: 33-02659 and 811-04556

In my capacity as Chief Legal Officer and Secretary, I have acted as counsel for the Trust and have reviewed the Registration Statement under the Securities Act of 1933 on Form N-1A, and amendments thereto, with respect to the offer and shares of beneficial interest, no par value, of the above-referenced Trust.

I have examined the Trust's Declaration of Trust and Bylaws, as amended; the proceedings of its Board of Trustees relating to the authorization, issuance, and proposed sale of the shares; and such other records and documents as I deemed relevant. Based upon such examination, it is my opinion that upon the issuance and sale of the shares of beneficial interest of the Trust in the manner contemplated by the aforesaid Registration Statement, as amended, such shares were validly issued, fully paid and nonassessable outstanding shares of beneficial interest of the Trust.

Very truly yours,

<u>/s/ Dennis P. Gallagher</u> 

Dennis P. Gallagher

Chief Legal Officer and Secretary

## Ex-99.(J)(1)

**Consent of Independent Registered Public Accounting Firm** 

We consent to the references to our firm under the captions "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information, each dated May 1, 2026, and each included in this Post-Effective Amendment No. 328 to the Registration Statement (Form N-1A, File No. 033-02659) of Transamerica Funds (the "Registration Statement").

We also consent to the incorporation by reference of our report dated February 25, 2026, with respect to the financial statements and financial highlights of Transamerica Stock Index (one of the series constituting Transamerica Funds), included in the Annual Report to Shareholders (Form N-CSR) for the year ended December 31, 2025, into this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Boston, Massachusetts

April 30, 2026

Information Classification: Limited Access

## Ex-99.(J)(2)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Transamerica Funds of our report dated February 13, 2026, relating to the financial statements and financial highlights of S&P 500 Index Master Portfolio, which appears in Transamerica Funds' Certified Shareholder Report on Form N-CSR for the year ended December 31, 2025.

/s/ PricewaterhouseCoopers, LLP

Philadelphia, Pennsylvania

April 24, 2026

Information Classification: Limited Access